China announces one-off cash handouts for those in extreme poverty

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SINGAPORE: China’s government has announced a unique one-off money handbook to those living in extreme hunger, a moment after unveiling broad measures to improve the country’s struggling economy. &nbsp,

According to a statement released on Wednesday ( Sep 25 ), China’s Ministry of Civil Affairs said in a statement that the subsidies will be distributed to disadvantaged groups, including children and the poor.

According to the ministry statement, regional governments should make sure resources reach those in need by October 1 to show” the group and the government’s love and care for people in want.” &nbsp,

The amount of money each person may receive and how much the Chinese government may be impacted by the move was not disclosed in the statement. &nbsp,

This week, China unveiled a massive stimulus package that would inject about 1 trillion yuan ( US$ 142 billion ) of long-term liquidity into the country’s struggling financial market. On Tuesday, China’s central banks key Pan Gongsheng outlined strategies to further help the home business, which included cutting interest rates on mortgages. &nbsp,

The news comes in addition to being made ahead of China’s National Day, which is observed every on October 1. &nbsp,

The majority of Chinese social media users have been good about the news. &nbsp,

On the famous Sina Weibo blogging page, Wang Shacheng, an Associate Professor at the Central University of Finance and Economics in Beijing, said the one-off pamphlets were an “important estimate” in improving the people’s lives. &nbsp,

” Not only does this represent the Party and the Government’s serious concern for those in need, but it is also an essential measure to protect and enhance the person’s livelihoods”, he wrote. &nbsp,

Nevertheless, some Weibo users expressed fears that the money is not going to those in need. ” We should be cautious that the support does not drop into another person’s wallet”, the person said. &nbsp,

Another expressed concern that corrupt government officials had pocket the funds for personal use. &nbsp,

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South Korean gaming powerhouse Nexon aims to extend lifespan of games with blockchain technology

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LEVERAGE BLOCKCHAIN TECH

It is” a huge experiment” that the studio is embarking with blockchain technology, said Nexon Universe’s head of strategy Keith Kim on Wednesday ( Sep 18 ).

We think it will be natural, and it will help us stay sustainable for at least 20 years.

He was speaking to CNA on the day of Token2049, the biggest crypto function of the year in Singapore, where the business presented its concept for utilizing blockchain technology.

Nexon, the creator of MapleStory, has ingeniously merged the famous online online activity with blockchain technology. More than 20 years after its release, the sport has a significantly longer shelf life and is still being played by a dedicated group.

The blockchain project MapleStory Universe creates a dynamic virtual ecosystem where various MapleStory-created games and applications interact with non-fungible tokens ( NFTs ).

Nexon has created its own sign to encourage players to create in-game information, a task that is typically handled by game developers.

Users are given the option to trade property within the game’s habitat and acquire electronic rights as a result.

” ( By ) utilising web3 technology tokens, we are actually allowing this process to be driven by the market”, said Mr Kim.

” That means this gift will have a cost, and this particular value, in turn, may work as a cost of release. Therefore, issuance will no longer be governed by a centralized object and been driven by market dynamics.

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‘Trade wars a lose-lose game’: Analysts say China mulls milder steps as Western nations pile on tariffs

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A year-long anti-dumping investigation into American goods of rape was revealed on Monday by the Chinese Ministry of Commerce. &nbsp,

” Canada has ignored WTO ( World Trade Organization ) principles and violated its pledges at the WTO”, said a department spokeswoman, adding that authorities had “requested sessions” with their American counterparts over the problem. &nbsp,

The spokesperson said,” This is a classic unilateral and trade protectionist act that seriously harms the rules-based multilateral trading system and disrupts global industrial and supply chains for ( Chinese ) EVs as well as steel and aluminum products. &nbsp,

According to economist Dr. Chen, Canada’s business laws will continue to closely resemble those of the US. &nbsp,

” Canada will only appear to the US.”” If the US does actually lower some of the sentence tariffs imposed on Chinese EVs and another imports, even Canada will do the same.” Otherwise, Canada will be just as strong as the US on China” .&nbsp,

Commenting on the condition, Ms Garcia-Herrero expressed concerns about Beijing’s activities. &nbsp,

China” ca n’t use retaliation as strictly or as powerfully as it thinks,” she said, noting that Beijing may have also played a role in previous trade disputes and tensions with the US, Australia, and South Korea.

