Business
Sino–British Deal Valued at More Than $1 Billion Canceled Amid Tensions
A $1.24 billion-valued agreement between a British city and a Chinese manufacturing firm has been canceled after three years of inaction. The broken deal occurs amid chilly diplomatic relations between London and Beijing.
In recent weeks, London officials have expressed support for Hongkongers who have flooded the streets in protest of a controversial extradition bill that they consider an affront to the city’s autonomy—drawing Beijing’s ire.
Hong Kong was handed over from British to Chinese rule in 1997. The Chinese regime had promised it would preserve freedoms in Hong Kong that are not afforded in the mainland.
But the now-suspended bill, which proposed that any country, including mainland China, would be able to seek extradition of an individual to be tried in courts controlled by the Chinese Communist Party, sparked fears that Hong Kong’s rule of law would be infringed upon.
Following mass protests in Hong Kong, British Prime Minister Theresa May, Foreign Secretary Jeremy Hunt, and other UK politicians urged Chinese authorities to respect human rights and freedom in Hong Kong. Beijing responded with tough words.
“The UK government has chosen to stand on the wrong side. It has made inappropriate remarks not only to interfere in the internal affairs of Hong Kong, but also to back up the violent lawbreakers [protesters],” said Liu Xiaoming, Chinese ambassador to the UK, at a July 3 press conference.
On July 12, Chinese authorities announced that four British nationals were arrested as part of a drug raid in eastern China’s Xuzhou City, prompting concerns of hostage diplomacy.
An Iconic Project
In October 2015, when Chinese leader Xi Jinping visited the UK, then-British Prime Minister David Cameron said that the UK and China would enjoy a “golden age” of economic cooperation.
Then, in July 2016, the third-largest district by population and notable industrial city Sheffield signed a 1 billion British pound ($1.24 billion) cooperation agreement with the Chinese firm Sichuan Guodong Construction Group. BBC dubbed it “an iconic project” of…
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