Companies
Iowa hopes to ramp up China trade
Iowa Governor Terry Branstad believes the US Midwest will attract more Chinese investment and hopes that his state can again export beef to China.
Branstad, US President Donald Trump’s pick as ambassador to China, also expressed his hope to go to China soon. The governor made the remarks on Tuesday in his office in Des Moines in a meeting with a Chinese investment delegation.
Branstad, 70, is serving his sixth four-year term as Iowa governor, making him the longest-serving governor in US history.
Branstad has been referred to by President Xi Jinping as an “old friend”. The two first met in Iowa in 1985 when Xi visited the US for the first time as a county head in North China’s Hebei province. Branstad was serving his first term as Iowa governor then. He hosted Xi when he returned to Iowa as China’s vice-president in 2012.
Branstad has led several trade missions over the years to China, which is a key trade partner for Iowa, a major agricultural state and producer of soybeans, corn and pork.
China announced last September that it would lift the ban on the importation of US beef, in effect since 2003 after mad cow disease was found, but the negotiations for technical terms of access to the market have not been concluded, according to news reports.
On Dec 8, Branstad accepted Trump’s nomination for the post of US ambassador to China. The nomination awaits confirmation in Congress.
In his nomination statement, Trump said Branstad’s decades of experience in public service and his longtime relationship with President Xi and other Chinese leaders make him the ideal choice to serve the job.
“Governor Branstad’s decades of experience in public service and longtime relationship with President Xi Jinping and other Chinese leaders make him the ideal choice to serve as America’s ambassador to China,” Trump said.
“He successfully developed close trade ties with China while serving as chief executive of the Hawkeye State. That experience…
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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