Industry — 26 insights
Trump’s China visit opens door to ‘casual’ networking between business chiefs
Industry

Trump’s China visit opens door to ‘casual’ networking between business chiefs

US business leaders accompanying President Donald Trump on his state visit to Beijing will be given the opportunity to mingle with their Chinese counterparts at an exclusive international business club, according to sources. On Monday, the White House released a list naming dozens of business chiefs accompanying Trump, including high-profile figures such as Tesla chief executive Elon Musk and Apple’s Tim Cook. Two sources familiar with the arrangement said the Capital Club Beijing had been...

China’s Hengrui seals US$15.2 billion deal with US pharmaceutical giant BMS
Industry

China’s Hengrui seals US$15.2 billion deal with US pharmaceutical giant BMS

Company’s shares jump in Hong Kong and Shenzhen after tie-up that bolsters China’s growing drug innovation profile Jiangsu Hengrui Pharmaceutical, China’s largest drug company by market capitalisation, has signed a global collaboration and licensing agreement with US pharmaceutical giant Bristol Myers Squibb (BMS) worth up to US$15.2 billion. Hengrui’s Hong Kong-traded shares climbed 5.3 per cent to HK$69.55 on Tuesday, while its Shenzhen stock rose 4.84 per cent to 56.11 yuan. The collaboration covers four oncology and haematology programmes originating from Hengrui, four immunology assets from BMS, and another five novel programmes to be jointly developed using Hengrui’s discovery platforms. All 13 programmes are at the preclinical stage, according to a filing with the Hong Kong stock exchange. BMS has agreed to pay Hengrui up to US$950 million in near-term consideration, including an upfront payment of US$600 million. The overall deal value could reach about US$15.2 billion if all development, regulatory and commercial milestones are met and options on the co-discovery projects are exercised. Hengrui will also be entitled to tiered royalties on sales of partnered products outside mainland China, Hong Kong and Macau.

Trump rejects ‘garbage’ Iran peace plan before heading to China
Industry

Trump rejects ‘garbage’ Iran peace plan before heading to China

US President Donald Trump said a month-long ceasefire with Iran was on “massive life support” as he rejected Tehran’s response to a peace proposal. The Iranian reply was a “piece of garbage”, Trump told reporters in the White House on Monday. “I didn’t even finish reading it.” The comments helped to push the price of Brent crude oil above US$106 a barrel on Tuesday. Trump is expected to discuss the war with Chinese President Xi Jinping in a Beijing summit on Thursday, as Iran’s 10-week shutdown...

China’s ‘dark factory’ more than doubles production efficiency for J-20 jets
Industry

China’s ‘dark factory’ more than doubles production efficiency for J-20 jets

The plant producing fifth-generation warplanes is designed to operate with little to no human involvement China has more than doubled the production efficiency of stealth fighter components in a “dark factory”, where autonomous vehicles and AI-driven machinery operate nearly 24 hours a day. The process once required employees to monitor its round-the-clock operations, but the plant can now produce the “skeleton” of an aircraft in near darkness, according to the official Science and Technology Daily. Dark factories are facilities designed to operate with little to no human intervention, thereby removing the need for lighting, cutting energy consumption and operational costs. Standing as a symbol of Beijing’s military modernisation, the fifth-generation J-20 jet designed by the Chengdu Aircraft Corporation, a subsidiary of the state-owned Aviation Industry Corporation of China, was declared combat-ready in 2018. Mass production of the fighters began two years later. The J-20 contained thousands of unique components, Song Ge, head of the Chengdu factory’s digital manufacturing centre, told Science and Technology Daily.

Why is Beijing on a stronger footing to discuss Taiwan with Trump this time?
Industry

Why is Beijing on a stronger footing to discuss Taiwan with Trump this time?

Beijing is now on a stronger footing on the Taiwan issue in talks with Donald Trump than it was during his first presidential term, according to a leading mainland analyst. Wu Yongping, dean of the Institute for Taiwan Studies at Tsinghua University in Beijing, said the issue would “definitely” be discussed when Trump meets his Chinese counterpart Xi Jinping this week. He said in an interview that Beijing would welcome any statements opposing Taiwan independence but he believed the space for...

Brics doesn’t need a unified voice on Iran war to have a future
Industry

Brics doesn’t need a unified voice on Iran war to have a future

The grouping has a future, not as a binding structure demanding policy alignment but as a tool for members to enhance leverage and maximise options As the Brics summit chair, India seeks to straddle its deepening strategic ties with Israel and symbolic commitment to the Global South, while ensuring the safety of its diaspora in the Middle East. Its challenges are compounded by the deterioration in relations with the United States under the second Trump administration, and criticism from domestic opposition over the government’s “uncritical silence” on the US-Israel attacks. Given the disparate interests and divergent stances within the grouping, the coming Brics foreign ministerial meetings in New Delhi are unlikely to yield concrete breakthroughs over the war. Yet it would be a mistake to conflate a known fact – that Brics is not a coherent bloc – with a premature conclusion: that Brics is impotent. As Heiwai Tang and I argued in our co-edited volume, the grouping is best conceived of as a tool for leverage enhancement and optionality maximisation, as opposed to a binding structure demanding alignment on all major policy stances.

