Category: China

MIL-OSI Asia-Pac: International conference focuses on role of PLI Schemes, India’s green transition and inclusive sustainability in shaping India’s industrial policy

Source: Government of India

International conference focuses on role of PLI Schemes, India’s green transition and inclusive sustainability in shaping India’s industrial policy

Panel discussions highlight industrial policy evolution and global competitiveness amid evolving geopolitics

WTO experts underscore key insights on trade policy and industrial policy linkages

Posted On: 06 MAR 2025 12:29PM by PIB Delhi

Discussions around shaping the contours of India’s industrial policy in light of the evolving geopolitical landscape, the role of Production Linked Incentive (PLI) schemes in driving manufacturing competitiveness, India’s green transition and inclusive sustainability in shaping India’s industrial policy and creating resilient global supply chains was at the central of the international conference organised by the Centre for Trade and Investment Law (CTIL).

The international conference was based on the theme “Navigating the Future: Industrial Policy and Global Competitiveness” organised by the Centre for Trade and Investment Law (CTIL), established by the Ministry of Commerce and Industry, Government of India, in collaboration with the Centre for International Trade and Business Laws, NALSAR University of Law and the World Trade Institute, University of Bern, together with the WTO India Chairs Programme. The international conference was held during 17^th to 19^th January 2025 at the NALSAR University of Law, Hyderabad.

Importantly, the conference discussed the role of WTO disciplines in ensuring that industrial policy measures do not negate the core principle of the ruled-based international trading system. The conference featured key insights into the current geopolitical landscape and energy transition.

The central theme of the conference ‘Navigating the Future: Industrial Policy and Global Competitiveness’ was explored through a series of panel discussions and technical sessions. The inaugural sessions featured discussions on the resurgence and evolution of industrial policy, metrics to measure its impact, and their compatibility with WTO rules in a changing global context. Prof. James J. Nedumpara, Head, CTIL, in his welcome speech, highlighted the relevance of the conference theme and the importance of green industrial policy in fostering innovation and technology in the current global context. This was followed by the presidential address delivered by Prof. Srikrishna Deva Rao, Vice Chancellor of NALSAR University of Law. Shri. Ujal Singh Bhatia and Professor Peter Vanden Bosche, former members of the WTO Appellate Body, also emphasised the need for an in-depth examination of the linkages between trade policy and industrial policy.

Shri Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, during his address highlighted that emerging economies can play a catalyzing role in energy transition and pioneer an economic transformation. The Secretary emphasised the role that India can play in the global critical raw material supply chains and underscored that any strategy for value chain integration must be focused on creating value within India, including creating employment opportunities.

In the plenary session, Shri Montek Singh Ahluwalia, Former Deputy Chairman of the Planning Commission highlighted the global shift from free trade to protectionism in response to challenges from China’s rise and evolving U.S. policies. Shri. Ahluwalia emphasized the need for clear, cost-effective interventions in critical sectors, transparency in initiatives like PLIs, and adherence to WTO rules, as part of a balanced approach to security and economic priorities.

Several renowned scholars and policy experts of in the field of international trade and policy including Dr. Werner Zdouc, former Director of the Appellate Body, Mr. Sumanta Chaudhuri, Head Trade Policy, CII, Dr. Pritam Banerjee, Head, Centre for WTO Studies, Prof. Henry Gao, Professor, Singapore Management University, Professor Abhijit Das, former Head, Centre for WTO Studies, Dr. Alicia Gracia, Senior Fellow at Brugel, Dr. Isabelle Van Damme, Director, World Trade Institute, Dr. Rosmy Joan, Associate Professor, NALSAR University, among others spoke in the programme.

In the inaugural session, CTIL launched its monthly investment law newsletter, ‘Investment Law Compass: Navigating through the Global Investment Framework’ which aims to highlight the developments in the investment law landscape and transform it into an accessible and insightful journey for enthusiasts and professionals alike. The newsletter will be available online at www.ctil.org.in.

At the valedictory address, Professor James J Nedumpara reflected on the rich discussions on industrial policy and its various dimensions over the three days and highlighted that the conference was enriched by global participation. He extended his felicitations to the co-collaborators NALSAR and WTI and congratulated them on the successful conclusion of the Conference.

***

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2108731) Visitor Counter : 67

MIL OSI Asia Pacific News –

March 6, 2025

MIL-OSI: JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend

Source: GlobeNewswire (MIL-OSI)

BEIJING, March 06, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

Net revenues were RMB347.0 billion (US$¹47.5 billion) for the fourth quarter of 2024, an increase of 13.4% from the fourth quarter of 2023. Net revenues were RMB1,158.8 billion (US$158.8 billion) for the full year of 2024, an increase of 6.8% from the full year of 2023.
Income from operations was RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024, compared to RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP²income from operations was RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Income from operations was RMB38.7 billion (US$5.3 billion) for the full year of 2024, compared to RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations was RMB44.0 billion (US$6.0 billion) for the full year of 2024, compared to RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023.
Net income attributable to the Company’s ordinary shareholders was RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024, compared to RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023. Net income attributable to the Company’s ordinary shareholders was RMB41.4 billion (US$5.7 billion) for the full year of 2024, compared to RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB47.8 billion (US$6.6 billion) for the full year of 2024, compared to RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.
Diluted net income per ADS was RMB6.47 (US$0.89) for the fourth quarter of 2024, an increase of 203.8% from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS was RMB7.42 (US$1.02) for the fourth quarter of 2024, an increase of 40.0% from RMB5.30 for the fourth quarter of 2023. Diluted net income per ADS was RMB26.86 (US$3.68) for the full year of 2024, an increase of 76.4% from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS was RMB31.07 (US$4.26) for the full year of 2024, an increase of 40.1% from RMB22.17 for the full year of 2023.

“We are pleased to report a strong quarter to close out 2024 amidst rebounding consumption. Our topline growth returned to double digits year-on-year, and bottom line also achieved healthy expansion. In addition, most of our product categories as well as key metrics such as our quarterly active users and shopping frequency saw strong double-digit growth year-on-year in Q4, reflecting our growing mindshare among consumers,” said Sandy Xu, Chief Executive Officer of JD.com. “We head into 2025 with more optimism, as consumption sentiment steadily picks up, and we continue to unlock high-quality growth potentials with our strong execution of strategic priorities.”

“In the fourth quarter, our total revenues increased by 13.4% year-on-year. The momentum was broad-based across multiple categories and revenue streams, reflecting positive macro consumption trends and JD’s expanding market share,” said Ian Su Shan, Chief Financial Officer of JD.com. “Our profitability also continued to rise year-on-year throughout 2024, driven by our optimization in cost and operating efficiency. As we are confident to head towards our long-term profitability target, we are excited to announce an increased annual cash dividend for 2024 which, alongside our on-going US$5.0 billion share repurchase program, further demonstrates JD’s commitment to shareholder return.”

Dividend Payment

The Company announced that its board of directors (the “Board”) approved an annual cash dividend for the year ended December 31, 2024 of US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 8, 2025 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend is expected to be approximately US$1.5 billion, as calculated on the current number of the Company’s total issued and outstanding shares, which may be subject to minor adjustment by the record date. The payment date is expected to be on or around April 23, 2025 and on or around April 29, 2025 for holders of ordinary shares and holders of ADSs, respectively.

Updates of Share Repurchase Program

The Company repurchased a total of approximately 255.3 million Class A ordinary shares (equivalent of 127.6 million ADSs) for a total of approximately US$3.6 billion during the year ended December 31, 2024. All of these ordinary shares were repurchased from both Nasdaq and the Hong Kong Stock Exchange pursuant to the Company’s share repurchase programs publicly announced. The total number of shares repurchased by the Company for the year ended December 31, 2024 amounted to approximately 8.1% of its ordinary shares outstanding as of December 31, 2023³.

The Company has fully utilized the repurchase amount authorized under its US$3.0 billion share repurchase program announced in March 2024, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the program cancelled.

In addition, the Company adopted and announced a new share repurchase program (the “New Share Repurchase Program”) in August 2024. Pursuant to the New Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.

Business Highlights

JD Retail:
In January 2025, JD.com announced comprehensive upgrades to its PLUS membership, introducing a “Lifestyle Service Package” that allows members to redeem PLUS credits for seven services, including home cleaning, laundry, car wash and delivery, among other things. JD PLUS members will also enjoy a new “180-Day Replacement over Repair” policy for self-operated electronics and home appliances products in cases of any quality defects. Additionally, the “Unlimited Free Shipping” service has been expanded to cover the self-operated offerings on JD NOW, the on-demand retail business of the Company.

JD Health:
In the fourth quarter of 2024, JD Health further boosted up its service offerings with the expansion of its “Express Test at Your Doorstep” program, safeguarding more people’s health during periods of high incidence of respiratory illnesses. As of the end of the quarter, JD Health had launched 149 express testing products, with the service available in 12 core cities in China, covering a total population of over 150 million.

JD Logistics:
During the 2024 JD Singles Day Grand Promotion, JD Logistics’s (“JDL’s”) express delivery business celebrated the first anniversary of its upgraded offerings in Hong Kong and Macau. It provides seamless door-to-door delivery and other differentiated services in the regions, such as night-time pickups and intra-city delivery within as fast as four hours, significantly improving the online shopping and shipping experience for local customers. This in turn drives JDL’s rapid order volume growth in the regions.

In the fourth quarter of 2024, JDL further outlined its overseas roadmap. In particular, it will drive simultaneous progress of building its global warehouse network, air freight network, and express delivery capabilities. These efforts will enable JDL to provide integrated supply chain solutions to overseas customers, China-based brands expanding overseas, and cross-border merchants, driving toward the ultimate in delivering hassle-free and efficient supply chain logistics services globally.

Environment, Social and Governance

JD.com has been committed to providing admirable, fulfilling, and rewarding job opportunities for its workforce from day one. As of December 31, 2024, over 1,200 frontline employees have retired from JDL, with roles spanning from couriers to sorters, freight drivers and others from across China. These retirees have received comprehensive retirement benefits including elderly care, medical treatment, and injury compensation, and headed to post-career lives with safeguards.
As a testament to JD.com’s unwavering commitment to creating more jobs and making contribution to the society, the Company’s total expenditure for human resources, including both its own employees and external personnel who work for the Company, amounted to RMB116.1 billion for the year ended December 31, 2024. The Company’s total number of employees was approximately 570,000 as of December 31, 2024. Together with the Company’s part-time staff and interns, as well as the personnel of the Company’s affiliates, the total personnel under the JD Ecosystem⁴ was approximately 670,000.
In January 2025, JDL’s independently developed MRV-T digital carbon reduction technology (carbon footprint monitoring, reporting, verification, and tracking) was included in the “Green Technology Promotion Catalogue (2024 Edition)” issued by the National Development and Reform Commission and other authorities, the only green technology that won the honor in the logistics industry with a focus on environmental sustainability.

Fourth Quarter 2024 Financial Results

Net Revenues. Net revenues increased by 13.4% to RMB347.0 billion (US$47.5 billion) for the fourth quarter of 2024 from RMB306.1 billion for the fourth quarter of 2023. Net product revenues increased by 14.0%, while net service revenues increased by 10.8% for the fourth quarter of 2024, compared to the fourth quarter of 2023.

Cost of Revenues. Cost of revenues increased by 11.9% to RMB293.9 billion (US$40.3 billion) for the fourth quarter of 2024 from RMB262.6 billion for the fourth quarter of 2023.

Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 16.4% to RMB20.1 billion (US$2.8 billion) for the fourth quarter of 2024 from RMB17.3 billion for the fourth quarter of 2023. Fulfillment expenses as a percentage of net revenues was 5.8% for the fourth quarter of 2024, compared to 5.6% for the fourth quarter of 2023.

Marketing Expenses. Marketing expenses increased by 28.4% to RMB16.8 billion (US$2.3 billion) for the fourth quarter of 2024 from RMB13.1 billion for the fourth quarter of 2023. Marketing expenses as a percentage of net revenues was 4.9% for the fourth quarter of 2024, compared to 4.3% for the fourth quarter of 2023, primarily due to the increased spending in promotion activities.

Research and Development Expenses. Research and development expenses increased by 1.0% to RMB4.4 billion (US$0.6 billion) for the fourth quarter of 2024 from RMB4.3 billion for the fourth quarter of 2023. Research and development expenses as a percentage of net revenues was 1.3% for the fourth quarter of 2024, compared to 1.4% for the fourth quarter of 2023.

General and Administrative Expenses. General and administrative expenses increased by 3.3% to RMB2.5 billion (US$0.3 billion) for the fourth quarter of 2024 from RMB2.4 billion for the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues was 0.7% for the fourth quarter of 2024, compared to 0.8% for the fourth quarter of 2023.

Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 319.3% to RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024 from RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP income from operations increased by 34.4% to RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Operating margin of JD Retail before unallocated items for the fourth quarter of 2024 was 3.3%, compared to 2.6% for the fourth quarter of 2023.

Non-GAAP EBITDA. Non-GAAP EBITDA increased by 29.7% to RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024 from RMB9.7 billion for the fourth quarter of 2023. Non-GAAP EBITDA margin was 3.6% for the fourth quarter of 2024, compared to 3.2% for the fourth quarter of 2023.

Others, net. “Others, net” was a gain of RMB3.5 billion (US$0.5 billion) for the fourth quarter of 2024, compared to a gain of RMB1.7 billion for the fourth quarter of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 190.8% to RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 34.2% to RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024 from RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023.

Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 203.8% to RMB6.47 (US$0.89) for the fourth quarter of 2024 from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS increased by 40.0% for the fourth quarter of 2024 to RMB7.42 (US$1.02) from RMB5.30 for the fourth quarter of 2023.

Cash Flow and Working Capital

As of December 31, 2024, the Company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB241.4 billion (US$33.1 billion), compared to RMB197.7 billion as of December 31, 2023. For the fourth quarter of 2024, free cash flow of the Company was as follows:

	For the three months ended
	December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$
	(In millions)

Net cash provided by operating activities	19,613		24,891		3,410
Add: Impact from consumer financing receivables included in the operating cash flow	251		1,243		170
Less: Capital expenditures, net of related sales proceeds
Capital expenditures for development properties	(4,596	)	(875	)	(120	)
Other capital expenditures*	(1,969	)	(1,789	)	(245	)
Free cash flow	13,299		23,470		3,215

* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

Net cash used in investing activities was RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024, consisting primarily of net cash paid for purchase of time deposits and wealth management products, cash paid for equity investments, and cash paid for capital expenditures.

