Companies
Premier lays out China’s path forward in year ahead
He tells NPC deputies country will continue to open its markets to the world
China will further open up its markets to the world through robust engines – including the Belt and Road Initiative and the Regional Comprehensive Economic Partnership – and deepen the outbound investment drive that began a few years ago, Premier Li Keqiang said on Sunday.
Addressing deputies to the National People’s Congress during his presentation of the annual Government Work Report, Li said China will accelerate the creation of overland economic corridors and maritime cooperation hubs, and will establish cooperative mechanisms for streamlining customs clearance procedures.
The country will deepen international cooperation in industrial capacity, promoting exports of Chinese equipment, technology, standards and services so that China and its partners can draw on each other’s strengths, he said.
“China will uphold multilateral trade as the main channel of international trade and will play an active part in multilateral trade negotiations,” Li said.
He said China is ready to join hands with other countries to fully implement the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation between China and the Association of Southeast Asian Nations, and to conclude talks as soon as possible for the Regional Comprehensive Economic Partnership agreement.
To prevent illegal and reckless outbound direct-investment activities in overseas markets, the National Development and Reform Commission, the country’s top economic planner, will draw up a blacklist to ensure the authenticity of outbound investments and fend off risks brought by excessive capital outflows.
Li said China will ensure that foreign trade continues to register steady growth. The country will also have 11 high-standard pilot free trade zones, from which successful approaches can be expanded to the rest of the country.
Eager to enhance its earning ability, China will…
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).
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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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