Trump to raise Taiwan, Jimmy Lai case when he meets Xi in Beijing this week
Industry

Trump to raise Taiwan, Jimmy Lai case when he meets Xi in Beijing this week

US President Donald Trump said on Monday that Taiwan would be discussed in his talks with Chinese leader Xi Jinping, and pledged to raise the case of jailed Hong Kong media tycoon Jimmy Lai Chee-ying at their summit in Beijing this week. Speaking to reporters in the Oval Office, Trump said the Chinese President would be more likely than he to bring up the Taiwan issue at their meeting on Thursday and Friday. “He’ll bring up Taiwan, I think, more than I will,” he said. Asked whether the US should...

Trump’s China visit watched in US for signs of stability – and tangible wins
Industry

Trump’s China visit watched in US for signs of stability – and tangible wins

US President Donald Trump’s coming visit to China is being closely watched by business leaders, policymakers and Chinese-American groups hoping for signs that Washington and Beijing can stabilise one of the world’s most consequential relationships, even as expectations for major breakthroughs remain limited. The trip comes against the backdrop of mounting geopolitical tensions, including the ongoing war involving Iran and disruptions linked to the Strait of Hormuz, as well as continued friction...

Did US pressure before Xi-Trump summit force KMT hand on Taiwan’s defence budget?
Industry

Did US pressure before Xi-Trump summit force KMT hand on Taiwan’s defence budget?

Taiwan’s main opposition parties have cleared special defence budget bill after months of fractious debate and infighting Pressure from Washington was likely to have played a decisive role in Taiwan’s opposition parties backing a sharply expanded special defence budget last week, analysts said, as concerns mount in Taipei ahead of a summit between US President Donald Trump and his Chinese counterpart, Xi Jinping. The agreed amount was far above the “NT$380 billion plus N” framework previously favoured by the main opposition party Kuomintang, but still well short of the government’s proposed NT$1.25 trillion package. The bill was jointly pushed through by the KMT and the smaller opposition Taiwan People’s Party (TPP), which together hold a legislative majority. The scaled-down package covers US arms sales to Taiwan, but excludes many locally produced weapons and military-industrial programmes championed by the ruling Democratic Progressive Party, including drones, AI-enabled battlefield systems and indigenous missile projects.

Here’s how China plans to sanction-proof its C919 passenger jet
Industry

Here’s how China plans to sanction-proof its C919 passenger jet

Aviation expert Zhang Yanzhong, who played a leading role in developing the C919, warns of a real risk of being cut off from supply chains A leading Chinese aviation engineer has set out a detailed blueprint for building a fully self-sufficient supply chain for large passenger jets. The paper, written by Zhang Yanzhong, a senior academician at the Chinese Academy of Engineering (CAE) and the former chief scientist of the Aviation Industry Corporation of China, acknowledged there was a very real risk that the country could be cut off entirely from components made in the West. Known as the “father of China’s large aircraft” for his decades of work on the Y-20, a military transport plane, and the C919 passenger jet, Zhang is one of the most authoritative voices in China’s aviation establishment. Besides the engine, the auxiliary power unit is supplied by America’s Honeywell and the shell around the engine by Nexcelle. The plane also uses avionics designed and tested by GE and its joint ventures; communication and navigation subsystems from Collins Aerospace and an air data system from Honeywell, according to Zhang.

China readies for Trump visit amid rebound in trade growth
Industry

China readies for Trump visit amid rebound in trade growth

Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent will meet for trade talks in Seoul on Wednesday, probably to iron out final details before a presidential summit in Beijing the following day. The discussions would focus on “economic and trade issues of mutual concern”, China’s Ministry of Commerce said on Sunday. The country also confirmed that US President Donald Trump will make a state visit from Wednesday to Friday, the first by a US president in almost nine years. Trump...

Why China’s new duty-free access is a lifeline for South African exporters
Industry

Why China’s new duty-free access is a lifeline for South African exporters

South African trade is pivoting to China as US tariffs bite, but Chinese industrial dominance poses a new dilemma The duty-free access for African partners from May 1, which saw the 10 per cent tariff rate for apples removed, arrived as a lifeline for South African exporters looking to diversify away from increasingly restrictive American trade channels. Latest data from the South African Reserve Bank (SARB) shows the United States has lost its position as the No 2 export market to Germany, while long-time leader China held its top slot. While US share of South African exports fell to a decade-low 7.1 per cent, Germany’s rose to 8 per cent and China’s held steady at 10.7 per cent, the data showed. Trump ambushes South Africa’s Ramaphosa with false ‘white genocide’ claims But South Africa faces a dilemma: although the Chinese market offers huge opportunities for agricultural exports, it is unlikely to be a viable alternative for South African vehicles and industrial goods.