Net cash used in financing activities was RMB2.8 billion (US$0.4 billion) for the fourth quarter of 2024, consisting primarily of net repayment of borrowings.

Full Year 2024 Financial Results

Net Revenues. Net revenues increased by 6.8% to RMB1,158.8 billion (US$158.8 billion) for the full year of 2024 from RMB1,084.7 billion for the full year of 2023. Net product revenues increased by 6.5%, while net service revenues increased by 8.1% for the full year of 2024, compared to the full year of 2023.

Cost of Revenues. Cost of revenues increased by 5.4% to RMB975.0 billion (US$133.6 billion) for the full year of 2024 from RMB925.0 billion for the full year of 2023.

Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 9.1% to RMB70.4 billion (US$9.6 billion) for the full year of 2024 from RMB64.6 billion for the full year of 2023. Fulfillment expenses as a percentage of net revenues was 6.1% for the full year of 2024, compared to 6.0% for the full year of 2023.

Marketing Expenses. Marketing expenses increased by 19.5% to RMB48.0 billion (US$6.6 billion) for the full year of 2024 from RMB40.1 billion for the full year of 2023. Marketing expenses as a percentage of net revenues was 4.1% for the full year of 2024, compared to 3.7% for the full year of 2023, primarily due to the increased spending in promotion activities.

Research and Development Expenses. Research and development expenses increased by 3.9% to RMB17.0 billion (US$2.3 billion) for the full year of 2024 from RMB16.4 billion for the full year of 2023. Research and development expenses as a percentage of net revenues remained stable of 1.5% for the full year of 2024 and 2023.

General and Administrative Expenses. General and administrative expenses decreased by 8.5% to RMB8.9 billion (US$1.2 billion) for the full year of 2024 from RMB9.7 billion for the full year of 2023. General and administrative expenses as a percentage of net revenues was 0.8% for the full year of 2024, compared to 0.9% for the full year of 2023.

Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 48.8% to RMB38.7 billion (US$5.3 billion) for the full year of 2024 from RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations increased by 24.2% to RMB44.0 billion (US$6.0 billion) for the full year of 2024 from RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023. Operating margin of JD Retail before unallocated items was 4.0% for the full year of 2024, compared to 3.8% for the full year of 2023.

Non-GAAP EBITDA. Non-GAAP EBITDA increased by 22.3% to RMB51.9 billion (US$7.1 billion) for the full year of 2024 from RMB42.5 billion for the full year of 2023. Non-GAAP EBITDA margin was 4.5% for the full year of 2024, compared to 3.9% for the full year of 2023.

Others, net. “Others, net” was a gain of RMB13.4 billion (US$1.8 billion) for the full year of 2024, compared to a gain of RMB7.5 billion for the full year of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 71.1% to RMB41.4 billion (US$5.7 billion) for the full year of 2024 from RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 35.9% to RMB47.8 billion (US$6.6 billion) for the full year of 2024 from RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.

Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 76.4% to RMB26.86 (US$3.68) for the full year of 2024 from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS increased by 40.1% for the full year of 2024 to RMB31.07 (US$4.26) from RMB22.17 for the full year of 2023.

Cash Flow and Working Capital

For the full year of 2024, free cash flow of the Company was as follows:

	For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$
	(In millions)

Net cash provided by operating activities	59,521		58,095		7,959
Less: Impact from consumer financing receivables included in the operating cash flow	(492	)	(132	)	(18	)
Less: Capital expenditures, net of related sales proceeds
Capital expenditures for development properties	(12,117	)	(7,286	)	(998	)
Other capital expenditures*	(6,261	)	(6,937	)	(951	)
Free cash flow	40,651		43,740		5,992

* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

Net cash used in investing activities was RMB0.9 billion (US$0.1 billion) for the full year of 2024, consisting primarily of cash paid for capital expenditures and cash paid for equity investments, partially offset by net cash received from maturity of time deposits and wealth management products.

Net cash used in financing activities was RMB21.0 billion (US$2.9 billion) for the full year of 2024, consisting primarily of cash paid for repurchase of ordinary shares and dividends, partially offset by net proceeds from issuance of convertible senior notes.

Supplemental Information

From the first quarter of 2024, the Company started to report three segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision maker of the Company under its ongoing operating strategies. JD Retail, including JD Health and JD Industrials, among other components, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include Dada, JD Property, Jingxi and overseas businesses.

The table below sets forth the segment operating results, with prior periods segment information retrospectively recast to conform to the current period presentation:

	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$
	(In millions, except percentage data)
Net revenues:
JD Retail	267,646		307,055		42,066		945,343		1,015,948		139,184
JD Logistics	47,201		52,097		7,137		166,625		182,837		25,049
New Businesses	6,781		4,681		642		26,617		19,157		2,625
Inter-segment eliminations*	(15,551	)	(16,847	)	(2,308	)	(53,923	)	(59,123	)	(8,100	)
Total consolidated net revenues	306,077		346,986		47,537		1,084,662		1,158,819		158,758
Operating income/(loss):
JD Retail	6,937		10,036		1,375		35,925		41,077		5,628
JD Logistics	1,330		1,824		250		1,005		6,317		865
New Businesses	(795	)	(885	)	(121	)	(329	)	(2,865	)	(393	)
Including: gain on sale of development properties	802		1,527		209		2,283		1,527		209
Impairment of long-lived assets	(1,123	)	(1,027	)	(141	)	(1,123	)	(1,027	)	(141	)
Total segment operating income	7,472		10,975		1,504		36,601		44,529		6,100
Unallocated items**	(5,447	)	(2,484	)	(341	)	(10,576	)	(5,793	)	(793	)
Total consolidated operating income	2,025		8,491		1,163		26,025		38,736		5,307

YoY% change of net revenues:
JD Retail	3.4	%	14.7	%			1.7	%	7.5	%
JD Logistics	9.7	%	10.4	%			21.3	%	9.7	%
New Businesses	(8.9	)%	(31.0	)%			(10.7	)%	(28.0	)%

Operating margin:
JD Retail	2.6	%	3.3	%			3.8	%	4.0	%
JD Logistics	2.8	%	3.5	%			0.6	%	3.5	%
New Businesses	(11.7	)%	(18.9	)%			(1.2	)%	(15.0	)%

* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics.

** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.

The table below sets forth the revenue information:

	For the three months ended
	December 31, 2023	December 31, 2024	December 31, 2024	YoY% Change
	RMB	RMB	US$
	(In millions, except percentage data)
Electronics and home appliances revenues	150,353	174,149	23,858	15.8	%
General merchandise revenues	96,148	106,829	14,636	11.1	%
Net product revenues	246,501	280,978	38,494	14.0	%
Marketplace and marketing revenues	23,626	26,634	3,649	12.7	%
Logistics and other service revenues	35,950	39,374	5,394	9.5	%
Net service revenues	59,576	66,008	9,043	10.8	%
Total net revenues	306,077	346,986	47,537	13.4	%

	For the year ended
	December 31, 2023	December 31, 2024	December 31, 2024	YoY% Change
	RMB	RMB	US$
	(In millions, except percentage data)
Electronics and home appliances revenues	538,799	564,982	77,402	4.9	%
General merchandise revenues	332,425	363,025	49,734	9.2	%
Net product revenues	871,224	928,007	127,136	6.5	%
Marketplace and marketing revenues	84,726	90,111	12,345	6.4	%
Logistics and other service revenues	128,712	140,701	19,277	9.3	%
Net service revenues	213,438	230,812	31,622	8.1	%
Total net revenues	1,084,662	1,158,819	158,758	6.8	%

Conference Call

JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss its financial results for the three months and the full year ended December 31, 2024.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html

CONFERENCE ID: 10044957

A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:

US:	+1-855-883-1031
International:	+61-7-3107-6325
Hong Kong:	800-930-639
Mainland China:	400-120-9216
Passcode:	10044957

Additionally, a live and archived webcast of the conference call will also be available on the JD.com’s investor relations website at http://ir.jd.com.

About JD.com

JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

Non-GAAP Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders, non-GAAP net margin attributable to the Company’s ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties and impairment of goodwill and long-lived assets. The Company defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments and others, reconciling items on the share of equity method investments, loss/(gain) from fair value change of long-term investments, impairment of goodwill, long-lived assets and investments, gain on sale of development properties and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP EBITDA reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

CONTACTS:

Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com

Media Relations
+86 (10) 8911-6155
Press@JD.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.

JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)

	As of
	December 31, 2023	December 31, 2024	December 31, 2024
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	71,892	108,350	14,844
Restricted cash	7,506	7,366	1,009
Short-term investments	118,254	125,645	17,213
Accounts receivable, net (including consumer financing receivables of RMB2.3 billion and RMB2.0 billion as of December 31, 2023 and December 31, 2024, respectively)⁽¹⁾	20,302	25,596	3,507
Advance to suppliers	2,753	7,619	1,044
Inventories, net	68,058	89,326	12,238
Prepayments and other current assets	15,639	15,951	2,185
Amount due from related parties	2,114	4,805	658
Assets held for sale	1,292	2,040	279
Total current assets	307,810	386,698	52,977
Non-current assets
Property, equipment and software, net	70,035	82,737	11,335
Construction in progress	9,920	6,164	845
Intangible assets, net	6,935	7,793	1,068
Land use rights, net	39,563	36,833	5,046
Operating lease right-of-use assets	20,863	24,532	3,361
Goodwill	19,980	25,709	3,522
Investment in equity investees	56,746	56,850	7,788
Marketable securities and other investments	80,840	59,370	8,134
Deferred tax assets	1,744	2,459	337
Other non-current assets	14,522	9,089	1,245
Total non-current assets	321,148	311,536	42,681
Total assets	628,958	698,234	95,658

JD.com, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except otherwise noted)

	As of
	December 31, 2023	December 31, 2024	December 31, 2024
	RMB	RMB	US$
LIABILITIES
Current liabilities
Short-term debts	5,034	7,581	1,039
Accounts payable	166,167	192,860	26,422
Advance from customers	31,625	32,437	4,443
Deferred revenues	2,097	2,097	287
Taxes payable	7,313	9,487	1,300
Amount due to related parties	1,620	1,367	187
Accrued expenses and other current liabilities	43,533	45,985	6,300
Operating lease liabilities	7,755	7,606	1,042
Liabilities held for sale	506	101	14
Total current liabilities	265,650	299,521	41,034
Non-current liabilities
Deferred revenues	964	502	69
Unsecured senior notes	10,411	24,770	3,393
Deferred tax liabilities	9,267	9,498	1,301
Long-term borrowings	31,555	31,705	4,344
Operating lease liabilities	13,676	18,106	2,481
Other non-current liabilities	1,055	835	114
Total non-current liabilities	66,928	85,416	11,702
Total liabilities	332,578	384,937	52,736

MEZZANINE EQUITY	614	484	66

SHAREHOLDERS’ EQUITY
Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000 million shares authorized, 3,188 million shares issued⁽²⁾ and 2,903 million shares outstanding as of December 31, 2024)	231,858	239,347	32,791
Non-controlling interests	63,908	73,466	10,065
Total shareholders’ equity	295,766	312,813	42,856

Total liabilities, mezzanine equity and shareholders’ equity	628,958	698,234	95,658

(1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales type arrangements.
(2) The number of ordinary shares issued as of February 28, 2025 was 2,981 million, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the US$3.0 billion share repurchase program announced in March 2024 cancelled.

JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)

	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$
Net revenues
Net product revenues	246,501		280,978		38,494		871,224		928,007		127,136
Net service revenues	59,576		66,008		9,043		213,438		230,812		31,622
Total net revenues	306,077		346,986		47,537		1,084,662		1,158,819		158,758
Cost of revenues	(262,575	)	(293,869	)	(40,260	)	(924,958	)	(974,951	)	(133,568	)
Fulfillment	(17,283	)	(20,121	)	(2,757	)	(64,558	)	(70,426	)	(9,648	)
Marketing	(13,110	)	(16,832	)	(2,306	)	(40,133	)	(47,953	)	(6,570	)
Research and development	(4,341	)	(4,384	)	(601	)	(16,393	)	(17,031	)	(2,333	)
General and administrative	(2,377	)	(2,455	)	(336	)	(9,710	)	(8,888	)	(1,218	)
Impairment of goodwill	(3,143	)	(799	)	(109	)	(3,143	)	(799	)	(109	)
Impairment of long-lived assets	(2,025	)	(1,562	)	(214	)	(2,025	)	(1,562	)	(214	)
Gain on sale of development properties	802		1,527		209		2,283		1,527		209
Income from operations⁽³⁾⁽⁴⁾	2,025		8,491		1,163		26,025		38,736		5,307
Other income/(expenses)
Share of results of equity investees	497		556		76		1,010		2,327		319
Interest expense	(927	)	(926	)	(127	)	(2,881	)	(2,896	)	(397	)
Others, net⁽⁵⁾	1,711		3,493		479		7,496		13,371		1,832
Income before tax	3,306		11,614		1,591		31,650		51,538		7,061
Income tax expenses	(1,394	)	(750	)	(103	)	(8,393	)	(6,878	)	(943	)
Net income	1,912		10,864		1,488		23,257		44,660		6,118
Net income/(loss) attributable to non-controlling interests shareholders	(1,477	)	1,010		138		(910	)	3,301		452
Net income attributable to the Company’s ordinary shareholders	3,389		9,854		1,350		24,167		41,359		5,666

Net income per share:
Basic	1.08		3.39		0.47		7.69		13.83		1.90
Diluted	1.07		3.23		0.44		7.61		13.43		1.84
Net income per ADS:
Basic	2.15		6.79		0.93		15.37		27.67		3.79
Diluted	2.13		6.47		0.89		15.23		26.86		3.68

JD.com, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share data)

	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

(3) Includes share-based compensation as follows:
Cost of revenues	(34	)	(26	)	(4	)	(133	)	(80	)	(11	)
Fulfillment	(127	)	(115	)	(16	)	(697	)	(424	)	(58	)
Marketing	(96	)	(50	)	(7	)	(426	)	(273	)	(37	)
Research and development	(169	)	(88	)	(12	)	(859	)	(599	)	(82	)
General and administrative	(554	)	(517	)	(70	)	(2,689	)	(1,623	)	(223	)
Total	(980	)	(796	)	(109	)	(4,804	)	(2,999	)	(411	)

(4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
Fulfillment	(103	)	(72	)	(10	)	(414	)	(288	)	(39	)
Marketing	(221	)	(229	)	(31	)	(880	)	(903	)	(123	)
Research and development	(66	)	(53	)	(7	)	(305	)	(205	)	(28	)
General and administrative	(32	)	—		—		(128	)	(64	)	(9	)
Total	(422	)	(354	)	(48	)	(1,727	)	(1,460	)	(199	)

(5) “Others, net” consists of interest income; gains/(losses) related to long-term investments without significant influence, including fair value changes, acquisitions or disposals gains/(losses), and impairments; government incentives; foreign exchange gains/(losses); and other non-operating income/(losses).

