Chinese Military Academies See Rising Interest From Youth Amid Government Incentives And US Rivalry
Chinese military academies are seeing increased interest from youth, thanks to government subsidies and a growing sense of patriotism linked to US-China rivalry. Meanwhile, Hong Kong focuses cautiously on land sales; a new robotaxi venture is launched, and local banks have sparked discussions among retail investors amidst ongoing political tensions.
Chinese military academies have reportedly seen a notable increase in interest from young students, as highlighted in a recent article from the South China Morning Post. The uptick is largely attributed to government initiatives that offer financial incentives, such as subsidized tuition, aimed at luring new recruits into military service. Alongside these incentives, a wave of patriotism linked to ongoing tensions with the United States is playing a significant role in this surge. Notably, the Chinese defense ministry made headlines last month with its announcement of three new military academies set to recruit high school graduates this summer, which has drawn an impressive 8 million views on Weibo, a popular social media platform.
In other news from the region, Hong Kong’s Financial Secretary Paul Chan Mo-po declared that the government intends to continue expanding its land bank but will tread carefully regarding sales of these parcels. According to Chan, there is no rush to find and offload land to address the budget deficit. He addressed concerns regarding the controversial project for artificial islands off Lantau by stating that it would be tackled “later,” despite pressures from some property developers to halt progress now.
Meanwhile, a new venture has sprung up in the tech industry, as bike-sharing platform Hellobike has launched a joint robotaxi company in collaboration with Ant Group and battery manufacturer CATL. This new enterprise, officially registered in Shanghai as of Monday, plans to invest over 3 billion yuan (approximately $417.40 million) into the research and development of autonomous driving technology, specifically targeting level 4 capabilities.
On a different note, Zhejiang Sanhua Intelligent Controls, a supplier of heating systems, faced a tough debut in the Hong Kong stock market this Monday. The company’s shares dropped 7.2 percent below the initial public offering price, opening at HK$20.95 compared to the IPO price of HK$22.53. Nonetheless, despite the rocky start, the company managed to raise HK$9.3 billion (about USD 1.2 billion) from its upsized offering.
Amid the ongoing US-China tensions, Hong Kong’s financial chief outlined a strategy for navigating these turbulent waters. Chan reflected on the challenges and volatility that persist even with a renewed trade truce, presenting a vision for Hong Kong to surpass Switzerland in becoming the leading global asset and wealth management center by 2027.
In the corporate realm, Alibaba Group is adjusting its business model by merging its food delivery service Ele.me with its online travel agency Fliggy into its core e-commerce platform. CEO Eddie Wu Yongming clarified that this restructuring aims to streamline operations and enhance the company’s focus on artificial intelligence.
Additionally, starting from June 23, China’s foreign ministry will hold its daily news conferences to address political and international issues, allowing for a regular dialogue with the media.
Retail investors in Hong Kong and mainland cities are in a furor over a recent rally spurred by state-owned banks. The impressive gains seen in banks such as the Industrial & Commercial Bank of China (ICBC), China Construction Bank (CCB), and the Bank of China—24 percent in Hong Kong and 17 percent on mainland exchanges—have made this topic particularly popular on social media, with many investors feeling a sense of urgency to engage in the market.
Lastly, industry group Web3 Harbour and PwC Hong Kong have unveiled the “Hong Kong Web3 Blueprint,” which advocates for accelerated investment in the city’s blockchain infrastructure development. This strategic plan emphasizes five main areas, including talent cultivation and market standards, with a vision for leveraging blockchain’s advantages of transparency and security.
In summary, the article outlines several key developments in China and Hong Kong. There is a notable rise in interest towards military academies, driven by government incentives and a sense of patriotism. Meanwhile, Hong Kong’s financial secretary emphasized a cautious approach to land sales amid ongoing budget considerations. An exciting shift in technology is highlighted with the launch of a robotaxi venture between Hellobike, Ant Group, and CATL. The precarious debut of Zhejiang Sanhua in the stock market and ongoing financial strategies reflect the challenges faced in the current economic climate. Finally, a blueprint for Web3 development showcases ambition within the blockchain space in Hong Kong.
Original Source: www.moneycontrol.com
Post Comment