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Photo by FMT Summary Manus achieved top scores in the General AI Assistants benchmark, showcasing its versatile abilities such as writing code, browsing the web, and operating applications. The product is currently available by invitation only, and its launch comes amid China's growing influence in the global AI industry. Manus, a new AI agent from Chinese startup  Monica.Im , is said to outperform OpenAI's Deep Research in several key tasks. In a significant development in the artificial intelligence space, Manus, a new AI agent developed by the Chinese startup Monica.Im, is reportedly outperforming OpenAI’s Deep Research in multiple categories. According to Monica.Im, Manus scored the highest in the General AI Assistants benchmark, a third-party evaluation system for AI agents, solidifying its status as a leading AI tool. The company behind Manus, founded by Xiao Hong, is part of the growing wave of Chinese AI startups gaining traction both domestically and abroad.

Photo by FMT Summary China has surpassed the US in both the quantity and quality of semiconductor research, producing over 160,000 chip-related papers from 2018 to 2023. Chinese scholars lead global research in chip design and fabrication, with China holding nine spots in the top 10 of the most prolific publishers. Georgetown University's Emerging Technology Observatory (ETO) report highlights China's push for self-reliance in the semiconductor industry amidst growing tensions with the US. In a landmark development, China has outpaced the US in the field of semiconductor research, producing 160,852 chip-related papers between 2018 and 2023. This is more than the combined total of the next three countries, which includes the US at 71,688 papers. The findings were presented in a recent report by Georgetown University’s Emerging Technology Observatory (ETO), showcasing China's growing dominance in chip design and fabrication.

Photo by FMT Summary Xpeng has become the top Chinese electric vehicle startup by deliveries for February 2025, reaching 30,500 vehicles. The company posted a 570% increase in deliveries year-over-year, continuing a strong trend of exceeding 30,000 units for the past four months. Leapmotor, Xiaomi Auto, and other competitors are also seeing strong delivery numbers, further intensifying competition in China’s EV market. Xpeng has solidified its position as the top Chinese electric vehicle startup for the second consecutive month, delivering an impressive 30,500 vehicles in February 2025. This marks a 570% increase compared to the same period last year, demonstrating the company’s strong performance in the highly competitive EV market. February's results are a continuation of Xpeng’s recent success, having exceeded 30,000 vehicle deliveries for the fourth consecutive month.

Photo by FMT Summary JD.com outperformed quarterly revenue expectations, with strong demand and year-end sales. The company saw double-digit growth in key metrics, including active users and shopping frequency. The Chinese government's stimulus measures and incentives boosted JD.com 's sales in sectors like home appliances. JD.com, one of China's leading e-commerce giants, has reported a stellar performance, surpassing market expectations for its quarterly revenue. The company saw impressive growth, largely driven by deep discounts and price cuts that encouraged consumers to make purchases in the lead-up to the year-end.

Photo by FMT Summary Alibaba has launched its QwQ-32B AI model, claiming it surpasses DeepSeek’s R1 in coding and problem-solving while requiring fewer computing resources. The new QwQ-32B model has a more modest 32 billion parameters compared to DeepSeek's 671 billion, yet it delivers higher performance in areas like mathematics, coding, and general problem-solving. Following the launch, Alibaba's stock surged by 8.4%, highlighting investor confidence in the company's AI capabilities. In a groundbreaking move, Alibaba has unveiled its QwQ-32B AI model, designed to challenge the dominance of DeepSeek and OpenAI. Despite its relatively small parameter size of 32 billion, the model has been touted for outperforming DeepSeek’s R1 model, which boasts 671 billion parameters, in key areas such as coding, mathematics, and problem-solving.

Photo by FMT Summary Adidas China saw double-digit revenue growth of 10.3%, reaching CNY 3.4 billion (USD 3.8 billion) in 2024, making China one of the company's most significant markets. The fourth-quarter revenue rose by 16.1% to CNY 794 million (USD 857 million), marking its seventh consecutive quarter of growth. Adidas China’s localized strategy, focusing on "In China, For China," continues to drive its success, with over 80% of products now produced locally. Adidas China has reported impressive revenue growth of 10.3%, reaching CNY 3.4 billion (approximately USD 3.8 billion) in 2024. This growth highlights China’s critical role in Adidas’ global business strategy, continuing to be one of the company's most important markets. The company’s fourth-quarter revenue surged by 16.1% to CNY 794 million (USD 857 million), marking its seventh consecutive quarter of growth. This strong performance is attributed to both its efforts to expand the sportswear market and its strategic focus on localized operations.

Summary China retaliates against fresh U.S. tariffs with new levies on $21 billion of U.S. agricultural products. Beijing also imposes export controls and curbs on 25 U.S. firms, adding pressure on U.S.-China relations. China hopes to negotiate a deal, but escalating tensions could fuel a trade war with inflation risks. In a swift counteraction to the new U.S. tariffs, China has imposed additional 10%-15% levies on $21 billion worth of American agricultural exports. These tariffs are the latest salvo in the escalating trade war between the two economic giants, exacerbating market uncertainties and signaling further deterioration in trade relations.

