HOT TOPICS
Report Alleges U.S. Crypto Seizures
A report released by China’s National Computer Virus Emergency Response Center and other agencies alleges that the U.S. has used technological dominance to seize global virtual currency assets. The report claims the U.S. confiscated over $30 billion in crypto assets between 2022 and 2025, netting nearly $20 billion from cases involving Chen Zhi and Changpeng Zhao alone.
Related podcast China Business Uncovered Podcast: A $15 Billion Bitcoin Seizure and the Fall of a Cybercrime Kingpin
Chinese AI Models Surpass U.S. Usage
Weekly usage of Chinese AI models has surpassed that of the U.S. and continues to widen the gap, according to OpenRouter, a global AI model API aggregation platform. From Feb. 16 to 22, the weekly usage of Chinese models surged to 5.16 trillion tokens, while U.S. model usage fell to 2.7 trillion tokens. Four of the top five models on the platform are from Chinese vendors: MiniMax’s M2.5, Moonshot AI’s Kimi K2.5, Zhipu AI’s GLM-5, and DeepSeek’s V3.2.
Commerce Ministry Comments on U.S. Talks
The Ministry of Commerce stated that China is willing to work with the U.S. to implement the consensus reached by the two heads of state in Busan and during their Feb. 4 call. Ahead of the upcoming sixth round of economic and trade consultations, the ministry emphasized managing differences through equal consultation to maintain the healthy, stable, and sustainable development of bilateral trade relations.
RMB Rallies to Three-Year High
The RMB exchange rate strengthened significantly following the Lunar New Year holiday. Over three trading days, both the onshore and offshore RMB rose by nearly 600 basis points against the U.S. dollar, breaking the 6.83 mark to reach a near three-year high. Banking sources noted that while some enterprises showed a stronger willingness to settle foreign exchange, there was no concentrated wave of settlements.
Smartphone Makers Plan Price Hikes
Major smartphone manufacturers including Oppo, Vivo, Xiaomi Corp., iQOO, and Honor Device Co. Ltd. are planning to raise product prices in early March. The adjustments come as procurement costs for storage chips have risen more than 80% year-on-year, with cost pressures showing no sign of easing.
Breakthrough in Battery Tech
A research team from Nankai University and the Shanghai Institute of Space Power-Sources published findings in Nature on Feb. 25 regarding a breakthrough in lithium battery electrolyte technology. The innovation could potentially double the range of existing lithium batteries of the same size and weight while significantly enhancing low-temperature performance.
NEWS SUMMARY
Domestic
The Supreme People’s Court reported that more than 41,000 individuals returning from northern Myanmar involved in telecom fraud have been sentenced, effectively dismantling the Ming and Bai criminal groups.
The Ministry of Commerce and six other departments released a new catalog of encouraged services for import to boost the sector.
A Chinese consulate in Russia issued a reminder that male residents aged 18 to 65 holding long-term status must agree to serve at least one year in Russian military units or similar organizations.
Sales of Chinese-brand passenger vehicles totaled 1.329 million units in January, a decrease of 8.9% year-on-year, according to the China Association of Automobile Manufacturers.
Companies
XPeng Inc. announced its humanoid robot base has landed in Guangzhou, with Chairman He Xiaopeng targeting mass production by the end of 2026.
Multiple Chinese companies responded to Zimbabwe’s suspension of lithium exports.
International
China’s National Development and Reform Commission and the German Federal Ministry for Economic Affairs and Climate Action signed a joint statement to continue their dialogue on climate change and green transition.
The Chinese Consulate General in Osaka reminded citizens to avoid travel to Japan after a Chinese national was robbed on the street.
JPMorgan Chase & Co. raised its long-term gold price forecast to $4,500 an ounce and expects prices to hit $6,300 an ounce by the end of 2026.
Japan plans to deploy a missile unit to Yonaguni Island, located 110 kilometers from Taiwan, by 2030.