For example, China in 2020 had imposed restrictions and obligations on American goods, when political disputes with Australia turned into a full-blown business war. &nbsp,

Despite ending the three decades of punishing levies and removing the last remaining taxes on wine in March, producers may not want to put all their hopes on a seemingly attractive industry in the near future.

” China thinks it has a lot of leverage, but it backfires because states start fearing China, and so they want to de-risk”, she said. &nbsp,

Many of the damaged American companies have found new areas in nations like Vietnam, Indonesia, and Thailand despite China’s business measures causing significant declines in American exports of the intended goods.

And a Beijing response that is too stern could backfire, adding to” the West’s populist outlook on China” and” a great level of fear of China,” according to Mr. Daniel Senger, managing partner at the Shanghai-based international consulting firm Wilton Partners. That adds to “impulsive” reactions when it comes to laws on China, specifically from politicians seeking company, he noted.

China believes its EVs are badly treated and contrary to WTO regulations because they represent” a comparative advantage in terms of lower price and higher style” over what the West has to offer, he told CNA. &nbsp,

Beijing appears to know that some industry partners, especially those in developed nations, were extremely hostile and perhaps resent their wolf warrior diplomacy. ” &nbsp,

According to Chinese Foreign Ministry spokesperson Mao Ning on August 22, the EU may work with China “in the same way to discuss a proper negotiation and avoid escalations,” while the China Chamber of Commerce has stated that such measures may increase trade tensions between China and the EU and give a bad signal to international cooperation and natural development efforts.

Mr. Senger suggests that there might be a middle ground between allowing lower-end, cheap Chinese electric vehicles that Europe and North America could not possibly make financially and boosting China’s production in Europe.

So Beijing would be careful this time round and might even adopt a” milder “approach, says SMU’s Mr Gao.

A SILVER LINING FOR SOUTHEAST ASIA? &nbsp,

According to analysts, any trade war between China and the West would unavoidably have repercussions, and Southeast Asia would be one of the countries that would seek to profit from it. &nbsp,

China has been the region’s largest trading partner for 14 consecutive years, and trade between the nations reached record highs of US$ 722 billion in 2022. &nbsp,

Southeast Asian nations might benefit in a number of ways. &nbsp,

” The first is to capture spillover volume ( from China ) at low prices,” said Mr Warwick Powell, an adjunct professor at the Queensland University of Technology. &nbsp,

The second is that Chinese businesses may start expanding their presence in the area as a platform for exporting to the EU and North America. This has been the pattern already.”

In the wake of a potential tariff war, the region could experience both positive and negative effects. &nbsp,

The natural choice, or the simplest choice, would be Southeast Asia, according to Dr. Chen, if the sanctions against China are so severe that they will force more Chinese and foreign capitals with existing ones to relocate some of their production capacities abroad. &nbsp,

According to law professor Mr. Gao, new Chinese EVs could also be exported from these Southeast Asian nations to the EU and the US.

However, this might also present challenges for regional EV manufacturers, who may struggle to compete. &nbsp,

Chinese manufacturers accounted for 70 % of all EV sales in Southeast Asia last year, with automaker BYD holding the lead, according to Hong Kong-based Counterpoint Research.

VinFast Auto, a Vietnamese manufacturer of electric vehicles, is struggling to gain ground in the fiercely competitive EV market. It delivered just 9, 689 cars in the first three months of the year, well off the pace to meet its annual 100, 000 target. Last year, some 34, 855 vehicles were sold, most of which went to related parties.

