Pakistan unveils four-year Hajj policy

BEIJING: Former Chinese Premier Zhu Rongji, a key figure in the country’s economic transformation during the 1990s, has died at the age of 97. Zhu was known for his direct speaking style and his strong support for economic reform. His tenure was marked by major changes aimed at restructuring China’s state-dominated economy and opening it further to global markets. He served as China’s vice premier from 1991 to 1998 before becoming premier, a position he held until early 2003. Zhu’s political career began decades earlier. He graduated from Tsinghua University and joined the Communist Party in 1949. During the Cultural Revolution, he was sent to work in the countryside and experienced a period of political hardship. He was later rehabilitated and gradually returned to senior government positions. In 1987, Zhu became mayor of Shanghai. During his tenure, he helped guide the city through early economic reforms and development that eventually contributed to its emergence as a major international financial centre. He moved to Beijing in 1991 after joining the central government. As vice premier and later premier, Zhu became closely associated with efforts to tackle economic overheating, inflation and financial instability. His government introduced wide-ranging reforms to state-owned enterprises. Many inefficient state companies were closed, restructured or privatised, while large numbers of workers were laid off. Zhu also strengthened the central government’s control over taxation and introduced reforms that encouraged private home ownership. Those changes played a major role in reshaping China’s housing market. One of his most significant achievements was helping China secure membership of the World Trade Organization in 2001, following years of difficult negotiations. China formally joined the organisation in December that year. The WTO accession accelerated China’s integration into the global economy and helped expand international trade and investment. However, Zhu’s reform programme also had critics. Some observers argued that changes to agricultural policy, tax arrangements and state-owned enterprises created difficulties that later governments had to address. Despite those criticisms, Zhu remained widely regarded as one of the most influential economic reformers in modern Chinese history. His reputation for blunt remarks became particularly prominent after a collection of his speeches was published in 2011. The books contained unusually candid assessments of corruption, government debt, banking problems and weaknesses in public administration. The speeches attracted significant public attention because they addressed many of the economic and social challenges facing China at the time. Zhu warned about corruption, inequality and problems created by local officials. His comments continued to attract interest among reform-minded officials, academics and members of the public long after he left office. His death marks the passing of a leader who played a central role in one of the most consequential periods of China’s economic development. Zhu’s legacy is closely linked to the difficult reforms of the 1990s, when China moved towards a more market-oriented economy while maintaining the political control of the Communist Party.

Shares of major semiconductor companies dropped sharply on Monday after a report suggested that a Chinese firm has made significant progress in developing advanced chipmaking equipment. The news raised concerns among investors that China could reduce its reliance on foreign technology and strengthen its position in the global semiconductor industry. The market reaction followed a report by The Information, which said Shanghai Yuliangsheng is producing immersion deep ultraviolet lithography machines. These machines use ultraviolet light to carve extremely small circuits onto silicon wafers, a key step in manufacturing modern computer chips. Neither Shanghai Yuliangsheng nor related companies SiCarrier and Huawei responded immediately to requests for comment. However, the report was enough to unsettle investors, who fear that China’s progress in chip manufacturing could reshape competition in the technology sector. If the reported breakthrough proves successful, China could reduce its dependence on Dutch company ASML, the world’s leading supplier of advanced lithography equipment. ASML’s exports are subject to strict restrictions, limiting China’s access to some of the most advanced chipmaking technology. Developing its own DUV lithography machines would allow China to expand domestic chip production and accelerate the development of more powerful processors. Industry analysts believe this could help Chinese technology companies narrow the gap with leading American semiconductor manufacturers. The development is also seen as important for China’s artificial intelligence industry. Improved access to advanced chips would strengthen the country’s AI capabilities and help Chinese companies compete more closely with leading US firms developing cutting edge AI models. The report triggered heavy selling across the US technology sector. Shares of AMD fell by as much as eight percent during trading, while Nvidia dropped nearly five percent. Micron Technology also lost around five percent, and Intel declined about 3.7 percent as investors reassessed the competitive outlook for the semiconductor industry. The decline spread quickly to Asian markets on Tuesday. South Korea’s stock market suffered steep losses as concerns over the future of the AI industry combined with the reported Chinese breakthrough. The Kospi index plunged more than 10 percent to its lowest level since April. Major South Korean chipmakers were among the hardest hit. Shares of SK hynix and Samsung Electronics each fell by around 12 percent as investors worried that stronger competition from China could affect future earnings and market share. Japan’s technology sector also came under pressure. The Nikkei 225 index dropped more than four percent, while leading technology companies including Advantest, Kioxia and Tokyo Electron each lost more than 10 percent during trading. The sharp decline across global markets highlights how closely investors are watching developments in the semiconductor industry. As countries compete to secure leadership in chip production and artificial intelligence, even reports of technological advances can have an immediate impact on stock markets and reshape expectations for the future of the global technology sector.