Chinese President Xi Jinping, on a visit to Shanghai, hailed "the explosive growth" of artificial intelligence technology, describing it as an "industry that belongs to young people." China has identified AI as a strategic sector in its goal of becoming a global leader in science, biomedicine and technology. During his visit, Xi toured a facility that serves as an "incubator" for AI startup projects, where 100 new ideas are currently being fostered. He also visited the headquarters of the New Development Bank, where he met with institution President Dilma Rousseff, the former leader of Brazil. The bank was established in 2014 by Brazil, Russia, India, China and South Africa, the so-called BRICS group of nations.

Some manufacturers in Jiangsu and Zhejiang provinces said they have received notices from US retail giant Walmart asking them to resume shipments as soon as possible, according to South China Morning Post. The two provinces are home to many export-dependent companies. It is reported that Walmart initially said Chinese suppliers would have to bear the cost of high tariffs imposed on China. However, the shipment notices indicate the company is prepared to absorb the additional costs in face of shrinking US inventories. US e-commerce giant Amazon also plans to display price of certain products concerning details of tariff fees without shouldering the blame for the cost of Trump's trade war.

Bucking trade tensions, about 40 percent of 2,785 A-share listed companies in China posted earnings growth in first-quarter reports as of April 27, according to Wind data. The gains were led by sectors such as basic chemicals, power equipment and non-ferrous metals. Notably, 70 companies, dominated by banks and utilities, reported net profits exceeding 1 billion yuan (US$138 million).

Baoshan Iron & Steel, China's largest listed steelmaker, will expand its capacity by more than 30 million tons to over 80 million tons following a 9 billion yuan (US$1.24 billion) deal to acquire a 49 percent stake in Maanshan Iron & Steel. The move aligns with Baosteel's goal of reaching up to 100 million tons of production and signals further consolidation in the industry. Chairman Zou Jixin said the challenge is to make "the elephant dance," referring to Baosteel's push for agility amid expansion. Despite a profit decline in 2024, Baosteel remains the country's most profitable listed steelmaker.