Business Brief (Sept. 9): China and ASEAN Conclude Free Trade Agreement 3.0 Negotiations

China and the Association of Southeast Asian Nations (ASEAN) have successfully concluded negotiations for the China-ASEAN Free Trade Area (FTA) 3.0. This new protocol, expected to be formally signed by the end of the year, expands cooperation to nine key areas such as the digital economy, green economy, and supply chain connectivity. Notably, it introduces a comprehensive framework for linking digital infrastructure with unified rules and standards for the first time, marking a significant upgrade in digital integration between China and ASEAN countries. [para. 1]

Xiaomi has dismissed Wang Teng, a high-ranking executive responsible for China marketing and the Redmi brand, due to leaking confidential information and conflicts of interest. The company’s professional ethics committee announced the decision internally on September 8. Wang responded on Weibo by acknowledging his mistakes and accepting the consequences of his actions. [para. 2]

Intelligent driving solutions provider QCraft announced a global expansion strategy at the IAA MOBILITY 2025 event in Germany, revealing a partnership with major chipmaker Qualcomm. The collaboration aims to jointly develop new intelligent assisted driving systems for mass production and delivery to global markets—including Europe, the U.S., Japan, and Korea—beginning in 2026. Additionally, QCraft plans to establish its European headquarters in Germany later this year. [para. 3]

Chinese President Xi Jinping participated in the BRICS leaders’ summit via video link from Beijing on September 8, delivering a keynote speech as reported by state media. [para. 4]

Pop Mart International Group Ltd. has joined the Hang Seng Index as of September 8, following the second-quarter review. Despite this recognition, Pop Mart shares experienced a significant drop—falling over 8% at one point intraday. The resale prices of its popular Labubu figures have also decreased, with some models falling by over 10%. [para. 5]

China Unicom received a license for satellite mobile communication services from the Ministry of Industry and Information Technology. The company announced plans to expand satellite-based mobile services, especially targeting emergency communications, maritime operations, and remote areas. [para. 6]

The People’s Bank of China (PBOC) has renewed currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank. The swap lines are set at 350 billion yuan/45 billion euros, 150 billion yuan/17 billion Swiss francs, and 40 billion yuan/1.9 trillion Hungarian forints, with agreements lasting three years for the ECB and five years for the Swiss and Hungarian banks. [para. 7]

South Korea will temporarily allow Chinese tour groups of three or more visa-free entry for up to 15 days from September 29, 2025, to June 30, 2026, provided their arrival and departure are coordinated. Chinese tourists visiting Jeju Island will continue to enjoy a 30-day visa-free policy. [para. 8]

Apple will hold its fall product launch event on September 9 (Pacific Time). [para. 9]

Domestically, Chinese authorities are promoting the adoption of more than five specialized AI models across industries such as power, coal, and oil and gas by 2027. There are also plans to update the Foreign Trade Law to institutionalize key reforms, and researchers have developed a spiking large brain-inspired AI model. [para. 10]

In business, Tesla launched an official “Tesla AI” Weibo account, JD.com and partners invested in robotics startup Spirit AI, and X Square Robot secured 1 billion yuan in financing, marking Alibaba Cloud’s inaugural investment in embodied intelligence. [para. 11][para. 12][para. 13]

Globally, spot gold reached an all-time high of over $3,640 per ounce. Russia conducted a major airstrike on a Ukrainian government building, while U.S. President Donald Trump declared readiness to engage in renewed talks with Russian President Vladimir Putin. [para. 14]