Journalist
BAE IN SUN
baeinsun@ajunews.com
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Xi Urges Chinese Youth to Contribute to Development as ‘Lying Flat’ Trend Spreads Chinese President Xi Jinping urged the country’s young people to play a bigger role in national development, saying it is an ideal time for them to contribute. The remarks were widely seen as a warning amid the spread of the so-called “tangping,” or “lying flat,” attitude among youth as the economy slows and job prospects weaken. According to the Communist Party newspaper People’s Daily, Xi said on May 3, a day ahead of China’s May 4 Youth Day, that this year marks the start of the 15th five-year plan and is “an important time” for young people to contribute to the country’s development. He called on youth to “hold lofty ideals,” work diligently, inspire one another and align personal goals with national development, seeking “new achievements” in their respective fields, the report said. Xi delivered the message in a reply to a letter from recipients of the “China Youth May 4 Medal” and the “New Era Youth Vanguard Award.” He praised the awardees for not forgetting their responsibilities to the Communist Party and for dedicating themselves on the front lines of grassroots work, including scientific and technological innovation, rural revitalization, social service and border defense. Xi said their efforts showed the confidence, self-reliance and positive spirit of Chinese youth in the new era. The message drew attention as “lying flat” has gained traction among young Chinese. The term, which spread on Chinese social media around 2021 during the COVID-19 period, refers to young people worn down by intense competition and employment difficulties who lose motivation, do only minimal work and adopt a passive lifestyle. China’s Ministry of State Security said on April 28 on its official WeChat account that the spread of “lying flat” was fueled by agitation from some influencers allegedly backed by anti-China overseas forces, and urged young people to “keep a clear mind.” * This article has been translated by AI. 2026-05-04 15:42:47 -
China Corruption Cases Point to Stablecoins as Emerging Bribery Tool, Report Says A string of recent corruption cases in China has a common thread: allegations that bribes were paid and received through stablecoins, Hong Kong newspaper Ming Pao reported on May 4. Those implicated include Hu Henghua, the former Chongqing mayor; Luo Lin, the former party secretary of Chongqing’s Liangjiang New Area; and Lin Xiucheng, chairman of San’an Group, described as China’s “LED king,” the report said. According to the report, Hu was brought down on March 20 for serious disciplinary violations and was later dismissed over allegations he took bribes via stablecoins. Investigators found he received about $30.8 million worth of the dollar-pegged stablecoin Tether (USDT), it said. The funds were later moved through overseas exchanges and transferred to a cold wallet, according to the report. The bribes were said to have been provided by San’an Group, a leading company in Xiamen, Fujian province. Lin and his son, Lin Kechuang, allegedly paid in exchange for Hu’s support tied to the group’s business, the report said. Hu was also said to have publicly backed San’an projects and supported the business. Luo, who fell around the same period, was also dismissed over allegations of taking $15.5 million worth of USDT and laundering money using stablecoins, the report said. Stablecoins are crypto assets designed to track the value of fiat currencies such as the U.S. dollar, limiting price swings. The report said their speed and difficulty of tracing can make them attractive for bribes and illegal transfers. Ming Pao said bribery involving stablecoins and other virtual assets is emerging as a new front in China’s anti-corruption drive. In 2024, Yao Qian, former head of the People’s Bank of China’s Digital Currency Research Institute and a key figure in the digital yuan policy push, was brought down on corruption allegations. Investigators found he took about 2,000 ether, worth about 60 million yuan, in exchange for helping a cryptocurrency company list overseas, the report said. Authorities tracked the flow of funds using blockchain technology and uncovered the case, it added. The case was also featured earlier this year in an anti-corruption documentary jointly produced by the publicity department of the Central Commission for Discipline Inspection and China Central Television, titled “Never Stop, Never Retreat.” The documentary warned that new forms of corruption are emerging alongside advances in virtual-asset technology. * This article has been translated by AI. 2026-05-04 14:12:17 -