JD.com, Inc.
Unaudited Non-GAAP Net Income Per Share and Per ADS
(In millions, except per share data)

	For the three months ended			For the year ended
	December 31, 2023	December 31, 2024	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2024
	RMB	RMB	US$	RMB	RMB	US$

Non-GAAP net income attributable to the Company’s ordinary shareholders	8,415	11,294	1,547	35,200	47,827	6,552

Weighted average number of shares:
Basic	3,147	2,903	2,903	3,144	2,990	2,990
Diluted	3,166	3,041	3,041	3,171	3,076	3,076

Non-GAAP net income per share:
Basic	2.67	3.89	0.53	11.20	16.00	2.19
Diluted	2.65	3.71	0.51	11.08	15.53	2.13

Non-GAAP net income per ADS:
Basic	5.35	7.78	1.07	22.39	31.99	4.38
Diluted	5.30	7.42	1.02	22.17	31.07	4.26

JD.com, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows and Free Cash Flow
(In millions)

	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Net cash provided by operating activities	19,613		24,891		3,410		59,521		58,095		7,959
Net cash used in investing activities	(63,072	)	(12,483	)	(1,710	)	(59,543	)	(871	)	(119	)
Net cash used in financing activities	(745	)	(2,784	)	(381	)	(5,808	)	(21,004	)	(2,877	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(213	)	1,136		155		125		98		13
Net (decrease)/increase in cash, cash equivalents and restricted cash	(44,417	)	10,760		1,474		(5,705	)	36,318		4,976
Cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale	123,868		104,956		14,379		85,156		79,451		10,884
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period	—		(2	)	—*		(41	)	(53	)	(7	)
Cash, cash equivalents, and restricted cash at beginning of period	123,868		104,954		14,379		85,115		79,398		10,877
Cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale	79,451		115,716		15,853		79,451		115,716		15,853
Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at end of period	(53	)	—*		—*		(53	)	—*		—*
Cash, cash equivalents and restricted cash at end of period	79,398		115,716		15,853		79,398		115,716		15,853

Net cash provided by operating activities	19,613		24,891		3,410		59,521		58,095		7,959
Add/(Less): Impact from consumer financing receivables included in the operating cash flow	251		1,243		170		(492	)	(132	)	(18	)
Less: Capital expenditures, net of related sales proceeds
Capital expenditures for development properties	(4,596	)	(875	)	(120	)	(12,117	)	(7,286	)	(998	)
Other capital expenditures	(1,969	)	(1,789	)	(245	)	(6,261	)	(6,937	)	(951	)
Free cash flow	13,299		23,470		3,215		40,651		43,740		5,992

*Absolute value is less than RMB1 million or US$1 million.

JD.com, Inc.
Supplemental Financial Information and Business Metrics (In RMB billions, except turnover days data)

	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Cash flow and turnover days
Operating cash flow – trailing twelve months (“TTM”)	59.5	69.8	74.0	52.8	58.1
Free cash flow – TTM	40.7	50.6	55.6	33.6	43.7
Inventory turnover days⁽⁶⁾ – TTM	30.3	29.0	29.8	30.4	31.5
Accounts payable turnover days⁽⁷⁾ – TTM	53.2	51.8	57.0	57.5	58.6
Accounts receivable turnover days⁽⁸⁾ – TTM	5.6	5.4	5.7	5.8	5.9

(6) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(7) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
(8) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables.

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)
	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Income from operations	2,025		8,491		1,163		26,025		38,736		5,307
Add: Share-based compensation	980		796		109		4,804		2,999		411
Add: Amortization of intangible assets resulting from assets and business acquisitions	309		241		33		1,281		1,010		137
Add: Effects of business cooperation arrangements	113		113		15		446		450		62
Reversal of: Gain on sale of development properties	(802	)	(1,527	)	(209	)	(2,283	)	(1,527	)	(209	)
Add: Impairment of goodwill and long-lived assets	5,168		2,361		323		5,168		2,361		323
Non-GAAP income from operations	7,793		10,475		1,434		35,441		44,029		6,031
Add: Depreciation and other amortization	1,868		2,054		281		7,011		7,894		1,083
Non-GAAP EBITDA	9,661		12,529		1,715		42,452		51,923		7,114

Total net revenues	306,077		346,986		47,537		1,084,662		1,158,819		158,758

Non-GAAP operating margin	2.5	%	3.0	%			3.3	%	3.8	%

Non-GAAP EBITDA margin	3.2	%	3.6	%			3.9	%	4.5	%

JD.com, Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except percentage data)

	For the three months ended						For the year ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Net income attributable to the Company’s ordinary shareholders	3,389		9,854		1,350		24,167		41,359		5,666
Add: Share-based compensation	744		649		89		3,817		2,429		333
Add: Amortization of intangible assets resulting from assets and business acquisitions	144		116		16		669		458		63
Add: Reconciling items on the share of equity method investments⁽⁹⁾	69		563		77		1,071		1,227		168
Add: Impairment of goodwill, long-lived assets, and investments	4,430		2,971		406		6,202		5,667		775
Add/(Reversal of): Loss/(Gain) from fair value change of long-term investments	453		(611	)	(83	)	848		(1,083	)	(148	)
Reversal of: Gain on sale of development properties	(601	)	(1,145	)	(157	)	(1,721	)	(1,145	)	(157	)
Reversal of: Gain on disposals/deemed disposals of investments and others	(71	)	(574	)	(78	)	(126	)	(853	)	(117	)
Add: Effects of business cooperation arrangements	113		113		15		446		450		62
Reversal of: Tax effects on non-GAAP adjustments	(255	)	(642	)	(88	)	(173	)	(682	)	(93	)
Non-GAAP net income attributable to the Company’s ordinary shareholders	8,415		11,294		1,547		35,200		47,827		6,552

Total net revenues	306,077		346,986		47,537		1,084,662		1,158,819		158,758

Non-GAAP net margin attributable to the Company’s ordinary shareholders	2.7	%	3.3	%			3.2	%	4.1	%

(9) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books.

¹The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024, which was RMB7.2993 to US$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.
² See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement.
³ The number of ordinary shares outstanding as of December 31, 2023 was approximately 3,138 million shares.
⁴JD Ecosystem is a closely integrated business network providing comprehensive service for customers and comprises the Company and certain affiliates who share the “JD” brand name, currently including Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd..

The MIL Network –

March 6, 2025

MIL-OSI Economics: Winners of Huawei ICT Competition 2024-2025 APAC Final Announced

Source: Huawei

Headline: Winners of Huawei ICT Competition 2024-2025 APAC Final Announced

[Kuala Lumpur, Malaysia, March 6, 2025] The awards ceremony for the Asia-Pacific Regional Final of the Huawei ICT Competition 2024-2025, jointly hosted by Huawei and the ASEAN Foundation, was held in Kuala Lumpur, Malaysia on February 27. The competition attracted more than 8,000 students from over 20 countries and regions, marking a 25% increase compared to the previous year. After a rigorous selection process, over 110 students from 12 countries and regions succeeded in advancing to the Finals.
Guests, teachers, and students stand for the national anthem of Malaysia and the ASEAN anthem

Among the esteemed guests in attendance were YB Dato’ Seri Diraja Dr. Zambry Abdul Kadir, Minister of Higher Education of Malaysia; Prof. Datuk Dr. Azlinda Azman, Director General of Higher Education; H.E. Nararya S. Soeprapto, Deputy Secretary-General of ASEAN for Community and Corporate Affairs; Mr. Kongsada Detvongsone, Deputy Permanent Representative of the Permanent Mission of the Lao PDR to ASEAN; Dr. Piti Srisangnam, Executive Director of the ASEAN Foundation.
Alex Zhang, Vice President of Huawei Asia Pacific Region, said in his speech that Huawei is honored to establish more ICT academies and organize ICT competitions to cultivate a learning ecosystem. “In this ecosystem, future leaders will be able to utilize technologies such as 5G, AI, and cloud computing to develop effective solutions. Whether it’s driving digital economic development, building sustainable cities, improving healthcare services, or enhancing education quality, these efforts are all crucial.”
The team from the Institute of Technology of Cambodia won the grand prize in the Innovation Track of the competition. The judges highly praised their work for its technical innovation as well as its business and social significance. Posts and Telecommunications Institute of Technology from Vietnam won the grand prize in the Computing Track, Institut Teknologi Bandung from Indonesia won the grand prize in the Network Track, and the i-Academy from the Philippines won the grand prize in the Cloud Track. The grand prizes were presented by YB Dato’ Seri Diraja Dr. Zambry Abdul Kadir and H.E. Nararya S. Soeprapto, and witnessed by Prof. Datuk Dr. Azlinda Azman and Alex Zhang.
Grand prize winners of the Innovation Track

Grand prize winners of the Computing Track

Grand prize winners of the Network Track

Grand prize winners of the Cloud Track

35 teams from Malaysia, Singapore, Brunei, Japan, Laos, Thailand, Hong Kong SAR (China), and Macao SAR (China) won first, second, and third prizes in the four competition tracks. Mr. Kongsada Detvongsone, Huawei Service Fellow Sun Hu, and Alex Zhang presented the awards to the winning teams. The top-ranked teams will represent the Asia-Pacific region at the Global Final in Shenzhen in May 2025.
In this year’s newly introduced Teaching Competition, Dr. Husni Teja Sukmana from the Association of Higher Education in Informatics and Computer Science (APTIKOM) in Indonesia won the grand prize for his exceptional teaching skills.
The competition also presented special awards to recognize participants who excelled in promoting digital inclusion and contributing to a sustainable, smart world. The team from the National University of Singapore won the TECH4ALL Digital Inclusion Award, while the team from Universiti Teknologi Brunei won the Green Development Award. Additionally, in an effort to encourage more women to pursue careers in technology and innovation while supporting the expansion of the ICT industry, Huawei presented a special honor—the Women in Tech Award—which was claimed this year by Malaysia’s Universiti Malaya. The award was presented by Dr. Piti Srisangnam.
One of Huawei’s key business slogans is “In the Asia Pacific region, for the Asia Pacific region.” Leveraging its robust technical capabilities, Huawei proactively collaborates with governments, universities, and enterprises to establish a thriving ecosystem that fosters the growth and development of ICT talent in the Asia Pacific region.
In the last eight years, the Huawei ICT Academy has made significant progress. The program has grown from partnering with just two universities in two countries to collaborating with over 340 universities in 18 countries. In 2024, Huawei kept pace with the latest technology trends and industry developments, launching nine new courses in the Asia-Pacific Region focused on areas like AI, openEuler, Gauss, and cloud computing.
Additionally, Huawei worked on integrating and creating localized courses in Thai and Indonesian languages to provide students with more cutting-edge, diverse, and applicable learning resources. In 2023, Huawei collaborated with the Ministry of Labor of Thailand and the Thailand Vocational Qualification Association to introduce PV installer certification and network engineer training. Huawei integrated its career certification system into Thailand’s arsenal of ICT education standards, partnering with universities and companies to establish training programs. To date, over 300 trainees have received dual certificates through these initiatives.
These initiatives have helped boost the local digital talent ecosystem in Thailand. As part of its first vocational education project outside China, Huawei collaborated with the government and certification bodies to develop courses and qualifications, setting a positive example for nurturing ICT talent across the Asia-Pacific region and beyond.
ICT competition fosters effective teamwork between contestants and helps them build their creativity and entrepreneurship. Later on, these qualities will help them succeed in their chosen careers. Considering both economic and social value, the competition promotes the adoption of the latest ICTs (such as the Internet, big data, and AI) in production, education, research, and application. Participating countries and regions recognize the importance of investing in the ICT talent ecosystem, which leads to faster digital transformation worldwide. In addition, the competition promotes equal access to quality education and global digital inclusion.

MIL OSI Economics –

March 6, 2025
MIL-Evening Report: Grattan on Friday: Anthony Albanese beset by disruptors, from Cyclone Alfred to Donald Trump

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Issues sometimes “come at you”, Anthony Albanese declared on Thursday at the end of a news conference, held at Canberra’s National Situation Room, about Cyclone Alfred.

The cyclone is a disaster for millions of people in its path. For the prime minister, it is a major political disruptor.

Albanese cancelled his visit to Western Australia: he’d wanted to be there when Labor has its anticipated certain win at Saturday’s election.

His own election planning – which seemed headed for an April 12 election called this weekend – has been thrown into some disarray (although this is contested by those involved).

Then there was the good news that was crowded out. Wednesday’s national accounts finally showed some of the much hoped-for positive trends, especially an end to the per capita recession, which had been running for seven consecutive quarters. But with the cyclone naturally dominating attention, who noticed?

Albanese’s response to the new circumstances was to place himself at the centre of the planning for the cyclone. He stood side by side with Queensland Premier David Crisafulli at his news conference on Wednesday and was early to the Situation Room on Thursday morning, promising to give regular updates.

To questions about whether he’d abandoned any thought of calling an election at the weekend, the PM insisted (unconvincingly) that politics was furthest from his mind. Though announcing an election would appear near impossible in the circumstances, and attention had already begun turning to a May date (and a budget beforehand), Albanese on Thursday wouldn’t be drawn. Basically, he was waiting to see what happened with the weather.

The cyclone will be a passing disruptor. The disruption from the Trump administration will be with Australia (and the world) for the foreseeable future.

Next week Australia will know whether its intense lobbying for an exemption from the US tariffs on aluminium and steel has been effective. Those around the government are not optimistic.

More concerning than the immediate impact on Australia if we fail to win the exemption is the effect of US protectionism more generally.

Reserve Bank deputy Governor Andrew Hauser confirmed this week that “from a macroeconomic perspective, Australia’s direct exposure to US tariffs levied on our exports is limited”.