Photo by FMT Summary President Trump claimed that China has been deliberately weakening its currency, the yuan, to manipulate trade. Evidence suggests that the yuan has remained relatively stable, with no clear evidence supporting Trump's accusations of manipulation. Despite some depreciation, the People's Bank of China has taken measures to stabilize the yuan. U.S. President Donald Trump has repeatedly accused China of deliberately manipulating its currency, the yuan, to gain an unfair advantage in trade. The president claims that the Chinese government has artificially lowered the value of the yuan to make Chinese exports cheaper, thereby increasing their competitiveness on the global market. Trump’s accusations came during trade talks with China, intensifying already strained economic relations between the two nations. The Yuan's Performance: Stable Despite Claims Contrary to Trump’s claims, evidence from the foreign exchange markets suggests that the yuan has remained relatively stable. According to data from the China Foreign Exchange Trade System (CFETS), which tracks the yuan’s performance against a basket of global currencies, the yuan has only depreciated by 1.4% this year. While there has been some depreciation against the U.S. dollar, this aligns with broader trends in global currency markets rather than any deliberate action by China. According to data from the China Foreign Exchange Trade System (CFETS), the yuan has only depreciated by 1.4% this year. Since Trump’s inauguration, the yuan has fallen approximately 2.5% against the U.S. dollar, but this decline is attributed to the rising strength of the U.S. dollar, rather than direct manipulation by the Chinese government. China’s Efforts to Stabilize the Yuan In response to market fluctuations, the People’s Bank of China (PBOC) has introduced several measures to stabilize the yuan. The PBOC has adjusted its daily midpoint for the yuan and has used its foreign exchange reserves to buffer against any significant depreciation. Additionally, China has been proactive in managing its currency, with state-owned banks selling U.S. dollars to prevent the yuan from falling too sharply. These actions indicate that China is focused on maintaining currency stability, rather than intentionally devaluing its currency to gain trade advantages, as suggested by Trump. In response to market fluctuations, the People’s Bank of China (PBOC) has introduced several measures to stabilize the yuan.  Global Economic Context and the Role of the Yuan Experts suggest that the current level of depreciation is more reflective of China’s economic slowdown and low yields, rather than any intentional devaluation strategy. The fall in foreign investment and weaker domestic consumption have also contributed to the yuan’s slight decline. However, despite these challenges, China remains focused on maintaining the stability of its currency to avoid triggering capital flight and economic instability. Analysis of Trump’s Trade Position Some analysts speculate that Trump’s continued focus on the yuan could be part of his broader strategy to negotiate more favorable trade terms with China. The notion of a “cheap yuan” fits within Trump’s larger argument that China’s trade practices are not fair. However, experts believe that these claims are based more on political positioning rather than on economic facts. The Path Forward for U.S.-China Relations While Trump’s accusations against China regarding currency manipulation continue to make headlines, the reality is that China’s focus is on maintaining currency stability rather than manipulating the yuan. As the trade war between China and the U.S. persists, the question of currency manipulation will likely remain a key issue in future negotiations. Experts suggest that the current level of depreciation is more reflective of China’s economic slowdown and low yields, rather than any intentional devaluation strategy. The ongoing dialogue about trade imbalances, tariffs, and currency values will continue to shape the broader economic relationship between the two countries, but it remains clear that China is working towards long-term economic stability, not currency devaluation for trade advantage.

Photo by FMT Summary Tencent’s Yuanbao AI chatbot has dethroned DeepSeek as the most downloaded free app in China’s iOS App Store. The rise of Yuanbao, launched in May 2024, came after Tencent integrated DeepSeek’s R1 reasoning modelinto the app in February 2025. ByteDance’s Doubao ranked fourth, signaling fierce competition between leading tech giants in the AI chatbotsector. Tencent's Yuanbao AI chatbot has claimed the No. 1 spot in the iOS App Store in China, pushing DeepSeek into second place. This marks a major shift in the competitive AI chatbot landscape, as Tencent moves to solidify its position in the growing AI sector. Yuanbao, which launched in May 2024, has seen significant popularity, following its integration with DeepSeek’s R1 reasoning model earlier this year.

Summary Chinese auto dealers' inventories dropped in February, mainly due to efforts to clear stock before the Chinese New Year and adjustments in vehicle procurement pace. The Vehicle Inventory Alert Index (VIA) for dealers fell to 56.9% in February from 64.1% a year earlier, indicating a recovery in car sales. Price cuts and promotions, including Tesla's largest-ever discount on the Model 3 series, boosted market recovery, but dealers are still facing tight cash flow and high operational risks. In February, Chinese auto dealers saw a significant drop in their inventories, reflecting a shift in the market dynamics. The Vehicle Inventory Alert Index (VIA), which tracks the balance of supply and demand at dealerships, dropped to 56.9%, a decline from 64.1% last year and 62.3% in January. The reduction in stock was primarily driven by efforts to clear inventory ahead of the Chinese New Year holiday and a strategic adjustment in vehicle procurement pace.

Photo by FMT Summary China targets around 5% GDP growth for 2025 while introducing a wide range of stimulus measures to support economic recovery. A budget deficit of 4% of GDP has been set, the highest since 2010, accompanied by a plan for substantial special treasury bond issuance. The government is focusing on boosting domestic consumption and introducing trade-in programs, amidst persistent trade tensions and inflation concerns. China has set an ambitious 5% GDP growth target for 2025, marking a year of focused recovery and reinvigoration for its economy. This growth forecast comes amid mounting trade concerns and slowing domestic demand, particularly from the consumer sector. However, achieving this growth target will require significant effort and a combination of fiscal policies and measures to address ongoing economic challenges.

Photo by FMT Summary BYD has fired a subcontractor involved in the construction of its electric vehicle (EV) factory in Brazil after forced labor allegations. 163 workers were rescued from unsafe and degrading conditions, including overcrowded dormitories and withheld wages. BYD emphasizes its zero tolerance for human rights violations and is investigating further. Chinese electric vehicle (EV) giant BYD has fired its subcontractor, Jinjiang Construction, following serious allegations of forced labor at the construction site of its new EV factory in Camaçari, Brazil. Brazilian authorities rescued 163 workers who were reportedly subjected to "slavery-like" conditions, including overcrowded dormitories and inadequate sanitation facilities.