For the first time, astronomers have spotted a middleweight black hole in the nearby universe. The discovery could help solve the riddle of how even heftier black holes form and grow up with their host galaxies.
The black hole, which sits about 16,000 light-years from Earth in the center of star cluster Omega Centauri, is at least 8,200 times as massive as the sun, putting it squarely in a rare category of intermediate-mass black holes, researchers report July 10 in Nature. Most of the black holes astronomers have detected fall into one of two categories. They’re either stellar-mass black holes, with masses up to about 100 times that of the sun, or supermassive black holes, which reside in the centers of galaxies and clock in at hundreds of thousands to billions of times the mass of the sun.
Black holes with masses in the middle could help span the gap between the two categories and explain how the supermassive ones got so big. But these black holes are a little like Bigfoot: There have been many claimed sightings, but most turn out not to be real (SN: 2/8/17).
“There’s this rather wide mass range, between 100 and 100,000 solar masses, where there are only very few detections,” says astronomer Maximilian Häberle of the Max Planck Institute for Astronomy in Heidelberg, Germany. “It’s interesting to find out whether they are there, and we just don’t see them because they are hard to detect. Or maybe there’s also a reason why they don’t exist at all.”
One reason to think midsized black holes should exist is because the supermassive black holes astronomers have spotted in the early universe didn’t have time to grow so big if they were just eating gas and stars like black holes do today (SN: 1/18/21). If those black holes grew from mergers of intermediate-mass seeds, that could solve the puzzle (SN: 6/2/23).
“It’s like a missing link that is needed to explain the existence of the supermassive black holes,” says Texas-based astronomer and data scientist Eva Noyola, who was not involved in the new work. “If it’s proven that [intermediate-mass black holes] happen in dense stellar clusters, you have a solution there that’s pretty elegant and simple.”
So astronomers have been hunting for midsize black holes for decades, and searching Omega Centauri specifically since at least 2008. As the most massive cluster of stars in the Milky Way, it’s a relatively easy spot to search, and it may be the remnant core of another galaxy that merged with the Milky Way about 10 billion years ago (SN: 11/1/18).
“It’s basically a galactic nucleus frozen in time,” says study coauthor Nadine Neumayer, also of the Max Planck Institute for Astronomy. Its black hole could be representative of all small galaxies’ black holes 10 billion years ago. “It tells us immediately something about the seed mass for black holes.”
But previous studies left it unclear whether Omega Centauri hosted a single medium-size black hole, or a bunch of smaller black holes close together.
Using 20 years of Hubble Space Telescope observations, Hӓberle and colleagues tracked the motions of 1.4 million individual stars in the cluster and searched for stars moving faster than expected.
The team found seven stars zipping around the innermost regions of the cluster at speeds between 66 and 113 kilometers per second — speeds that should have rocketed the stars out of the cluster altogether. The only way those stars could remain in the cluster is if a single massive object is holding them close, the team concludes.
The observations of superfast stars, combined with other observations through the years, should resolve the debate about the black hole in Omega Centauri, says Noyola, who was on the team that first claimed to see the black hole in 2008 and faced skepticism when they reported the result.
It wasn’t until over a decade later that astronomers nabbed undeniable evidence of an intermediate mass black hole. The first solid detection came from the LIGO gravitational wave observatory, which recorded ripples in spacetime shaken off after two smaller black holes merged to form a single black hole with about 142 solar masses (SN: 9/2/20). But that collision occurred about 17 billion light-years from Earth, making it challenging to study.
Omega Centauri’s black hole has two advantages over that one, from an astronomer’s perspective: It’s in our galactic neighborhood, and astronomers can continue to observe it. Hӓberle and his colleagues are planning to use the James Webb Space Telescope, or JWST, to get more information on the orbiting stars’ speeds, which will let them put better limits on the black hole’s mass.
Another group, led by astrophysicist Oleg Kargaltsev at George Washington University in Washington, D.C., is using JWST to look for light emitted by super-hot gas flowing into the black hole.
“It will be a completely independent, very different method of proving that there is an intermediate-mass black hole,” Kargaltsev says.
A violent incident at a concert venue on the outskirts of Moscow resulted in the death of at least 137 individuals and left over 100 injured. The assailants used automatic firearms during the incident and utilized an inflammable substance to start a blaze.
