Business
The North Korean crisis, China’s censorship victory, an unlikely Chinese film and other stories
A North Korean crisis is at hand, what can China do to prepare?
Why you should care:
What a mess it is in matters concerning the Korean peninsula. North Korea refuses to yield on its nuclear ambitions, China remains non-committal on doing more to rein it in, and the United States has failed both in trying to prod Beijing into action and to bring defiant Pyongyang to its knees with sanctions. Crisis is at hand, experts say; the fallout from war – if it comes to that, unlikely as it seems – will be catastrophic. Worst-case scenarios range from an influx of refugees to nuclear contamination. What can China do to prepare? Is this a war any side can really afford to wage?
China’s beleaguered video sites cave to Communist Party’s controls
Why you should care:
Guess how many Chinese video sites have been shut and censored so far this year? Clue: deleted user comments number in the tens of millions. It’s little wonder the country’s commercially-minded platforms are now resorting to self-censorship and – horror of horrors – even offering to push Communist Party propaganda on their sites. Keep an open mind, think critically and stay alert, people.
China’s fastest-growing city leads for the 10th straight quarter
Why you should care:
Guess which city is the front-runner among China’s 25 provinces in leading the country’s economic growth? It recorded 10.5 per cent expansion in the first half of the year (compare this with China’s overall growth target of “around 6.5 per cent” this year). This city’s economic growth has remained consistent despite the political upheaval it has undergone in recent years. It was even where the Communist Party’s latest purge took place just this week; its party boss is now being investigated for corruption. What’s this city’s secret to its stellar growth performance?
The Chinese lawyer who vanished two years ago and the only man who’s seen him since
Why you should care:
Chinese human rights lawyer Wang Quanzhang went missing on July 10, 2015. That was a day after China’s “709 crackdown” began; the campaign saw hundreds of rights lawyers…
Business
BRICS: China Classifies Crypto as Property and Prohibits Business Ownership
China’s Shanghai court ruled cryptocurrencies are property, boosting optimism in the crypto industry while maintaining a ban on business transactions. This may signal a shift in future regulations.
China’s Ruling on Cryptocurrency
In a pivotal decision for the nation and its BRICS alliance, China has officially classified cryptocurrency as property while maintaining prohibitions against business transactions involving digital assets. A notable ruling from the Shanghai Songjiant People’s Court affirmed cryptocurrencies as property, sparking optimism within the crypto industry regarding future regulations.
Implications for the Crypto Industry
As cryptocurrencies gain significance globally, the Chinese ruling is viewed as a potential-positive shift amidst ongoing restrictions. While individuals can hold virtual currency, businesses remain barred from engaging in investment transactions or issuing tokens independently. This decision has generated anticipation for more accommodating regulations in the future.
Future Prospects for Cryptocurrency in China
Experts like Max Keiser believe this ruling indicates China’s growing acknowledgment of Bitcoin’s influence. As BRICS nations explore increased cryptocurrency utilization in trade, this legal shift could enhance market demand and lead to greater acceptance of cryptocurrencies as a legitimate asset class, setting the stage for potential developments in 2025.
Source : BRICS: China Rules Crypto as Property, Bars Business Holdings
Business
Wegovy: The Popular Weight-Loss Drug Now Available in China
Novo Nordisk launched Wegovy in China after approval, competing with Eli Lilly’s upcoming weight-loss drug. The treatment, costing 1,400 yuan, targets obesity but has potential side effects and isn’t covered by healthcare.
Wegovy Launch in China
Novo Nordisk recently launched its weight-loss drug, Wegovy, in China after obtaining approval from local health authorities in June. The introduction of Wegovy is expected to increase competition with Eli Lilly, which has also received approval for its weight-loss treatment, although it has not yet been released in China’s significant pharmaceutical market.
Cost and Accessibility
In China, a set of four Wegovy injections will be priced at 1,400 yuan (approximately $194), significantly lower than the drug’s U.S. price. However, patients will need to pay the full amount out of pocket since Wegovy is not yet covered by the national healthcare insurance plan.
Benefits and Side Effects
Research indicates that Wegovy can help users lose over 10% of their body weight. The drug contains semaglutide, which assists with appetite control and satiety. While Wegovy has been gaining traction globally, it may cause side effects like nausea. Concerns have emerged about its misuse among individuals who are not obese, prompting medical professionals to remain vigilant.
Source : Popular weight-loss drug Wegovy goes on sale in China
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
- BRICS: China Classifies Crypto as Property and Prohibits Business Ownership
- Digital Taxation in China: Effects on Corporate Tax Risk Management and Compliance Strategies
- Farms to fame: How China’s rural influencers are redefining country life
- Wegovy: The Popular Weight-Loss Drug Now Available in China
- China Implements New Measures to Increase Foreign Investment in A-Share Market
- Less is More: Rethinking Indonesia’s Tariffs on China