“[But] Australia is heavily integrated into, and reliant on, the global economy more broadly – and particularly China. Hence the bigger macroeconomic risk for us would be if the imposition of US tariffs on third countries triggered a global trade war that impaired our trade and financial linkages more broadly.

“As Australia’s long history has shown, we thrive when trade, labour and assets flow freely in the global economy, but we suffer when countries turn inwards.”

How disruptive this new world will be to the Australian economy can’t be known but it could make things very difficult for a second term Albanese government or a first term Dutton one.

As Trump tries to force a settlement on Ukraine, there’s been increasing attention on the Europeans’ plans to boost their defence expenditure. This week, we started to feel the heat on Australia to do the same.

Trump’s nominee for Under Secretary of Defense for Policy, Elbridge Colby told the US Senate Committee on Armed Services, in a written answer during his confirmation hearing, that “Australia is a core U.S. ally. […] The main concern the United States should press with Australia, consistent with the President’s approach, is higher defense spending. Australia is currently well below the 3% level advocated for by NATO Secretary General Rutte, and Canberra faces a far more powerful challenge in China.”

Presently Australia’s defence spending is about 2% of GDP, projected to increase to 2.4% by 2033–34.The Coalition has said it would spend more than Labor (but has not specified how much more).

Defence Minister Richard Marles said he could “obviously understand the US administration seeking for its friends and allies around the world to do more. That’s a conversation that we will continue to have with the US administration. […] But it’s really important to understand we are increasing that spending right now.”

It’s also important to understand that if Australia must ramp up defence further or faster than present plans, that will suck funds from other priorities, putting another squeeze on future governments.

Trump’s bullying of Ukraine and its leader Volodymyr Zelensky has not weakened the bipartisan support in Australia for Ukraine.

But a difference has emerged over whether Australia should (if asked) take part in any peacekeeping force. Peter Dutton said this role should be left to the Europeans. But Albanese flagged his government would consider it, pointing to the many other peacekeeping operations we have participated in.

Former prime minister Scott Morrison got on well with Trump during the president’s first term and has become even more signed up since. The Morrisons were at Mar-a-Lago for New Year’s eve.

Morrison was distinctly sympathetic to Trump’s approach when talking this week about Ukraine. He told an Australian Financial Review dinner, “Do we just keep fighting this war every day? The alternative is to find a peace that can be secured.

“There was no conversation, no real conversation, about peace in Ukraine up until now.” Zelensky had the “most to gain” from negotiating to end the war, he said.

Morrison is affiliated with lobbying firm American Global Strategies, which has links to the Trump administration. Colby is listed as a senior adviser. The chairman and founder of the group, Robert C. O’Brien, was formerly a national security adviser to Trump.

Morrison is one of a number of former senior Australian political figures who have a current professional or commercial lock-in to Washington politics.

Former Liberal treasurer Joe Hockey, who was close to the Trump White House when Hockey was ambassador in 2016-20, is founder and global president of Bondi Partners, a lobbying firm that operates between the US and Australia.

Another former Australian ambassador to Washington, Arthur Sinodinos, is based in Washington as a partner in the Asia Group, a strategic advisory firm.

Meanwhile former PM Kevin Rudd, as Australian ambassador in Washington, is trying to amplify Australia’s official voice with the administration.

Speculation continues about Rudd’s future if the government changed. Dutton says that would depend on how effective Rudd was, saying his present instinct would be leave him in the job.

Others are sceptical this would happen, and raise Morrison’s name as a possible replacement. Morrison has reportedly told people he would not want the post. But you couldn’t rule it out.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Grattan on Friday: Anthony Albanese beset by disruptors, from Cyclone Alfred to Donald Trump – https://theconversation.com/grattan-on-friday-anthony-albanese-beset-by-disruptors-from-cyclone-alfred-to-donald-trump-251258

MIL OSI Analysis – EveningReport.nz –

March 6, 2025
MIL-OSI Europe: ASIA/MYANMAR – In Kachin State: Catholic pastoral center bombed

Source: Agenzia Fides – MIL OSI

Banmaw diocese

Banmaw (Agenzia Fides) – The pastoral center on the grounds of the Catholic Church of St. Michael in Nan Hlaing, in a rural area of the diocese of Banmaw (northern Myanmar), was hit and destroyed by a bombing raid by the Burmese army. “Five bullets and two aerial bombs fired at our church grounds hit the building but did not injure anyone,” reports Jesuit Wilbert Mireh, parish priest of the church with a history of over a century. The Jesuit reports that he had to travel to a distant place on the border with China to find a place with electricity and internet access and to be able to communicate with the outside world. “Electricity, telephone and other services have been absent in our area since July 2024,” he says. Banmaw is located in Kachin State, about 186 km south of the capital Myitkyina, and has a population of about 65,000, mainly Kachin, but also Bamar, Shan and Han. “The bombing caused damage to the building, but no injuries. We thank God that we are safe, although people here are fighting for survival, there are no schools, clinics or shops,” Father Mireh continued. “After this new attack, the faithful trust in the Archangel Michael and pray to him to protect us. Even the boys and children sing and invoke Saint Michael,” he reports. “We usually celebrate Mass under the trees because it is too dangerous to be in the church and the building has already been hit and damaged. But I must say that despite the suffering and the precarious conditions, the faith and spirit are strong. The faithful pray every day that the Lord, through the Archangel Michael, continues to grant his protection and watch over us,” the religious continued. Father Mireh is Burma’s native Jesuit, ordained a priest in 2013 and now one of around 30 Burmese Jesuits. After his pastoral service in Loikaw, he was sent to Banmaw, where, in addition to pastoral care for the faithful, he has always devoted himself to social apostolate and education. “Today, the fact that children do not have school is one of the serious consequences of the civil war,” he notes. Father Mireh concludes: “Despite the fear and unease, we will continue to live for good, truth and justice, firm in our faith.” The context in which the local Catholic community finds itself today is that of Kachin State in northern Myanmar, where a bitter struggle is taking place between the regular army and the army of the Kachin ethnic minority, which has taken up positions near the town of Banmaw. The Kachin Independence Army (KIA), which is fighting for the state’s self-determination, is one of the best organized ethnic militias that has been active for decades and has joined the resistance against the currently ruling military junta. In Kachin State, the Burmese army has been forced to withdraw from large parts of the area and is now bombarding it with artillery and aircraft. According to local sources, due to the ongoing fighting for control of Banmaw, most of the city’s residents have fled, leaving only about 20,000 people living in the city. The displaced have fled to the surrounding forests and villages, where they find few resources for their livelihood. The Banmaw diocese is located in the southeastern part of Kachin State, in the border area with China. In recent years, even before the 2021 coup, the conflict between the regular Myanmar army and the KIA had created over 120,000 displaced people. The war has intensified and has affected nine of the diocese’s 13 parishes in the last two years, further increasing the number of refugees. (PA) (Agenzia Fides, 5/3/2024)
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MIL OSI Europe News –

March 6, 2025
MIL-OSI United Kingdom: New UK–Japan Economic Partnership to propel growth
Source: United Kingdom – Executive Government & Departments

Press release

New UK–Japan Economic Partnership to propel growth

Foreign Secretary and Business Secretary travel to Japan for the Economic 2+2, a new way for the UK and Japan to coordinate international economic policy.
Huge Japanese market to be further unlocked through new partnership between UK and Japan as Foreign Secretary and Secretary of State for Business and Trade visit to the world’s 4th largest economy

Japan already invests £86 billion in the UK economy; a business delegation travelling alongside the ministers will drive more investment and opportunities for British companies in Japan.

UK and Japanese defence industrial cooperation will deliver jobs for Brits and security across the Indo Pacific – building our defence capability and our economy.

A new partnership between the UK and Japan will unlock further growth for British business – advancing a relationship worth £27 billion annually and driving forward the government’s Plan for Change.

It comes as the Foreign Secretary and Business Secretary travel to Japan today (6th March 2025), for the Economic 2+2, a new strategic way for the UK and Japan to coordinate international economic policy. The visit is part of the government delivering its Plan for Change, to boost growth, create jobs and put more money in people’s pockets.

Economic growth and future prosperity depend upon strong security foundations, a reliable trading system, resilient supply-chains, energy security, and an economy resilient to shocks.

Japan’s decision to enter into an Economic 2+2 with the UK, a Dialogue that they only currently have with the US, demonstrates that Japan and other major world economies view the UK as an important partner for driving long-term sustainable growth and security.

UK-Japan joint defence industrial projects are driving jobs across the UK while providing new defence capabilities and protecting British security interests in the Indo-Pacific.

This is delivered through programmes like GCAP (Global Combat Air Programme), the UK, Japan and Italy’s joint future fighter jet programme. The programme currently employs more than 3,500 people, including engineers and programmers, across the UK, and British workers are building jets that will protect British security interests and international trade, whilst boosting jobs in the UK. The 2+2 will encourage future opportunities to collaborate on growth and defence. The Foreign Secretary will see the impact these programmes are having first hand during a visit to Japan’s Ministry of Defence and meetings with UK companies actively engaged in GCAP.

This further builds on the Prime Minister’s announcement that defence spending will increase to 2.5% of GDP from April 2027. Investments in defence like GCAP will protect UK citizens from threats at home but will also create a secure and stable environment in which businesses can thrive and increase jobs, supporting the Government’s number one mission to deliver economic growth. In 2023-24, defence spending by the UK Government supported over 430,000 jobs across the UK, the equivalent to one in every 60.

The Foreign Secretary, David Lammy, said:

This government is boosting growth to the UK by taking our relationships with major economies like Japan to new heights. It’s fantastic to arrive in Tokyo with a business delegation as we start a first of its kind economic dialogue.

The UK and Japan’s interests have never been more closely aligned. From our shared understanding of the indivisibility of Euro-Atlantic and Indo-Pacific security, to our desire to grow more together as we embrace the opportunities of new technologies like AI.

By working more closely with Japan, we will give UK firms more business, puts money in people’s pockets and help deliver our Plan for Change.

Business and Trade Secretary Jonathan Reynolds said:

I’m looking forward to having the chance to discuss how the UK and Japan can strengthen the many economic ties that bind our two countries together as we deliver on our Plan for Change.

The UK and Japan share a proud, historic trading relationship that has only deepened in recent years, opening up new opportunities for businesses in both of our countries, and with our upcoming Industrial Strategy we will find even more common ground.

The Economic 2+2 will strengthen UK and Japan cooperation in a range of areas– such as continued commitment to a fair-trading system, joint research into the technologies of the future and mutual investment to support growth, innovation and jobs in the defence industry.

The joint visit will also move forward work with Japan on our modern, ambitious Industrial Strategy. Japan is an incredibly important investment partner, with 1,000 Japanese companies supporting 160,000 jobs in the UK. The UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) combined with the new economic partnership announced today will strengthen that relationship even further.

A business delegation, representing the key high growth sectors of the future, will travel alongside the ministers to see firsthand the opportunities for growth and development UK-Japanese collaboration will bring. The Foreign Secretary and Business and Trade Secretary’s discussions with Japan will give UK businesses access to Japanese industry and further open up trade. Japan is a manufacturing powerhouse – ranking third globally in terms of value added to the manufacturing industry.

Chief Economist at the CBI – member of the travelling business delegation – Lousie Hellem, said:

Cooperation with like-minded partners like Japan will be critical to achieving the government’s Growth Mission.

As a significant and growing trading partner, Japan’s economy offers unique opportunities for UK firms looking to expand and internationalise. This delegation is an important next step in our relationship, enabling both governments to explore deeper collaboration across topics like digital and technology, advanced manufacturing, and sustainability.

As the voice of business, the CBI will continue to work closely with our Japanese sister federation – Keidanren – in the B7, B20 and bilaterally to promote a strong and mutually beneficial UK-Japan relationship.”

In Tokyo the Foreign Secretary and Business and Trade Secretary will host an AI Business Reception to promote the UK’s AI Opportunities Action Plan and discuss with Japanese AI leaders the scope for new growth opportunities between British and Japanese AI.

During the visit, the Business and Trade Secretary will announce plans to develop a new Industrial Strategy partnership – the first of its kind for Britain, as well as sign a UK-Japan Memorandum of Cooperation on Offshore Wind as the UK races ahead to net zero. He will meet with global automotive manufacturers Nissan and Toyota, and with CPTPP Minister Akazawa – their first meeting since the UK’s accession to the trade group last year.

While in Tokyo Reynolds will also tour some iconic UK exporters, visiting major brands including Warhammer, Brompton and Burberry. UK exports to Japan totalled £14.7 billion in the 12 months to September 2024 – an increase of 5% from the previous year.

The Foreign Secretary will travel onto the Philippines, where he will drive forward cooperation with one of our key security partners in the region. Growth and security go hand in hand – a third of global maritime passes through the South China Sea – and so the Filipinos’ work to stand up for freedom of navigation and international law in the region is vital to ensure these trade routes remain safe and secure.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI China: Homegrown 16MW gas turbine rolls off production line

Source: China State Council Information Office 2

A major Chinese electric generator producer, Harbin Electric Corporation, has achieved a milestone in the high-end equipment manufacturing sector with the successful assembly and roll-out of the country’s first domestically developed 16-megawatt (MW) gas turbine prototype, named HGT16.
Dubbed the “crown jewel” of equipment manufacturing, gas turbines are critical to energy, aerospace, industrial production and offshore engineering, thanks to their high power density, efficiency and low emissions.
This achievement aligns with China’s broader national goal to bolster the resilience of its renewable power systems.
Cao Zhi’an, chairman of Harbin Electric Corporation, revealed that the newly launched HGT16, measuring 6 meters in length, 2.4 meters in width and 2.8 meters in height, boasts a power output of no less than 16MW and thermal efficiency exceeding 36 percent, the Science and Technology Daily reported on Thursday.
The turbine, which holds fully independent intellectual property rights, offers significant advantages in terms of mechanical drives, distributed energy supply, emergency power support and offshore platform operations. Its rapid start-stop capability provides solid support for renewable energy grids primarily based on wind and solar power, according to Cao.
Cao emphasized that Harbin Electric Corporation overcame multiple technical challenges during the project — and established a comprehensive independent research and development system.
“We will accelerate core technology breakthroughs, deepen collaboration across the industrial chain, and promote the industry toward high-end, intelligent and green development, so as to foster an ecosystem for China’s mid-to-small gas turbine sector,” he said.