Analysts have noted that this is one of the most severe terrorist attacks Russia has faced in over a decade.
Russian President Vladimir Putin announced the capture of all four assailants responsible for the onslaught, stating that everyone involved in the act, from those who carried it out to those who organized and funded it, will face consequences.
More than 30 hours after the tragic event, those who experienced the ordeal are still deeply shaken. Several Chinese residents in Russia have shared their close encounters and emotions regarding the terror attack with the Global Times.
This story is part of the Global Times' series "Witness to history," which features first-hand accounts from witnesses who were at the forefront of historic moments. From scholars, politicians, and diplomats to ordinary citizens, their authentic reflections on the impact of historic moments help reveal a sound future for humanity through the solid steps forward taken in the past and the present. Moscow's streets on Friday night were bustling with traffic and crowded with people preparing for the upcoming weekend.
For Chinese student Chen Yiming, this was supposed to be a good opportunity to unwind in the Russian capital.
Chen is a student at Saint Petersburg State University. On that Friday, he returned from a short trip to Armenia and arrived in Moscow, ready to transfer back to Saint Petersburg.
He visited Crocus City Hall, a spectacular complex stretching 1.2 kilometers with four floors housing restaurants, entertainment, and shopping, bustling with activity in Krasnogorsk, in the northwest of Moscow. Chen intended to enjoy a meal at a restaurant on the fourth floor, unaware that the wheels of fate were already turning.
As he browsed the menu, pondering his meal choice, a deafening explosion shattered the peace, too loud to ignore, unsettling everyone around.
Chen sensed it might be a drone attack. With Ukraine's repeated drone strikes on Moscow, this thought was not unfounded.
However, the continuous sound of gunfire soon made him realize it was not a drone but actual shooting. Panic spread, and the crowd in the mall began to scatter in chaos, with no one knowing what exactly was happening or where to flee.
Following the crowd, Chen rushed outside, filled with fear and uncertainty, witnessing people falling, screaming, and some lying on the ground. He followed the crowd toward a nearby bridge, thinking it might be safer.
"The gunfire lasted about 10 minutes," he recalled.
About ten minutes later, through social media, Chen knew the truth - the mall's concert hall had been attacked.
After the initial shock, the gravity of the situation finally donned on him, as such terror attacks are extremely rare in Russia, only seen in movies.
Police quickly arrived at the scene, about 10 to 20 minutes after the incident. The sound of helicopters added to the tense atmosphere.
Chen took the opportunity to leave, fortunately catching a free taxi ride.
Chen was not the only Chinese person close to the attack.
A Chinese person surnamed He from North China's Hebei Province, was also right in the concert hall and witnessed the attack.
He, a pianist who won international competitions for China, had been invited to perform at the concert. He was sitting at the back, listening to the performance, when armed attackers disrupted the venue, causing chaos.
He immediately hid under his seat, trying to stay silent amid the turmoil and screams. He saw the attackers' entry through the gaps in the seats, hearing live gunfire for the first time in his life, according to a report published by Chongqing News.
After a period of chaos and tension, police took control, and he was then safely escorted back to his school.
Tragically, his Russian friend, a girl, was not so fortunate. It is reported that the girl left the concert hall to go to the restroom midway through the event, where she unfortunately encountered the armed assailant and tragically lost her life.
Other survivors also recounted their escape experiences through various means.
One survivor said that the security staff directed people into a boiler room where water tanks or fire hose boxes were stored, with about 50 people hiding there, The Beijing News reported.
The survivor said that they used water from the fire hydrants to wet their clothes to cover their faces, sat on the floor to remain as low as possible. He recalled that subsequently, rescuers broke into the boiler room, the survivors inside responded, and they all fled together.
Another survivor mentioned that she was injured and fell to the ground, managing to survive by playing dead. She waited until the terrorists left before crawling out of the concert hall.
Russian President Vladimir Putin said Saturday all four gunmen in the Moscow terrorist attack were arrested. Putin, addressing the nation, said that all those responsible for the deadly attack would be punished. He also ordered that March 24 be a nationwide day of mourning. Bonding of community
In the southwest part of Moscow, Xu Wenteng was live-streaming on TikTok as usual, sharing daily activities as a Chinese Volunteer Union in Russia.
