Companies
Li promises transparency in markets
Chinese Premier Li Keqiang (center in the first row) takes a group photo with representatives of 4th Round Table Summit of the Global CEO Council at the Great Hall of the People in Beijing, on Tuesday. LIU ZHEN / CHINA NEWS SERVICE
The premier made the remarks on Tuesday when meeting the 15 presidents and chief executive officers of multinational corporations attending the Fourth Global CEO Council Round Table Summit, hosted by the Chinese People’s Association for Friendship with Foreign Countries.
“The Chinese government will take more measures to attract foreign investors by cultivating a market which is more fair, equal and transparent,” he told the business leaders.
Li said China is restructuring and upgrading its economy and the service sector and consumption contribute more than half of the nation’s economic growth.
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).
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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.
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