China

Xinhua | English | News | Jan. 23, 2026 | Accidents

Eight individuals who were previously missing after a steel plant explosion in Inner Mongolia have been confirmed dead, increasing the total death toll to 10. The victims were found without vital signs following extensive search and rescue efforts at Baogang United Steel's plate plant in Baotou City.

The explosion occurred on January 18 and involved a 650-cubic-meter saturated water and steam spherical tank. In addition to the fatalities, 84 people were injured, all of whom remain in stable condition. Over 1,000 personnel from various government departments participated in the rescue operation.

Authorities have initiated a city-wide inspection to identify hidden workplace safety risks. Public security officials have taken legal actions against those responsible within the company. An ongoing thorough investigation is examining the cause of the accident.

Xinhua | English | News | Jan. 23, 2026 | UndeterminedTrade Issues and Numbers

In 2025, Jiangsu Province in China recorded a total foreign trade value of 5.95 trillion yuan (849.8 billion U.S. dollars), marking a 6 percent increase from the previous year. This trade volume accounted for 13.1 percent of China's total import and export value.

Exports of mechanical and electrical products in Jiangsu grew by 11.6 percent year on year to 2.8 trillion yuan, making up 70.7 percent of the province's total exports. Specific sectors saw notable growth, with exports of electrical equipment reaching 239.96 billion yuan, up 18 percent, and ship exports hitting 142.75 billion yuan, increasing by 37 percent.

Jiangsu is home to nearly 43,000 foreign-invested enterprises, whose combined imports and exports totaled 2.78 trillion yuan in 2025, rising 6.2 percent from the previous year and representing 46.7 percent of the province's overall trade.

The province's international trade ties also expanded, with trade between Jiangsu and countries involved in the Belt and Road Initiative growing by 11.3 percent year on year to 2.98 trillion yuan in 2025.

Xinhua | English | News | Jan. 23, 2026 | UndeterminedEconomic Growth

China's economy showed strong resilience and vitality in 2025, achieving a 5-percent growth despite a complex domestic and international environment, according to Asif Cheema, Asian Development Bank's (ADB) country director for China. The ADB revised its 2025 growth forecast upward in December, reflecting confidence in China's economic trajectory. The growth was driven by robust export performance and active industrial sectors, notably in high-tech and new energy industries.

In 2025, China ranked among the top 10 of the Global Innovation Index and surpassed the OECD average with an R&D spending intensity of 2.8 percent. Cheema highlighted "resilience" and "innovation" as key attributes of China's economy, citing rapid progress in artificial intelligence (AI) research and patenting. AI's integration with traditional industries is boosting productivity and fueling significant corporate revenue growth, positioning AI as a strong engine of economic expansion.

Cheema also praised China's macroeconomic policies aimed at improving productivity, enhancing social security to stimulate domestic consumption, and further opening the economy. Foreign investor confidence increased sharply, with offshore inflows into Chinese stocks reaching 50.6 billion U.S. dollars in the first ten months of 2025, up significantly from 11.4 billion dollars for all of 2024.

Looking ahead, Cheema expressed optimism about China's economic outlook, emphasizing stability and sustainable growth through continued efforts to boost domestic consumption and high-tech sectors. As the world’s second-largest economy and largest exporter, China plays a vital role in the global economy by fostering job creation, economic opportunities, and technology transfers through both trade and overseas investments.