The upcoming 9th Asian Winter Games in Harbin City, northeast China's Heilongjiang Province, is worth looking forward to and will engage more people in winter sports, said Yu Zaiqing, a member of the International Olympic Committee and vice president of the Chinese Olympic Committee.
Scheduled for Feb 7 to 14, the upcoming Asian Winter Games marks the second time for Harbin to host the Games and the third time for the country.
With the high-anticipated event just around the corner, Yu sat with China Global Television Network (CGTN) to share his expectations for the Games and discuss what legacy it will leave for the host city and the country's sport industry. "Harbin hosted the Asian Winter Games in 1996. That was 29 years ago, nearly 30 years ago. First of all, I believe since Harbin was already able to host the Games in 1996, it will do better this second time. The existing venues and facilities are so much better than those 30 years ago. Besides, the economic and fiscal capabilities of Harbin and the Heilongjiang Province have been significantly enhanced. I think it's an Asian Winter Games worth looking forward to," Yu said.
The upcoming event also marks China's first major international ice and snow event since the 2022 Beijing Winter Olympics, which successfully achieved its goal of engaging 300 million Chinese people in ice and snow activities.
Noting a record high 34 National Olympic Committees have registered for the Games, Yu said this demonstrates the key role the event will play in further promoting winter sports.
"In terms of Olympic spirits and sportsmanship, both within the larger cultural scope, there will definitely be improvements driven by the event. This will be its cultural legacy. As for social legacy, to host the Games, we will surely put in some money to build good infrastructure. And of course, there will be more legacy for sports. As we just mentioned, the number of people participating in winter sports will increase. This will be a very important legacy," Yu said.
Harbin Asian Winter Games to further popularize winter sports: IOC member
U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.
The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.
Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.
Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.
Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.
In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.
Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.
U.S. stocks close higher amid criminal probe into Fed chair Powell
