Experts stress the need for China to advance in semiconductor design to maintain its position in the global market. Wei Shaojun, from the China Semiconductor Industry Association, views the adoption of new design structures and the integration of microsystems as key steps towards development.

"China no longer has access to external advanced resources," stated Wei. "The variety of manufacturing technologies at our disposal is not as rich as it used to be."

His plea for enhanced homegrown creativity mirrors the worries of the Chinese IC sector about the intensity of stricter US chip regulations.

Wei proposed the development of novel design structures and the integration of microsystems as two innovative strategies that could potentially elevate China from its present status, currently situated in the middle to lower range of the global value chain.

Jiyue, a Chinese electric vehicle company supported by Baidu, plans to scale back operations and reduce its workforce in a fierce competition for survival. Certain initiatives will be abandoned, while specific business sectors will be consolidated, as part of the company's comprehensive strategy for revival, according to the CEO.

The Shanghai-based automobile manufacturer announced on Wednesday that they will discontinue any initiatives that don't enhance the firm's financial well-being. Additionally, they plan to amalgamate certain business divisions to prevent an overlap of workforce.

"We plan to make an exhaustive push towards our objectives, aimed at boosting our operational and managerial efficiency," the announcement read. "Every necessary step will be implemented to adjust to the evolving circumstances during the company's revival."

The announcement follows rumors on mainland China's social media suggesting that Jiyue is nearing bankruptcy due to disappointing sales in the world's biggest electric vehicle market, which is filled with over 50 significant competitors.

In a message to staff on Wednesday, CEO Xia Yiping confessed that the company was struggling to survive. He stated that a significant overhaul of the current operational divisions would be crucial for Jiyue's future.

He stated in the letter, which was viewed by the Post, that the management will strive to surmount challenges. "The shareholders have completely grasped and fully backed the reorganization plan," he added.

The CEO did not provide further details about which divisions would close or the number of staff members that would be impacted.

HSBC and IFC have inked a deal for a $1 billion facility aimed at backing trade financing in developing markets. This collaboration is expected to facilitate trade finance to its required places, thus invigorating a sector that plays a vital role in generating jobs and boosting economic development, according to the financial institution.

The establishment of the facility falls under the purview of IFC's worldwide trade liquidity scheme (GTLP), a program designed to tackle the increasing trade finance deficit in developing markets.

"Trade finance is the driving force behind the worldwide economy," stated Aditya Gahlaut, the co-leader of international trade solutions for Asia-Pacific at HSBC. "Our collaboration with IFC is aimed to guarantee that trade finance reaches its required destination and that the funds are channeled towards a sector that is vital for employment generation and economic expansion in numerous developing markets."

He emphasized that diminishing the discrepancy in trade financing and enhancing financial accessibility will be vital in promoting development and sustainability throughout Asia and its supply chains.

In the past 30 years, worldwide commerce has grown annually by an average of 5%, however, the need for trade financing has exceeded its availability, especially in developing markets.

Will Hong Kong's housing prices rise or fall? Specialists provide their predictions for 2025.

Experts predict a potential increase or decrease of up to 5 per cent in property prices due to an abundance of supply, declining interest rates, and an enhanced stock market performance.

Predictions on the future of Hong Kong's housing market are split among experts. One advisory firm anticipates a decrease in prices due to fears of surplus, while two other firms predict an increase in prices due to declining interest rates and a better performing stock market.

Real estate advisory firm JLL predicts a decline in home prices by as much as 5 per cent, while its competitors Knight Frank and Cushman & Wakefield anticipate an increase up to 5 per cent.

JLL pointed to a projected provision of 87,000 new apartments, which equals to 58 months of demand, by the close of 2025 as the key cause for its negative outlook.

Joseph Tsang, chairperson of JLL in Hong Kong, stated in 2025 that the main problem confronting the housing market is surplus. He also emphasized the need to take into account the potential hazards brought about by the intensifying trade conflict between the US and China and the unclear future of interest rates, which may affect the housing market.

For the first time in seven months, there was an increase in the cost of homes in Hong Kong in October, with a prominent index noting a 0.62 per cent rise from the previous month. Simultaneously, there was an over one-third increase in home sales in November, reaching 6,298 units, the highest figure since 8,551 units were sold in April, making it the second highest sales in the year, as per official records. The total amount from these sales surged by 54 per cent, from HK$37.3 billion in October to HK$57.3 billion (US$7.4 billion).

