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Could hi-tech China revive the US rust belt – and steady superpower ties?
Could hi-tech China revive the US rust belt – and steady superpower ties?

South China Morning Post

time04-07-2025

  • Business
  • South China Morning Post

Could hi-tech China revive the US rust belt – and steady superpower ties?

China could draw on its innovation in advanced manufacturing to improve business – and overall – ties with the United States amid a fragile trade truce, according to a prominent American political scientist. Advertisement In an interview, Robert Pape, a professor at the University of Chicago, also said China could 'rise peacefully' to be the world's leading superpower through its strength in innovation if it continued 'moderate responses' to US President Donald Trump 's foreign policy – while America grappled with domestic fractures and a rise in political violence. Pape, who specialises in international security affairs, pointed to what he called the 'Wuhan model' – integrated university-industry clusters in second-tier Chinese cities that focus on advanced manufacturing, which he said opened up possibilities for reinvigorating rust-belt cities in the US. Political scientist Robert Pape visited some of China's biggest tech firms last month. Photo: LinkedIn 'They're integrating university research in private industry. But it's not just happening in Stanford and Silicon Valley or Harvard, MIT and the Boston area. This is happening in a second-tier city,' Pape said. He made the remarks after a 10-day trip to China last month when he visited some of the country's big tech firms in cities including Wuhan, Hangzhou and Shenzhen. Wuhan – capital of central Hubei province and home to a hi-tech manufacturing cluster known as Optics Valley – has traditionally been seen as a second-tier city but in recent years has moved into the ranks of the 'new first-tier cities' as its innovative and industrial strength has grown. Advertisement Pape's visit took place amid a temporary de-escalation of the US-China trade war following separate talks in Geneva and London in June.

Chinese Port Activity Surges to Record After Trade Truce With US
Chinese Port Activity Surges to Record After Trade Truce With US

Bloomberg

time24-06-2025

  • Business
  • Bloomberg

Chinese Port Activity Surges to Record After Trade Truce With US

Chinese ports just had their busiest week on record, likely due to exporters racing to get goods into the US as quickly as possible ahead of tariffs that may be imposed early next month. Some 6.7 million standard containers were shipped domestically and internationally last week, the Ministry of Transport said on Tuesday. The almost 6% jump in traffic from the previous week came after a trade truce agreed with Washington earlier in June. In May, Chinese exports to the US fell the most since the early days of the pandemic.

Hong Kong must grow despite persistent US-China trade tensions: Paul Chan
Hong Kong must grow despite persistent US-China trade tensions: Paul Chan

South China Morning Post

time23-06-2025

  • Business
  • South China Morning Post

Hong Kong must grow despite persistent US-China trade tensions: Paul Chan

Challenges and volatility will persist despite a renewed trade truce between the US and China, Hong Kong's finance chief has warned, as he outlined his strategy to enable the city to navigate continued geopolitical uncertainties. In a media interview last Friday, Financial Secretary Paul Chan Mo-po also revealed his goal for the city to overtake Switzerland as the world's biggest asset and wealth management centre by 2027, as part of his plans to transform and diversify the economy in the remaining two years of his term. China and the United States in mid-June agreed 'in principle' on a framework to implement their trade truce after talks in London, with US President Donald Trump saying American tariffs would be set at 55 per cent to China's 10 per cent. But Chan said he expected uncertainty and volatility would be here to stay for Hong Kong. 'The geoeconomic segmentation and the US-China relationship will continue to be challenging in the coming years. There may be agreement for the short term, but there are bound to be ups and downs,' he said. 'We won't underestimate the challenges arising from this tense relationship.'

China's new bank loans rise in May, below forecasts
China's new bank loans rise in May, below forecasts

Reuters

time13-06-2025

  • Business
  • Reuters

China's new bank loans rise in May, below forecasts

BEIJING, June 13 (Reuters) - Chinese banks extended 620 billion yuan ($86.34 billion) in new loans in May, rising from the previous month as reassuring monetary measures and a trade truce achieved between Beijing and Washington in mid-May boosted borrowers' confidence. The loans distributed missed analysts' forecasts, rising from April's 280 billion yuan, according to Reuters calculations based on data released by the People's Bank of China on Friday. Analysts polled by Reuters had expected May new yuan loans would reach 850 billion yuan, compared with 950 billion yuan a year earlier. The central bank does not provide monthly breakdowns. Reuters calculated the May figures based on the bank's January-May data, compared with the January-April figure. ($1 = 7.1813 Chinese yuan renminbi)

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