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S&P Global Ratings

S&P Global Ratings
The latest news and top stories on S&P Global Ratings. New York-based S&P specialises in credit ratings and financial analysis on stocks bonds and commodities. Known as the largest of the "Big Three" credit-rating agencies, S&P has over one million ratings outstanding.
The Central financial district in Hong Kong. Finance chief Paul Chan says the concept of national security is intertwined with various fields, such as finance, energy, technology, food and overseas interests. Photo: Jelly Tse
Hong Kong economy

Hong Kong balancing security and innovation as nation’s ‘firewall’: Paul Chan

Finance chief says security is key to China’s high-quality growth as geopolitical tensions create risks to energy supplies and financial markets.

Banking & finance

Calls grow for HKMA to go further on stablecoins after conservative first batch

United States

Popeyes returns to Beijing after 24 years, as global chains eye China growth

China exports

As Iran war jolts global oil, can China’s energy storage tech blunt the impact?

Strong overseas demand, fuelled by the rise of AI-powered systems, could continue amid Iran war pressures, analysts say.

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An aerial drone photo taken on July 30, 2025 shows a shared energy storage station at an industrial park in Minning, a town in Yongning county in Yinchuan, capital of northwest China’s Ningxia Hui autonomous region. Photo: Xinhua
Tianjin

Japanese chains lose ground in north China as competition and deflation bite

Store closures in Beijing and Tianjin highlight mounting pressure from domestic rivals amid shifting consumer habits.

Hong Kong property

New World pulls back on Causeway Bay acquisition amid uneven recovery

Developer steps back from consolidating three commercial sites as high costs and patchy demand weigh on redevelopment decisions.

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Bonds

China’s JD.com returns to dim sum bond market with 10b yuan offering

The e-commerce giant is issuing the yuan-denominated notes in two tranches of 7.5 billion yuan and 2.5 billion yuan.

S&P Global Ratings has assigned an ‘A-’ long-term rating to JD.com’s notes. Photo: Reuters
China’s private sector

Chinese coffee brands need more than low prices to compete globally: analysts

Luckin, Lucky Cup, Cotti and Nowwa are expanding quickly overseas, but analysts warn success depends on consumer experience and quality.

Semiconductors

Chinese analogue chipmakers raise prices as mature-node producers poised to gain

Higher prices give China’s mature-node producers room to compete with US, European rivals without sacrificing too much margin, analysts say.

Banking & finance

Exclusive | Turkish private bank plans Hong Kong entry amid Middle East tensions: sources

Turkiye Is Bankasi eyes corporate-focused Hong Kong branch, citing the city’s hub role, to complete its China coverage, sources say.

The bank is awaiting clearance from Turkish authorities before formally approaching the Hong Kong Monetary Authority for a banking licence, sources said. Photo: Shutterstock
China consumption

China consumer firms post strong results but analysts warn recovery may lag

Hong Kong-listed consumer firms report strong results but analysts say the gains reflect structural shifts rather than broad recovery.

People queue to enter a shop in Liuzhou city, Guangxi Zhuang Autonomous Region, on March 10. Photo: Xinhua
China property

Shanghai joins major cities in loosening commercial property loan rules

Beijing remains the lone top-tier holdout as other cities ease their down payment requirements.

China property

China’s first-tier home prices stabilise in February after a 9-month decline

Annual price declines deepen nationwide, with policy support and supply reforms seen as key to recovery.

China property

China mall shuffle: as EVs exit, who’s filling the ground-floor showrooms?

New demand for mall space comes from brands riding fresh trends, including Unitree Robotics, Pop Mart and Lululemon.

People walk past an EV showroom inside a shopping mall in Beijing. Photo: AP
China's population

Can AI help China cushion economic fallout from its rapidly ageing population?

As fertility rates fall, Asian economies face a daunting challenge – sustaining growth with fewer workers.

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A robot serving food and drinks on the China Mobile stand, taken on March 3 in Barcelona during the Mobile World Congress, the world’s biggest mobile technology showcase and fair. Photo: AFP
Two Sessions 2026

China to pursue commercial health insurance to ease strain, support innovation

Commercial health insurance enters China’s policy agenda as an ageing population and costs strain basic coverage.

Indonesia

Is Indonesia’s fuel subsidy sustainable as Iran war continues?

Higher oil prices would mean bigger fuel subsidies, piling on the pressure on a budget that is already under investor scrutiny.

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Two Sessions 2026

China targets lowest growth range in 35 years as pressures rise

Beijing to prioritise hi-tech over stimulus-driven growth with focus on the people in notable shift, premier’s work report to NPC reveals.

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Chinese Premier Li Qiang’s speech at the National People’s Congress opening session is broadcast on a giant TV screen, in Beijing on Thursday. Photo: Robert Ng
Hong Kong property

Hong Kong banks’ collateral asset valuations to continue declining in 2026: S&P

The city’s commercial property market remains on a sustained downturn, as rents continue to fall and vacancy rates soar.

Hong Kong property

Why global banks are betting on a double-digit surge in Hong Kong home prices

JPMorgan and Goldman Sachs join Morgan Stanley in lifting their market outlook to double digits, as price gains outpace previous expectations.

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China property

Green shoots for China property? Maybe – but the turnaround’s still shaky

Home-price declines eased in January and policy support is building, but analysts warn oversupply continues to cloud the outlook.

New and existing home prices across 70 major mainland cities fell at a slower pace month on month in January, according to data released by the National Bureau of Statistics. Photo: AFP
China property

No floor yet: China home prices keep falling despite policy support

Monthly declines narrowed in January, yet worsening year-on-year prices suggest housing pressures persist.

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Chill wind: analysts say China’s nationwide home prices have not yet shown signs of stabilisation. Photo: EPA
China-Africa relations

As China seeks to globalise the yuan, it finds a new vehicle in Africa

Africa Finance Corporation executive says entering Chinese capital markets is a ‘natural evolution’.

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China’s private sector

China’s Year of the Horse shoppers let emotional satisfaction take the reins

Brand prestige fades in importance as consumers favour festival-themed toys, playful designs and pet items.

Artificial intelligence

US software rout spills over to China’s SaaS sector

The software sector in China has long been constrained by slower cloud adoption and a weaker appetite for recurring subscription fees.

AI letters and a robot hand are seen on computer motherboard in this illustration created on June 23, 2023. Photo: Reuters
Commodities

China unveils 18-point plan to boost global non-ferrous metals pricing power

The move is aimed at strengthening the links between the futures, spot and derivatives markets for non-ferrous metals and Shanghai’s role.

Currently, 11 non-ferrous metals futures contracts and 10 options, including copper, are listed on the Shanghai Futures Exchange. Photo: Reuters
Kuaishou

Kuaishou taps global debt market with first US dollar, yuan bonds

Kuaishou is China’s second-largest short-form video platform and the third-largest mobile app in the country by total user time spent.

China-EU relations

China-EU deal on EVs marks rare agreement in frosty relations

The EU will waive tariffs on China-made battery electric vehicles if carmakers set a minimum price that offsets the effect of subsidies.

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