China’s private defence firms; Beijing sets yuan fix: SCMP daily highlights

While China’s state-owned defence conglomerates continue to dominate weapons development, private companies have increasingly entered the sector in recent years under the country’s military-civil fusion strategy. Photo: Handout

Published: 9:15pm, 26 Nov 2025

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider .

Escalating global conflicts could create opportunities for China’s private defence companies as customers, both at home and abroad, seek affordable and reliable military equipment, according to industry insiders.

2. Why China’s space sector is grabbing attention – including from Elon Musk

The Zhuque-3 rocket completes a launch test at a site in China’s northwestern Gansu province last year. The device is one of several reusable rockets under development in China. Photo: Getty Images

On Saturday, the Beijing-based start-up LandSpace reportedly plans to conduct the maiden launch of its Zhuque-3 rocket – a reusable launch vehicle that could significantly boost China’s space industry by lowering the cost of lifting equipment such as satellites into orbit.

3. Amid global fusion energy race, Europe’s top nuclear minds are betting on China

Targeted for completion in 2027, the Burning Plasma Experimental Superconducting Tokamak (BEST) in Hefei is rapidly attracting international talent frustrated by slow progress elsewhere. Photo: Xinhua

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