Chinese artificial intelligence startup DeepSeek has raised more than 50 billion yuan ($7.4 billion) in its first funding round. According to Reuters, citing The Information, the company’s valuation has surpassed $50 billion.

The Wall Street Journal (WSJ) reported that the capital will be used to support the costly development of advanced artificial intelligence technologies.

According to the newspaper, citing sources familiar with the matter, investors valued the company at more than $50 billion. The valuation makes DeepSeek the most valuable AI startup in China.

DeepSeek founder Liang Wenfeng reportedly owned about 90% of the company before the funding round. Liang is said to have contributed roughly $3 billion during the fundraising process, making him the largest participant in the round.

According to Reuters, the transaction was structured in an unusual way that allows Liang to retain control of the company.

Rather than investing directly in DeepSeek, investors were required to invest through a limited partnership managed by a senior executive of the startup. Under the arrangement, investors were not granted voting rights. The report also said restrictions were placed on the use of invested funds for a period of five years.

The sole exception was the China National Artificial Intelligence Industry Investment Fund. The fund reportedly invested approximately $150 million directly in DeepSeek, allowing it to retain both voting rights and full discretion over its stake.

Other major investors in the funding round included Tencent, which invested approximately $1.5 billion, and Contemporary Amperex Technology, which invested about $740 million.

Bloomberg previously described the transaction as one of the largest fundraising rounds undertaken by a Chinese startup. According to the agency, the investment marks a new stage in the efforts of leading Chinese AI companies to compete with their US rivals.

DeepSeek told prospective investors that it would prioritize foundational and transformative AI research over short-term commercialization.

Based in the Chinese city of Hangzhou, DeepSeek emerged as one of Beijing’s most prominent AI companies after unveiling a more powerful and lower-cost model more than a year ago. The WSJ reported that interest surrounding the company has accelerated AI adoption in China and increased investor appetite for domestic startups.

Liang Wenfeng has previously said he intends to continue developing open-source AI models and ultimately aims to achieve artificial general intelligence (AGI). According to Bloomberg, the strategy continues an approach that has contributed to the spread of open models and influenced companies across China’s AI market, including Alibaba’s Qwen platform.

Bloomberg added that while global rivals such as OpenAI and Anthropic are exploring public offerings and revenue-generation strategies, DeepSeek has maintained its “research first” approach.

China’s State Council Information Office on Wednesday released a white paper titled “A More Just and Equitable Global Governance: China’s Principles, Proposals and Actions.”

The white paper was issued to introduce China’s principles, proposals, and actions regarding global governance, to foster a broader consensus within the international community, to enable more effective responses to global challenges, and to build a more just and equitable global governance system.

The document states that global governance is a common endeavor concerning the well-being of all humanity, and that building a just and equitable global governance system is a shared vision long pursued by people around the world. It also emphasizes that China has always been an active participant, contributor, and builder of global governance.

According to the white paper, in the new era, Chinese President Xi Jinping has put forward the vision of building a community with a shared future for mankind. Advancing a global governance system shaped on the basis of extensive consultation, joint contribution, and shared benefits, Xi has called for true multilateralism to promote an equal and orderly multipolar world and an economic globalization that is inclusive and beneficial for all.

In 2025, Xi proposed the Global Governance Initiative (GGI). This initiative was designed to offer China’s solutions to two urgent questions of the era: What kind of global governance system should be established, and how should global governance be reformed and improved?

The white paper notes that shortly after its introduction, the GGI received support from approximately 160 countries and international organizations, with more than 60 countries joining the Group of Friends of the Global Governance Initiative. It states that the international community is of the view that the GGI sends a clear message: to defend multilateralism, join forces, and strive for a just future.

According to the white paper, the GGI aligns with the growing trend toward greater democracy in international relations and strengthens international confidence in the practice of multilateralism. The initiative provides a clear and actionable roadmap for the improvement of global governance, injecting valuable stability and positive energy into a turbulent world.

The white paper emphasizes that China proposed the GGI to accelerate the construction of a more just and equitable global governance system. The document states that firmly defending the authority and status of the United Nations is of fundamental importance for the effective implementation of this initiative.

According to the white paper, success will also depend on major countries acting with a sense of responsibility and all nations working together in unity to bridge deficits in peace and development. It states that rather than attempting to reinvent the wheel, all countries must firmly defend the international system with the UN at its core, maintain the international order based on international law, and uphold the fundamental norms of international relations based on the purposes and principles of the UN Charter.

In addition to the preface and conclusion, the white paper consists of five chapters: “Today’s World Faces Severe and Complex Challenges,” “The Global Governance Initiative Responds to the Challenges of Our Era,” “China’s Contribution to the Development of Global Governance,” “Directing the Course of Change Toward a Bright Future,” and “Advancing Hand in Hand at a Critical Juncture in History.”

The Bank of Japan (BoJ) has raised its short-term policy interest rate to “about 1%”, lifting borrowing costs to their highest level in 31 years as the country seeks to adapt to a persistent inflationary environment.

The 0.25 percentage point increase, which was widely anticipated by financial markets, brings Japan to what analysts view as a critical milestone in the central bank’s efforts to normalize monetary policy after decades of ultra-low interest rates and deflation.

The BoJ’s policy rate was last at the 1% level in 1995. At that time, the central bank was in the process of cutting borrowing costs following the collapse of the Japanese asset price bubble in the late 1980s.

In its accompanying statement, the BoJ signaled its intention to continue the normalization process, stating it would adjust the policy rate and the degree of monetary easing in accordance with developments in economic activity, prices, and financial conditions.

The BoJ also announced that it will halt the reduction of its monthly Japanese government bond purchases starting in April 2027, stabilizing the pace of purchases at approximately 2 trillion yen per month. This move was also largely expected by the market.

Following the announcement, the yen traded flat against the US dollar at approximately 160.2.

While noting that high crude oil prices continue to weigh on economic activity, the BoJ stated that “the risk of a significant slowdown in the economy appears to have diminished compared to some time ago.”

The central bank also observed that the pass-through of high fuel prices has progressed relatively quickly, spreading from business-to-business transactions to consumer prices, which could keep core consumer inflation above its 2% target.

Having exited negative interest rates in 2024, the BoJ raised rates twice in 2025. The bank is widely expected to settle into a pattern of gradual tightening roughly every six months. Some economists believe another 0.25 percentage point hike could come as early as October.

This week’s rate decision was approved by a 7-to-1 vote on the bank’s Policy Board. The board convened with eight members due to Governor Kazuo Ueda’s hospitalization last week.

Toichiro Asada, the sole dissenting member, argued that the situation in the Middle East poses downside risks to production and employment for Japan, rather than upside risks to prices.

“The vote distribution is interesting and suggests the board has become a bit more balanced; previously, the board had a noticeably hawkish tilt,” said Stefan Angrick, senior economist and head of Japan at Moody’s Analytics.

Speaking to the Financial Times, Angrick added: “The reality is that the BoJ has no good options. They can raise rates to strengthen the yen and reduce inflationary pressure, but that hurts the economy.”

Ueda, who is receiving treatment for a liver condition, did not attend the meeting and did not cast a vote. He is expected to return for the July meeting. This week’s meeting was chaired by BoJ Deputy Governor Ryozo Himino.

The afternoon press conference will be led by the bank’s other deputy governor, Shinichi Uchida. Uchida’s remarks will be closely monitored for indications of how the BoJ continues to assess the adverse economic impacts of the war involving Iran.