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 Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
The Chinese government demolished the Rebiya Kadeer Trade Center in Xinjiang, affecting Uyghur culture and commerce, prompting criticism from activists amid concerns over cultural erasure and human rights violations.
Demolition of a Cultural Landmark
The Chinese government recently demolished the Rebiya Kadeer Trade Center in Urumqi, Xinjiang, a vital hub for Uyghur culture and commerce, as reported by VOA. This center, once inhabited by more than 800 predominantly Uyghur-owned businesses, has been deserted since 2009. Authorities forcibly ordered local business owners to vacate the premises before proceeding with the demolition, which took place without any public notice.
Condemnation from Activists
Uyghur rights activists have condemned this demolition, perceiving it as part of China’s broader strategy to undermine Uyghur identity and heritage. The event has sparked heightened international concern regarding China’s policies in Xinjiang, which have been characterized by allegations of mass detentions and cultural suppression, prompting claims of crimes against humanity.
Rebiya Kadeer’s Response
Rebiya Kadeer, the center’s namesake and a notable Uyghur rights advocate, criticized the demolition as a deliberate attempt to erase her legacy. Kadeer, who has been living in exile in the U.S. since her release from imprisonment in 2005, continues to advocate for Uyghur rights. She has expressed that her family members have suffered persecution due to her activism, while the Chinese government has yet to comment on the legal ramifications of the demolition.
Source : China Demolishes Uyghur Business Landmark in Xinjiang – Shia Waves
Business
Yakult Unveils Restructuring Plans for Its China Operations | ESM Magazine
Yakult reorganized its China operations, dissolving the Shanghai subsidiary while opening a new branch. Manufacturing now consolidates at Wuxi and Tianjin plants, aiming for enhanced efficiency and growth.
Yakult’s Business Reorganisation in China
Yakult has announced a significant reorganisation of its operations in China, aiming to enhance competitiveness and sustainability. The company has dissolved its wholly-owned subsidiary, Shanghai Yakult, which previously managed manufacturing and sales functions. This strategic move is expected to streamline its operations in the Chinese market.
New Branch and Manufacturing Adjustments
Yakult’s head office in China has established a new branch in Shanghai, transferring the sales division from Shanghai Yakult to this location. As of December 6, the branch has started selling various products, including Yakult and its light variants. Meanwhile, the manufacturing plant in Shanghai has ceased operations, with production capacity now absorbed by the Wuxi and Tianjin plants to ensure efficient supply.
Commitment to Growth
The company remains steadfast in its dedication to the Chinese market and is optimistic about future growth. Yakult reassured stakeholders that the reorganisation will have minimal financial impact and aims to enhance efficiency. Founded in 2005 in Shanghai, Yakult China currently employs approximately 2,216 individuals, reinforcing its commitment to customer health and expanding operations.
Source : Yakult Announces Reorganisation Of China Business | ESM Magazine
Business
UAE-China Trade Set to Surpass $100 Billion This Year – Arabian Business
UAE and China aim to surpass $100 billion in trade this year, highlighting their growing economic partnership and mutual interests in various sectors, as reported by Arabian Business.
UAE-China Trade Growth
The UAE and China are on track to see their trade surpass $100 billion in 2023. This significant milestone underscores the strengthening economic ties between the two nations. The robust growth is attributed to various sectors, including technology, agriculture, and logistics.
Bilateral Initiatives
In recent years, both countries have launched several initiatives aimed at enhancing bilateral trade. These efforts are designed to facilitate smoother cross-border transactions and promote investments. The UAE’s strategic location as a regional hub complements China’s expanding market reach, benefiting both economies.
Economic Impact
This burgeoning trade relationship is expected to create more job opportunities and stimulate economic growth in both countries. As the cooperation deepens, stakeholders anticipate additional advancements that will further solidify UAE-China ties in the global market.
Source : UAE and China trade to pass $100bn this year – Arabian Business
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