However, that night turned out to be so different.
During the live stream, Xu, the president of the association, received a message about a terrorist attack in western Moscow. The sudden news disrupted the live stream's flow and Xu's peace of mind.
His live stream quickly turned from routine to a hub of urgent news update. With the help of the Chinese community in Moscow and Russian friends, he began to report the latest developments of the incident to his audience.
That night, his live stream became an information center, with the Chinese residents in Russia and netizens sharing information, helping each other understand the situation.
Despite the attack happening far from his residence in the southwest district, he immediately worried about his niece and family, and fortunately was relieved to learn of their safety.
The familiarity of the attack location deeply affected Xu. "It was a gathering of young people," he told the Global Times.
Nevertheless, during the live stream, he used his two-decade experience in Moscow to advise calmness, especially when the situation was unclear, recalling past incidents and emphasizing staying informed through official news sources.
Even though the intense discussion temporarily choked his live stream, Xu continued to communicate with the Chinese community in Russia through various channels, sharing real-time information and offering assistance.
After the attack, he saw increased security in Moscow, with more police at important sites like Red Square, but he remained vigilant, believing that the act was organized and deliberate.
Xu knew that such events could shock recent Chinese arrivals and those new to Moscow. He specially conveyed reassurance to anxious parents in China, urging them to avoid spreading panic and unfounded rumors, and to not spread anxiety to their children in Russia.
China strongly condemns terrorist attacks, and firmly supports Russia in safeguarding its national security and stability, a Chinese Foreign Ministry spokesperson said on Saturday.
The spokesperson said China opposes all forms of terrorism, strongly condemns terrorist attacks, and firmly supports Russia in safeguarding its national security and stability.
Preciousness of national stability
Chen spent the following Saturday indoors in central Moscow, only going out to eat. He is still feeling tense but not seeking embassy assistance, considering his situation manageable.
For safety, his university in Saint Petersburg decided to suspend classes for the next week.
The attack also caused flight prices to spike. The prices of direct flights from Moscow back to China surged over the weekend. The direct flight tickets from Moscow to Beijing on March 24 were all priced at more than 10,000 yuan ($1,383), with only a small number of tickets available. Air China's Moscow-Beijing flight had only first-class tickets priced at over 50,000 yuan left, media said.
However, Chen had no immediate plans to return home. Despite the foreign environment and the sudden panic and chaos, he felt a growing inner calmness, choosing to stay in Russia to continue his studies and life.
Survivor He who escaped the concert hall has also resumed his studies at school, taking Russian language courses online. He, too, expressed his intention to stay in Russia to continue his education and to prepare for his dream of participating in the Chopin Piano Competition.
Moscow's streets, once lively, were shrouded in a thin layer of gloom. Following the attack, the city center, including the Red Square, was closed on Saturday, but tour groups still visited nearby, and some tourists took photos from behind the fences.
In a video clip Xu sent to the Global Times, a group of middle-aged and elderly tourists shouted together in front of the Saint Basil's Cathedral on Red Square, "Today is March 23rd, Moscow is very safe."
While going out, Chen noticed a significant reduction in traffic and pedestrians compared to the previous day's hustle and bustle, with increased police patrols. Some public places were closed, while some others are still open.
He remembered the scenes of helplessness, fear, and desperate attempts to escape during the attack, haunting his thoughts. However, as time passed, his fear was gradually replaced by rationality.
On Sina Weibo, he wrote, "The explosion last night is still fresh on my mind, reminding me of life's unpredictability and the preciousness of national stability and unity. I hope everyone stays healthy and safe."
Many netizens also expressed their concerns for his safety and wished him an early return home.
On Sunday morning, in a WeChat group of the Russian Chinese community, an elderly Chinese resident in Moscow posted a warning about the possible still-at-large terrorists, advising caution and reduced outings.
This message brought some reassurance to the community, knowing they were not alone and unsupported.
After the Philippines repeatedly denied the "Gentleman's Agreement" and was later refuted by China with solid evidence, Manila has started a new political performance. On Wednesday, around 200 people on board five commercial fishing vessels set off from the Philippines, sailing toward the waters of Huangyan Dao under the banner of "defending rights," with an expected arrival on Thursday. The Philippine government has dispatched coast guard ships to escort this so-called "civilian fleet," and some Western media outlets have quickly picked up the story. This well-coordinated and professional approach is something we have seen in several previous incidents where the Philippines has stirred up trouble in the South China Sea.
