Companies
1st LD-Writethru: Chinese shares close lower Tuesday
BEIJING, Dec. 22 (Xinhua) — Chinese stocks closed lower Tuesday, with the benchmark Shanghai Composite Index down 1.86 percent to 3,356.78 points. The Shenzhen Component Index closed 1.79 percent lower at 13,882.3 points. The combined turnover of stocks covered by the two indices stood at 957.6 billion yuan (about 146.42 billion U.S. dollars), expanding from 864.43 billion yuan on the previous trading day. Losers outnumbered gainers by 1,243 to 219 in the Shanghai bourse and 1,953 to 342 in Shenzhen. Stocks related to liquor, medical equipment services and textile manufacturing led the gains, while stocks in coal and oil processing and mining led the losses. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, lost 2.45 percent to close at 2,811.75 points.
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
- Ukraine war: 10% of Chinese people are willing to boycott Russian goods over invasion – new study
- 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
