Companies
BRICS to bolster bloc’s role in growth
The BRICS Summit will be an important way for developing countries to explore a cooperative approach to sustainable growth and prosperity, leading Chinese experts said on Monday, dismissing concerns that the growth deceleration among the bloc’s members would undermine the group’s viability.
Zhang Yansheng, chief economist at the China Center for International Economic Exchanges, said China is willing to expand the BRICS “circle of friends” and welcome other developing countries to the bloc so that countries can jointly address challenges that include rising protectionism and anti-globalization trends.
Leaders of Brazil, Russia, India, China and South Africa are scheduled to meet from Sept 3 to 5 in Xiamen, a resort city in Fujian province.
That growth deceleration, especially in Russia, Brazil and South Africa, which are heavily reliant on natural resources, has raised questions about how member states can transcend domestic problems and focus on further boosting their market potential through multilateral cooperation.
The bloc’s share of global GDP has risen from 12 percent to 23 percent in the past 10 years, according to the Ministry of Commerce.
Outbound investment by BRICS members and foreign direct investment in these countries accounted respectively for 12 percent and 16 percent of global investment in 2016. But two-way investment among them only accounted for 6 percent.
Zhang Jianping, a researcher at the Chinese Academy of International Trade and Economic Cooperation, which is affiliated with the Ministry of Commerce, said the vast potential of trade and investment among the members will help boost the bloc’s role in the global economy.
“China has the advantage in infrastructure and industrial capability and is willing to work with other BRICS countries to build a global supply chain that will create more growth opportunities for developing nations,” Zhang said.
BRICS commerce ministers reached agreements at a meeting…
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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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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