Companies
Water carnival to be held in September in S. China
NANNING, Sept. 16 (Xinhua) — An annual international water carnival will start at the end of September in Liuzhou City of south China’s Guangxi Zhuang Autonomous Region, local authorities said on Wednesday. The 2020 Liuzhou International Water Carnival, which starts on September 29, will feature jet-skiing, kayaking and river-crossing competitions, said Liuzhou vice-mayor Meng Qipeng. The event, which marks its tenth anniversary this year, is held to celebrate the Mid-Autumn Festival and Chinese National Day holiday. Meng added that the carnival will be held according to strict health protocols, and that most events will be streamed online.
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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