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News digest
A vendor looks over accounts in her shop stocked with monkey dolls made for the Year of the Monkey in Beijing in January. Zou Hong / China Daily
Yang becomes World Bank MD
The World Bank has appointed China’s Yang Shaolin as its managing director and chief administrative officer, China’s Finance Ministry said. Yang is currently the director general of the Department of International Economic and Financial Cooperation in the Ministry of Finance. He is in charge of economic and financial cooperation between China and international financial institutions as well as foreign governments.
The position has been created to bring together the WB’s functions like organizational strategy, budget, planning, information and technology.
Visa rules make travel easier
A major cross-region, visa-free transit policy covering the Yangtze River Delta has taken effect. Foreign tourists and businesspeople from 51 countries and regions passing through Shanghai and Jiangsu and Zhejiang provinces now have 144 hours of visa-free access, the Ministry of Public Security said.
To qualify, a passenger must hold valid international travel documents and have booked tickets with confirmed dates and destinations.
$3.2b offer for U.S. crane maker
Zoomlion Heavy Industry Science & Technology Co. of China confirmed on Jan. 27 an unsolicited takeover bid for Terex Corp., the U.S. crane and construction machinery maker.The deal will be vital to Zoomlion’s transformation and the implementation of the company’s global strategy, and it will help increase Zoomlion’s revenue and profits. Zoomlion had offered $30 a share for the company, valuing it at $3.2 billion, Terex said.
McDonald’s bets on digital growth
The fast food chain McDonald’s unveiled the first of its Experience of the Future restaurants on the Chinese mainland on Jan. 27 in the Wangfujing shopping district of Beijing. It offers digital, personalized and customized service. A similar…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
(more…)Companies
Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
(more…)- China’s November 2024 Economy: Navigating Mixed Signals and Ongoing Challenges
- Ukraine war: 10% of Chinese people are willing to boycott Russian goods over invasion – new study
- Australia Can Enhance China’s Credibility in the CPTPP
- Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
