Business
Taiwan Is Safer Than China for Silicon Valley Investment, Says Taiwanese Mayor
Lin Shih-Hsien, mayor of Changhua City in Taiwan, traveled thousands of miles to California in hopes of bringing some of Silicon Valley’s tech companies to invest in his city.
After almost two years of the Sino-U.S. trade war, many U.S. businesses are now leaving China and looking at different countries in search of cheap labor.
“Your technology and investments are safer in Taiwan,” Lin said in an interview with The Epoch Times on Dec. 6.
Lin compared Taiwan and China and asserted that Taiwan has a well-established democracy and rule of law, which would provide better protection to the intellectual property of American companies.
Lin has visited several tech giants in Silicon Valley, including Google, Apple, Facebook, Nvidia, and Applied Materials. During his multi-city tour of California, he also visited the State Capitol in Sacramento.
He hopes his city can build ties with the Golden State’s agricultural industry.
As the trade war between the world’s two largest economies continues, more and more U.S. corporations are moving out of China. Google, Nintendo, and Dell are among them, The Washington Post recently reported.
According to Fortune magazine, the situation of international manufacturers considering moving out of China long predates the trade war because of rising labor costs.
However, the trade war accelerated this process. Fortune reported that a poll released by the American Chamber of Commerce showed that 40 percent of 250 surveyed firms were “considering or have relocated manufacturing facilities outside of China.”
Lin is just one of the society leaders from Taiwan who has seized the opportunity to try to bring the American corporations leaving China to settle in the island nation across the strait from China.
The U.S. Senate unanimously passed the Taiwan Allies International Protection and Enhancement Initiative (TAIPEI) Act in October, intending to strengthen Taiwan’s global standing. A part of the TAIPEI Act calls on the Trump administration to immediately begin negotiations on a U.S.-Taiwan free trade agreement.
Following the…
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
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