Companies
More Chinese residents want to increase consumption in Q2: central bank
BEIJING, July 5 (Xinhua) — More Chinese urban residents expressed enthusiasm about increasing their spending in the second quarter of this year, said a central bank survey. Among the 20,000 urban bank depositors surveyed in 50 cities across China, 23.4 percent signaled a willingness to spend more in Q2, up 1.3 percentage points from the previous quarter, according to a survey conducted by the People’s Bank of China, the central bank. Respondents who are willing to increase savings in Q2 accounted for 52.9 percent, down 0.1 percentage points from Q1. The survey showed residents expected to increase their spending mostly on education, medical care and tourism in the next three months. Meanwhile, their willingness to increase investment shrank, with 23.8 percent of the respondents planning more investment in Q2, down by 1.2 percentage points from a quarter ago. Financial products from banks, brokerage firms and insurers topped the list of the respondents’ favorite investment options, followed by trust funds and stocks, according to the survey.
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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