The Latest Top Headlines on China - Caixin Global

XPeng Completes Shift From Nvidia to In-House AI Chips Across Lineup

Fri, 03 Apr 2026 15:48:41 GMT

XPeng Mona M03 and XPeng P7 on display at an XPeng showroom in Nanjing. Photo: VCG

XPeng Inc.has equipped upgraded versions of its bestselling Mona M03 electric vehicle with its in-house Turing processor, completing a lineup-wide transition away from Nvidia Corp. chips for advanced driver-assistance systems.

On Thursday, XPeng launched an upgraded Mona M03. Mid- and high-end variants with intelligent driving features have switched from Nvidia solutions to the company’s self-developed chips. The move marks the completion of the transition across XPeng’s core vehicle lineup.

China Urban Rail Spending Set to Plunge in 2026

Fri, 03 Apr 2026 15:00:17 GMT

The northern section of Tianjin Metro Line Z4 begins operations on Jan. 18, 2026. Photo: VCG

Investment in China’s urban rail transit networks is set to plunge nearly 34% in 2026, as local governments struggle with mounting operating losses and tighter project-approval requirements.

Spending is projected to fall to 272.7 billion yuan ($39.6 billion), following a 13.4% decline in 2025. The drop would mark the fifth consecutive year of declining capital expenditure since a peak in 2020, according to a report from the China Association of Metros.

HKU Taps Bond Market With $1 Billion Note Program

Fri, 03 Apr 2026 14:39:27 GMT

The University of Hong Kong maintains a solid financial position, recording a surplus of HK$4.8 billion for the 2024/25 financial year. Photo: VCG

The University of Hong Kong (HKU) has established a $1 billion medium-term note program, marking the first time a public university in the city has tapped the commercial bond market for financing.

Under a framework agreement signed March 30, the institution appointed HSBC and DBS to arrange the issuance of notes to professional investors.

The unprecedented move highlights how Hong Kong’s top academic institutions are turning to alternative capital sources as the local government tightens public education funding and pushes for the costly development of a new university town near the mainland border.

Fitch Lifts China Citic Bank to A- on Strong State Backing

Fri, 03 Apr 2026 14:04:54 GMT

China Citic Bank, which has more than 10 trillion yuan in total assets, reported a 3% year-on-year increase in net profit to 70.6 billion yuan last year. Photo: VCG

Fitch Ratings has upgraded China Citic Bank Corp. Ltd.’s long-term foreign-currency issuer default rating to A- from BBB+, citing the lender’s deep ties to the central government and a high probability of state support.

The move lifts the bank into the top rating tier among China’s joint-stock commercial lenders, highlighting its growing role in carrying out Beijing’s strategic initiatives and its potential involvement in resolving distressed financial institutions.

The Week Ahead (Apr. 6-12): China Implements New Short-Swing Trading Regulations

Fri, 03 Apr 2026 13:44:28 GMT

Apr. 6: Vietnam’s National Assembly opens

The first session of Vietnam’s 16th National Assembly is scheduled to open, where newly elected deputies will choose state leaders including the president and prime minister. The 500 deputies will serve a five-year term until 2031.

Apr. 7: China tightens short-swing trading rules

The China Securities Regulatory Commission’s new regulations on short-swing trading will take effect. The 12-article rules clarify regulatory arrangements for major shareholders, directors, supervisors, and senior executives based on domestic and overseas practices.

Aerospace Pioneer Turned Politburo Member Ensnared in China’s Anti-Graft Sweep

Fri, 03 Apr 2026 12:29:21 GMT

Ma Xingrui. Photo: IC Photo

A high-ranking member of China’s ruling Communist Party and former aerospace executive has been placed under investigation for severe corruption, marking the downfall of another elite political figure.

Ma Xingrui, a member of the elite 24-seat Politburo and deputy head of the Central Rural Work Leading Group, is suspected of severe violations of party discipline and state law, the state-run Xinhua News Agency reported Friday. He has been placed under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

China’s Online Lenders Hit by Profit Slump After Rate Cap

Fri, 03 Apr 2026 10:20:50 GMT

China’s top online loan facilitators posted sharp fourth-quarter profit declines as new rules capping borrowing costs squeezed a once high-margin business.

Leading platforms reported declines in revenue, profit and loan volume after a regulatory overhaul capped annualized financing costs at 24% and tightened oversight.

