Companies
Weekly snapshot of China's progress on economic resumption
BEIJING, Aug. 23 (Xinhua) — Amid the further containment of the novel coronavirus disease (COVID-19), China is striving to get back to work and resume business and production. The following are the highlights of the past week: — MANUFACTURING SECTOR China’s manufacturing sector has weathered the test of COVID-19 and the country’s status in the global manufacturing industry will remain firm, said the Ministry of Commerce on Thursday. With abundant high-quality labor resources, sophisticated supporting facilities and infrastructures for industrial development, and a huge market with a population of 1.4 billion, China still has a competitive edge in the global manufacturing industry, said Gao Feng, spokesperson for the ministry, at a press conference. — EARLY RICE OUTPUT China’s early rice output reported a 3.9-percent increase in 2020 after seven consecutive years of decline, the National Bureau of Statistics (NBS) said Wednesday. The output reached 27.29 million tonnes, up 1.03 million tonnes from 2019. The steady increase in early rice production was mainly due to a surge in the cultivation area, although severe floods in parts of southern China led to a drop in per unit area yield, said Li Suoqiang, an official with the NBS. — INVESTMENTS IN B&R COUNTRIES China’s non-financial direct investments in countries along the Belt and Road (B&R) stood at 10.27 billion U.S. dollars in the first seven months, up by 28.9 percent year on year, official data showed. The investments accounted for 17 percent of China’s total non-financial outbound direct investments in the same period, up by 4.5 percentage points year on year, according to the Ministry of Commerce. In terms of foreign contracted projects, Chinese enterprises signed new contracts worth 67.18 billion U.S. dollars in countries along the B&R in the Jan.-July period.
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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- Australia Can Enhance China’s Credibility in the CPTPP
- Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
