On the 32nd anniversary of New Oriental, a private Beijing-based education services provider, the company’s founder, Yu Minhong, wrote an internal letter to his staff about his trip to the South Pole. “I am standing in the icy world of Antarctica, surrounded by vast expanses of pure white, emerald-like icebergs and boundless tranquillity,” he wrote. “The glaciers shimmer with a captivating glow under the sunlight, as if to silently declare the power of time and the meaning of perseverance.” He...

The growing influence of stablecoins is beginning to reshape how some Chinese firms conduct cross-border settlements. In this explainer, the Post outlines four roles that US dollar-backed stablecoins play in China’s overseas trade, based on a recent analysis by Zou Chuanwei, the president of the Jiangsu Jinke Research Institute on Digital and Technology Finance, published in Tsinghua Financial Review. How are Chinese traders using US dollar-backed stablecoins? First, some overseas importers face...

Tesla does not exclude suppliers based on their country of origin as the US electric-vehicle (EV) maker applies unified and rigorous standards in selecting vendors from around the globe, according to a senior official. Grace Tao, vice-president of the US company, offered a vote of confidence to the more than 400 Chinese manufacturers that supply car components from batteries to heat-control systems to Tesla’s Shanghai Gigafactory. She made the remarks on Wednesday, in what appeared to be an...

As China’s tourists scrap plans to visit Japan en masse amid an ongoing diplomatic feud, many appear to be pivoting to an alternative destination: Russia. Chinese travel firms have reported a surge in Russia-related flight and hotel bookings in recent weeks compared with the same period last year, with analysts saying the country’s winter scenery made it a natural replacement for Japanese hotspots like the northern island of Hokkaido. Russia hotel bookings made by Chinese travellers in the two...

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than a year, with analysts expecting room for appreciation should a December rate cut by the US Federal Reserve weaken the dollar. The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 7.0796 to the US dollar on Wednesday – the strongest showing since October 2024. The decision followed a 0.34 per cent rally in the offshore yuan on Tuesday,...

On Saturday, the Beijing-based start-up LandSpace reportedly plans to conduct the maiden launch of its Zhuque-3 rocket – a reusable launch vehicle that could significantly boost China’s space industry by lowering the cost of lifting equipment such as satellites into orbit. The prospect of China mastering reusable rockets – a technology pioneered by US-based SpaceX – has attracted significant attention from aerospace experts, and even drew comment from SpaceX CEO Elon Musk last month. Beyond the...

As China’s traditional spirits and premium wines grapple with declining consumption, a significant shift is under way across the beverage landscape. This three-part series examines the challenges faced by Maotai town as its once-coveted baijiu liquor loses its lustre, the impact of economic shutdowns on European wine imports, and the rise of craft beer as a budget-friendly alternative for consumers seeking quality without breaking the bank. Marshall Su, a 30-year-old headhunter based in...