Japan LDP power broker visits China but holds no talks with Chinese officials A senior official of Japan’s ruling Liberal Democratic Party has visited China for the first time since Prime Minister Sanae Takaichi took office, but no meetings were held with Chinese government officials, according to reports. Yasutoshi Nishimura, the LDP’s election strategy chief, visited Beijing on May 2, toured Chinese robotics and autonomous-driving technology companies including Unitree, and met with local businesspeople, Kyodo News and other outlets reported. The trip was made as a stopover on Nishimura’s return to Japan after visiting Kazakhstan. It was the first visit to China by a member of the LDP’s core power group known as the “big four” since Takaichi took office. The term refers to the party secretary-general, the head of the General Council, the election strategy chief and the chair of the Policy Research Council, who wield major influence over party operations. Nishimura, a member of the House of Representatives, previously served as economy, trade and industry minister as a cabinet member from the Abe faction. However, Nishimura did not meet with Chinese government officials during the visit. Takaichi, who took office in October last year, sharply chilled ties with China after remarks in November suggesting possible “military intervention” in a Taiwan contingency. Against that backdrop, Kyodo said Japan’s government and business circles have continued moves to explore ways to improve bilateral relations. Japan’s government is coordinating plans to send Economy, Trade and Industry Minister Ryosei Akazawa to an Asia-Pacific Economic Cooperation trade ministers’ meeting to be held next month in Jiangsu province. If Akazawa attends, it would be the first visit to China by a Takaichi cabinet minister since her Taiwan-related remarks tightened Japan-China relations. A delegation led by Yohei Kono, a prominent Japan-based China expert and a former House of Representatives speaker, also plans to visit China next month. The Japan Association of Corporate Executives is considering a trip as well, and the Japan-China Economic Association is pushing company visits in Shanghai and other areas, as attention focuses on whether expanded private-sector exchanges could mark a turning point in Japan-China ties. 2026-05-04 10:33:16 -
Korea-China Forum Seeks Ways to Draw Young Talent to Aging Rural Communities Korean and Chinese agriculture experts met in Beijing to discuss policy directions for attracting more young people and skilled workers to rural areas in both countries, amid deepening rural aging and weak youth inflows. The discussion took place at the 33rd Korea-China Agriculture Forum, hosted by the Korea Rural Economic Institute (KREI) China office. Zeng Junxia, an associate researcher at the Chinese Academy of Social Sciences, said in a presentation that many young people in China have recently returned to rural hometowns to start businesses. She said government programs such as a rural CEO system and a science and technology commissioner system are gradually showing results. Zeng called for stronger legal foundations, an integrated long-term training system, expanded market-based incentives and stronger support for existing young farmers. Park Mi-seon, an associate research fellow at KREI, said South Korea has continued to expand policies to foster successor farmers and young farmers. She said the government has built a comprehensive support system covering income and financial assistance — including settlement support payments and financing for young smart farms — as well as farmland, education and housing. Park said the government aims to foster 30,000 young farmers by 2027 and is strengthening step-by-step support. To raise settlement rates, she said, South Korea needs a system to verify management performance, expanded management-base support linked to agricultural policies, stronger pre-entry exploration for prospective farmers and locally tailored talent development. In a subsequent discussion, experts from both countries agreed that expanding the number of young farmers will require comprehensive policies that link income, living conditions, education and access to farmland, rather than stand-alone support. Lim Young-a, head of KREI’s China office, said the institute will continue to expand Korea-China exchanges on agricultural policy and pursue joint research and cooperation to develop young farmers and rural talent. * This article has been translated by AI. 2026-04-30 17:27:17 -
Ambassador Roh Jae-heon Urges Korea-China Youth to Serve as Bridge Between Peoples Ambassador Roh Jae-heon to China visited Shanghai on a one-night, two-day trip starting April 29, carrying out public diplomacy centered on Korea-China exchanges in youth, culture and history. The Korean Embassy in China said Roh delivered a lecture at NYU Shanghai on April 29 titled "A New Era in Korea-China Relations" and met with students for an open discussion. He said young people in both countries should pursue global cooperation in areas including innovation, culture and peace, and urged them to serve as a bridge connecting the two peoples, especially among future generations. Roh later visited a mixed-use shopping complex in central Shanghai, attended an opening ceremony for a Korean company store and toured the Korea SMEs and Startups Agency's Global Business Center. He also held a public-private meeting with officials and businesspeople to review the status of the government's "K-Initiative" and exchange views on ways to implement it more effectively. On April 30, Roh visited the grave of Korean film figure Kim Yeom, known as the "emperor of film" for his work in China in the 1930s, and laid flowers. He also visited the Shanghai site of the Korean Provisional Government, underscoring historical ties between the two countries. In a meeting with an official from the Shanghai Foreign Affairs Office, Roh praised Chinese authorities for their efforts to preserve the site as the 107th anniversary of the establishment of the Korean Provisional Government approaches. He called for continued cooperation so more visitors can commemorate the shared history of Korea and China. The embassy said the trip strengthened public diplomacy, including youth exchanges, supported Korean businesspeople, and provided an opportunity to discuss and review the spread of the government's cross-agency K-Initiative and ways to improve its implementation. * This article has been translated by AI. 2026-04-30 16:58:43 -
