Companies
Chinese visitors not shy about spending
Chinese tourists in Brazil for the Olympics will spend an average of 72,145 yuan ($10,860), according to the latest report from Ctrip, one of China’s leading online travel service providers.
The report, released on Friday, shows other South American countries have also benefited from enthusiasm surrounding the Games.
In July, the average amount spent by Chinese visitors in South America was around 53,479 yuan – about 10 times what Chinese outbound tourists usually spend abroad, according to the report.
This month, the average was pushed higher due to the increased cost of hotels and air travel.
Tuniu, another online travel service provider in Nanjing, Jiangsu province, said the company offers a range of travel products for the Olympics, including tickets for the opening and closing ceremonies and athletic events.
“These products generally cost between 40,000 and 70,000 yuan, and sales have not been bad,” said Alex Yan, Tuniu’s chief operating officer.
The logistical difficulties for Chinese wanting to visit Brazil mean far fewer are attending these Games, compared with the thousands who made their way to the 2012 London Olympics.
Yet industry insiders say affluent Chinese tourists have become increasingly interested in tailor-made tours to Brazil and other South American countries. Beijing Caissa International Travel Service Co, a travel agency authorized to sell Olympic tickets in China, said there has been a spike in the number of Chinese traveling to Brazil, especially businesspeople.
Zhang Rui, senior vice-president of Caissa, said the Olympics are the biggest event on the sporting calendar and businesses are keen to promote themselves through the Games.
“Hundreds of companies have asked us about the Olympic packages, hoping to use them for brand promotion, marketing opportunities and…
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.
(more…)Companies
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…)