MIL OSI China News –

March 6, 2025
MIL-OSI China: China achieves world’s first application of hydrogen energy technology in Antarctica

Source: China State Council Information Office 2

China’s independently developed hydrogen fuel cell has successfully generated electricity at the country’s Qinling Station in Antarctica, marking the first ever application of hydrogen energy technology in the polar region, China Science Daily reported on Wednesday.
The fuel cell, developed by a hydrogen energy technology enterprise under the State Power Investment Corporation, serves as a core component of the station’s microgrid system. The system is equipped with a hydrogen storage tank that boasts a maximum capacity of 50 cubic meters. When operating independently, the fuel cell can deliver continuous power to the station for up to 24 days, with a maximum output of 30 kilowatts.
Designed for modular scalability, the fuel cell system covers a power range from 50 kilowatts to tens of megawatts. It can achieve a power generation efficiency of 50 percent and a combined heat and power efficiency of over 90 percent, boasting a design lifespan of 40,000 hours.
Compared to traditional fossil fuel-based power generation, this hydrogen fuel cell saves approximately 400 grams of standard coal and reduces carbon dioxide emissions by about 1 kilogram for every kilowatt-hour of electricity produced.
During periods of favorable wind and solar conditions, excess electricity generated by the wind and solar power systems is used to produce hydrogen, which is stored for later use. When wind and solar power generation is insufficient, the stored hydrogen is converted back into electricity and heat through the fuel cell, ensuring a stable and sustainable energy supply.
The successful application in Antarctica validates the reliability of hydrogen fuel cell technology in extreme low-temperature environments, addressing a critical gap in the use of hydrogen energy in polar energy systems. It also establishes a benchmark for the construction of energy systems and microgrids in other harsh, low-temperature environments.

MIL OSI China News –

March 6, 2025
MIL-OSI China: China fully confident in achieving 2025 GDP growth target

Source: China State Council Information Office

Zheng Shanjie, head of the National Development and Reform Commission, Lan Fo’an, minister of finance, Wang Wentao, minister of commerce, Pan Gongsheng, governor of the People’s Bank of China, and Wu Qing, chairman of the China Securities Regulatory Commission, attend a press conference on economy for the third session of the 14th National People’s Congress (NPC) in Beijing, capital of China, March 6, 2025. [Photo/Xinhua]

China is fully confident in achieving the economic growth target of around 5 percent this year as there is solid foundation, support and guarantee, Zheng Shanjie, head of the National Development and Reform Commission, told a press conference on Thursday.

MIL OSI China News –

March 6, 2025
MIL-OSI China: China to maintain exchange rate flexibility, guard against overshooting: official

Source: People’s Republic of China – State Council News

China to maintain exchange rate flexibility, guard against overshooting: official

BEIJING, March 6 — China will maintain exchange rate flexibility while strengthening expectation guidance and resolutely guarding against the risk of exchange rate overshooting, Pan Gongsheng, governor of the People’s Bank of China, told a press conference on Thursday.

MIL OSI China News –

March 6, 2025
MIL-OSI China: China fully confident in achieving 2025 GDP growth target: official

Source: People’s Republic of China – State Council News

Zheng Shanjie, head of the National Development and Reform Commission, Lan Fo’an, minister of finance, Wang Wentao, minister of commerce, Pan Gongsheng, governor of the People’s Bank of China, and Wu Qing, chairman of the China Securities Regulatory Commission, attend a press conference on economy for the third session of the 14th National People’s Congress (NPC) in Beijing, capital of China, March 6, 2025. [Photo/Xinhua]

BEIJING, March 6 — China is fully confident in achieving the economic growth target of around 5 percent this year as there is solid foundation, support and guarantee, Zheng Shanjie, head of the National Development and Reform Commission, told a press conference on Thursday.

Zheng Shanjie, head of the National Development and Reform Commission, Lan Fo’an, minister of finance, Wang Wentao, minister of commerce, Pan Gongsheng, governor of the People’s Bank of China, and Wu Qing, chairman of the China Securities Regulatory Commission, attend a press conference on economy for the third session of the 14th National People’s Congress (NPC) in Beijing, capital of China, March 6, 2025. [Photo/Xinhua]

Zheng Shanjie, head of the National Development and Reform Commission, Lan Fo’an, minister of finance, Wang Wentao, minister of commerce, Pan Gongsheng, governor of the People’s Bank of China, and Wu Qing, chairman of the China Securities Regulatory Commission, attend a press conference on economy for the third session of the 14th National People’s Congress (NPC) in Beijing, capital of China, March 6, 2025. [Photo/Xinhua]

MIL OSI China News –

March 6, 2025
MIL-OSI China: China’s sci-tech industries continue to upgrade through innovation

Source: People’s Republic of China – State Council News

This year’s government work report underscores the importance of promoting innovation-driven development and facilitating the optimization and upgrading of the industrial structure. It highlights the need to fully launch and implement major national science and technology projects, while accelerating the enhancement of the system for major scientific and technological infrastructure. Our reporter spoke with scientists in northeast China to learn how they are driving continuous industrial upgrading at an old industrial base through scientific and technological innovation.

MIL OSI China News –

March 6, 2025
MIL-OSI China: China to cut RRRs, interest rates in light of economic, financial conditions in 2025

Source: People’s Republic of China – State Council News

China to cut RRRs, interest rates in light of economic, financial conditions in 2025

BEIJING, March 6 — China will cut reserve requirement ratios (RRRs) and interest rates when appropriate this year in line with domestic and international economic and financial conditions as well as the performance of financial markets, the country’s central bank governor said Thursday.

The average RRR for China’s financial institutions now stands at 6.6 percent, and there is still room for further reduction, Pan Gongsheng, governor of the People’s Bank of China, said at a press conference on the sidelines of the third session of the 14th National People’s Congress.

MIL OSI China News –

March 6, 2025
MIL-OSI Africa: US trade wars with China – and how they play out in Africa

Source: The Conversation – Africa – By Lauren Johnston, Associate Professor, China Studies Centre, University of Sydney

Since taking office, US president Donald Trump has implemented policies that have been notably hostile towards China. They include trade restrictions. Most recently, a 20% tariff was added to all imports from China and new technological restrictions were imposed under the America First Investment Policy. This isn’t the first time US-China tensions have flared. Throughout history the relationship has been fraught by economic, military and ideological conflicts.

China-Africa scholar and economist Lauren Johnston provides insights into how these dynamics may also shape relations between Africa and China.

How has China responded to hostile US policies?

First, China tends to have a defiant official response. It expresses disappointment, then states that the US policy position is not helpful to any country or the world economy.

Second, China makes moves domestically to prioritise the interests of key, affected industries.

Third, China will sometimes impose retaliatory sanctions.

In 2018, for instance, China imposed a 25% tariff on US soybeans, a critical animal feed source. The US Department of Agriculture had to compensate US soybean farmers for their lost income.

Another example is how, following US tech sanctions, China took a more independent technology path. It has channelled billions into tech funds. The goal is to make financing available for Chinese entrepreneurs and to push technological boundaries in areas of US sanction, such as semiconductors. These efforts are backed up by subsidies and tax reductions. In some cases, the Chinese state will invest directly in tech companies.

More recently, China retaliated to the US trade war by announcing tariffs on 80 US products. China is set to place 15% tariffs on certain energy exports, including coal, natural gas and petroleum. An additional 10% tariffs will be placed on 72 manufactured products including trucks, motor homes and agricultural machinery.

Agricultural trade has been hard hit. The day the US announced a 10% tariff on Chinese imports, China announced “an additional 15% tariff on imported chicken, wheat, corn and cotton originating from the US”. Also, “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products will be subject to an additional 10% tariff”.

How have these Chinese responses affected Africa?

We can’t say for certain that China’s response to US trade tensions has explicitly affected its Africa policy, but there are some notable coincidences.

Less than one month after Trump’s return to the White House in 2025, and soon after the first tariffs were slapped on China’s exports to the US, China announced new measures to foster China-Africa trade efforts. The policy package aims to “strengthen economic and trade exchanges between China and Africa.”

This is the latest in a series of Chinese actions.

In January 2018 trade hostilities began to escalate after Trump imposed a first round of tariffs on all imported washing machines and solar panels. These had an impact on China’s exports to the US.

Later the same year, China imposed 25% tariffs on US soy bean imports and took steps to reduce dependence on US agricultural products. China also took steps to expand trade with Africa, agricultural trade in particular.

In September 2018, Beijing hosted the Forum on China and Africa Cooperation summit, a triennial head of state gathering. It was announced that China would set up a China-Africa trade expo and foster deeper agricultural cooperation. In the days after the summit, China’s Ministry of Agriculture and Rural Affairs was already acting on this. A gathering of African agricultural ministers took place in Changsha, Hunan province.

Hunan province has since taken centre stage in China-Africa relations. It’s now the host of a permanent China-Africa trade exhibition hall and a larger biennial China-Africa economic and trade exhibition (known as CAETE).

Hunan also hosts the pilot zone for In-Depth China-Africa Economic and Trade Cooperation. The zone has numerous initiatives designed to overcome obstacles to China-Africa trade and investment, like support in areas of law, technology and currency, and vocational training.

Finally, the zone is located in a bigger free-trade zone that is better connected to Africa by air, water and land corridors. African agricultural exports to China pass through Hunan, where local industry either uses these imports or distributes them across the country to retailers.

Companies in Hunan are well placed to play a key role in supporting China-Africa trade, capitalising on the opportunities left by China-US hostilities.

Hunan’s agritech giant Longping High-Tech, for instance, is investing in Tanzanian soybean farmers.

Hunan is also home to China’s construction manufacturing and electronic transportation frontier. This includes global construction giant Sany, which produces heavy industry machinery for the construction, mining and energy sectors. China’s global electronic vehicle manufacturing BYD and its electronic railway industry are also in Hunan. They have deep and increasing interests in Africa and can also support China’s key minerals and tech race with the US.

As US-China hostility enters a new era, what are the implications for China-Africa relations?

As my new working paper sets out, African countries are, for example, responding to the new opportunities from China.

At the end of 2024, while the world waited for Trump’s second coming, various African countries made moves to strengthen economic ties with China, Hunan province especially.

In December 2024, Tanzania became the first African country to open an official investment promotion office in the China-Africa Cooperation Pilot Zone in Changaha.

In November 2024, both the China-Africa Economic and Trade Expo in Africa and the China Engineering Technology Exhibition were held in Abuja, Nigeria. Equivalent events were hosted in Kenya.

Early in 2025 in Niamey, Niger, a joint pilot cooperation zone was inaugurated , and which is direct partner of the China-Africa Pilot zone in Hunan.

As China moves away from US agricultural produce, for instance, African agricultural producers can benefit. Substitute African products and potential exports will enjoy a price boost, and elevated Chinese support.

China’s newly elevated interest in African development and market potential will bring major prospects. The question will be whether African countries are ready to grasp them, and to use that potential to foster an independent development path of their own.

– US trade wars with China – and how they play out in Africa
– https://theconversation.com/us-trade-wars-with-china-and-how-they-play-out-in-africa-249609

MIL OSI Africa –

March 6, 2025
MIL-OSI Global: US trade wars with China – and how they play out in Africa

Source: The Conversation – Africa – By Lauren Johnston, Associate Professor, China Studies Centre, University of Sydney

Since taking office, US president Donald Trump has implemented policies that have been notably hostile towards China. They include trade restrictions. Most recently, a 20% tariff was added to all imports from China and new technological restrictions were imposed under the America First Investment Policy. This isn’t the first time US-China tensions have flared. Throughout history the relationship has been fraught by economic, military and ideological conflicts.

China-Africa scholar and economist Lauren Johnston provides insights into how these dynamics may also shape relations between Africa and China.

How has China responded to hostile US policies?

First, China tends to have a defiant official response. It expresses disappointment, then states that the US policy position is not helpful to any country or the world economy.

Second, China makes moves domestically to prioritise the interests of key, affected industries.

Third, China will sometimes impose retaliatory sanctions.

In 2018, for instance, China imposed a 25% tariff on US soybeans, a critical animal feed source. The US Department of Agriculture had to compensate US soybean farmers for their lost income.

Another example is how, following US tech sanctions, China took a more independent technology path. It has channelled billions into tech funds. The goal is to make financing available for Chinese entrepreneurs and to push technological boundaries in areas of US sanction, such as semiconductors. These efforts are backed up by subsidies and tax reductions. In some cases, the Chinese state will invest directly in tech companies.

More recently, China retaliated to the US trade war by
announcing tariffs on 80 US products. China is set to place 15% tariffs on certain energy exports, including coal, natural gas and petroleum. An additional 10% tariffs will be placed on 72 manufactured products including trucks, motor homes and agricultural machinery.

Agricultural trade has been hard hit. The day the US announced a 10% tariff on Chinese imports, China announced “an additional 15% tariff on imported chicken, wheat, corn and cotton originating from the US”. Also, “sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products will be subject to an additional 10% tariff”.

How have these Chinese responses affected Africa?

We can’t say for certain that China’s response to US trade tensions has explicitly affected its Africa policy, but there are some notable coincidences.

Less than one month after Trump’s return to the White House in 2025, and soon after the first tariffs were slapped on China’s exports to the US, China announced new measures to foster China-Africa trade efforts. The policy package aims to “strengthen economic and trade exchanges between China and Africa.”

This is the latest in a series of Chinese actions.

In January 2018 trade hostilities began to escalate after Trump imposed a first round of tariffs on all imported washing machines and solar panels. These had an impact on China’s exports to the US.

Later the same year, China imposed 25% tariffs on US soy bean imports and took steps to reduce dependence on US agricultural products. China also took steps to expand trade with Africa, agricultural trade in particular.

In September 2018, Beijing hosted the Forum on China and Africa Cooperation summit, a triennial head of state gathering. It was announced that China would set up a China-Africa trade expo and foster deeper agricultural cooperation. In the days after the summit, China’s Ministry of Agriculture and Rural Affairs was already acting on this. A gathering of African agricultural ministers took place in Changsha, Hunan province.

Hunan province has since taken centre stage in China-Africa relations. It’s now the host of a permanent China-Africa trade exhibition hall and a larger biennial China-Africa economic and trade exhibition (known as CAETE).

Hunan also hosts the pilot zone for In-Depth China-Africa Economic and Trade Cooperation. The zone has numerous initiatives designed to overcome obstacles to China-Africa trade and investment, like support in areas of law, technology and currency, and vocational training.

