Companies
China boosts trade with Belt and Road countries, expands imports
BEIJING, May 18 (Xinhua) — China will further bolster trade and investments with countries along the Belt and Road, among other efforts to facilitate foreign trade against pandemic challenges, officials said Monday. The country will explore emerging markets while maintaining ties with traditional ones amid virus-hit global demand, Commerce Minister Zhong Shan told a press conference, citing increasing trade volume with countries along the Belt and Road. Official data showed China’s trade of goods with Belt and Road countries rose 0.9 percent year on year in the first four months when total foreign trade contracted 4.9 percent, while non-financial outbound direct investment (ODI) to the countries climbed 13.4 percent in U.S. dollar terms in the same period. China will work with countries along the Belt and Road to help tackle difficulties for overseas companies and projects, establish more free-trade zones, and include more countries in investment cooperation, said Vice Minister of Commerce Wang Bingnan. Total trade of goods between China and Belt and Road countries had topped 7.8 trillion U.S. dollars from 2013 to 2019, with non-financial ODI over 110 billion U.S. dollars, data from the Ministry of Commerce (MOC) showed. Meanwhile, the country will actively expand imports, especially with the help of the 3rd China International Import Expo scheduled from Nov. 5 to 10, said Zhong. The MOC also said Monday that measures to cushion trade firms from pandemic shocks are filtering through, as domestic sales volume of export firms grew 17 percent in April and 110,000 companies have received services from the China Export & Credit Insurance Corporation.
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.
(more…)- China’s November 2024 Economy: Navigating Mixed Signals and Ongoing Challenges
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