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South China Morning Post
10-07-2025
- Business
- South China Morning Post
China likely to up support for Iran, scientists create cyborg bee: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing Beijing is likely to step up support for Tehran as it tries to secure its strategic interests in the Middle East, analysts say, amid concerns over how the recent Iran-Israel war will reverberate across the resource-rich region. Chinese exporters like Huang Yongxing are desperate for some straight answers so they can start making and shipping goods from their factories in either China or Southeast Asia. A bee flies over a sunflower, pollinates and collects honey. Photo: Shutterstock Chinese-made device can command the movements of bees, making them ideal to help search for survivors in earthquake ruins, scientists say.
South China Morning Post
13-06-2025
- Business
- South China Morning Post
How are letters of credit helping Chinese exporters pivot to home market amid trade war?
After the United States imposed so-called reciprocal tariffs on imports from China in April, Beijing took steps to help Chinese exporters sell their products domestically. In addition to the staging of product promotion events across the country and the offering of fiscal and financial incentives, Beijing also encouraged the increased use of letters of credit (L/Cs) to help such businesses switch focus to the domestic market. What is a domestic letter of credit? A letter of credit, also known as a documentary credit in the US, is widely used in international trade. It is a financial tool, presented in document form, that serves as a guarantee to the seller that the agreed amount of money, services or goods will be paid by the buyer in time. The domestic version has similar functions, helping to ensure payment security and enhance credit, both major concerns for many Chinese firms. The payment period for domestic L/Cs, which can be issued by major Chinese banks, is generally one year. While international L/Cs can only be used in transactions involving physical goods, domestic ones can also be used in the trade in services.