Finally, the zone is located in a bigger free-trade zone that is better connected to Africa by air, water and land corridors. African agricultural exports to China pass through Hunan, where local industry either uses these imports or distributes them across the country to retailers.

Companies in Hunan are well placed to play a key role in supporting China-Africa trade, capitalising on the opportunities left by China-US hostilities.

Hunan’s agritech giant Longping High-Tech, for instance, is investing in Tanzanian soybean farmers.

Hunan is also home to China’s construction manufacturing and electronic transportation frontier. This includes global construction giant Sany, which produces heavy industry machinery for the construction, mining and energy sectors. China’s global electronic vehicle manufacturing BYD and its electronic railway industry are also in Hunan. They have deep and increasing interests in Africa and can also support China’s key minerals and tech race with the US.

As US-China hostility enters a new era, what are the implications for China-Africa relations?

As my new working paper sets out, African countries are, for example, responding to the new opportunities from China.

At the end of 2024, while the world waited for Trump’s second coming, various African countries made moves to strengthen economic ties with China, Hunan province especially.

In December 2024, Tanzania became the first African country to open an official investment promotion office in the China-Africa Cooperation Pilot Zone in Changaha.

In November 2024, both the China-Africa Economic and Trade Expo in Africa and the China Engineering Technology Exhibition were held in Abuja, Nigeria. Equivalent events were hosted in Kenya.

Early in 2025 in Niamey, Niger, a joint pilot cooperation zone was inaugurated , and which is direct partner of the China-Africa Pilot zone in Hunan.

As China moves away from US agricultural produce, for instance, African agricultural producers can benefit. Substitute African products and potential exports will enjoy a price boost, and elevated Chinese support.

China’s newly elevated interest in African development and market potential will bring major prospects. The question will be whether African countries are ready to grasp them, and to use that potential to foster an independent development path of their own.

Lauren Johnston does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. US trade wars with China – and how they play out in Africa – https://theconversation.com/us-trade-wars-with-china-and-how-they-play-out-in-africa-249609

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI Asia-Pac: Private pools to be better monitored

Source: Hong Kong Information Services

The Food & Environmental Hygiene Department today said that it plans to take measures to strengthen the prevention of suspected violations involving private swimming pools employing unqualified life-saving attendants to combat such offences.

In addition to stating that such measures will start from this year’s swimming season, the department stressed that the aim is to protect the safety of swimming pool users.

It explained that in accordance with the law and licensing conditions, licensees of private swimming pools are obliged to arrange a sufficient number of qualified life-saving attendants on duty during the opening hours of the pools.

To ensure that licensees fulfil their responsibilities, the department will explicitly require them to verify identity documents, Pool Lifeguard Awards (PLA) and personal logbooks before employing a life-saving attendant, and to properly keep a copy of the documents.

Furthermore, the department will establish a standard template for licensees to record the information shown on the identity document and PLA of the life-saving attendants on duty.

At the same time, the department will step up inspections, including checking the identity documents of each life-saving attendant on duty during monthly surprise inspections to verify their identity.

It will also co-ordinate with the Hong Kong China Life Saving Society to confirm the validity of PLAs and ensure the life-saving attendants on duty possess valid qualifications.

In addition to routine inspections, the department will flexibly deploy its manpower resources and analyse complaint cases to draw up a target list of private swimming pools, to which inspections will be stepped up during July and August to specifically focus on lifeguard qualifications.

In case of insufficient qualified life-saving attendants on duty, the department will take immediate follow-up actions, including requiring the licensee to immediately close the swimming pool until sufficient qualified life-saving attendants can be present at the pool, and will issue a warning or institute prosecution against licensees.

The department will consider cancelling the licences of swimming pools with repeated contraventions. Cases involving the use of false documents or documents relating to other people will be reported to Police.

The department noted that will also maintain close communication and enhance collaboration with other departments and organisations.

Currently, many licensees of private swimming pools are either property management companies (PMCs) or their employees. The department has already discussed with the Property Management Services Authority to jointly step up publicity and educational work before the swimming season this year, including issuing letters to PMCs calling for measures to prevent the employment of unqualified life-saving attendants.

Meanwhile, the department and the authority will establish a communication mechanism in respect of violation cases for both parties to take follow-up actions, according to their respective authorities, against licensees and PMCs.

At present, there are about 1,400 licensed private swimming pools across the city.

The department pointed out that it has required licensees to display at a conspicuous location of pool entrances the required number of life-saving attendants during the opening hours of swimming pools, as well as recent photographs, names and PLA numbers of the life-saving attendants on duty.

The goal is to empower pool users to take part in the monitoring of swimming pools.

Moreover, licensees are required to keep duty logs of life-saving attendants for at least 90 days for inspection by the department.

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI China: NPC deputy: China’s role in global energy transition irreplaceable

Source: China State Council Information Office

The global shift to clean energy cannot happen without China’s manufacturing, said Liu Hanyuan, a deputy to the 14th National People’s Congress and chairman of Tongwei Group, in a recent interview.

Liu Hanyuan, a deputy to the 14th National People’s Congress, vice chairman of the All-China Federation of Industry & Commerce, and chairman of Tongwei Group, speaks at a group interview. [Photo by Wang Ran/China.org.cn]

“China’s dominance in the photovoltaics industry is undeniable and difficult to surpass,” Liu said, emphasizing the country’s leadership in solar technology. He called for stronger government and business collaboration to expand the “new three” — electric vehicles, lithium-ion batteries and solar products — into global markets, reinforcing their role in the world’s energy transition.

Liu noted that China’s PV industry commands more than 85% of the global market and maintains leadership in producing high-purity polysilicon, wafers, solar cells and modules. Furthermore, its levels of automation, smart manufacturing, and product quality are at the forefront globally. This market dominance developed through deliberate technological innovation and economies of scale over many years, he explained.

Although the United States and European Union imposed trade restrictions on Chinese solar products, China’s PV industry maintained its growth trajectory while the EU’s low-carbon transition slowed. After the EU lifted restrictions in 2018, its solar installations and clean energy adoption accelerated significantly. Liu pointed out that it would take 15 to 20 years for the EU to build a solar supply chain matching China’s scale and cost efficiency. With just over 20 years remaining to meet the EU’s 2050 carbon neutrality targets, decoupling from “Made in China” is highly impractical.

“We maintain close ties with our European counterparts, who recognize China’s essential role in the global energy transition,” Liu said. “Despite differing views, long-term cooperation remains the dominant trend.”

Liu believes that expanding China’s “new three” globally will accelerate clean energy transitions in developed nations but also help developing countries bypass the traditional “pollute-then-clean-up” model, leapfrogging into sustainable development. To support this, he called on the government to strengthen policies across products, technology, talent and services to drive the full industrial chain’s global expansion.

He also called for streamlined trade processes, including information-sharing platforms, simplified customs procedures and dedicated funding for key technology advancements. “Expanding the ‘new three’ supply chain globally will inject strong momentum into the global energy transition and sustainability, demonstrating China’s responsibility as a major country and advancing the building of a community with a shared future for mankind,” Liu said.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Chinese medical assistance team heading for Guinea

Source: China State Council Information Office 2

A Chinese medical assistance team left Beijing on Wednesday evening heading for the Republic of Guinea, where they will introduce advanced technologies and assist local healthcare professionals over the next 18 months.
It is the 31st such team to be sent to this African country, and it consists of 24 members. Of these team members, 22 are from the renowned Beijing Friendship Hospital, with their expertise covering the likes of thoracic surgery, neurosurgery, orthopedics, vascular surgery, neurology, cardiology and more. The other two members are experts in public health and health policy, and are from the Beijing Municipal Health Commission and the Beijing Center for Disease Prevention and Control.
The team was selected in September last year. Team members then learned French and received systematic training on the treatment of diseases common in this tropical country.
According to Wang Bin, head of the team, they will quickly adapt to their new environment after arrival, continue to promote the establishment of a joint medical center, collaborate with both local institutions and professionals to conduct field visits and prepare samples, and promote the culture of traditional Chinese medicine, while striving to improve local medical and health conditions and standards.
China has been sending medical teams overseas for more than six decades. The first team sent overseas went to Algeria in 1963.
As of the end of 2023, China had dispatched over 30,000 medical personnel to 76 countries and regions across the world — providing medical services to nearly 300 million patients.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Announcement on Open Market Operations No.44 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.44 [2025]

(Open Market Operations Office, March 6, 2025)

In order to keep the liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB104.5 billion through quantity bidding at a fixed interest rate on March 6, 2025.

Details of the Reverse Repo Operations

Maturity

Volume

Rate

7 days

RMB104.5 billion

1.50%

Date of last update Nov. 29 2018

2025年03月06日

MIL OSI China News –

March 6, 2025
MIL-OSI China: J-10 fighter jet fires at ground target
Source: People’s Republic of China – Ministry of National Defense
loading…

MIL OSI China News –
March 6, 2025
MIL-OSI China: Chinese robots show skills

Source: People’s Republic of China – State Council News

China will work to effectively combine digital technologies with its manufacturing and market strengths under the AI Plus initiative, according to the 2025 Government Work Report.

The country will support the extensive application of large-scale AI models and vigorously develop new-generation intelligent terminals and smart manufacturing equipment, including intelligent connected new-energy vehicles, AI-enabled phones and computers, and intelligent robots.

China will establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI, and 6G technology.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Drones elevate spring plowing in SW China

Source: China State Council Information Office 2

As spring farming kicks off across southwestern China, drones are making their mark, buzzing through the skies above farms in uneven highland areas.
Yan Bian, a rice grower in Menghai County, southwest China’s Yunnan Province, used to struggle with labor shortages during the spring plowing season.
“It was a real headache in the past, just managing one mu (about 0.067 hectares) of land required five people,” said Yan, whose cooperative cultivates more than 5,000 mu of rice seedlings this year and plans to plant on an area of around 10,000 mu.
This year, Yan introduced rice transplanters and drones — which not only lowered costs but also solved the labor shortage challenge. The efficiency and convenience delivered by technology have put a big smile on his face. “We used drones for the first time in fertilization and transportation. The efficiency is incredible, even 50 workers working at the same time couldn’t match its speed.”
In Mengzhe Township, also in Yunnan Province, the sight of drones buzzing over the fields has drawn considerable attention. Operated by skilled technicians, these drones take off steadily and then follow pre-set routes as they glide over the rice paddies. Within minutes, they efficiently disperse pre-loaded fertilizer, completing the task with remarkable precision and speed.
“A single drone flight can carry and spread 70 kg of fertilizer in less than a minute. In the course of a full day, a drone can distribute approximately 10 tonnes of fertilizer, covering 300 to 400 mu of farmland,” revealed Yan Yihuan, a technician.
“The amount of work a drone can accomplish in one day is equivalent to that of more than 50 workers,” he added.
In Yongde County, another county located in Yunnan, drones carrying irrigation pipes steadily ascend and navigate challenging terrain along pre-planned routes. They swiftly and precisely deliver these pipes to designated locations, where workers then proceed with installation and welding to construct pipelines.
“Compared to traditional methods, the drone delivery approach offers superior efficiency and stability, showcasing its significant advantages,” said Yang Jianhong, director of the county’s agriculture and rural affairs bureau.
Yongde County has over 930,000 mu of farmland — much of it scattered across mountainous terrain. Every spring, transporting water from the foot of the mountains to the fields posed a major challenge for local farmers. Traditionally, irrigation pipelines had to be laid entirely manually or trenches dug to channel water, tasks that are both labor-intensive and costly.
The innovative use of drone-lifting technology has played a crucial role in laying irrigation pipelines and improving agricultural infrastructure in Yongde. “This approach has significantly shortened construction timelines while enhancing safety,” said Yang.
Spring farming is now undergoing a shift toward greater use of technological and intelligent options. Agricultural drones, for instance, are already widely used in many remote mountainous areas, efficiently handling tasks such as fertilization, weeding and field inspection.
Across the mountainous regions of southwest China, drones are injecting new vitality into spring farming and agricultural production. Experts believe that, with their unique advantages, drones are helping agriculture “soar” to new heights.

MIL OSI China News –

March 6, 2025
MIL-OSI China: What to know about whole-process people’s democracy in China

Source: People’s Republic of China – State Council News

BEIJING, March 5 — Democracy is a universal value, yet it takes different forms across civilizations. While Western democracies often equate democracy with elections, China has developed a distinct model — whole-process people’s democracy — tailored to its national conditions and historical traditions.

WHERE IS IT FROM

First introduced in 2019, the concept of whole-process people’s democracy is deeply rooted in China’s rich political philosophy, where governance is centered on the people as the foundation of the state.

Whole-process people’s democracy is a creation of the Communist Party of China in leading the people to pursue, develop and realize democracy, embodying the Party’s innovation in advancing China’s democratic theories, systems and practices.

It is a logical outcome of history, theory and practice based on the strenuous efforts of the people under the leadership of the Party.

WHAT DOES IT MEAN

As the name suggests, whole-process people’s democracy ensures public participation throughout the entire process of governance, covering all aspects of the democratic process and all sectors of society.

Unlike election-centric Western democratic models, China’s system weaves together law-based democratic elections, consultations, decision-making, management, and oversight within a structured institutional framework. This approach fosters broad and continuous participation, ensuring that governance decisions reflect the collective will and evolving needs of society.

Through these procedures, citizens actively engage in discussions on public affairs, working toward the greatest common ground based on the aspirations and interests of the entire population. Their rights are safeguarded, their voices are heard, and their well-being is prioritized in the decision-making process.

At its core, this model guarantees that the people are the true masters of the country, with public affairs governed through consensus-driven discussions and extensive consultation.

HOW DOES IT WORK

Whole-process people’s democracy is not just a set of institutions and procedures, it is an active, participatory system where civic engagement plays a crucial role.

A key example is “two sessions,” the annual meetings of China’s top legislature, the National People’s Congress (NPC), and the top political advisory body, the National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

Nearly 3,000 NPC deputies and more than 2,100 CPPCC National Committee members convene in Beijing to deliberate on and discuss major policies and governance matters, representing a broad cross-section of society.

The NPC deputies come from all walks of life, including many front-line workers and farmers who ensure grassroots representation. Notably, even the smallest ethnic minority group has at least one representative. Meanwhile, CPPCC National Committee members include officials and prominent figures such as scientists, educators and entrepreneurs.

During the “two sessions,” these representatives engage in crucial public issues, from income distribution and healthcare to education, housing, elderly care, and childcare.