China Expects 1.52 Billion Trips Over May Day Holiday, Boosting Hopes for Consumption China is bracing for a surge in travel during the five-day May Day holiday from May 1 to May 5, with expectations that the rush will help revive domestic demand. The Ministry of Transport said at a recent briefing it expects total passenger movement during the holiday to reach a record 1.52 billion trips. Average daily travel is projected at 304 million trips, up 4% from a year earlier and a new high. On May 1, the first day of the break, travel is expected to hit 344 million trips. Road travel is expected to dominate. An average of 64 million vehicles a day are forecast to be on the roads, and more than 90% of travelers are expected to use highways. Rail and air travel are estimated at more than 107 million and more than 219 million trips, respectively. The travel rush could exceed forecasts as schools in many areas begin spring break from late April to early May, effectively extending the holiday for some families. A shift from overseas trips to domestic travel is also emerging. China Daily, a state-run English-language newspaper, said the outbreak of war in Iran has pushed up jet fuel prices and increased uncertainty for international flights, strengthening preferences for domestic travel. Online travel agency Qunar said bookings for domestic long-distance trips of more than 800 kilometers rose more than 30% from a year earlier, while Spring Tour said reservations for domestic travel products increased about 20%. Wang Feng, a researcher at the Chinese Academy of Social Sciences, told the Global Times that with a longer break, both passenger transport and tourist numbers are expected to exceed last year’s levels. He said the holiday could produce broad-based gains across dining, lodging, transportation and retail. The government is also moving to spur spending. The Ministry of Culture and Tourism said it will hold about 13,700 cultural and tourism events during a “May Day cultural and tourism consumption week” and distribute consumption coupons and subsidies totaling 284 million yuan (about 61.6 billion won). Last year’s May Day holiday saw domestic tourist trips rise 6.4% from a year earlier to 314 million, while tourism spending increased 8% to 180.269 billion yuan. China’s economy grew 5% in the first quarter, but the recovery in domestic demand has been slower, with retail sales growth in March remaining in the 1% range. Expectations are high that this year’s May Day holiday will help lift consumer sentiment and add momentum to spending. At a Chinese Communist Party Politburo meeting on the 28th, Chinese President Xi Jinping stressed the need to make full use of domestic demand potential. * This article has been translated by AI. 2026-04-30 14:03:22 -
China’s top financial regulator Li Yunze reportedly demoted amid discipline probe China’s top financial regulator, Li Yunze, has reportedly been demoted over discipline violations. Li’s information was removed on April 29 from the “leadership” section of the official website of the National Financial Regulatory Administration. His last public appearance was on April 22 at a meeting on an all-out campaign to prevent and crack down on illegal financial activity. Hong Kong’s Ming Pao and other outlets reported that Li was internally dismissed on April 28 and is likely to be reassigned to a midlevel post within the agency. Born in 1970, Li was appointed in 2023 as the inaugural head of the regulator, drawing attention as the first “post-70s” official to move into a minister-level central government post. He spent more than two decades at state-owned banks including China Construction Bank and Industrial and Commercial Bank of China, and later served as a vice governor of Sichuan province, where he worked on managing local government debt risks. The regulator oversees banking, insurance and trust businesses. It was created in March 2023 during a State Council restructuring aimed at tightening financial oversight under Chinese President Xi Jinping. The financial market under its jurisdiction is estimated at about $79 trillion. Multiple explanations have circulated for Li’s reported demotion. Ming Pao, citing sources, said he was dismissed over issues related to raising his children. A recent Weibo post by a prominent Chinese journalist said a child had driven under the influence of alcohol or drugs and that the father, described as a powerful figure, tried to use connections to cover it up and nearly became implicated himself — remarks widely seen as pointing to Li. Reuters noted the reported dismissal comes as financial risks grow amid a prolonged property downturn and slowing economic growth. Some analysts have linked the move to a broader tightening of scrutiny over the financial sector. Chinese authorities have in recent years expanded regulatory powers while also pursuing anti-corruption efforts in the industry; Zhou Liang, a deputy head of the regulator, was previously removed over corruption allegations. 2026-04-30 11:09:17 -
