China tests canal link to Southeast Asia; rocket failure concerns: SCMP’s 7 highlights

1. China has completed a crucial test of its US$10.8 billion canal link to Southeast Asia, moving the ambitious megaproject closer to a planned September launch. The 134.2km (83.4-mile) canal will connect an inland region with Southeast Asia, streamlining trade between the two regions.

2. A recent rocket failure involving China's Long March-7A rocket has raised concerns over the country's ambitious launch schedule. The loss of a communications satellite during the incident has sparked inquiries into whether the failure was an isolated operational issue or a symptom of a larger systemic problem.

3. Former Chinese Premier Zhu Rongji, a key figure in the nation's monumental economic reforms, passed away at the age of 97 on Wednesday in Beijing. Zhu's leadership contributed to one of the most significant economic transformations in human history.

4. China has introduced a new 20% offshore tax targeting the ultra-wealthy, prompting questions about the impact on Hong Kong. With decades of prosperity driven by managing the wealth of Asia's elite, the new tax policy raises concerns about potential changes in the territory.

5. In Hong Kong, a man carrying a knife was arrested on Monday after allegedly injuring two individuals at a housing estate in Pok Fu Lam. The incident has raised concerns about public safety in the region.

6. China has accused the United States of attempting to acquire its super magnet, boasting of 40% higher performance. The magnet plays a crucial role in a leading particle accelerator, and the US laboratory that once led the field of superconducting magnets is now seeking to buy the technology.

7. South Korean actress Ha Young has apologized for controversy surrounding her great-grandfather's pro-Japanese ties during Japan's 1910-45 colonial rule. Ha Young initially dismissed the accusations as "groundless," leading to the apology a day after the initial statement.