Companies
California, China have much business to do
Annual ChinaWeek in Los Angeles brings together delegates in key fields
About 170 delegates are traveling from China to Los Angeles to engage in discussions with 300-plus American counterparts on five major topics – agriculture, clean tech, cross-border investment, e-commerce and infrastructure – at the ongoing ChinaWeek.
An annual event dedicated to promoting business and cultural exchanges between China and California, ChinaWeek draws industry and government representatives from Guangdong, Hebei, Inner Mongolia, Jiangsu, Shandong, Shanghai and Chongqing to expand and deepen bilateral trade and investment, said Peter Shiao, chairman of ChinaWeek and its organizer.
California Governor Jerry Brown, as usual, was upbeat on the state’s relationship with China during his keynote speech at Tuesday’s California-China Business Summit, an important component of ChinaWeek.
Brown anticipates closer and deeper collaborations within a wide spectrum of industries and fields between China and California, especially high tech, clean tech, real estate, agriculture, infrastructure and education. “Let’s roll up our sleeves to have the work done,” said the governor.
China in the past 16 years has invested $16 billion in more than 370 businesses in California and accounted for 60 percent of international trade activities in the “gateway state”, said Shiao, adding that China remains Los Angeles County’s biggest trader partner.
US President Donald Trump’s administration might deploy a more practical approach to advance the China-US relationship, said Shiao. “We expect more exchanges and dialogues to take place on the state-province level, and NGOs to play bigger and more important roles to help relevant parties to communicate.”
Infrastructure in particular, said Shiao, will attract more Chinese direct investment. Trump earlier had pledged to invest $1 trillion over 10 yeas to improve the nation’s dilapidated infrastructure, which analysts believe…
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.
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