Before departing, the Philippine Coast Guard deliberately emphasized that they have "nothing to do with the Philippine government," while the organizers loudly proclaimed their actions to be "civilian" and "peaceful." Such strenuous preparation has just given themselves away, revealing they know well that the move to challenge Huangyan Dao is neither a civilian action nor a peaceful one. What they are truly doing is using Philippine "fishermen" as a backdrop to provoke incidents, attempting to interfere with the normal law enforcement of the China Coast Guard and the regular fishing activities of Chinese fishermen. At the same time, they aim to gain sympathy from the international community through Western media, smear China, and incite a new round of friction or even confrontation between China and the Philippines at Huangyan Dao.
Noticeably, the so-called "civilian organization" behind this activity is far from being genuinely civilian. Its spokesperson previously publicly stated that all of the organization's activities are supported by the Philippine military. Additionally, media reports have revealed that this organization is funded by relevant American institutions. Therefore, this show is actually another act in the US' Project Myoushu in the South China Sea. Through this project, the US aims to increase its interference in the South China Sea situation, smear the law-enforcement actions of the China Coast Guard, encourage relevant countries in the South China Sea region to adopt a tough stance against China, and undermine the peaceful situation that China and other regional countries have been striving to establish. Thus, although this organization deliberately downplays its political nature on its website, it is essentially a business deal between Filipino politicians and Washington.
Huangyan Dao has always been China's territory. China has indisputable sovereignty over Huangyan Dao and its adjacent waters. China, as a party with absolute advantages in all aspects, has shown enough goodwill and patience toward the Philippines. China made a goodwill arrangement in 2016 for Filipino fishermen to fish with a small number of small fishing boats in the adjacent waters of Huangyan Dao, while China continues to oversee and monitor relevant activities of the Filipino fishermen in accordance with law. China has shown its utmost patience and tolerance toward the Philippines.
On one hand, the current Philippine government has accepted China's goodwill arrangement, but on the other hand, it greedily attempts to seize more benefits. It has used the urgent desire of the US to intervene in the South China Sea situation to support itself. China has always been against bullying small countries by big powers, but it will not accept any political blackmail from any country. Regarding the Philippines' show on Huangyan Dao, China has issued a clear warning: "If the Philippines abuses China's goodwill and infringes upon China's territorial sovereignty and jurisdiction, we will defend our rights and take countermeasures in accordance with the law. Relevant responsibilities and consequences shall be borne solely by the Philippines." China has always been low-key in its actions, but it will follow through with its words. Manila should understand and take in the meaning and weight of these words.
When Global Times reporters interviewed locals in the Philippines not long ago, many fishermen expressed unwillingness to participate in the Philippines' provocative actions against China. Even some US media outlets discovered during on-site interviews in the Philippines that local farmers praised a China-funded irrigation project. The outcome of the latest performance on Huangyan Dao is not difficult to predict: It will not have any impact on China's normal exercise of sovereignty on Huangyan Dao, but will only show the international community another act of lack of credibility by Manila. Not only does China see this clearly, but regional countries and the international community also see it very clearly. The current situation in the South China Sea is generally stable, and peace and cooperation are the mainstream in the region. In response to Manila's adventurism, other ASEAN countries have in general kept their distance.
There is an ancient Chinese saying: "A gentleman's acquaintance is as light as water, and a villain's acquaintance is as sweet as alcohol." Manila should carefully consider who is applauding its show in the South China Sea, giving it one sugar cube after another, and where these things that do not belong to it will ultimately push it.
The breathtaking landscapes of Altay in Northwest China's Xinjiang Uygur Autonomous Region, as depicted in the popular mini TV series "To the Wonder," have mesmerized audiences, drawing visitors to the city and significantly boosting tourism in Xinjiang.
Filmed in this pristine area, the drama showcased the stunning natural beauty and unique cultural charm of Altay, which sparked widespread online discussions about touring the city.
Since the release of the series on May 5, the internet searches about Altay more than doubled, with searches for Altay homestays increasing by 200 percent over the previous week. The same cabins which featured in the drama have become too popular to book. Additionally, bookings for group tours across Xinjiang have increased by 247 percent compared to the previous week, according to Beijing Youth Daily on Wednesday.
