Duty-free spending slumped 29.3% last year in China's island province of Hainan, where global luxury players from LVMH to Kering (EPA:PRTP) have set up shop, as a weak economy led to a sharp drop in numbers of domestic visitors.

China has added 28 U.S. entities to its export control list to "safeguard national security and interests", the commerce ministry said on Thursday.

Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as expectations for the new year soured amid growing trade risks from a second Donald Trump presidency and China's fragile economic recovery.

The number of Americans filing new applications for unemployment benefits dropped to an eight-month low last week, pointing to low layoffs at the end of 2024 and consistent with a healthy labor market.

China's central bank said it is likely to cut interest rates from the current level of 1.5% "at an appropriate time" in 2025, the Financial Times reported on Friday citing comments the bank made to the newspaper.

China will sharply increase funding from ultra-long treasury bonds in 2025 to spur business investment and consumer-boosting initiatives, a state planner official said on Friday, as Beijing ramps up fiscal stimulus to revitalise the faltering economy.