American financial executives show caution towards cryptocurrency with anticipated regulatory relaxations during Trump's tenure. David Solomon, Chief Executive Officer of Goldman Sachs, stated that the financial behemoth would consider trading in leading digital currencies such as bitcoin and ether, should there be any alterations in regulations.

Trump wooed cryptocurrency campaign contributions by vowing to be a "crypto president" and halt the Biden administration's tough measures on the industry. However, banks are still not expected to hastily dive into the unpredictable asset, according to banking professionals.

"The rules and regulations need to progress… and everyone is guessing how these regulations will change, but it's still not certain," stated Goldman Sachs CEO David Solomon.

Recently, BNY initiated the provision of safeguarding services for cryptocurrencies owned by exchange-traded items, according to the bank's CEO, Robin Vince. He also mentioned that the bank is venturing into a variety of services related to digital assets. However, he emphasized that any new initiative must be implemented with suitable precautions and must withstand several macroeconomic fluctuations.

"Already, we've observed a few cycles in the crypto realm. It remains to be seen how some of these assets will develop," he further stated.

BDO acknowledges superior ESG performance with prestigious awards

The auditing company's yearly event for the sixth time lauds Hong Kong businesses for their exceptional accomplishments in environmental, social, and governance aspects.

Following a prolonged period of elevated average global temperatures, 2024 is poised to be the warmest year ever recorded, based on information provided by the World Meteorological Organization in November. This update emphasizes the continuous demand for measures to combat and adjust to climate change. It also highlights that the reaction of the corporate world to these critical issues is equally significant as that of the government.

The significant contribution of the private sector towards addressing the climate emergency was recognized at the sixth yearly BDO ESG Awards event held in Hong Kong this month.

Since 2018, BDO, ranking as the fifth largest global accounting and advisory network, has been coordinating the awards ceremony. This event acknowledges businesses listed in Hong Kong that have successfully incorporated environmental, social and governance (ESG) factors into their operational structures.

Over 110 applications were submitted this year for the awards, coming from various businesses from different sectors and of different sizes. Andrew Lam, the managing director at BDO Hong Kong, expressed his satisfaction that an increasing number of public companies are acknowledging the significance of ESG (Environmental, Social and Governance) and are committed to its long-term development. He further noted that the awards have achieved significant market recognition. As a proponent of sustainable development, BDO is thrilled to observe a growing interest in ESG among companies listed in Hong Kong.

By acknowledging and celebrating the growing count of Hong Kong businesses that have incorporated ESG into their operational strategy, BDO helps increase both corporate and public understanding of the significance of social responsibility and the essential shift towards a more environmentally friendly and sustainable world.

As awareness of environmental sustainability and social responsibility increases, more investors and businesses are integrating ESG factors into their investment choices and are inclined to back firms adhering to ESG standards," stated Johnson Kong, the managing director of BDO Hong Kong. He further noted that ESG policies bolster a company's competitive edge and draw in additional investors.

As the quality of ESG reports from public companies keeps getting better, BDO engaged an independent expert group to create an initial list of contenders for this year's awards. Following this, a panel of industry leaders assessed and chose the recipients of the awards.

Apple persists in its AI deployment to iPhones by introducing personalized emojis during the festive shopping period. The iPhone's enhanced operating system, iOS 18.2, furthers Apple's immersion into AI while competing with Samsung and Google.

The newest batch of AI features includes "Genmojis", a term coined by Apple for emojis that iPhone users can request the technology to generate and then distribute. Apple asserts it is imposing certain restrictions on its AI's emoji creation to stop the spread of violent or hate-driven graphics. Additional features involve an "Image Playground" for an assortment of AI-designed images, writing instruments, and choices for condensing emails.

The anticipation of exclusivity is forecasted to trigger a wave of iPhone upgrades from this holiday shopping season into the coming year, boosting Apple's profit beyond the $94 billion it earned in its most recent fiscal year that ended in September. This expectation is the primary driver behind the roughly 30% increase in Apple's stock price this year, edging the company's market value nearer to the $4 trillion mark for the first time.

Apple is expanding the appeal of its AI suite by adding English versions specifically designed for Australia, Canada, Ireland, New Zealand, South Africa, and the UK in the most recent software update.