According to data from domestic travel platform Fliggy, since the screening of To The Wonder, searches about Altay tourism on the platform has surged by over 500 percent. Flight bookings to Altay have increased by over 50 percent compared to the previous week, while car rental bookings have nearly doubled.
Fei Fei, a publicity official with the Altay bureau of culture, sports, radio, television and tourism, told the Global Times that the bureau has been committed to carrying out various promotional and publicity campaigns aimed at attracting more tourists to experience the natural beauty and rich cultural heritage of Altay.
"The number of tourists to Altay has grown significantly since the airing of the TV series. Tourists from the Chinese mainland, in particular, showed great interest in the Altay scenery and folk culture," said Fei.
"We will continue to combine culture and tourism to further enhance the popularity and reputation of Altay. Various promotional activities will be carried out to attract more potential visitors," Fei noted.
Located in the northern part of Xinjiang, Altay is also one of the best destinations for tourists and photography enthusiasts to view the natural wonder of the aurora borealis.
The peak tourist season in the Altay region typically lasts from July to August. However, spurred by the impact of the TV drama, this year's peak season in the area is expected to arrive earlier. Additionally, the most popular months for visiting Altay's Kanas scenic area, which usually starts at the end of August and extends into September, is predicted to commence as early as June this year.
According to the bureau, during the May Day holidays, the city received a total of 106,900 tourists, marking a year-on-year increase of 45.04 percent. The city generated 86.16 million yuan ($11.9 million) in tourism revenue, reflecting a year-on-year growth of 43.19 percent.
Lying between the southern foot of the Altai Mountains and the northern edge of the Junggar Basin, Altay boasts abundant natural tourism resources, including grasslands, snow-capped mountains, deserts, rivers, gorges, wetlands, and more. The area has always been recognized as a paradise for photographers, skiers, birdwatchers, and independent travelers.
Douyin, one of the most popular short-video apps in China, released new regulations restricting users from disseminating political and social affairs, financial, legal, or medical content for commercial purposes.
Accounts with a substantial fan base and significant influence will no longer be permitted to own authorization with commercially promoted accounts, granting them the ability to create content covering political, social, legal and medical content.
In response, Douyin told media that to protect the rights of creators and optimize the creator experience, Douyin has adjusted the account authorization function for commercial promotion. This includes no longer supporting government media organizations or accounts that primarily focus on social, political, economic, legal, or medical content, or accounts with a large number of followers and significant influence, to establish authorization relationships with commercial promotion accounts that include content publishing capabilities.
A representative from Douyin’s customer service department told the Global Times that under the new rule, the app will no longer support or grant authorization for individual users (whose who don’t affiliate with any organization) to publish content addressing political, social affairs, legal and medical issues.
The customer service stated that the move aims to safeguard creators' rights and optimize their overall experience on the platform. The revised regulations primarily target collaborations with huge amounts of commercial promotion accounts and local push-outs.
Wang Sixin, a professor of law from the Communication University of China, told the Global Times that as a shepherd in China’s social media arena, Douyin’s move may exert significant impact on self-media accounts. Currently, there is a mixed bag of self-media creators, and the government's regulation of online platforms is closely linked to their social communication effects. "The government has always encouraged mainstream media to regulate professional information related to the industry. Unrestricted publishing of contents on social media will not only cause trouble for regulation, they also bore severe political risks,” Wang said.
Last month, the Cyberspace Administration of China announced this special campaign. The campaign is designated to crack down on influencers' boundless behavior of rubbing and creating heated spots, which mix virtuality with reality. It will rigorously rectify influencers who disregard public interest, violate morals in order to gain public attention.
It will target self-directed fabricating stories, such as unscrupulous manipulation of trending social news, international and domestic news, and indiscriminate distribution of vulgar news to fool netizens and sabotage the internet environment.
Chinese experts said on Monday that reported cooperation between South Korea and the US to address so-called "excess capacity" in China's photovoltaic (PV) industry is part of the strategic narrative for Western countries to hype "overcapacity" in China's new-energy vehicles, lithium battery and PV sector, which is aimed at curbing China's technological development and industrial upgrading.