China is also facing regional opposition, despite its efforts to pivot and direct more exports to Southeast Asian nations.

Indonesia, a growing global powerhouse and Southeast Asia’s largest economy, has been eyeing heavy duties on textile imports. Thailand has also expressed concern about the recent influx of cheap goods from China, claiming that rival industry organizations have struggled.

In August, Malaysia launched its own anti-dumping investigations into imports of Chinese plastic, including polyethylene terephthalate imports.

The government’s Ministry of Investment, Trade, and Industry stated in a statement released on August 9 that” the government will impose a provisional anti-dumping duty at the rate necessary to prevent further harm to the domestic market.”

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Hong Kong is trying to lure travellers from elsewhere beyond the mainland. Who else is on its wishlist?

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To plug into the educated Middle Eastern industry, the Hong Kong government has been promoting its products to people of the Gulf Cooperation Council, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

By establishing stronger collaborations and attracting more traders and travelers from this crucial place, these initiatives aim to expand Hong Kong’s economy.

Finding trip guides who can talk Arabic or Farsi, as well as other Middle Eastern dialects, is challenging, according to Mr. Lam from HKFTU, but efforts are being made to find more English-speaking guidelines.

While South Asian and Muslim markets are “growing quickly,” mainland visitors continue to be the main group, according to Assoc Prof. Wan. &nbsp,

As such, even as Hong Kong aims to tap other areas, it is very unlikely these efforts may reduce the push to get mainlanders, she noted.

CHASING MICE AND OTHER Businesses

Hong Kong has also been training its sights on rebuilding the key MICE ( meetings, incentives, conferences, and exhibitions ) sector, which was decimated by the pandemic.

The town welcomed 700, 000 MICE guests in the first quarter of 2024, about 80 per share of 2018 rates. Officials anticipate that this year’s number of major activities will increase from 150 to over 210, probably attracting 1.7 million visitors.

MICE travellers are usually bigger spenders, forking out an average of Supplier$ 8, 000 per explore- 20 per share to 30 per cent higher than the average spend of another over visitors, according to HKTB.

Discussions &amp, Exhibitions Hong Kong, a division of HKTB, claims that Hong Kong will variety over 60 MICE activities from September to the end of the year.

More away, the area is set to welcome activities like SIGGRAPH Asia, a computer graphics agreement, in December 2025. It was last held in Hong Kong in 2013. &nbsp,

One of the biggest events taking place in the country in 2026 is the World Cancer Congress and the International Federation of Landscape Architects World Congress.

Beyond chasing MICE, Hong Kong is also looking to tap other businesses. Regulators have been positioning the area as a social hub on the global stage by fostering local skills in music, video, style, and architecture.

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With China’s Gen Z consumers craving value over status, luxury brands and global markets brace for impact

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“CAUTIOUS” APPROACH IN BOOSTING Use

Since 2021, China’s government has introduced a series of procedures aimed at redistributing income and wealth, generally framed under the symbol of” popular prosperity”, says Mr Xu.

This has led to reprisals on high-paying companies like tutoring, the financial industry, and the software market. &nbsp,

” While these methods were intended to address income inequality, the effects have been more negative than positive, with the economy suffering significantly.”

Yet, there seems to be a change in the government’s method. According to Mr. Xu, new Third Plenum policies may recommend a move toward encouraging urbanization and stimulating migrant workers to settle in cities, work for a regular job, and perhaps even buy homes. &nbsp,

Instead of focusing purely on lowering the wealth of the rich, the goal is to encourage economic growth among the lower-income groups. This technique, while encouraging, is unlikely to produce immediate results, and perhaps get five to 10 years to materialise- if it succeeds at all, Mr Xu adds.

Mr. Yu remarked that” the state is very evident that they do need to pull domestic consumption, and today’s situation is not appropriate for them.”

They want to complete a number of tasks in order to improve the Taiwanese economy’s value, not just its quantity.

