China's canal test, rocket failure, Zhu Rongji death: Weekly highlights
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
This week saw significant developments across China and the wider Asia region. China successfully tested its massive canal megaproject linking inland regions to Southeast Asia, while facing setbacks in its space programme. The death of reform-era premier Zhu Rongji prompted reflection on China's economic transformation. Beijing's new offshore tax on the super-rich has implications for Hong Kong's role as a wealth management hub, and a knife attack in Hong Kong highlighted public safety concerns. Meanwhile, US attempts to acquire Chinese superconducting magnet technology and a South Korean celebrity's apology over ancestral ties to Japan's colonial era rounded out the week's top stories.
Key Points
- China completed the first full transit test of a 134.2km canal megaproject valued at US$10.8 billion, moving toward a planned September launch to strengthen trade ties with Southeast Asia
- A Long March-7A rocket failed on Monday, destroying a communications satellite and raising questions about whether this was an isolated incident or systemic problem
- Former premier Zhu Rongji, who engineered one of history's greatest economic reforms, died in Beijing on Wednesday at age 97
- Beijing's new 20% offshore tax on the super-rich could reshape Hong Kong's position as Asia's premier wealth management centre
- A man was arrested after allegedly injuring two people with a knife at a housing estate in Pok Fu Lam, Hong Kong on Monday
- A US laboratory is seeking to purchase Chinese superconducting magnet technology reportedly offering 40% higher performance for particle accelerator applications
- South Korean actress Ha Young apologised for controversy surrounding her ancestor's pro-Japanese ties during Korea's colonial period
Why It Matters
The failure of the Long March-7A rocket raises concerns about the reliability of China's rapidly expanding space programme and its ability to meet demanding launch schedules. The death of Zhu Rongji marks the passing of the last major architect of China's reform and opening-up era, prompting reflection on how far the country's economic transformation has progressed. Meanwhile, Beijing's offshore tax crackdown could fundamentally alter Hong Kong's decades-long role as a gateway for managing Asia's elite wealth, potentially reshaping the territory's financial services sector.
The failure of the Long March-7A rocket raises concerns about the reliability of China's rapidly expanding space programme and its ability to meet demanding launch schedules. The death of Zhu Rongji marks the passing of the last major architect of China's reform and opening-up era, prompting reflection on how far the country's economic transformation has progressed. Meanwhile, Beijing's offshore tax crackdown could fundamentally alter Hong Kong's decades-long role as a gateway for managing Asia's elite wealth, potentially reshaping the territory's financial services sector.