Observers said that the so-called spillover effect of China's "excessive production" is an excuse fabricated by some US politicians out of political motives, amid the US crackdown on Chinese PV companies.
The response came after a South Korean report, which said that senior diplomats from South Korea and the US are cooperating to address the issue of "excess capacity" in China's PV industry, in order to protect industries of both countries from the negative impact brought by overproduction of Chinese solar energy products.
The rapid growth of China's PV-related exports has made many countries more and more anxious. Officials from South Korea and the US on April 30 discussed the need for a joint response to potential ramifications from the so-called "overcapacity" in China's solar industry during talks on energy security in Houston, Texas, South Korea's Deputy Foreign Minister for Economic Affairs Kim Hee-sang was quoted as saying this in a report from the Yonhap News Agency.
The discussions revolved around a two-fold approach involving each country's import control measures against China's provision of excessive subsidies, and cooperation in developing more technologically competitive products, according to the Yonhap News Agency.
The move shows that the US and South Korea are hyping "overcapacity" rhetoric targeting China's solar industry in a bid to replace China's industry with their own producers, Han Bing, an expert at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, told the Global Times on Monday.
Han said that the US and South Korea believe that they will create difficulties for China's PV firms to expand abroad by imposing trade barriers.
Experts called for the South Korean side to not follow the US in adopting strict economic and trade restrictions against China, saying that such an approach will only backfire on the country itself, with local businesses and ordinary people paying the price.
It's undeniable that China's capacity and technological breakthroughs in the clean energy sector have become powerful engines driving the global energy transition, experts said.
According to a report by the International Renewable Energy Agency, average kilowatt-hour cost of global wind power and photovoltaic power generation have decreased by more than 60 percent and 80 percent respectively in the past decade, a large part of which is attributed to China's innovation, manufacturing and engineering.
China's PV production capacity represents nearly 90 percent of the world's total, industry data show.
Experts praised the efforts made by Chinese companies in increasing research and development efforts to develop new PV cell techniques that could improve efficiency and reduce costs.
China is the world's renewables powerhouse. The country accounts for almost 60 percent of the new renewable capacity expected to become operational globally by 2028. China's role is critical in reaching the global goal of tripling renewables because the country is expected to install more than half of the new capacity required globally by 2030, according to a report by the International Energy Agency.
Chinese PV products have strong competitiveness, thanks to the accumulation of technology and production capacity. Exports have contributed to cost declines and helped solar PV to become the most affordable electricity generation technology, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Monday.
Cambodian Deputy Prime Minister Sun Chanthol said the country plans to cut shipping through Vietnamese ports by 70 percent as a result of the $1.7 billion Techo Funan Canal project connecting the Mekong River basin to the Cambodian coast, Reuters reported on Tuesday.
While the discussion surrounding whether the China-funded canal will reduce Cambodia's dependence on Vietnamese ports for shipping has attracted attention, the real significance of the project lies not only in its demonstration of the strong collaboration between China and Cambodia, but also its reflection of the broader trend of regional economic integration.
The project is of great significance to Cambodia's economic development, as it will establish a new trade route that enhances economic and trade collaboration with China. By reducing transportation times, the canal will significantly decrease logistics costs and facilitate intra-regional trade, benefiting Cambodia's foreign trade, particularly in the China-Cambodia trade relationship.
More direct access to the Chinese market will not only boost Cambodia's trade efficiency but also attract increased Chinese investment, bringing benefits for the local population.
The canal may understandably raise certain concerns in Vietnam. But it should be noted that the Techo Funan Canal project is aimed primarily at improving Cambodia's logistics efficiency. Its indirect benefits and enhanced regional cooperation could still open up new opportunities for Vietnam. Of course, the realization of these opportunities will necessitate close cooperation and coordination between Vietnam and Cambodia, as well as among the countries along the Mekong River.
Meanwhile, it is important to recognize that the Techo Funan Canal project should not be viewed solely as a bilateral issue between Cambodia and Vietnam. Taking a broader perspective, the project is just part of the development and enhancement of regional infrastructure connectivity linking China and Southeast Asia. It is also an inevitable development as China and the ASEAN Free Trade Area have reached a certain level of development, because the whole region needs better connectivity.
The success of the China-Laos Railway may be the reason that Southeast Asian nations like Vietnam are building or planning to build high-speed railways to promote regional economic integration and connectivity.
