Chinese leader Xi Jinping joined his Russian counterpart Vladimir Putin in Beijing on Thursday, in a high-profile meeting at which the two countries announced a further deepening of ties, reports Caixin. China and Russia will promote an “all-round development” of their “comprehensive strategic partnership of coordination for a new era,” by maintaining close high-level and civilian exchanges while seeking new channels of cooperation, according to a joint statement released by Chinese state media. The two countries will expand military collaboration, including the scale of joint exercise and tra ..read more

Microsoft is asking some of its China-based staff to consider transferring outside the country, the company said on Thursday, as Sino-US relations strain amid a race for cutting-edge technology, reports Nikkei Asia. Washington has been trying to limit Beijing’s access to advanced chips used in artificial intelligence applications on grounds that they can be used to strengthen the country’s military, sparking tensions that have put pressure on US companies operating in China. Microsoft is asking about 700 to 800 people who are involved in machine learning and other cloud computing-related work ..read more

China’s top securities regulator has released new regulations to curb risks associated with program trading, which includes quantitative trading—a controversial practice that has been blamed for triggering stock market turmoil, reports Caixin. The China Securities Regulatory Commission (CSRC) published the final rules on program trading on Wednesday. They will take effect on Oct. 8. Under the new regulations, stock exchanges and securities firms are required to create a fair environment for different traders. Exchanges need to monitor program trading in real time and set up standards to identi ..read more

Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by 2025, according to the firm’s Americas head, reports Reuters. Chile’s economic development agency CORFO last year said production at a new plant to be developed by BYD was expected to begin around the end of 2025, representing a $290 million investment in the world’s second-largest lithium-producing country. BYD Chief of Americas Stella Li said she was unsure when the company would resume its plans, citing uncertainty and complications around the project, which would make com ..read more

China is considering a plan for local governments nationwide to buy millions of unsold homes, Bloomberg News said on Wednesday, after a meeting of leaders of the ruling Communist Party called for efforts to clear mounting housing inventory, reports Reuters. The State Council is gathering feedback on the preliminary plan from various provinces and government bodies, the report added, citing people familiar with the matter. China’s blue-chip CSI 300 real estate index climbed as much as 6% at one point following the report, before paring gains, while the yuan firmed. China’s property sector has b ..read more

China will allow visa-free entry for foreign tour groups that arrive via cruise ships in a further bid to attract international visitors and boost tourism, reports Caixin. Overseas groups on cruise boats will be able to stay in China without a visa for up to 15 days, according to the National Immigration Administration, with the policy coming into effect from May 15. Tour groups can enter China from 13 ports including Shanghai, Qingdao, Dalian and Haikou, Mao Xu, a senior official with the immigration administration, said at a press conference in Beijing on Wednesday. Qualifying tour groups ne ..read more

Chinese EV makers including BYD are rushing to ship vehicles to Mexico and Brazil in preparation for tariff hikes and other trade restrictions, reports Nikkei Asia. That comes as Washington announced 100% tariffs on Chinese EVs on Tuesday, a move that is expected to be followed by more trade actions aimed at electric vehicles from China by the US and its allies. The rush-transportation of EVs from China to Brazil and Mexico began in March and will continue into June, a source in the shipping industry familiar with the situation told Nikkei Asia. Brazil reinstated tariffs on electric vehicles t ..read more

ByteDance, the Chinese parent of TikTok, launched its own generative AI model Doubao in China Wednesday, joining the crowded AI competition in China with low cost and rich application scenarios, reports Caixin. Originally called “Yunque,” Doubao is one of the first AI models in China to receive algorithm registration in 2023 and is now available at costs as low as 0.0008 yuan per 1,000-token prompt, 99.8% cheaper than OpenAI’s GPT-4 model, Tan Dai, president of ByteDance’s cloud computing services unit Volcano Engine, said at a launch event Wednesday in Beijing. Doubao processes 120 billion to ..read more

Nio has launched a new electric vehicle (EV) brand targeted at China’s cost-conscious middle-income consumers amid fierce competition in the world’s largest EV market, reports the South China Morning Post. The Shanghai-based carmaker said the L60 Onvo-branded SUV, which is equipped with an autonomous driving system, will take on Tesla’s bestselling Model Y. The carmaker enjoys an edge in production cost over its US rival. Nio said deliveries of the new car will begin in September. “Onvo vehicles will give family users the best experience at acceptable prices,” William Li, co-founder and CEO of ..read more

President Joe Biden is sharply raising tariffs on Chinese imports, ranging from electric vehicles to solar cells, in a pre-election effort to protect US jobs, reports the Financial Times. The White House said $18 billion of Chinese goods would be hit by the rises, which were “carefully targeted at strategic sectors” and designed to buy time for US companies to catch up with Chinese rivals in green technology. In one of the biggest moves, the US will quadruple the tariff on Chinese EVs to 100% this year. Speaking in the White House Rose Garden in front of leaders of several US la ..read more