Daily Buzz: 11 June 2025
Top News
China-US trade talks arrive at 'consensus'
China and US have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks, China's Vice Minister of Commerce Li Chenggang said following a second day of high-level talks in London.
No details were announced.
Li Chenggang called the communication "professional, rational, in-depth and candid."
"We have reached a framework to implement the Geneva consensus and the call between the two presidents," US Commerce Secretary Howard Lutnick said, adding that the US negotiating team will return to Washington to "make sure President Trump approves." The framework also requires approval from Chinese President Xi Jinping.
Both sides, in an initial meeting in May, agreed to a 90-day truce to facilitate talks to resolve their trade war. In a phone call last week, Trump and Xi last week pledged to work on addressing trade disputes.
Some analysts have speculated that any initial agreement could involve deal whereby the US would lift export controls on semiconductors in exchange for China lifting export controls on industrial rare earths minerals and magnets.
Chinese scientists find AI capable of replicating human cognition
Chinese scientists have confirmed for the first time that artificial intelligence has reached a stage where it can spontaneously develop human-level cognition, China News reported. The findings were published by the academic journal Nature Machine Intelligence. The study was conducted by collaborators that included the Institute of Automation under the Chinese Academy of Sciences.
The institute's Du Changde, who authored the report, explained that when people see a dog, a car or an apple, they recognize not only physical characteristics but also understand their functions. Now AI is able to recognize such multi-dimensional concepts.
EU slaps new sanctions on Russia
The EU unveiled new sanctions on Russia, claiming that Moscow's continuing attacks on Ukraine show that the Kremlin is not interested in peace. The sanctions are aimed at curtailing Russia's ability to make money from oil and gas production.
Meanwhile in Ukraine, Russian drones hit the capital Kiev and the port of Odessa on Tuesday. The attack came a day after Russia launched its biggest single-day drone attack in the three-year conflict. In two rounds of peace talks, Russia and Ukraine agreed only on exchanges of some prisoners but made no progress on a ceasefire.
Top Business
Huawei says 'no need to worry about chips'
Huawei Technologies' chips are one generation behind those of US rivals, but the Chinese company is closing the gap fast with new techniques, Chief Executive Ren Zhengfei told China's People's Daily. His company invests 180 billion yuan (US$25 billion) a year in research and development. Ren said there is "no need to worry about the chip problem," referring to US export controls on chips that have hurt some domestic companies. China has been promoting development of domestic chips to end the nation's reliance on the US.
Solar energy conference opens in Shanghai
Shanghai is hosting the world's biggest solar energy conference this week amid a solar-panel industry beset by overproduction. The four-day SNEC International Photovoltaic Power Generation and Smart Energy Exhibition & Conference has attracted participation of about half a million people from around the world. It will feature talks by executives of manufacturers that include China's Trina Solar, and exhibitions of solar manufacturing equipment, energy storage solutions and new systems projects. Global production of solar panels in May fell 7 percent from April.
Ban on 'zero-mileage cars' urged
China's state media People's Daily urged tough regulatory action to stop car dealers from selling new cars as used cars, known as "zero-mileage cars," as Ministry of Commerce officials met with automakers to discuss the issue. The newspaper said the practice is a race to the bottom by the industry amid a fierce price war. Zero-mileage cars are a device used to clear excess inventories of unsold cars.
Regulators ban giveaway Labubu dolls
Chinese regulators have banned financial institutions from wooing new customers with gifts that include the popular Labubu dolls. The directive came after Ping An Bank was found to be giving out "blind boxes" of the toy collectibles to customers who opened savings accounts with a minimum 50,000-yuan (US$7,000) deposits. The dolls, marketed by Pop Mart, have become a hot trend after they were promoted online by celebrities.
Economy & Markets
China tops global shipbuilding, US may ease regulations
China has retained its dominance in global shipbuilding even as industry momentum cools. In the first five months of 2025, Chinese shipyards received 274 new vessel orders, accounting for 49 percent of the global total. South Korea was second, with a 24 percent market share. Global orders fell to a four-year low in the first four months of 2025, according to Allied Shipbroking.
Separately, The US has proposed a rule change that could ease regulations on foreign-built vessels operating in American waters. The draft policy calls for scaling back customs scrutiny and port fees on foreign-built ships, especially those carrying liquefied natural gas carriers and cars. If adopted, the policy shift would particularly benefit China and South Korea.
China to launch 'green' methanol
China is set to roll out its first batch of domestically produced, commercial-scale "green" methanol in July, marking a milestone in the country's push for low-carbon shipping fuels. Developed by Shanghai Electric, the green methanol will be delivered to the Port of Shanghai for bunkering. The methanol is made using renewable energy sources such as wind power and biomass, offering a cleaner alternative to conventional marine fuels. In 2023, global green methanol capacity stood at just 500,000 tons, with China accounting for 300,000 tons.
World Bank issues stark growth warning
The World Bank predicted US President Donald Trump's tariff will result in the slowest decade of growth in more than half a century unless corrective action is taken. The bank lowered its 2025 global forecast to 2.3 percent, down 0.4 point from its semi-annual report in January, and cut growth forecasts for almost two-thirds of countries, including the US, EU and Japan. However, it left its China forecast for this year unchanged, noting that China has sufficient economic stability to weather "significant headwinds" from global political uncertainty.
Corporate
CATL rolls out high-capacity storage batteries
Contemporary Amperex Technology (CATL), a world leader in battery production, announced it will begin the mass production of its next generation of high-capacity energy storage batteries. The 587 Ah batteries boast a lightweight design, enhanced safety features and high-energy density, making them particularly suitable for artificial-intelligence data centers. Energy storage is an emerging business for CATL, which dominates the market for electric car batteries. The company's shares are listed in Shenzhen and Hong Kong.
Hang Seng Bank forex certification
Hang Seng Bank (China) Ltd announced that it has been given the go-ahead to conduct foreign-currency borrowing and lending, including the yuan, through an account in Shanghai's free trade zone. The Hong Kong-based bank is the first non-mainland bank to receive such certification.
Shein seeks more India suppliers
Chinese e-commerce giant Shein, which specializes in lower-cost fashion and household goods delivered by mail to buyers overseas, is poised to expand its suppliers in India to sidestep US tariffs on goods from China. The aim is to increase Indian suppliers from 150 to 1,000 in a year, Reuters reported. Shein told Chinese media Yicai Global that the report was not correct. It has no such plans. Shein, now headquartered in Singapore, has also signed a licensing agreement for India's Reliance Retail to sell its brands domestically.
China skincare brands seek overseas expansion
Proya and S'Young are among the top China beauty brands seeking to expand overseas by acquiring smaller foreign rivals, Reuters reported. Among the more successful forays are S'Young, which has acquired French skincare brand Evidens de Beaute and US-based ReVive, and Ushopal, which has added France's Payot to a portfolio that includes UK skincare label Argentum. Hangzhou-based Proya said it plans to acquire some European brands, according to local media reports.