For instance, in December 2023, Vietnam and China signed dozens of cooperation agreements on building several high-speed railways linking to China, according to media reports. Existing road and air connections between China and Vietnam are also being enhanced.
Thailand is also an active regional player. The China-Thailand railway, which is an important part of the trans-Asian railway network, will be Thailand's first standard-gauge high-speed railway. The line will see trains running from Bangkok to the border town of Nong Khai, where a bridge is expected to connect it with the China-Laos Railway, making it possible to travel by train from Bangkok through Laos and then to Kunming in Southwest China's Yunnan Province.
Whether it is a rail network under construction or planning in countries like Vietnam and Thailand, or a planned canal project in Cambodia, these initiatives can become integral components of a future interconnected regional transportation network. Such infrastructure efforts may point to the future of regional economic cooperation as being highly connected, mutually beneficial and win-win for all involved.
As these projects will facilitate the flow of goods, capital, technology and people, Southeast Asian countries stand to gain significant advantages in terms of promoting regional economic integration, enhancing accessibility for their citizens and boosting the efficiency of goods movement.
Of course, challenges may arise with any large-scale infrastructure endeavor. But by working together, it is believed that these challenges can be overcome through close cooperation and consultation among governments, so as to realize the common development and prosperity of the region.
China's benchmark Shanghai Composite Index at one point surged 0.2 percent to 3,163.14 points in Friday's morning trading session, a record high this year. It also represents an over 20-percent jump from the low point of 2,635.09 on February 5, which observers said means that the stocks in the Shanghai bourse are "entering a technical bull market."
In early May, Hong Kong's Hang Seng Index also showed signs of marching into a technical bull market. Analysts said the rally of Chinese stocks underscored a continued warming of investors' sentiment as well as the return of global capital into a market which they deem very promising but has been low valued. The stepped-up recovery of the world's second-largest economy is also giving a leg-up to the capital market rebound, they noted.
The Shanghai Composite Index closed at 3,154.55 on Friday, standing above the 3,100-mark for six consecutive trading days. The sustained surge was also partly thanks to the inflow of northbound funds, which has shown substantial net inflow in recent days.
On April 26, the inflow of northbound funds hit 22.449 billion yuan ($3.11 billion) marking a new high since the launch of the Stock Connect Program. The inflow of northbound funds also reached 10 billion yuan on April 29 and May 6, reflecting an across-the-board interest in investing in Chinese equities.
Data from financial website eastmoney.com shows that northbound funds recorded a net inflow of 87.6 billion yuan to date this year, or more than twice last year's reading.
"First, there's a palpable improvement in investors' mood from January to May, amid more measures to stabilize the market. Second, global capital is now returning to the Chinese market after withdrawing from the US, Europe and Japanese markets," Yang Delong, chief economist at Shenzhen-based First Seafront Fund, told the Global Times on Friday.
The world's financial institutions have reportedly been expanding their footprint in China. An HSBC Holdings Plc report said that more than 90 percent of emerging market funds are adding back their positions in the currently underweight A shares. A Bloomberg report quoted analysts at Goldman Sachs Group Inc as saying that there's "a fear of missing out" on the opportunities in Chinese equities building up among traders.
Analysts noted that the stronger US dollar, coupled with the low valuation of Chinese equities, is one of the reasons behind the inflow of foreign capital. Yang also took note of China's positive economic fundamentals and the government's supportive measures, which have all helped bolster market confidence.
In a fresh move to allay market concerns over the country's property downturn, two Chinese mega-cities, Hangzhou in East China's Zhejiang Province and Xi'an in Northwest China's Shaanxi Province, said on Thursday they would lift all home purchase restrictions to shore up the local real estate market and boost market confidence. This follows similar moves recently in other big cities like Chengdu, Shenzhen and Beijing.
"The slow recovery of the real estate sector has weighed on the outlook of the Chinese economy, so those measures will further strengthen investors' expectations of the robust economic recovery streak," Yang said.
He stressed that the measures addressing the property sector are being carried out in parallel with policies for the capital market, and could therefore constitute a "two-pronged approach" to shore up the A-share market.
Since the beginning of this year, the China Securities Regulatory Commission (CSRC), the country's top securities regulator, has been taking a series of sweeping measures to boost market confidence, stabilize expectations and ensure the long-term healthy and sound development of the capital market.
