Biden highlights his economic achievements and labels Trump's proposed tariffs as a 'significant blunder'. The outgoing US president cautions that his successor might lead the nation back to trickle-down economics.

In an examination of his economic achievements on Tuesday, US President Joe Biden labeled the forthcoming tariffs promised by his successor Donald Trump as a "grave error". He also advised the future president not to overturn his key policies on vital technology and renewable energy.

During a presentation at the Brookings Institution, Biden expressed that Trump appears resolute to enforce high, sweeping tariffs on every imported product in the United States based on a misguided notion that the financial burden will be shouldered by foreign nations rather than American consumers.

"I'm convinced that this strategy is a significant error. I think we've demonstrated over the last four years that this method is flawed."

Biden failed to clarify why he decided to maintain the majority of the tariffs instituted by Trump during his first term, if these indeed negatively impact American shoppers. Katherine Tai, who serves as Biden's US trade ambassador, has made a case that tariffs on China are a valid and positive method for revitalizing local industries.

Upon assuming the role of president after Trump in January 2021, Biden was left with duties on approximately US$300 billion worth of Chinese goods. These tariffs were a result of a trade conflict instigated by Trump back in 2018.

Maintaining the majority of the existing tariffs, Biden also imposed additional duties on an extra $18 billion worth of imports from China, including electric cars, semiconductors, solar panels, and other goods. These are critical tech areas where the US and China are intensely vying.

Chinese shares are once again a hot topic as Xi Jinping hints at significant financial incentives during a Politburo session. The forceful policy direction is making waves across China's assets, triggering a surge in both stocks and bonds, and bolstering the yuan's value.

China's indication of a shift towards full-scale stimulus policies has infused a sense of positivity into the country's US$10 trillion stock market, which had previously displayed signs of slowing recovery.

"Policy makers have made a significant shift in strategy, aimed at revamping the economy and bolstering the capital market," stated Fang Yi, a strategist at Guotai Junan Securities in Shanghai. "A landmark shift was observed in the establishment of economic policies at the Politburo meeting. This has sparked more creative ideas for policies and is anticipated to restore investors' faith in the policy forecast."

The language used in the Politburo meeting has been the most forceful in recent years, occurring during a period of global economic deflation and heightened international tensions following Donald Trump's re-election. China has promised to implement "unconventional" measures to counteract economic cycles while also indicating a change in monetary policies from "careful" to "somewhat relaxed". This phrasing has not been used in high-level meetings since the global financial crisis of 2010.

Shares in Hong Kong plummet as China initiates crucial economic summit

Investors eagerly await further specific policy actions following indications of extensive stimulus from a recent Politburo assembly.

The Hang Seng Index saw a drop of 0.8 per cent, closing at 20,155.05, and the Hang Seng Tech Index declined by 1.3 per cent. Meanwhile, in mainland China, the CSI 300 Index went down by 0.2 per cent while the Shanghai Composite Index experienced a slight increase of 0.3 per cent.

"For a continued upward trend in the Hong Kong stock market, we hope for assertive actions, successful implementation, and evident indications of China overcoming the deflation-debt cycle," stated Edith Qian, a researcher at China Galaxy Securities International based in Hong Kong. "The forthcoming central economic work meeting is predicted to boost the market mood in the immediate future. We also anticipate the launch of additional specific steps to adhere to the established policy guidance in the upcoming months."

Fosun Tourism Group saw an unprecedented 80% increase in its value, reaching HK$7.21. This massive surge came in the wake of a proposal to privatize the company, where the bid price is 95% above the company's most recent closing stock price.

Strict expansion regulations of Wealth Management Connect fail to impress investors from mainland China. Analysts suggest that the ongoing strict marketing laws and tough eligibility criteria could continue to discourage affluent Chinese individuals from participating in the program.

The recent inclusion of 14 securities firms to the plan permitting investors in Hong Kong and mainland China to purchase wealth-management products internationally did not significantly increase the total investments of the programme.

As Sunday came to a close, a mere 6.28% of the overall 150 billion yuan ($21 billion) limit in the southbound Wealth Management Connect scheme had been utilized. This represented an insignificant rise of 0.08% compared to the figures before more companies became part of the scheme. The usage on the northbound route was even lesser.

Experts within the sector highlight various problems, including limited promotional strategies and strict investor qualification criteria, which, they believe, will persist in discouraging affluent Chinese individuals from participating in the scheme – even though they are eager to initiate bank accounts in Hong Kong to investigate a variety of investment opportunities like insurance and timed deposits.

"The addition of more brokers is irrelevant," stated Eugenie Shen, who leads the asset management team at the Asia Securities Industry and Financial Markets Association (ASIFMA).