Amid these coverage shifts, Chinese homes, especially in the country’s largest towns, are exhibiting a noticeable caution in their investing. The quick drop in housing costs in these urban centers is one of the main causes of this. &nbsp,

Previous adaptable housing industry started to deteriorate in mid-2023, according to EIU’s Mr. Xu, following the trend of smaller cities that experienced price declines in 2021 and 2022. This decline has resulted in a bad success effect, whereby people’s spending is influenced by both their perceived wealth and their income.

This concern has also been heightened by the government’s assault on well-paying work in major Chinese cities. For example, investment banking incomes have dropped to as low as quarter of what they once were, causing consumers to spend less money. This trend is further demonstrated by China’s personal income tax revenue decline of 7 % this year.

” It should come as no surprise that there has been a significant cut in personal income tax paid,” the statement states. So that’s possibly explaining why usage has been more mindful”.

Kantar Worldpanel’s Mr Yu believes there are a lot of “big intentions” behind driving use, although those are “grand approaches to translate into substantial policy, and may take some time”.

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China ‘strongly dissatisfied’ with fresh US sanctions

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The restrictions specific individuals and businesses both domestically and internationally, according to a declaration from the US Treasury Department. China’s business department said on Sunday that the action was “typical punitive sanctions” that “disrupt international industry order and rules, impede regular global economic and trade exchanges, and threaten the securityContinue Reading

Black Myth: Wukong could drive Chinese investment in big-budget games

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Then, Zhou sees a chance for the local industry’s environment to change. More money will definitely be injected into the field as a result of Black Myth’s success, which will encourage more game developers to try to create for large projects, he said.

However, it might not gain people equally.

” Intelligent investors may choose older clubs”, Zhou said. But resources will merge toward the best game designers.

The success of Black Myth “definitely gives Foreign game designers a boost in confidence,” said Olivia Qin, a Shenzhen-based mobile game designer specializing in model activities.

” It proves that even for those working on genres not considered as lucrative, it will still yield good results if ( developers ) put their hearts into it”, she said.

Qin, however, added that she will not acquire making AAA game herself. ” The price is too great and it takes to long”, she said. Not all small studios are eligible for Google purchase.

When China may see another AAA title, particularly one with the ability to become yet another world hit, game developers are cautious about speculating.

The success of Black Myth “may be able to been replicated, but that time could be very long”, Chan said. ” Game Science has spent about a century accumulating the knowledge and the capacity to create for game.”

Zhou said a few great single-player names are already under creation, and are expected to launch within three years. But for something else on the size of Black Myth: Wukong, “it may take nine centuries, optimistically”, he said.

This article first appeared on SCMP.

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Taiwan’s tech industry taps female talent pool amid labour shortage

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FEW FEMALE EMPLOYEES

Female employees only account for about a third of the workplace in the tech sector, according to MediaTek Foundation executive director Cynthia Feng.

Female graduates make up an even smaller percentage of the workforce in the semiconductor industry and other relevant fields like electrical engineering and technological information, she continued, with 13 to 15 % of graduates in the semiconductor industry. &nbsp,

According to research publications she has published, prejudices may have prevented females from working in the tech sector, she told CNA. &nbsp,

Between the ages of 10 and 14 years old, women “lose involvement in mathematics and tech because of the perception of their roles in society or lack of confidence in their own skills,” she said.

Now, MediaTek’s female employees account for 20 per share of its entire workplace- a proportion it is looking to increase in a bid to improve innovation.

” Adding children’s opinions may help to find a more creative and complete solution to a problem,” she said. &nbsp,

Additionally, it wants to hire more women to complete the gender gaps in the workforce because the tech sector is struggling with a talent shortage as a result of a declining birth rate and increased competition from foreign tech giants. More than 50 % of Taiwan’s technology companies are hiring, according to a recent study conducted by a neighborhood job bank.

Now, there are more than 100, 000 job opportunities merely for technicians.

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