Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Chinese airlines ramp up international flights to meet ever-growing “China Travel” fever;
- China holds key lending rates steady on positive signs for economic recovery.
Here’s what you need to know about China in the past 24 hours
Chinese airlines are expanding international routes to accommodate a rise in foreign passenger visits at Chinese airports, benefiting from the 240-hour visa-free transit policy.
On April 28, China Eastern Airlines will launch a direct flight from Shanghai Pudong International Airport to Abu Dhabi, marking the first time a Chinese airliner flies this route. The airline will also establish a joint venture agreement with Etihad Airways, Abu Dhabi's flag carrier.
From April 30, Sichuan Airlines will open a direct route from Chengdu to Penang of Malaysia with five flights per week. Additionally, on Tuesday, the airline inaugurated a commercial charter service from Chengdu to Pokhara, Nepal.
Spring Airlines has also unveiled plans on Tuesday to add four new routes flying from Guangzhou, including flights to Phnom Penh, capital of Cambodia, Jeju Island in South Korea, and Chiang Mai in Thailand.
As of February 2025, the international operations of China's six major airlines have all surpassed pre-pandemic levels. Data from industry information provider VariFlight showed that the passenger volume of the six major airlines flying on international routes reached 5.6 million in February, 1.8 percent more than in February 2019, demonstrating a strong recovery.
With the continuous increase in flight routes and the relaxation and optimization of transit visa-free policies, the number of foreign tourists visiting China has been steadily climbing up.
Data from the Civil Aviation Administration of China (CAAC) showed that from January to February, China's international flight routes completed 12.84 million passenger trips, a growth of 38.6 percent than the same period of last year, and a 6.5 percent increase over the same period in 2019.
Among them, the number of passengers on flights from China to Japan, Thailand and South Korea is relatively large, and the passenger growth rate on routes from China to Russia, Spain, the United Kingdom, Malaysia, Laos, Italy and United Arab Emirates is relatively high, the CAAC said.
- China left its benchmark lending rates unchanged on Thursday. The country’s one-year loan prime rate (LPR) came in at 3.1 percent, while the over-five-year LPR is also kept at 3.6 percent, according to the National Interbank Funding Center. According to this year's government work report, China has decided to adopt a moderately loose monetary policy. The central bank will cut RRRs and interest rates when appropriate this year, PBOC governor Pan Gongsheng told a press conference early March. A string of recent economic data, including manufacturing data, industrial output and retail sales, provided encouraging signs for the economy's continued recovery.
GBA express
- Guangzhou on Wednesday announced 905 key projects with a total investment of 365.7 billion yuan, covering infrastructure, railways, strategic emerging industries and advanced manufacturing, new energy vehicle, biopharma, robotics, as well as the construction of Hong Kong Lingnan University (Guangzhou).
- Hong Kong Chief Executive John Lee on Thursday said the low-altitude economy will be a new growth engine, with a trial program on drone operations set to help such activities take off and "fly steadily and far”. Under the Low-altitude Economy Regulatory Sandbox, pilot projects would be conducted to test airspace management, flight operations, and emergency response to support the use of unmanned aircraft. The initial phase, which involves 38 projects, is expected to begin next month.
- Hong Kong’s market regulator is reportedly planning to cap margin loans used to buy shares at initial public offerings, according to people familiar with the matter, in an effort to clamp down on heated demand from retail investors. Under the plan, the Securities and Futures Commission would revive a cap that requires retail investors to put down at least a 10 percent deposit when drawing a margin loan to subscribe for IPOs, media reported. If it’s finalized, brokers would be able to lend only up to 90 percent of the total subscription costs for their clients.
- Hong Kong and Macao residents who are traveling and living in the Chinese mainland can now apply for a temporary digital permit to travel by air and train within mainland cities if they lose, damage, or forget their permit, the National Immigration Administration (NIA) announced on Thursday. The temporary digital mainland travel permit will be valid for seven days, which can be applied on the NIA’s 12367 mobile app.
Industry and company news
- Tencent's net profit widened 68 percent to 194.1 billion yuan in 2024 from the year before, while its revenue rose 8 percent to 660.3 billion yuan, according to the earnings report released by the Chinese tech giant yesterday. Tencent also said it will continue to implement its HKD80 billion share buyback plan this year. CEO Pony Ma said the internet giant's cloud business and AI chatbot Yuanbao actively embraced DeepSeek while highlighting the rise of AI agents, acknowledging DeepSeek's success, and expressing admiration for the growth of independent and open-source AI products in the market.
- Xiaomi awarded 83.4 million shares to 3,877 selected contributors, including employees and suppliers, as stock incentives announced yesterday. The Chinese electric giant also granted 10.2 million stock options to 62 workers in Hong Kong.
- Geely’s shares rose today after the Chinese automaker said its net profit more than tripled to 16.6 billion yuan last year from the prior one, mainly boosted by a gain on deemed disposal of subsidiaries, while its revenue soared 34 percent to exceed 240 billion yuan for the first time.
- GAC will link arms with Huawei to launch a new premium auto brand, Huawang, equipped with the tech giant's intelligent driving and smart cockpit solutions. The first product will be an NEV model priced around 300,000 yuan.
- Ping An Insurance reported a 47.8 percent rise in its net profit last year, driven by growth in its life and health insurance business, the Chinese insurance giant said in a filing yesterday. The group posted a net profit of 126.6 billion yuan in 2024, compared with 85.7 billion yuan a year earlier.
- The Cyberspace Administration of China, the MIIT, and other Chinese authorities have issued guidelines stipulating AI-generated content should be clearly labeled to curb AI misuse and the spread of false information, effective Sept. 1.
Asia-Pacific highlights
- Vietnamese Deputy Prime Minister Nguyen Chi Dung expressed Vietnam's strong desire to learn from the development strategies of Shenzhen, particularly in bolstering the private sector and developing its special economic zone, during his visit to the city on Tuesday. Dung and his delegation visited Shenzhen University, the Shenzhen Bay Eco-Technology Park and Shenzhen Capital Group to gain insights into the city's private economy, the cultivation of strategic emerging industries, and venture capital investments. "Vietnam is currently in the exploratory stage regarding the construction of special economic zones. I hope that Chinese friends, especially those from Shenzhen, will share your successful experiences with Vietnam," Dung stated, emphasizing Vietnam's eagerness to adopt successful models from Shenzhen.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
