Business
Trump’s WeChat Ban a Warning Shot to Chinese Tech Firms: Expert
WeChat and TikTok will likely feel the brunt of more regulation after U.S. President Donald Trump signed off on two executive orders banning transactions with the Chinese-backed apps.
On Aug. 6, the president signed the two orders barring U.S. citizens and entities (government and businesses) from conducting commercial transactions with the parent companies of both apps, ByteDance and Tencent Holdings.
The bans will take effect 45 days from Aug. 6 and has already sent the share price of WeChat’s parent company Tencent on a downward trend.
Tencent is a major Shenzhen-based digital conglomerate with extensive ownership stakes in 480 different businesses and entities globally. It has stakes in well-known businesses including Epic Games, Activision Blizzard, Reddit, and Atomwise as well as Australian companies Afterpay, and Airwallex.
In recent times, Chinese-backed tech firms, including Tencent, Zoom, and Huawei, have come under increased scrutiny due to security and privacy concerns over their products.
These concerns stem from Beijing’s 2017 National Intelligence Law that compels China-based companies to share data with the regime if needed.
Michael Shoebridge of the Australian Strategic Policy Institute told The Epoch Times on Aug. 11 that the executive orders from Trump will “heighten scrutiny” around WeChat globally, but more importantly, is a sign that scepticism around Chinese-backed tech will escalate.
“This is a step on from the 5G debate,” he said.
“It may be the start of strategic competition coming to e-commerce, with a recognition by policymakers that the growth of particular digital platforms can provide a way for governments [such as Beijing] to obtain data and conduct cyber operations,” he added.
The ubiquity of WeChat’s services and strong…
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
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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