Exclusive | US sets sights on China, plans to limit access to cutting-edge semiconductors: insiders

As the second step-up in chip restrictions this month, the US is strategizing to shut down procurement gaps via intermediary nations, according to insiders.

The latest export control regulation will concentrate on regulating the worldwide distribution of high-performance graphic processing units (GPUs), which are crucial in training AI models. This is intended to address gaps in current regulations, say two individuals who are acquainted with the issue but chose to remain anonymous due to its sensitive nature. The intention is to manage the spread of US products to aid in preserving the country's global dominance in AI.

The implementation date is still uncertain as the measure hasn't been finalized yet. However, if approved, it would represent a swift intensification from the previous round of chip-related sanctions that were issued earlier this month.

The regulation was composed with contributions from Gina Raimondo, the US Secretary of Commerce, and Jake Sullivan, the National Security Adviser. Both are viewed as tough on China, as per the information from one of the insiders.

The United States Commerce Department chose not to provide any remarks this Wednesday.

Over half of China's luxury shoppers on the mainland intend to boost their expenditure, as per a report. The report indicates that 56% of these high-end consumers in mainland China are looking to augment their buying from local brands.

Consumers are showing a growing interest in high-end experiences and lifestyle items, not just physical luxury products, says Simon Tye, the chief executive of MDRi. This information comes from the company's yearly luxury report.

Tye expressed that Chinese consumers are inclined to increase their spending across a variety of global brands. MDRi conducted a survey involving 1,500 luxury consumers from mainland China and 500 from Hong Kong between April and May of this year for their report.

Every participant was obliged to have spent at least 50,000 yuan or HK$50,000 on high-end purchases in the previous year.

The study revealed a rise in buying capacity among mainland Chinese in 2023. Surveyed consumers reported spending an average of 234,500 yuan (US$32,330) on high-end goods, marking a 7% growth compared to 2022.

In 2023, shoppers from China's secondary cities demonstrated the greatest buying strength, spending an average of 253,800 yuan, a jump of 22 per cent compared to 2022.

Moreover, 56% of luxury consumers from mainland China have expressed intentions to boost their buying from local luxury brands in the upcoming year.

Commentary | China's economic expansion faces three hurdles in 2025

While the economy seems to be on the upswing, issues in the real estate market, municipal debt, and the potential comeback of Trump can obscure the future prospects.

China's cyber watchdog intends to persist in its clampdown on unlawful digital financial services. The Chinese Cyberspace Administration has announced they've taken measures against several profiles on social media platforms.

China's leading authority on cybersecurity has pledged to persist in its clampdown on illicit online financial services, ranging from unsanctioned stock advice to unregulated financial intermediary services.

Certain profiles have taken advantage of the recent surge in capital-market actions, offering advice on stock trading or utilizing live broadcasts, brief clips, or publications to suggest high-cost recommendations, according to the statement. This has resulted in financial losses for investors.

The CAC has declared its commitment to continue its battle against these unlawful actions and ensure the systematic distribution of financial services.

Investors have speculated on various sectors, including real estate and consumer products, with the expectation that Beijing would introduce financial rescue plans for these areas. Additionally, they wagered on shares bearing names akin to the two contenders in the recent US presidential race.

Tencent's leader, Pony Ma, compliments China's economic strategy and support for the private sector. In People's Daily, the businessman expressed that the government has demonstrated a 'firm resolve' in its efforts to revitalize the economy.

The economic stimulus strategies that Beijing began to apply at the end of September have demonstrated the central government's firm resolve to continue its efforts for economic revival. They aim to do this by concentrating on the difficulties faced by private companies and by holistically addressing market needs, according to an article by Ma in the People's Daily, the official publication of the Communist Party.

The assembly of rules and laws "has genuinely created a harmonious policy, enabling companies to focus more on their core business and grow with confidence," penned Ma, who has been relatively out of the spotlight in recent years.

Ma shared his views along with other Chinese business tycoons like Liu Yonghao, the head of the agribusiness firm New Hope Group, and Zhang Xinghai, the leader of the automotive company Seres Group. They discussed the role of the private sector in advancing the nation's economic growth.

Since September, Beijing has launched a range of economic stimulus initiatives that have boosted the market and increased growth forecasts. This has led to expectations of more steps being taken to invigorate the globe's second biggest economy.