The rules, effective Oct. 1, forced platforms working with banks and other licensed institutions to scale back higher-priced lending, driving a broad earnings downturn among U.S.- and Hong Kong-listed firms.

In Depth: China’s Sci-Tech Bond Boom Conceals Sidelined Private Sector

Fri, 03 Apr 2026 09:40:22 GMT

In 2025, China witnessed an explosion of “sci-tech innovation bonds,” with issuance climbing to about 2.3 trillion yuan ($326 billion), an 87.5% increase from the previous year. The boom was catalyzed by a major policy push in May with the launch of a sci-tech innovation board for the bond market, creating a frenzy of activity among investors and state-backed issuers.

Tankers Bypass Iranian Blockade, Raising Hope for Alternate Hormuz Route

Fri, 03 Apr 2026 09:27:56 GMT

The Strait of Hormuz as seen from Musandam, Oman on March 2, 2026. Photo: VCG

A fleet of oil and gas tankers has traversed a previously unused route through the Strait of Hormuz, signaling the possible emergence of a second shipping corridor that could ease congestion and reduce reliance on waters closely monitored by Iran.

A convoy comprising two very large crude carriers (VLCCs) and one liquefied natural gas (LNG) vessel sailed eastward from the Persian Gulf through the strait on Friday, emerging near Oman’s Muscat port. The vessels, all operated by Oman’s state-owned Asyad Shipping Co., included one tanker owned by Industrial and Commercial Bank of China.

Business Brief (April 3): Iran Drafts Strait of Hormuz Agreement With Oman

Fri, 03 Apr 2026 09:21:04 GMT

Iran’s state media IRNA said Deputy Foreign Minister Kazem Gharibabadi announced that Iran and Oman are drafting a deal to monitor shipping in the Strait of Hormuz under joint oversight. Separately, Xinhua, citing UAE media, reported that a UAE minister said the country is willing to join efforts to ensure safe navigation in the strait.

Domestic

China’s State Tobacco Monopoly Administration released draft guidelines proposing quota controls for e-cigarette manufacturers.

Top Chinese Developers’ First-Quarter Sales Drop 23%

Fri, 03 Apr 2026 08:49:41 GMT

Potential buyers examine real estate models at a sales center in Taiyuan, Shanxi province. Photo: VCG

Sales by China’s top 100 real estate developers plunged roughly 23% year-on-year to 620.9 billion yuan ($90 billion) in the first quarter of 2026, underscoring persistent weakness in the country’s housing market.

The prolonged slump in new home sales contrasts with a nascent rebound in the existing home market of major cities like Beijing and Shanghai, where falling prices and a narrowing gap between rental yields and mortgage costs are luring genuine buyers back.

China Probes Official Linked to State Investment in Evergrande-Tied Firm

Fri, 03 Apr 2026 08:46:39 GMT

Guo Yonghang

China’s top anti-graft body is investigating a senior official in Guangdong, in a case highlighting how a local government took control of a private firm later hit by financial distress amid the collapse of China Evergrande Group.

The Central Commission for Discipline Inspection said on March 27 that Guo Yonghang, a senior provincial political adviser, is under investigation for suspected corruption.

In Profile: How ZXMOTO’s Founder Built the Bike That Took the Moto Racing World by Storm

Fri, 03 Apr 2026 08:30:55 GMT

Zhang Xue is interviewed at a ZXMOTO factory in Chongqing on March 30. Photo: VCG

Over the weekend, French rider Valentin Debise piloted an 820RR-RS motorcycle produced by Chinese startup ZXMOTO to secure back-to-back wins in the Superbike World Championship’s middleweight class at the Portuguese round.

The highlight happened in the first race, where Debise finished nearly 4 seconds ahead of his closest competitor and left top racing teams from Ducati, Honda, Kawasaki, Yamaha and Triumph in his dust.

Commentary: Why China’s Housing Slump Isn’t Another ‘Lost Decade’

Fri, 03 Apr 2026 07:27:40 GMT

The conventional wisdom in global financial circles is that China is barreling toward its own version of Japan’s “Lost Decade.” As the Chinese real estate engine — once the world’s most formidable wealth generator — sputters, observers naturally expect a catastrophic collapse in aggregate demand. But this mechanical comparison is fundamentally flawed.

