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China’s private sector

China’s private sector
The latest news, analysis and opinion on China’s private sector. In-depth analysis, industry insights and expert opinion.
WuXi AppTec has raised its full-year revenue guidance after its net profit surges this year. Photo: Shutterstock
United States

Chinese biotech giant WuXi AppTec raises 2026 outlook after profit surge

Strong demand for drug development drove the forecast, though the firm faces ongoing scrutiny from Washington.

China’s Communist Party

In Focus | What will China’s fifth plenum mean for the root-and-branch corruption drive?

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China’s fifth plenum

China’s fifth plenum, from the ground up

Regulation

In Focus | ‘Rampant’ unpaid debts, rising costs: why China’s private sector is hurting

With an economic slowdown adding to their woes, China’s private businesspeople lament heightened regulatory enforcement as a further strain.

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Illustration: Lau Ka-kuen
Robotics

Unitree developing AI system to let humanoid robots improve themselves

The Hangzhou-based company wants to reduce the need for manual programming, turning AI model advances into real-world robotics capabilities.

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China GDP

In Focus | Beijing wants more than GDP growth from local officials. Can they adapt?

Cadres at lower levels are juggling a complex set of priorities from Beijing – while still searching for new sources of growth.

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New medical drugs

China’s pharmaceutical stocks gain favour amid ‘greater’ progress in innovation

The nation’s innovative drug out-licensing deals reached US$130 billion by the end of September, almost matching 2025’s full-year level.

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Domestic innovative drugs made up 80 per cent of all innovative medicines approved in China in the first three quarters of 2026, according to the Ministry of Industry and Information Technology. Photo: Shutterstock
China consumption

Skiing in Guangzhou? Hongkongers flock to ice-cool indoor slopes on mainland

Indoor ski resorts are springing up across mainland China amid a winter sports boom – and Hongkongers are keen to take advantage.

Robotics

Lidar maker Hesai launches 3D spatial camera with ambitions to train robots

The launch marks the latest step in the firm’s push to broaden its business beyond vehicles and establish a foothold in the emerging physical AI industry.

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US Food and Drug Administration (FDA)

China wants 5 innovative drugs with US$1b returns by 2030. Which might they be?

Beijing is attempting to have at least five pharmaceutical products with annual global sales of more than US$1 billion.

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China is attempting to boost the sales of at least five of its drugs to US$1 billion by 2030. Photo: Shutterstock
Retailing

How Puma fits into Chinese sportswear maker Anta’s plan to unlock global growth

Puma joins a growing stable of international brands as Anta builds a multi-brand platform aimed at capturing different consumer segments.

Anta’s multi-brand portfolio continues to capture faster-growing categories and consumer segments, according to a report. Photo: Shutterstock
Electric & new energy vehicles

ByteDance heads first SCMP Plus Going Global 100 ranking

Social media giant beats out Foxconn Industrial, Shein and BYD in new SCMP Plus ranking of China’s global champions.

World Gold Council

As China’s consumption of gold jewellery slumps 34%, sellers pivot abroad: WGC

Domestic gold jewellers are seeking to leverage advanced crafting techniques as market sees turbulence, says World Gold Council executive.

Mainland China

Top French Design Award given to €20 uniform design for China’s delivery drivers

Developed with the assistance of Jack Ma, designers aimed to bestow dignity on the drivers, an ‘important profession’, the lead designer says.

Taobao design award
China’s crackdowns

China cracks down on big firms delaying payments to cash-strapped SMEs

New rules require large companies to pay suppliers within 60 days, with penalties for deliberate delays and incentives for clearing backlogs.

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A man walks past the headquarters of the People’s Bank of China, the central bank, in Beijing. Photo: Reuters
Banking & finance

Open Questions | Veteran investor Fang Fenglei on why China’s ‘investibility’ remains a certainty

Influential financier who helped found CICC says arguments against China investment ‘do not hold water’.

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China consumption

End of the supermarket? Why China’s shoppers flock to small ‘community stores’

Young Chinese favour local grocery stores offering low prices and fast delivery, with some saying they haven’t been to a supermarket in years.

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Consumers

Trust tested: Sam’s Club shoppers uneasy as Hong Kong veggie tag dropped

Change sparks concern among consumers, with the Hong Kong label having long served as a selling point for high quality.

Sam’s Club in Shenzhen. Photo: Sam Tsang
Biomedicine: Industry Trends

China needs monkeys: lab animal shortage could hinder biotech growth

As fundraising and out-licensing deals in China grow, so does demand for monkeys and other primates for testing.

Pop Mart

Labubu meets LVMH: Pop Mart to open its first European flagship store in Paris

With Pop Mart’s overseas revenue share slipping in 2026, the firm remains focused on boosting international retail presence.

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Artificial intelligence

Chinese shoppers can now buy AI subscriptions from DeepSeek and Z.ai on Tmall

By packaging tokens and coding plans like everyday retail goods, AI labs are opening a new front in their push for sustainable revenue.

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Tmall is expanding into AI subscriptions as developers seek new ways to reach and retain paying users. Photo: Shutterstock
China economy

In Focus | Heirs aberrant: what happens when China’s family firms have no successors?

About 85 per cent of the private sector is family-run, and family matters may become an economic issue as children decline to inherit operations.

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Illustration: Lau Ka-kuen
Mainland China

China bans private tutoring. So why are cram schools still bleeding parents dry?

Five years ago, China imposed a sweeping ban on for-profit academic tutoring. But the sector has quietly made a comeback amid intense parental demand.

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Artificial intelligence

From ‘slop’ to prime time: how AI dramas are shaking up China’s TV industry

Fully AI-generated, 30-episode Journey to the West series debuts, as shifting production economics transform the industry.

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SpaceX

Can China catch SpaceX? New commercial reusable rocket takes to the skies

The orbital mission marks a key milestone for Beijing’s commercial launch sector.

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Chinese rocket maker Galactic Energy has successfully sent its Pallas-1 medium-to-large reusable rocket into orbit. Photo: Weibo
Mainland China

China’s commercial space sector expands global footprint with Thailand deal

GalaxySpace describes mission as first turnkey satellite export to a Southeast Asian customer by a Chinese commercial space company.

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A Long March-6C carrier rocket carrying seven satellites blasts off from the Taiyuan Satellite Launch Centre in Shanxi province on Tuesday. Photo: Xinhua
China's economic recovery

China’s steel sector must avoid US rust belt’s fate: party journal

Trade barriers, oversupply and falling export prices are squeezing steel producers as the Qiushi Journal warns against letting the industry contract.

China consumption

As bubble tea craze cools in China, can full equity buyouts revive growth?

Bain Capital’s acquisition of Gong Cha may signal a shift in bubble tea investment strategy, as sector slows after years of rapid expansion.

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