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China Tech Sector Q1 Profit Growth
Year-on-year profit growth in key high-tech sectors in China for Q1.
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China Decode: The U.S. vs China AI Battle Is Getting Ugly (Transcript)
Editor’s Notes: In this episode of China Decode, Alice Han and James Kynge examine the escalating AI rivalry between the U.S. and China, highlighted by White House accusations of industrial-scale intellectual property theft. The discussion covers significant market shifts, including U.S. banks increasingly borrowing in Chinese currency through the “dim sum” bond market. They also explore the curious social phenomenon of “pretend to work” offices in China, which reflects a deepening youth unemployment crisis and changing cultural attitudes toward work. The episode concludes with bold predictions regarding the future of offshore Chinese debt and potential new inheritance tax laws as the country prepares for a massive intergenerational wealth transfer. (April 28, 2026)TRANSCRIPT: IntroductionJAMES KYNGE: Now we’ve got the White House accusing China of industrial-scale theft of intellectual property from US AI labs. This is different. And on the China side, we’ve got the Chinese government banning the acquisition by one of America’s biggest companies, Meta, of a promising AI company that was founded in China but is now based in Singapore. So, I would say all of this to me means that the rivalry has entered a new phase.ALICE HAN: Welcome to China Decode. I’m Alice Han.JAMES KYNGE: And I’m James Kynge.Today’s Topics and Market UpdateALICE HAN: In today’s episode of China Decode, we’re discussing the tightening and increasingly combative race for global AI supremacy, why US banks are scooping up Chinese currency in offshore markets, and the growing industry of pretend-to-work offices in China.That’s all coming up, but first, let’s do a quick check-in with how the Chinese markets are starting the week. On Monday, the markets opened the week with slight gains, the Shanghai Composite closing up 0.16%, while the Shenzhen Component was up 0.37%. Industrial profits jumped 15.8% in March year-on-year, with enterprise profits growing by over 15% in Q1. That growth comes in spite of the shocks brought on by the war in Iran and is largely attributed to the booming AI and chip industries in mainland China. The high-tech manufacturing sector alone saw a 47.4% gain in profits in Q1.Stock market standouts included More Threads, up 8.5%, and SMIC A-shares, up 5%. Fibercom Wireless and Liad Optoelectronic Company were both down over 12%. And tech giant stocks were broadly mixed, with Tencent ending the day down 3% and Baidu up 3.5%.The AI Race Escalates: Meta, Manus, and Industr...
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