U.S. Blocks Chipmaking Equipment Exports to China’s Hua Hong, Tightening AI Chip Curbs U.S. authorities have moved to block equipment exports to Hua Hong, China’s No. 2 semiconductor foundry, raising pressure in the race over artificial intelligence chips. The step comes at a sensitive time ahead of President Donald Trump’s planned visit to China in May. U.S. blocks equipment exports over concerns about advanced processes Reuters reported on April 28 that the Commerce Department recently sent letters to U.S. equipment makers including Lam Research, Applied Materials and KLA, directing them to stop shipping certain tools to Hua Hong. The letters restrict exports of semiconductor equipment and other materials tied to two manufacturing facilities that U.S. officials believe could be used to produce China’s most sophisticated chips. Reuters described the move as the latest U.S. step to slow China’s advanced-chip development and an extension of policies aimed at protecting U.S. technological advantages in AI and other leading-edge chipmaking. The action follows reports of progress at Hua Hong. The company is China’s second-largest foundry after SMIC, and has been reported to be developing manufacturing technology for advanced chips, including AI semiconductors. Its affiliate, HLMC, has been reported to be preparing to introduce a 7-nanometer process at a Shanghai plant. SMIC is effectively the only company in China seen as capable of producing chips on a 7-nanometer process. Analysts say Washington is concerned that if Hua Hong also commercializes advanced production, China’s drive for semiconductor self-reliance could accelerate. There has also been speculation that Huawei is working with Hua Hong to shift some AI chip production that has been made through SMIC. Congress moves to tighten export-control laws, aiming to institutionalize China curbs The Hua Hong step fits into a broader U.S. effort to restrict technology flows to China on national security grounds, particularly in AI and advanced semiconductors. The House Foreign Affairs Committee recently approved a package of bills that includes the “Multilateral Alignment for China Technology Controls Act,” or MATCH Act, aimed at strengthening export controls in coordination with allies. The push has been viewed as Congress seeking to constrain the Trump administration after it signaled it could ease some China-related export restrictions ahead of an expected U.S.-China leaders’ meeting in May. Bloomberg called it “the most significant legislative attempt” to overhaul export-control policy since 2018, reflecting congressional dissatisfaction with what it described as a cautious approach by the administration. Pressure is not limited to semiconductors. The Wall Street Journal reported that dozens of Democratic House members recently urged Trump to ban Chinese automakers from producing and selling vehicles in the United States. They also called for maintaining existing tariffs and blocking Chinese companies from building U.S. production facilities. The request followed Trump’s recent comments that Chinese companies could be allowed to enter if they build factories in the United States and create jobs, as the possibility of Chinese electric-vehicle makers entering the U.S. market is being discussed ahead of the expected summit. Manus dispute adds to tech tensions ahead of expected summit With tensions rising across advanced industries including semiconductors and autos, observers say the expected May U.S.-China summit is likely to focus more on competition than cooperation. A recent dispute involving the Chinese AI startup Manus has underscored that trend. U.S. tech company Meta announced in December that it would acquire Manus for about $2 billion, but the Chinese government moved to block the deal, saying it would review whether the transaction fell under technology export controls. On April 27, it ultimately decided to ban the investment. The move was widely seen as part of China’s effort to prevent the overseas transfer of AI talent and technology assets. Some observers, however, say the two leaders may choose to emphasize more practical issues, such as purchases of Boeing aircraft or agricultural trade, rather than putting advanced-technology disputes at the center of the talks. * This article has been translated by AI. 2026-04-29 16:04:11 -
BYD Profit Drops 55% as China EV Price War Intensifies, Company Pushes Overseas China EV leader BYD reported a sharp drop in first-quarter profit as Beijing scaled back tax incentives and competition intensified, especially in the low-priced segment. The company said it plans to speed up overseas expansion to offset weaker sales at home. According to BYD’s earnings report released on April 28, first-quarter net profit fell 55.4% from a year earlier to 4.085 billion yuan (about 881.9 billion won). The decline was steeper than the previous quarter’s 38.2% drop, extending a profit slide to a fourth straight quarter. Revenue fell 11.8% to 150.225 billion yuan. China this year cut the electric-vehicle purchase-tax exemption in half, prompting many consumers to wait, while price competition intensified for EVs priced below 150,000 yuan. The China Association of Automobile Manufacturers said first-quarter sales of new energy vehicles fell 23.8%. BYD’s first-quarter sales