In Depth: Intel’s China Partners Expect New Chief to Usher in Growth

AI agents: Tencent Holdings Ltd. has launched a platform to help businesses create their own agents powered by artificial intelligence (AI). The tech giant’s cloud unit announced Wednesday that it had upgraded its enterprise-facing large language model (LLM) knowledge base so that it can be used to develop AI agents. These pieces of software can be instructed to make decisions and complete tasks. With the move, Tencent is joining the likes of Microsoft Corp. in getting into AI agent technology, which is considered a promising new way to make money off LLMs. It also advances Tencent’s broader “AI in All” strategy to add AI capabilities to its entire portfolio of apps.

Stablecoins in Hong Kong: The city has laid ground rules for issuers of currency-backed stablecoins as it pushes further toward its goal of becoming a crypto hub. The Legislative Council set up the licensing rules when it passed the Stablecoins Bill on Wednesday. Under the forthcoming law, issuers of stablecoins, digital currencies whose value is typically pegged to a stable asset, will need to maintain sufficient reserve assets, comply with anti-money laundering and risk management standards, and ensure the stablecoin can always be redeemed for the underlying currency on a one-for-one basis. They will also need to meet a minimum paid-up share capital requirement of HK$25 million ($3.2 million).

Stock market support: China’s insurance industry increased its investment in equities in the first quarter by a net 390 billion yuan. The 16% quarterly increase was the highest in recent years, and followed a government push for the industry to put more money into the tepid stock market. The share of insurance funds allocated to stocks was also up, rising to 8.37% at the end of March from 7.55% at the end of last year. Since 2023, regulators have been pushing for more medium- and long-term investment in the domestic stock market, which has long been dominated by retail investors.

China’s WHO donation: China has pledged an additional $500 million to the World Health Organization (WHO) over five years, which would reportedly make China the top donor to the U.N. health body after the U.S.’ withdrawal in January. Vice Premier Liu Guozhong made the promise on Tuesday at the 78th World Health Assembly in Geneva, Switzerland. The WHO’s loss of its largest donor left the organization with a $600 million hole in its 2025 budget. Health experts said the funding shortfall will hurt the WHO’s ability to respond to international health crises. This year’s assembly marked the first time the U.S. has been absent from the assembly since 1948.

China-ASEAN trade: China and the 10 Southeast Asian countries have finished negotiating an update to the pact governing the China-ASEAN Free Trade Area. The update, which China’s Ministry of Commerce announced Wednesday, is the fruit of nearly two years of negotiations over the pact, which aims to strengthen free trade across the region. Both sides have to get approval at home for the China-ASEAN Free Trade Area Version 3.0 before it can be formally signed. They aim to have that done by the end of the year.