Companies
Beijing's new airport opens first air cargo route
BEIJING, June 11 (Xinhua) — An all-cargo flight carrying a shipment of fresh waxberries landed in the Beijing Daxing International Airport on Thursday morning, marking the launch of the airport’s first air cargo route since it commenced operation. The flight, which is a B757-200 aircraft, was operated by SF Airlines, the aviation branch of China’s express giant SF Express. It departed from Hangzhou, capital of east China’s Zhejiang Province, for Beijing with a consignment of fresh local waxberries. Currently, the airport has 24 cargo aircraft stands, and it can handle 2 million tonnes of goods a year. The Beijing Daxing International Airport opened to flights in September 2019. Located 46 km south of downtown Beijing, the new aviation hub is shaped like a phoenix spreading out its wings. By 2025, its passenger and cargo throughputs are expected to reach 72 million and 2 million tonnes, respectively, with 620,000 takeoffs and landings.
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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