fell 30% from a year earlier to 700,000 vehicles. Overseas exports rose 56% over the same period but were not enough to prevent an overall decline. Monthly sales were down for a seventh straight month as of March. The China Passenger Car Association said BYD’s domestic EV market share in the first quarter slipped to 25.7% from 31.5% a year earlier, down about 6 percentage points. With the domestic slowdown showing signs of lasting, BYD has moved to target overseas markets more aggressively. It recently raised its overseas sales target for this year to 1.5 million vehicles from 1.3 million set earlier. The company aims to increase exports of new energy vehicles by more than 40% from last year’s 1.04 million. Overseas sales now account for 46% of BYD’s total, it said. The company also cited rising global demand for EVs as international oil prices climb in the wake of the Iran war. BYD is also emphasizing technology. It recently unveiled ultra-fast charging that it said can fully charge in nine minutes at room temperature and in 12 minutes at minus 30 degrees Celsius, aiming to reduce charging-time concerns and attract drivers of gasoline-powered vehicles. The company is also pursuing the premium segment. At the Beijing auto show, it introduced an electric supercar, the U9X, and a flagship SUV, the Datang, under its luxury brand Yangwang, a move seen as laying groundwork to compete with European premium automakers. Bill Russo, CEO of Shanghai-based consultancy Automobility, told the Nikkei that BYD is shifting away from volume-driven growth in China and focusing on a more balanced, globally diversified business with higher profitability. “Global markets are less overheated than China and have a more sustainable profitability structure,” he said. * This article has been translated by AI. 2026-04-29 10:51:21 -
China Politburo urges readiness for external shocks, stronger energy security China’s top decision-making body, the Communist Party’s Politburo, called for a systematic response to external shocks and challenges and for stronger energy and resource security, Chinese state media reported. The message comes as uncertainty has risen in areas including energy and trade following the outbreak of the Iran war. According to Xinhua News Agency and other state outlets, the Politburo met on the 28th under the chairmanship of Chinese President Xi Jinping to review and assess the current economic situation and related work. The Politburo includes officials ranked within the party’s top 24 and typically meets once a month. Meetings held in April, July, October and December are regarded as key sessions for reviewing quarterly political and economic trends. The meeting said China’s economy “started strongly” this year, with major indicators exceeding expectations and showing “strong resilience and vitality,” praising first-quarter performance. It also said “some difficulties and challenges still exist,” and called for further consolidating the trend of improvement while maintaining stability. The Politburo urged adherence to the guiding approach of pursuing progress while maintaining stability, and called for building a new development pattern. It said China should advance technological self-reliance and strengthen independent control of industrial supply chains, while carrying out a more proactive fiscal policy and a suitably accommodative monetary policy with precision. On fiscal policy, it called for continued improvements in the structure of spending and for firmly safeguarding the minimum baseline of the so-called “three guarantees” at the grassroots level: basic livelihoods, wages and government operations. On monetary policy, it called for greater proactiveness, flexibility and precision to keep market liquidity at an adequate level. Boosting domestic demand was reaffirmed as a core task for the year. The meeting called for expanding the supply of high-quality goods and services, promoting consumption upgrades, and expanding and improving the service sector. It also listed expanded planning and construction of networks including water resources, new power grids, computing power, next-generation communications, urban water supply and drainage, logistics and other systems. The meeting also urged faster development of a modern industrial system, maintaining a reasonable share of manufacturing, building a unified national market, and addressing cutthroat low-price competition. It called for fully advancing an “AI plus” initiative to expand the integration of artificial intelligence with industry, develop a smart economy, improve AI governance, and deepen reforms of state assets and state-owned enterprises. With geopolitical risks rising, including the outbreak of the Iran war, the meeting also warned of possible deterioration in the external environment. It said China should “systematically respond to external shocks and challenges” and raise energy and resource security to address uncertainties through high-quality development. The Politburo also raised the need for measures to defuse risks in key areas including the property market, local government debt and small and medium-sized financial institutions. It called for strengthening an employment-first policy, improving management of agricultural production, and stabilizing prices for farm and livestock products including pork.* This article has been translated by AI. 2026-04-28 17:15:20