National lawmakers deliberate bills and reports and participate in all NPC elections. They also have the power to move for the recall of certain state officials according to the law, propose organizing committees of inquiry into specific issues, and criticize or offer suggestions and comments on all work.

Meanwhile, political advisors offer their policy proposals, thus actively contributing to national governance.

WHY DOES IT MATTER

By ensuring broad and continuous participation, China’s whole-process people’s democracy represents a governance model that is both effective and deeply rooted in the will of the people.

The whole-process people’s democracy has proven effective in addressing societal challenges and improving governance. Many significant policies — such as enhanced protection of labor rights for food delivery and ride-hailing workers, as well as measures to support small and medium-sized enterprises — have emerged from legislative proposals and public consultations.

At its heart, China’s democratic model embraces the belief that democracy is not a decorative symbol but a practical tool for solving real problems and improving people’s lives.

MIL OSI China News –

March 6, 2025
MIL-OSI China: What to know about NPC in China’s democracy

Source: People’s Republic of China – State Council News

BEIJING, March 5 — Close to 3,000 deputies — ranging from farmers to state leaders — are in Beijing for the third session of the 14th National People’s Congress (NPC), the country’s national legislature, which opened Wednesday.

Established in 1954, the NPC is the supreme organ of state power, sitting at the pinnacle of China’s people’s congress system.

According to the Constitution, all administrative, supervisory, adjudicatory and procuratorial organs of the state shall be created by the people’s congresses and shall be responsible to them and subject to their oversight.

The annual session of the national legislature, a key event in China’s political calendar, provides a window into the country’s whole-process people’s democracy in practice.

DISTRIBUTION OF NPC DEPUTIES

The number of NPC deputies is capped at 3,000, and their distribution is decided by the NPC Standing Committee, the permanent institution of the NPC.

National legislators hail from various backgrounds and form a representative cross-section of society.

The deputies to the 14th NPC were elected from 35 electoral units across the country between December 2022 and January 2023 for a five-year term.

They are broadly representative, including workers, farmers, technical personnel, as well as Party and government officials, among others. Female deputies make up more than a quarter of the total. All of China’s 55 ethnic minority groups are represented in the NPC.

There are also deputies elected from the Hong Kong and Macao special administrative regions, deputies representing Taiwan Province, and deputies representing overseas Chinese who have returned to the motherland.

ELECTION OF NPC DEPUTIES

According to the electoral law, deputies to county- and township-level people’s congresses are directly elected by voters, while deputies to people’s congresses above the county level are elected by deputies at the next lower level.

NPC deputies are elected by people’s congresses of provinces, autonomous regions and municipalities directly under the central government. The armed forces elect their own deputies.

The number of NPC deputies elected by the Hong Kong and Macao special administrative regions and the methods for their elections shall be prescribed separately by the NPC, according to the electoral law.

National legislators are elected by secret ballot, and candidates should outnumber deputy vacancies by 20 percent to 50 percent.

DUTIES OF NPC DEPUTIES

The NPC and its Standing Committee exercise the legislative power of the state, the power to decide on major issues, the power to appoint and remove top-level officials, and the power of oversight.

Deputies at various levels are key channels for people’s voices. They are entitled and obliged to stand for the people’s interests and express their requests.

NPC deputies are actively engaged in state affairs. During the annual session, the NPC deputies review and vote on bills and documents of national importance like the report on the work of the government. As an important way for them to exercise their rights and perform their duties in accordance with the law, national legislators submit proposals and suggestions on a wide range of issues.

When not in session, they engage with the people, participate in inspections of law enforcement, and conduct research on important or urgent issues. Some of them are invited to attend regular sessions of the NPC Standing Committee in a non-voting capacity.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Tech revolution led by AI brings major opportunities: China’s education minister

Source: People’s Republic of China – State Council News

BEIJING, March 5 — Technological revolution led by artificial intelligence (AI) brings major opportunities for education, China’s Minister of Education Huai Jinpeng said Wednesday.

Huai made the remarks in response to a query from Xinhua about DeepSeek and humanoid robots during an interview on the sidelines of the annual session of the national legislature, which opened Wednesday in Beijing.

Every major technological revolution and industrial transformation places significant demands on society, especially on education, while bringing major opportunities for reform and development, said Huai.

In the face of the changes, China will advance comprehensive reforms in higher education, said Huai.

For example, the country will strengthen the development of core courses, key faculty, and essential textbooks in mathematics and computer science — the basic disciplines that square with national strategies.

China will also cultivate more talent in emerging and interdisciplinary fields and pursue deeper integration between industry, science and education, according to the minister.

China has about 4 million postgraduate students and 39 million undergraduates in universities and colleges.

In terms of basic education, the minister revealed that China will release a white paper on AI education in 2025, as part of efforts to equip students with enhanced literacy and skills for the digital and AI era.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Chinese foreign minister to meet press on foreign policy, relations

Source: People’s Republic of China – State Council News

BEIJING, March 6 — Chinese Foreign Minister Wang Yi will hold a press conference on Friday on the sidelines of the third session of the 14th National People’s Congress.

He will answer questions of journalists from home and abroad on China’s foreign policy and external relations.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Bayer doubles down on commitment to China pharmacare

Source: China State Council Information Office

Germany-based life sciences giant Bayer unveiled Bayer E-Town Open Innovation Center in Beijing on Monday, adding another tier to the company’s long-term commitment to Chinese healthcare.

“This is another significant milestone for Bayer Pharmaceuticals in China and further strengthens our strategic presence in Beijing,” said Sebastian Guth, chief operating officer of Bayer Pharmaceuticals.

The center, which broke ground in 2023 in the Beijing Economic-Technological Development Area — aka Beijing E-Town — is the first of its kind in China. Its aim is to foster collaboration among industry, academia and research to expedite advancements in cutting-edge sectors of the biopharmaceutical industry.

“We’ve been in China for 143 years and in the E-Town for 30 years. With the opening of our Bayer E-Town Open Innovation Center, we’ve established what we describe as ‘dual innovation engines’ in China, aiming to drive innovation at every stage of our biopharmaceutical value chain,” Guth said.

Bayer Co. Lab, which was put into operation in China in 2024, has become an innovation force focusing on fostering early innovation and biotech startups in life sciences. As for the newly opened center, Guth noted its “unique focus on open innovation with an emphasis on medicines that are in clinical development and digital innovation to facilitate the commercial success of products that we bring to the Chinese market.”

The COO underscored that the establishment of the innovation center and Co. Lab represents Bayer’s commitment to “doubling down on local innovation”, saying that “local innovation partnerships will play a key role in our development in China”.

Featuring artificial intelligence-powered and data-driven operation models, the innovation center will also be used to improve healthcare providers’ engagement on the ground. “The innovation center gives us a platform for showcasing local commercial innovation, for example with our women’s health campus and digital clinical service center,” said Guth. “We already have strong pharmaceutical commercial operation capabilities in China, and this center helps us to take it to the next level. We’re excited to co-develop this with Chinese partners right here in Beijing.”

Long-term dedication

As one of the first multinational enterprises to enter the Chinese market, Bayer stands out as the only foreign pharmaceutical company to establish both a product supply center and a research and development center in Beijing. In 1995, the company built the first pharmaceutical production and packaging site in Beijing E-Town and expanded it following a capital expenditure of approximately 100 million euros ($104.83 million) in 2016. The facility is now Bayer’s largest pharmaceutical packaging site.

“The biopharmaceutical industry in China is undergoing a remarkable transformation. Ten, 20 or 30 years ago, we saw ‘me-too’ products that were developed in China but today we are seeing the emergence of first-in-class innovative medicines originating here,” Guth said, adding that the country is the second most important innovation hub in the global biopharmaceutical industry.

As China develops new quality productive forces as innovative engines that drive high-quality development, Guth said: “We appreciate China’s commitment to innovation, as it ultimately benefits patients. This new strategy is set to further strengthen the life sciences industry as a vibrant engine, especially in cutting-edge technologies. It mirrors our own commitment to innovation as a pharma company.”

In a vision of “Treat the untreatable. Cure disease. Offer hope to patients”, Bayer has been committed to practicing its dedication to innovation and excellence in healthcare. According to the company, it has brought more than 30 innovative drugs and new indications to China over the past five years.

“China has become a rising innovation hub with rapidly growing innovative drug approvals. We’re looking at the country as one of the world’s largest contributors to medical advancements and drug pipelines, with a leading position in cutting-edge technologies and modalities like cell and gene therapies,” said Guth. “We want to leverage the vibrant innovation ecosystem to bring innovative medicines to the many patients in China.”

In 2009, Bayer established its global prescription medicine R&D center in Beijing, and 19 innovative drugs and 36 new drugs or new indications have since been approved in China. Earlier this year, the company filed two new indications, which are expected to be approved soon.

To advance fundamental scientific research in drug development, Bayer has fostered communication and collaboration with local academic institutions. In 2009 and 2014, the company established long-term research partnerships with Tsinghua University and Peking University, respectively. So far, they have conducted over 100 joint research projects in various areas, including new target discovery, disease mechanism studies, drug screening, and innovative chemical synthesis, setting a benchmark for integrated development and innovation in China’s pharmaceutical sector.

“We’re proud to be a trusted partner for innovators and industry leaders in the local innovation ecosystem across the country. There are still many unmet medical needs in China, and we continue to bring innovative products to the market to meet the needs of Chinese patients,” said Guth.

Increasing prospect

Last month, China issued an action plan on stabilizing foreign investment in 2025, highlighting expanding pilot openings in sectors such as telecommunications, healthcare and education. It calls for facilitating the orderly opening of the biopharmaceutical sector, supporting eligible foreign enterprises in participating in pilot programs for segmented production of biologics, accelerating the process of bringing innovative drugs to market, optimizing volume-based drug procurement and enhancing the predictability of medical device product procurement.

“It’s heartening to see China’s commitment to openness, and these policies create favorable conditions for foreign companies to innovate, invest and grow,” said Guth.

“For global pharmaceutical companies like Bayer, this creates positive market expectations and will further accelerate innovative drugs coming to market for Chinese patients.

“These policies encourage local collaboration, and facilitate domestic and foreign companies working together to expand the innovation ecosystem. More Chinese patients will benefit as a result,” he added.

MIL OSI China News –

March 6, 2025
MIL-OSI Asia-Pac: HK’s I&T feats highlighted in Spain

Source: Hong Kong Information Services

Secretary for Innovation, Technology & Industry Prof Sun Dong outlined Hong Kong’s innovation and technology (I&T) achievements yesterday as he spoke at the Global System for Mobile Communications Association (GSMA) Ministerial Programme in Barcelona, Spain.

The programme was part of Mobile World Congress (MWC) 2025, which Prof Sun has been attending this week with a delegation from Hong Kong’s I&T sector.

At the ministerial programme, themed “2025+: A Tech Odyssey”, he delivered a keynote speech in which he outlined Hong Kong’s efforts to build a smart city and a digitally inclusive society that bridges the “digital divide”.

Highlighting that one of the best markers of a city’s I&T development is its degree of digitalisation, Prof Sun said all submissions and payments to the Hong Kong Special Administrative Government can be done electronically.

“More than three millions of people are enjoying the convenience and efficiency of accessing government services and online identity verification through a mobile application called ‘iAM Smart’. A corporate version of ‘iAM Smart’, nick-named CorpID, is upcoming too.”

In terms of digital inclusiveness, Hong Kong’s household broadband and smartphone penetration rates are both approximately 97%. The internet usage rate among citizens aged 65 and above rocketed from 56% in 2018 to 84% in 2023, higher than the European rate of around 78%.

“As society becomes so digitally knitted and increasingly mobile, we recently launched the ‘Smart Silver’ Digital Inclusion Programme for Elders to address the challenges of an increasingly aging society.

“This programme fortifies our digital inclusive efforts by providing elders with community-based training and on-the-spot helpdesks to enhance elders’ knowledge on new digital technologies and support their navigation by common mobile applications.”

During the congress, Professor Sun met the GSMA’s Head of Greater China Sihan Bo Chen to learn about the association’s work to develop mobile communications and promote innovation in the industry.

He also visited various exhibition pavilions on-site, including the EU Quantum Flagship. He and his delegation toured the Barcelona Supercomputing Center, where he was briefed on Spanish and European developments in quantum computers, supercomputing technology, AI and more.

Prof Sun will proceed from Barcelona to Lisbon, Portugal later today.

MIL OSI Asia Pacific News –

March 6, 2025
MIL-OSI USA: Ernst Unveils INNOVATE Act to Usher in Golden Age of American Innovation

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – Today, at the Senate Committee on Small Business and Entrepreneurship hearing on ushering in the Golden Age of American innovation, Chair Joni Ernst (R-Iowa) unveiled her Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence (INNOVATE) Act to reauthorize and reform the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs that enable small businesses to bring innovation to the defense industrial base.
Ernst detailed how her bill will cut red tape to make way for new applicants, eliminate corporate welfare for mills, and strengthen protections against China’s attempts to steal taxpayer-funded intellectual property.

Watch Chair Ernst’s full opening remarks here.
The SBIR-STTR programs allocate a portion of participating federal agencies’ research and development budgets to small businesses to accelerate their development of critical technologies. In 2022, Ernst led the SBIR and STTR Extension Act to reform and reauthorize the programs by establishing a new foreign ties vetting requirement and a new measurement of small businesses’ success in commercializing research, among other improvements.
The INNOVATE Act:
Eliminates small business welfare and reorients SBIR-STTR to its original purpose as merit-based seed funding for innovators by:

Eliminating Diversity, Equity, and Inclusion (DEI) preferences in the award process and requiring businesses with dozens of awards to be commercially viable and not exclusively rely on SBIR awards as a source of perpetual revenue.

Accelerates innovation among new SBIR awardees across America by:

Reserving 2.5% of the SBIR allocation for smaller, one-time $40,000 awards to new applicants with a shorter, streamlined application focused on the commercialization potential of their innovation.

Promotes transition for battle-ready SBIR-STTR technologies by:

Empowering the Department of Defense (DoD) to scale the most-promising technologies to long-term contracts by using existing funds to establish targeted, larger-dollar awards to bridge the “valley of death.”

Closes loopholes and strengthens due diligence assessment of foreign risks by:

Defining foreign risk to provide a consistent baseline for agencies’ evaluation of potential awardees, implementing a clear list of ties to foreign countries of concern that deem a small business ineligible for awards, and strengthening federal agencies’ ability to claw back award dollars if a small business exposes SBIR-STTR-funded intellectual property to adversarial influence.