To understand the true state of the Chinese economy, one must accurately assess the trajectory of its most critical asset: real estate. For over two decades, property has overwhelmingly dominated the Chinese household balance sheet. How this asset evolves will dictate the broader macroeconomic picture.

Chinese Drugmakers Shrug Off Broad U.S. Pharmaceutical Tariffs

Fri, 03 Apr 2026 07:03:25 GMT

A pharmacist takes medication from a shelf at a pharmacy in Provo, Utah, U.S. Photo: VCG

Chinese pharmaceutical makers are positioned to comfortably evade a sweeping new 100% U.S. tariff on patented drugs, insulated by their reliance on exporting raw materials and a booming strategy of licensing domestic drug rights to overseas partners.

The long-brewing U.S. barrier on pharmaceutical imports has officially landed. In a fact sheet released April 2, the White House announced that Donald Trump is authorizing a 100% tariff on patented drugs and their underlying components. The aggressive levies will go into effect in 120 days for large enterprises, while small and medium-sized businesses have a 180-day grace period. Patented drugs typically encompass original brand-name therapeutics and their modified iterations.

Tech Brief (April 3): U.S. Launches Patent Investigation Into Hisense

Fri, 03 Apr 2026 03:54:05 GMT

U.S. trade panel opens patent probe into Hisense

The U.S. International Trade Commission has opened a patent-infringement investigation into Chinese electronics maker Hisense and streaming platform Roku Inc. over certain display devices and media players. The case stems from a March 2 complaint by Las Vegas-based InnoTV Labs LLC. InnoTV alleges the companies violated Section 337 of the Tariff Act of 1930 by importing and selling products that infringe its patents. It is seeking limited exclusion and cease-and-desist orders. In addition to Roku, the investigation names six Hisense entities, including Hisense Visual Technology Co. Ltd. and Hisense USA Corp., as well as Purple Tag Media Technology operations in Shanghai, Guangdong and Mexico.

Commentary: Why China’s Export Boom Defies the Skeptics

Fri, 03 Apr 2026 03:04:50 GMT

A view of Yangshan Deep-Water Port in Shanghai. Photo: VCG

Amid sluggish global growth, rising protectionism, and deepening geopolitical fractures, conventional wisdom suggested China’s export engine would inevitably sputter. Yet, the data tells a radically different story.

Defying the turbulent external environment, China recorded a staggering $1.19 trillion trade surplus in 2025, becoming the first nation in history to breach the trillion-dollar mark. The momentum has only accelerated in 2026, with exports in the first two months surging 21.8% year-over-year to $656.6 billion.

Third Zhuhai State-Asset Chief Investigated in Widening Corruption Probe

Fri, 03 Apr 2026 02:54:22 GMT

Li Wenji

Chinese anti-graft authorities have placed the head of Zhuhai’s state-owned assets regulator under investigation for severe disciplinary and legal violations, making him the third consecutive chief of the agency to be swept up in a widening corruption probe in the economic powerhouse of Guangdong province.

The April 2 announcement regarding Li Wenji, who also served as deputy secretary-general of the Zhuhai Municipal Party Committee, comes as investigators unravel a trail of massive public losses tied to local state bailouts of struggling private companies — including a disastrous investment in a supplier to crippled developer China Evergrande.

Weekly Must-Read: China Targets Income Growth to Rebalance Its Economy

Fri, 03 Apr 2026 02:00:00 GMT

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# Cover Story #

Cover Story: China Targets Income Growth to Rebalance Its Economy

Faced with weak consumer spending despite rising GDP, Beijing is targeting a lopsided income distribution system to put its economy back on course

U.S. Trade Panel Opens Patent Probe Into Hisense

Thu, 02 Apr 2026 14:25:26 GMT

Hisense’s booth at the 2026 China Appliance and Consumer Electronics Expo in Shanghai, March 13, 2026. Photo: VCG

The probe is the latest Section 337 investigation, a key U.S. mechanism for adjudicating intellectual property disputes involving imports.

The case stems from a March 2, 2026, complaint by Las Vegas-based InnoTV Labs LLC. InnoTV alleges the companies violated Section 337 of the Tariff Act of 1930 by importing and selling products that infringe its patents. It is seeking limited exclusion and cease-and-desist orders.