Huawei is expanding its footprint in China's robotics sector through its investment in Jimu and the establishment of a new hub for embodied AI. This investment in Jimu comes just one month following the inauguration of Huawei's embodied AI center in Shenzhen.

Huawei Technologies, a strong competitor in areas ranging from smartphones to electric cars, is also emerging as a significant force in China's scattered robotics sector, as the nation strives to become a global pioneer in this industry.

The telecommunications powerhouse based in Shenzhen, which represents China's initiative for self-reliance in the face of US sanctions, recently invested 3 billion yuan (US$413 million) into a subsidiary named Dongguan Jimu Machinery, as reported by the business database Qichacha.

The decision to boost the capital foundation of the wholly-owned subsidiary from 870 million yuan to 3.89 billion yuan has fueled rumors that Huawei is preparing to venture into the robotics sector. Huawei has kept the business operations of Jimu under wraps and chose not to respond when reached out to for comments on Tuesday.

Company records reveal that Jimu is involved in the production of electronic components.

Li Jianguo, an executive director at Huawei and the head of its manufacturing department, is leading Jimu, as per Qichacha's information.

Huawei's escalated funding in Jimu follows a month after it launched a dedicated artificial intelligence (AI) hub in Shenzhen, which is centered on incorporating AI into tangible objects such as robots.

Chinese shares are once again in demand as President Xi Jinping hints at significant financial boost during a Politburo assembly. The firm policy stance reverberates through China's assets, causing an upsurge in both stocks and bonds as the yuan becomes more robust.

China's indication towards fully embracing stimulus policies has instilled a sense of optimism in the country's $10 trillion stock market, which had previously shown signs of stagnation.

"There's been a significant shift in the approach of policymakers towards revamping the economy and backing the capital market," stated Fang Yi, a strategist at Guotai Junan Securities in Shanghai. "A precedent-setting change in framing economic policies was observed at the Politburo meeting. This has sparked a new level of creativity in policy formulation and is predicted to restore investor faith in future policies."

The language coming from the Politburo meeting is the most forceful it's been in years. This happens amid a period of declining prices that hangs over the globe's second biggest economy and escalating international conflicts following Donald Trump's re-election. In promises of "unusual" countercyclical strategies, China also expressed that its financial policies would transition from being "careful" to "somewhat relaxed" – a phrase that hasn't been utilized in high-ranking meetings since the global financial crisis's aftermath in 2010.

Following the release of OpenAI's Sora, Adobe appears to be lagging in its AI video deployment. Despite declaring a web-based video creation tool two months ago, Adobe's product is still undergoing restricted trials, in contrast to OpenAI's Sora, which has been officially introduced this week.

"In order to cater to a diverse range of user requirements and to maintain model security, we are providing limited access to our beta version, with an emphasis on collecting user opinions," states Adobe on its website, encouraging users to "sign up for the waiting list."

The firm, set to disclose its quarterly profits on Wednesday, introduced the product within its Firefly AI feature range at their yearly user gathering in the early part of October. It stated that the tool was already being launched in a restricted public beta version. Furthermore, Adobe has initiated a feature in Premiere, their video-editing software, that enables users to lengthen video clips utilizing generative AI.

A representative from Adobe announced on Tuesday that the company is planning to broaden its distribution in the forthcoming weeks and months. They stated that "Adobe Firefly is the sole commercially viable video model in the market and its release six weeks ago has garnered a positive reaction from our customers."

TikTok compensates users for shopping and referring friends as it faces potential prohibition in the US

TikTok has been striving to increase the duration users spend on the app and cultivate shopping tendencies before it might be barred from the US app markets on January 19.

Recently, TikTok users have started noticing a fresh "temporary promotion" that rewards them with credits for the TikTok Shop. These promotional offers can be found on the TikTokers' "For You" page, which is the primary feed they encounter when they launch the app. A significant court decision on Friday affirmed a law that could lead to a nationwide TikTok ban as early as January.

People have the opportunity to gain $50 if they get newcomers to register for TikTok, and they can get an extra $350 in bonuses if they recruit more users. Moreover, they can earn money by logging into the app daily for a week and by browsing 10 items in the TikTok Shop five times a week. Those who engage with the offer can also get $80 worth of discount vouchers to use after buying something from the TikTok Shop.

Despite regulatory obstacles, ByteDance's expansion plans remain undeterred. The firm had set a goal to multiply the amount of goods sold via TikTok Shop by ten times, raising it to $17.5 billion, according to a Bloomberg report in January. ByteDance's aspirations have only grown since then. TikTok Shop saw its US sales triple to over $100 million during the Black Friday sale. The Shop also made its debut in Spain on Tuesday, marking the beginning of its broader launch across Europe.