Streamlines the bloated SBIR-STTR program operations by:

Eliminating underperforming pilot programs and restricting the number of award proposals that a single company can offer annually.

Ernst’s full opening remarks:
“With its authorization expiring at the end of this fiscal year, today we turn our attention to the Small Business Innovation Research and Small Business Technology Transfer Programs, or SBIR-STTR. This program has effectively partnered federal agencies with private sector entrepreneurs to scale research and development projects aimed at addressing the pressing challenges of the day.
“While we’ve seen a measure of success over the years, through the committee’s oversight efforts, agency studies, and GAO reports, it is clear SBIR is in need of additional reforms to safeguard taxpayer funds and enable this program to meet its full potential.
“Despite the funding spanning 11 agencies and countless critical technology areas, SBIR has demonstrated an incredible potential to revitalize our small business industrial base and preserve America’s technological leadership. The cutting-edge technologies being generated are already serving to enhance competition, improve supply chains, and increase overall readiness.
“For these reasons, I am excited to announce that today I am introducing the ‘Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence’ or ‘INNOVATE’ Act, a bill to reauthorize and comprehensively reform the SBIR-STTR program.
“My legislation streamlines and simplifies existing processes, directs the funding toward projects based on merit, channels funding to help accelerate the most promising projects towards final stage commercialization, protects against waste and abuse, and introduces enhanced protections and accountability tools to prevent these new technologies from getting into the hands of our foreign adversaries.
“First, the INNOVATE Act reforms Phase I to provide new applicants with a simplified, two-page proposal process with smaller, one-time awards so that more innovators throughout the country can have access to this program, even if they can’t hire professional grant-writers. My bill also eliminates DEI preferences. These measures enable agencies to scout the best proposals based on substance from across the country. I am committed to ensuring open competition for innovators with traditionally lower engagement in the program.
“Second, my bill addresses the practice of ‘SBIR mills,’ where firms benefiting from their beltway connections and grant writing expertise have been able to collect an outsized portion of the funding, with fewer results to show for it.
“This problem was verified by both the GAO, the government accounting office, and the DoD’s Defense Industrial Board, which reported that the firms that got the most awards, were less productive in terms of commercialization, investments, and patents, than those who got fewer awards.
“To prevent the use of Phase I or II funding as a permanent source of revenue, my bill imposes a $75 million lifetime cap. It forces small businesses with dozens of awards to demonstrate commercial traction or follow-on contracts with non-SBIR dollars.
“Third, my bill empowers DoD to repurpose underutilized and overly regulated STTR Phase II funding to more efficiently scale the most promising technologies for long-term contracts for deployment through ‘strategic breakthrough awards.’ For these awards of up to $30 million, the bill limits eligibility to small businesses making clear progress towards commercialization and with an identified DoD end user. It also requires 100% matching funds to ensure that firms have skin in the game and aren’t just in it for corporate welfare. These reforms will enable more flexible use of SBIR funding to help bridge the ‘valley of death’ for the companies on the verge of success.
“Finally, my bill builds upon my longstanding work to safeguard these new SBIR technologies from being stolen by our adversaries. For years, China and other state actors have stolen intellectual property and proprietary secrets from American businesses and universities. That is why I championed the foreign ties due diligence program reforms in the 2022 reauthorization. But we have found that more needs to be done.
“That’s why my INNOVATE Act introduces a new definition of ‘foreign risk’ to create a stronger risk assessment baseline standard that must be applied consistently across all agencies. It implements a clear list of ties to foreign countries of concern that disqualify an applicant. And it empowers agencies with clear claw back authority if a small business exposes SBIR-funded products to adversarial influence post-award.
“By targeting SBIR funds to the very best inventors in the country.
“By cutting off the unserious applicants who are just after corporate welfare.
“By providing a boost to the best companies who need it to get over the final hurdles.
“And by better protecting our taxpayer-funded innovations from going directly to China, the SBIR-STTR program can expedite new technologies, increase economic opportunity, and attract investment back into our towns and cities – and help to usher in a new Golden Age of Innovation for America.
“I look forward to working with my colleagues to get this across the finish line. It’s up to us, the members of this committee, to work together to optimize this important program.
“I’d like to thank the witnesses for being here today and being willing to share their experience and expertise with us.”

MIL OSI USA News –

March 6, 2025
MIL-OSI Economics: Panasonic’s nanoe(TM) (hydroxyl radicals contained in water) technology achieves 99% inactivation of alcohol- and heat-resistant toxins

Source: Panasonic

Headline: Panasonic’s nanoe(TM) (hydroxyl radicals contained in water) technology achieves 99% inactivation of alcohol- and heat-resistant toxins

Osaka, Japan, March 6, 2025 – Panasonic Corporation (Panasonic) (https://holdings.panasonic/global/) today announced that it has demonstrated the inactivating effect of nanoe (hydroxyl radicals contained in water) technology on endotoxin, which causes aggravation of allergy-like symptoms such as asthma and rhinitis, under the supervision of Masafumi Mukamoto, Professor Emeritus of Osaka Metropolitan University and Visiting Researcher at the University of Hyogo.
According to the 2023 Patient Survey published by the Ministry of Health, Labour and Welfare, the total number of asthma patients in Japan is approximately 1.85 million.*1 A wide variety of factors are also known to contribute to exacerbation of asthma. Of these, academic studies suggest that endotoxin is one of contributing factors to the aggravation of allergy-like symptoms such as asthma and rhinitis,*2, *3 and its presence in house dust*4 and in air pollutants such as PM 2.5 and Asian sand dust*5, *6 has been confirmed. Endotoxin is also known they derive from gram-negative bacteria such as Escherichia coli and are resistant to alcohol and heat, rendering inactivation by general disinfection methods more difficult.
Panasonic has demonstrated the inhibitory effect of nanoe (hydroxyl radicals contained in water) technology on 20 types of bacteria, and has also partially identified its inhibitory mechanism on bacteria.*7 In this study, in order to verify its effectiveness against bacterial toxins, Panasonic has newly verified its effects against endotoxin, which is resistant to alcohol and heat. The results demonstrated that exposure to nanoe (hydroxyl radicals contained in water) had an inactivation rate of 99% or higher. Note that this verification was conducted under test conditions and does not attest to effectiveness in actual usage spaces. Also, the test was conducted to verify effectiveness on chemical substances that contribute to the worsening of symptoms, and not on the worsening of the symptoms themselves.
Panasonic is committed to further advancing nanoe (hydroxyl radicals contained in water) technology and pursuing its possibilities in order to help society by providing safe, secure spaces.

■Key points of this test

According to academic research, endotoxin, which is derived from E. coli and is resistant to alcohol and heat, is a substance that should be carefully monitored because it is contained in Asian sand dust, PM 2.5, and house dust, and is suggested to exacerbate allergy-like symptoms such as asthma and rhinitis.
The results of irradiating endotoxin with nanoe (hydroxyl radicals contained in water) and comparing it against alcohol and heat treatment confirm that nanoe (hydroxyl radicals contained in water) technology alone is more than 99% effective in inactivating endotoxin. (Test (1))
The results of endotoxin activity measured by irradiating E. coli with nanoe (hydroxyl radicals contained in water) confirmed an inactivation effect of 99% or higher. (Test (2))

Test (1)

Figure 1: Test Overview

Testing organization: Panasonic Corporation*8
Test sample: Standard endotoxin
Test device: nanoe (hydroxyl radicals contained in water) generator
Test method: A petri dish containing standard endotoxin dissolved in solvent was placed in a 45-liter chamber and exposed to nanoe (hydroxyl radicals contained in water) at a position 5 cm from the petri dish for a predetermined length of time.Endotoxin activity was measured on the samples after exposure.*9Samples with and without exposure to nanoe (hydroxyl radicals contained in water) were compared, and the residual endotoxin activity rate was calculated.*10In order to compare against exposure to nanoe (hydroxyl radicals contained in water), treatment under the conditions in which bacteria are sterilized (heating at 90°C, 10-minute treatment, and ethanol 80 vol%, 5-minute treatment) were performed respectively, and the residual rate of endotoxin activity was calculated.*10

Test (2)

Figure 2: Test Overview

Testing organization: Panasonic Corporation
Test sample: E. coli
Test device: nanoe (hydroxyl radicals contained in water) generator
Test method: A petri dish containing E. coli dissolved in solvent was placed in a 45-liter chamber and exposed to nanoe (hydroxyl radicals contained in water) at a position 5 cm from the petri dish.Endotoxin activity was measured on the samples after exposure.*9Samples with and without exposure to nanoe (hydroxyl radicals contained in water) were compared, and the residual endotoxin activity rate was calculated.*10

■Test results

Test results (1)

Below are the results of confirming the residual endotoxin activity rate*10 for standard endotoxin exposed to nanoe (hydroxyl radicals contained in water) for 48 hours, treated with alcohol, and treated with heat, respectively. Only nanoe (hydroxyl radicals contained in water) technology showed an inactivation effect of 99% or more.

Test results (2)

The results of confirming the residual endotoxin activity rate*10 using E. coli exposed to nanoe (hydroxyl radicals contained in water) for 48 hours are described below. nanoe (hydroxyl radicals contained in water) technology showed an inactivation effect of 99% or more.

■Comments from Masafumi Mukamoto, Professor Emeritus, Osaka Metropolitan University and Visiting Researcher, University of Hyogo*

Endotoxin is a toxin that exists on the surface of gram-negative bacteria such as E. coli. It has various biological activity, and has been suggested to aggravate allergy-like symptoms such as asthma and rhinitis. Endotoxin has been reported as present in air pollutants such as PM 2.5 and Asian sand dust, as well as house dust. Particular attention should be paid to Asian sand dust, as the number of days it is observed increases during spring. In addition, endotoxin is known to be resistant to alcohol and heat, so even if bacterial sterilization is performed, it may not be possible to inactivate endotoxin. Thus, I think it is significant that inactivation of endotoxin by nanoe (hydroxyl radicals contained in water) technology was demonstrated in this test.
*Edited from comments received at the request of Panasonic.

■Principle of nanoe (hydroxyl radicals contained in water) generation

The atomizing electrode is cooled by a Peltier element, which condenses moisture in the air to create water. Afterwards, a high voltage is applied across the atomizing electrode and the opposite electrode to generate nanoe (hydroxyl radicals contained in water) contained in water that contain hydroxyl radicals of approximately 5 to 20 nanometers in size. (Figure 5)

Notes:*1: Reference: “2023 Patient Survey” Ministry of Health, Labour and Welfare. https://www.mhlw.go.jp/toukei/saikin/hw/kanja/23/index.html*2: Reference: M. Berger et al. “Lipopolysaccharide amplifies eosinophilic inflammation after segmental challenge with house dust mite in asthmatics,” Allergy, vol. 70, No. 3, pp. 257-264, 2014.*3: Reference: Braga CR et al. “Nasal provocation test (NPT) with isolated and associated dermatophagoides pteronyssinus (Dp) and endotoxin lipopolysaccharide (LPS) in children with allergic rhinitis (AR) and nonallergic controls,” J Investig Allergol Clin Immunol., vol. 14, No. 2, pp. 142-8, 2004.*4: Reference: Peter S. Thorne et al. “Endotoxin Exposure Is a Risk Factor for Asthma The National Survey of Endotoxin in United States Housing,” American Journal of Respiratory and Critical Care Medicine, vol. 172, No. 11, pp. 1371-1377, 2005.*5: Reference: Takamichi Ichinose, “Progress of the research on air pollution (PM 2.5, Asian sand dust, etc.) and allergy,” Japanese Journal of Allergology, vol. 63, No. 8, pp. 1085-1094, 2014.*6: Reference: Yahao Ren et al. “Enhancement of OVA-induced murine lung eosinophilia by co-exposure to contamination levels of LPS in Asian sand dust and heated dust,” Allergy Asthma Clin Immunol., vol. 10, No. 1, pp. 30, 2014.*7: [Press Release] Visual Imaging of Bacterial Inhibition Mechanism by Hydroxyl Radicals Contained in Water in Collaboration with Harvard University (March 29, 2012)*8: Endotoxin testing and data acquisition were conducted in cooperation with FUJIFILM Wako Bio Solutions Corporation.*9: Endotoxin testing was conducted in accordance with the “General Rules” and “General Testing Methods” of the Revised Japanese Pharmacopoeia, 18th Edition.*10: Panasonic’s own calculation of residual endotoxin activity rate = (activity after treatment/untreated activity) x 100

◆A summary of this press release can be found here:https://www.panasonic.com/global/consumer/nanoe/ja/topics/250306.html
◆Results of research into nanoe (hydroxyl radicals contained in water) technology to date can be found here:https://www.panasonic.com/global/consumer/nanoe/ja.html

Media Contact:

Living Appliances and Solutions Company, Panasonic CorporationPublic Relations, Corporate Policy Department, Corporate Planning CenterEmail: las-pr@gg.jp.panasonic.com

Inquiries:

Living Appliances and Solutions Company, Panasonic CorporationDevices Products Business Unit, Beauty and Personal Care Business DivisionTelephone: +81-(0)749-27-0485 (available 9:30 a.m. to 5:00 p.m. excluding Saturdays, Sundays, and public holidays)

About Panasonic Corporation
Panasonic Corporation offers products and services for a variety of living environments, ranging from homes to stores to offices and cities. There are five businesses at the core of Panasonic Corporation: Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, Electric Works Company and China and Northeast Asia Company. The operating company reported consolidated net sales of 3,494.4 billion yen for the year ended March 31, 2024. Panasonic Corporation is committed to fulfilling the mission of Life Tech & Ideas: For the wellbeing of people, society and the planet, and embraces the vision of becoming the best partner of your life with human-centric technology and innovation. Learn more about Panasonic: https://www.panasonic.com/global/about/

MIL OSI Economics –

March 6, 2025

Maturity	Volume	Rate
7 days	RMB104.5 billion	1.50%

Category: China

International conference focuses on role of PLI Schemes, India’s green transition and inclusive sustainability in shaping India’s industrial policyPanel discussions highlight industrial policy evolution and global competitiveness amid evolving geopolitics

New UK–Japan Economic Partnership to propel growth

The Foreign Secretary, David Lammy, said:

Business and Trade Secretary Jonathan Reynolds said:

Chief Economist at the CBI – member of the travelling business delegation – Lousie Hellem, said:

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