China issues new supply chain security rules
Chinese Premier Li Qiang signed a State Council decree to publish new regulations on the security of industrial and supply chains, which took effect immediately, according to a Tuesday government statement. The 18-article document outlines working principles, systemic measures, countermeasures, and extraterritorial applications aimed at mitigating security risks, enhancing supply chain resilience, and safeguarding national security and economic stability.
Domestic trips rise 6.8% during Qingming holiday
Chinese travelers made 135 million domestic trips during the three-day Tomb-Sweeping Day holiday, an increase of 6.8% year-on-year, according to data released Tuesday by the Ministry of Culture and Tourism. Total domestic tourism spending grew 6.6% to 61.4 billion yuan. However, average daily per capita spending slightly dipped to 151.52 yuan ($22.1) from 152.24 yuan during the same holiday last year.
China’s 2025 advertising revenue tops 2 trillion yuan
The advertising revenue of public institutions and large enterprises in China exceeded 2 trillion yuan for the first time in 2025, reaching more than 2.05 tillion yuan, according to data released Tuesday by the State Administration for Market Regulation. The figure represents an average annual growth rate of 16.8% since 2020. Internet advertising revenue surged 34.6% year-on-year to 1,357.4 billion yuan, accounting for 66.2% of the total, with top internet platforms recording ad revenue growth of more than 36.1%.
Spirit AI completes three funding rounds in two months
Robotics startup Spirit AI announced Tuesday that it raised 1 billion yuan in a new funding round co-led by Shunwei Capital and Yunfeng Capital. The investment comes just over a month after the company secured nearly 2 billion yuan in two separate rounds, which pushed its post-money valuation past 10 billion yuan.
LLM startup ModelBest raises hundreds of millions of yuan
Chinese large language model developer ModelBest recently completed a new funding round worth hundreds of millions of yuan, the company announced Tuesday. The round was co-led by Shenzhen Capital Group Co. Ltd. and the investment arm of Shenzhen Inovance Technology Co. Ltd., with participation from backers including Guotai Junan Innovation Investment Co. Ltd.