Chinese shares are once again in demand as Xi Jinping hints at significant financial incentives during a Politburo conference. A firm policy perspective is resonating throughout Chinese investments, leading to a rise in both shares and bonds, along with an increase in the value of the yuan.

China's indication of shifting towards full-fledged stimulus policies has brought a wave of positivity into the country's $10 trillion stock market, where a recovery seemed to be slowing down.

"Policymakers have made a definitive shift in strategy to revive the economy and bolster the capital market," stated Fang Yi, a strategist from Guotai Junan Securities in Shanghai. "A significant precedent has been set in terms of economic policy direction during the Politburo meeting. This has sparked further speculation about future policies and is anticipated to restore investor confidence in the policy forecast."

The language used during the Politburo meeting is quite assertive, the most intense in recent years. This comes during a period when the world's second-ranked economy is grappling with deflation, and international tensions have escalated following Donald Trump's re-election. Along with promising "uncommon" measures to counter the economic cycle, China also announced a shift in their monetary policies from being "cautious" to "somewhat relaxed" – a term that hasn't been used in high-level meetings since the global financial crisis in 2010.

Shares in Hong Kong plummet as China commences crucial economic summit

Investors are eagerly awaiting comprehensive policy initiatives following indications of wider stimulus from a Politburo meeting earlier this week.

The Hang Seng Index dropped by 0.8 per cent, closing at 20,155.05, and the Hang Seng Tech Index saw a decline of 1.3 per cent. Meanwhile, in mainland China, the CSI 300 Index decreased by 0.2 per cent, whereas the Shanghai Composite Index experienced a slight gain of 0.3 per cent.

"Edith Qian, an analyst at China Galaxy Securities International in Hong Kong, suggests that a long-lasting upswing in the Hong Kong stock market would require decisive actions, successful implementation, and obvious indicators of China getting out of the deflation-debt cycle. She further adds that the forthcoming central economic work conference could potentially boost market morale in the immediate future. Additionally, she anticipates the implementation of more specific strategies in line with the proposed policy guidelines in the upcoming months."

The Fosun Tourism Group experienced a significant increase of 80 percent in its shares, reaching a record-breaking HK$7.21. This substantial surge occurred after the announcement of a proposal to go private, where the proposal price is 95 percent more than the last closing price of the company's stock.

Chinese stocks are becoming attractive again as Xi Jinping indicates a significant boost during a Politburo gathering. The firm policy stance reverberates across Chinese investments, leading to a surge in both stocks and bonds, concurrently strengthening the yuan.

China's indication towards fully embracing stimulus policies has infused a sense of hope into the country's $10 trillion stock market, which previously appeared to be struggling to recover.

"Policymakers have made a significant shift in their approach, turning the tide of the economy and bolstering the stock market," stated Fang Yi, a strategist with Guotai Junan Securities in Shanghai. "A precedent-setting shift in economic policy direction was observed at the Politburo meeting. This has sparked further speculation about future policies and is likely to restore investor confidence in the policy forecast."

The language used in the recent Politburo meeting is the most aggressive it's been in a long time. This comes at a period when the world's second biggest economy is facing a risk of deflation and global political unrest has increased following Donald Trump's re-election. China, while promising "unconventional" measures to counteract economic downturns, also mentioned that its monetary policies will transition from being "careful" to "somewhat relaxed". This kind of phraseology hasn't been used in high-level meetings since the global financial crisis in 2010.

Stringent marketing regulations and strict eligibility criteria are discouraging mainland Chinese investors from participating in the Wealth Management Connect expansion, according to analysts. They believe that these limitations will continue to dissuade affluent Chinese individuals from engaging in the scheme.

The inclusion of 14 securities companies to the plan permitting investors in Hong Kong and mainland to purchase wealth-management goods across borders had minimal impact on increasing the total investments of the programme last week.

As of the close of Sunday, a mere 6.28% of the overall 150 billion yuan (equivalent to US$21 billion) cap in the southbound Wealth Management Connect program had been utilized. This represented an insignificant rise of 0.08% compared to the figures prior to the inclusion of more companies. The utilization rate for the northbound direction was significantly lower.

Experts within the sector highlight a variety of problems, including limited marketing strategies and strict investor qualification conditions, which they believe will keep affluent Chinese individuals away from the program – despite their eagerness to establish banking relationships in Hong Kong for the purpose of investigating a wide array of investment opportunities like insurance and fixed deposits.

"The addition of more brokers is irrelevant," stated Eugenie Shen, who is in charge of the asset management group at the Asia Securities Industry and Financial Markets Association (ASIFMA).