China News Live: Chinese premier Li Qiang says China to jointly usher in new "Golden 50 Years" for bilateral ties with Malaysia

Chinese Premier Li Qiang announced on Monday China's readiness to work with Malaysia to enhance exchanges and cooperation across various fields, aiming to jointly inaugurate a new "Golden 50 Years" in their bilateral ties, Xinhua said in a report. This future collaboration will be guided by the principles of mutual respect, trust, equality, and mutual benefit for win-win outcomes. The statement is part of commemorations for the 50th anniversary of diplomatic relations, which were established in 1974 (a past event), and signals an intent to set the agenda for the next half-century of partnership.

The European Union has accused fast-fashion giant Shein of employing 'fake discounts,' potentially breaching consumer protection laws, and has given the company one month to address these findings or risk substantial fines based on its sales, BBC News said in a report. This current scrutiny follows Shein's designation as a Very Large Online Platform (VLOP) under the EU's Digital Services Act (DSA) in April 2024, a past event that subjected it to stricter regulations concerning consumer protection and transparency. The EU's action is part of a broader enforcement of the DSA against large online marketplaces, particularly those based outside the bloc.

WeBank Technology Services and Fusion Bank jointly received the Best Core Banking Technology Initiative (Small Bank) in Asia Pacific award on May 22 from The Asian Banker for their collaborative Next-Generation Core Banking System, AP said in a report. This development, involving Tencent-backed WeBank from mainland China and Hong Kong-based Fusion Bank (which also has mainland backing), occurs within the context of China's ongoing regulation of the tech and fintech sector, a trend active since 2020. The award also aligns with Beijing's strategic push for technological self-reliance in critical areas like finance and reflects the deepening integration between mainland China and Hong Kong's financial sectors.

Public security authorities in Guangzhou, China, announced on Tuesday that they have attributed a cyberattack on an unnamed local technology company to a foreign hacker organization allegedly "supported by" Taiwan's ruling Democratic Progressive Party (DPP), Reuters said in a report. This accusation occurs amid a backdrop of increased military and political pressure from China on Taiwan and fits a pattern of previous mutual cyberattack allegations between the two sides. Experts suggest this move by Beijing is intended to frame the DPP as a hostile entity, potentially influencing Taiwan's political landscape, while Taipei is anticipated to deny the charges as politically motivated.

Taiwan is hosting Guam Governor Lourdes A. Leon Guerrero this week, her first visit to the self-governing island since taking office in 2019 (a past event), according to a report in AP. This visit highlights Guam's strategic importance, as the U.S. Pacific territory is considered a crucial component by military planners for any potential Chinese military action against Taiwan, especially as China has recently and significantly boosted its threat with new ships, missiles, and warplanes.

Professor Yu Xiong, who holds a position as professor of business analytics at the University of Surrey and is also a cryptocurrency entrepreneur, has reportedly developed connections inside the UK parliament, met King Charles (current King of the United Kingdom) and Queen Camilla (current Queen Consort of the United Kingdom), and is apparently linked to a Chinese Communist Party influence group, The Guardian said in a report. Prof Xiong has attended approximately a dozen events in the House of Lords since 2022 and had regular contact with peers, including Baroness Uddin, who currently serves as a cross-bench peer. These revelations, brought to light recently, underscore concerns regarding foreign influence within UK political institutions and the vetting processes for parliamentary access.

Beijing is driving a significant consolidation wave in China's financial industry, aiming to forge larger, internationally competitive banking and securities giants better equipped to withstand economic crises, Financial Times said in a report. This initiative, which is anticipated to gather pace, occurs amidst ongoing economic challenges, notably in the property sector, and reflects a broader trend of increased state control over strategic industries. The move is also seen as a strategic effort to enhance financial resilience in the face of geopolitical tensions and concerns about financial decoupling, building on past precedents of state-orchestrated mergers in other sectors to create national champions.

Chinese electric vehicle (EV) shares have tumbled as industry leader BYD announced a fresh round of price cuts for its models, fueling fears of an escalating 'rat race' price war within the sector, Financial Times said in a report. This development occurs as China's government aims to boost domestic consumption amid a slowing economy, with lower EV prices potentially stimulating demand. The fierce competition, driven by China's industrial strategy to cultivate globally dominant players in strategic sectors like EVs, is intensifying pressure on other domestic and foreign automakers, though it may benefit consumers with more affordable options and accelerate EV adoption.

China's military has significantly enhanced its ability to initiate a swift offensive against Taiwan, allowing for a quick transition from peacetime conditions to war footing, as per a report in Financial Times. This development, highlighted by officials, is the result of a sustained military build-up that has improved Beijing's operational readiness and logistical capabilities for such a scenario, thereby increasing its strategic options concerning Taiwan.

Public security authorities in Guangzhou, China, have attributed a cyberattack on an unspecified technology company to a foreign hacker organization allegedly supported by Taiwan's Democratic Progressive Party (DPP), according to a report in Reuters. This accusation, made on Tuesday, May 27, 2025, emerges amidst a period of increased political and military tensions across the Taiwan Strait. Beijing frequently singles out the DPP, currently led by President Lai Ching-te, for actions it considers provocative or separatist, including alleged cyber activities. Both China and Taiwan have a history of accusing each other of engaging in cyberattacks.

CNOOC Limited announced that its Mero4 project commenced production safely on May 24, 2025, Brazil time, in the Mero field located in the Santos Basin pre-salt area, approximately 180 kilometers offshore from Rio de Janeiro, as per a report in AP. The project, situated in water depths between 1,800 and 2,100 meters, is being developed using traditional deep-water FPSO+Subsea technology. CNOOC Limited, a majority state-owned enterprise of China, holds a participating interest in the Mero field, which is operated by Brazil's Petrobras. This development is part of China's ongoing strategy to enhance its energy security by diversifying global energy sources and strengthening its economic presence in Latin America, where its investments have notably increased over the past two decades (historical context).