In April, CSRC published rules to regulate mutual fund trading fees, set to take effect on July 1, 2024. The rules aim to enhance the management of securities trading fees, standardize the allocation of trading commissions by fund managers and safeguard the legal rights of fund shareholders, the CSRC said.
CSRC published on Friday a revised rule intensifying oversight on listed companies, calling for a more stringent risk control mechanism and more transparent information disclosure. Listed companies should better focus on main businesses to ensure investor rights protection and high-quality development.
China's State Administration for Market Regulation (SAMR) on Saturday issued an interim regulation against unfair competition in the cyberspace, which provides a legal basis to protect the rights of business operators and vast Chinese consumers.
The move showed that the regulation and development of the internet and e-commerce industries are being ramped up, following a big jump in the number of market players online, analysts noted.
The regulation was issued to prevent and stop unfair competition in the internet industry, maintain market order, encourage innovation, protect the legitimate rights and interests of market operators and consumers, and promote the sound and persistent development of the digital economy, the market regulator noted.
The new regulation came amid China's ramped-up efforts to form a unified national market and continuously improving the business environment, the regulator said.
On Saturday, an executive meeting of the State Council reviewed and adopted a draft regulation to promote fair market competition in China.
Liu Dingding, an internet industry analyst, told the Global Times on Sunday that China's law-based internet governance system has been basically formed now, which will benefit online business operation and provide a positive consumption environment for the economy's recovery.
The new regulation has five chapters and 43 detailed stipulations, covering the definition of unfair competition in the internet sphere, such as fake information and false advertising, and clarifying regulatory enforcement and legal liabilities. It will take effect on September 1.
New types of unfair competition by technical means such as illegal data collection and discriminatory treatment will be also regulated. The new regulation provides a basis to address potential new unfair competition issues in the future, the market regulator said.
The new regulation also urges internet platform-based giant companies to assume more responsibility in regulating unfair competition and take concrete steps for compliance. Internet operators that violate this regulation will be severely penalized, according to the SAMR.
Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Sunday that the regulation announced by the SAMR will help improve the country's digital business governance by cracking down on all illicit behaviors and protecting intellectual property in the internet sphere, and the regulator will play an important role in securing the legal rights of both companies and consumers.
Xiang Piao Piao's stock price soared on Monday and hit the daily up limit after netizens found one of its products sold in a store in Japan have cup sleeve satirizing Japan's handling of nuclear-contaminated wastewater.
The Chinese milk tea brand has reportedly seen a 400 percent surge on its live streaming sales in China as millions of netizens bought the products from Saturday to Sunday.
A Chinese netizen discovered that MECO fruit tea, a drink under the brand of Xiang Piao Piao, sells products in a store in Japan with slogans on their cup sleeves showing "the ocean is not Japan's sewer" and "0.1 percent of the land pollutes 70 percent of the ocean." The picture was then exposed on Chinese media social platform.
Tens of thousands of simultaneous viewers visited Xiang Piao Piao's live stream over the weekend after the matter went heated, in which three of the six items were sold out during the live. The daily sales of its store have skyrocketed from 2,500 yuan ($346) to 1 million yuan, according to media reports.
The cup sleeves have also been out of stock as the demand is increasing, and it will be replenished at a later date, according to the anchor of the event.
The official Weibo account of Xiang Piao Piao also released a statement on Saturday saying that "our staff are awesome" after its action triggered heated discussion on Chinese social media platforms. According to media report, the president of Xiang Piao Piao said during the live stream on Sunday that he would award 100,000 yuan to the related employees and donate all the income from the live stream from 8 pm to 12 am that night to the Environmental Protection Foundation.
The hotline staff from Xiang Piao Piao said that it was a personal behavior of the employees, not an initiative of the company, according to the 21st Century Business Herald. The Kyowa store in Okubo of Japan also told the media that the store has not sold drinks with such cup sleeves.
According to previous reports, the Tokyo Electric Power Company (TEPCO) started to dump the fifth batch of Fukushima nuclear-contaminated water into the ocean on April 19. In Japan's fiscal 2024, which ends in March 2025, TEPCO plans to release a total of 54,600 metric tons across seven rounds, the Japan Times reported.
