Economy/Resources - 4. page

According to the latest data from the People’s Bank of China, the country’s outstanding government debt reached 100.6 trillion yuan (US$14 trillion) at the end of May 2026, surpassing the 100 trillion yuan mark for the first time.

Official figures show that China’s government debt balance stood at 46.55 trillion yuan at the end of 2020 and rose to 92.6 trillion yuan by the end of 2024. The latest figure represents an increase of more than 100 percent in just over five years.

Analysts attribute the rapid growth primarily to Beijing’s efforts to counter economic slowdown through expansionary fiscal policies. In recent years, authorities have increased government borrowing to fund infrastructure, public welfare, and other major projects. At the same time, local governments have issued large volumes of bonds to replace off-balance-sheet liabilities, bringing previously hidden debt onto official balance sheets and contributing to the sharp rise in reported government debt.

Some analysts caution that the true level of government-related debt may be substantially higher, since the official figures do not fully capture all local government financing vehicles, contingent liabilities, and other off-balance-sheet obligations.

Source: Lianhe Zaobao, June 14, 2026
https://www.zaobao.com.sg/finance/china/story20260614-9204091

Chinese media outlets, including Phoenix News and East Finance, reported that China’s delivery sector is facing a growing oversupply of workers. Industry estimates suggest that nearly 20 million people are now working as delivery riders nationwide, while only about 4 million experienced riders are needed for the current average of 110 million daily orders.

The oversupply has contributed to falling incomes. In Shanghai, some riders reportedly saw monthly earnings decline from around 15,000 yuan (US$2,100) to 12,000 yuan (US$1,700), while average daily orders fell by roughly 20. In Beijing, daily deliveries dropped from 35 orders in 2020 to 20 today, even as working hours increased. Delivery fees have also fallen sharply, with some short-distance orders paying less than 2 yuan.

Similar pressures are emerging in the ride-hailing sector. On May 31, Shenzhen transportation authorities warned that the city’s ride-hailing market had become saturated, with drivers averaging only about 13 trips per day. Authorities advised prospective drivers to carefully consider the risks before entering the industry. One Shenzhen ride-hailing driver said in a video that after deducting vehicle rental costs and traffic fines, he earned only about 5,000 yuan (US$700) per month despite working up to 16 hours a day.

Reports noted that growing numbers of unemployed and downwardly mobile middle-class workers have entered the delivery and ride-hailing sectors as traditional employment opportunities become harder to find.

Source: Epoch Times, June 1, 2026
https://www.epochtimes.com/gb/26/6/1/n14779387.htm

On May 28, Meta officially launched Meta AI on Threads. Instead of casual conversations, many users questioned the chatbot about Meta’s business practices, including scam advertisements, revenue sources, and the company’s financial ties to Chinese advertisers.

When asked why Meta continues to earn substantial revenue from China despite Facebook and Instagram being blocked in mainland China, Meta AI responded that Chinese companies heavily purchase Meta advertisements to market products to consumers in North America, Europe, and Southeast Asia.

According to information cited by Meta AI from Meta’s financial reports, revenue from Chinese advertisers reached $18.35 billion in 2024, accounting for more than 11 percent of Meta’s total revenue and making China its second-largest source of advertising income after the United States. Chinese cross-border e-commerce companies such as Temu and Shein were identified as major advertising clients.

More controversially, Meta AI cited external reports claiming that a significant portion of China-linked advertisements involved scam, gambling, or adult-related content, potentially generating more than $3 billion in revenue for Meta. When users asked why Meta continued allowing such advertisements, Meta AI reportedly responded that scam ads remain highly profitable. The chatbot referenced claims that Meta balances anti-fraud enforcement against potential revenue losses and may limit crackdowns if advertising revenue declines beyond certain thresholds. According to the cited figures, scam-related advertisements generated approximately $16 billion in 2024, or about 10 percent of Meta’s total revenue.

Source: Aboluo, June 3, 2026
https://www.aboluowang.com/2026/0603/2391203.html

On June 1, Nvidia CEO Jensen Huang announced a partnership with Chinese robotics company Unitree Robotics to launch the “H2+” humanoid robot reference design. Under the cooperation, Unitree provides the humanoid robot platform, while Nvidia supplies AI computing systems, robotics foundation models, and simulation support. The collaboration has drawn international attention because Unitree was added to the U.S. Department of Defense’s “Chinese Military Companies” list earlier this year over concerns about potential dual-use military applications.

The partnership has also sparked debate within China. Some commentators warned that amid U.S. export restrictions, reliance on Nvidia could leave China’s robotics sector dependent on foreign core technologies, making that Chinese firms primarily manufacturing providers without control over key technologies.

National Business Daily (NBD), a Chinese media, defended the partnership, arguing that it reflects a “complementary and mutually beneficial” relationship rather than one-sided dependence. It argues that Unitree’s strengths lie in humanoid robot hardware, motion control, engineering integration, and large-scale manufacturing, while Nvidia provides advantages in AI computing platforms, robotics foundation models, and software ecosystems. It calls the cooperation as “Nvidia provides the brain, while Unitree provides the body.”

The partnership could help Unitree expand internationally by leveraging Nvidia’s global ecosystem and influence. Unitree’s hardware platforms may gain broader access to overseas universities, research institutions, and developers, helping the company strengthen international recognition and accelerate technological iteration.

At the same time, Unitree can retain significant technological autonomy. The company reportedly plans to raise 4.2 billion yuan (approximately US$620 million) through its IPO process, with nearly half allocated to robotics model research and development. The rise of other Chinese humanoid robotics firms and domestic AI companies could further diversify China’s technological base and reduce long-term foreign dependences.

Source: NBD, June 7, 2026
https://www.nbd.com.cn/articles/2026-06-07/4419266.html