Companies
China's Sichuan sees foreign trade growth in first two months
CHENGDU, March 14 (Xinhua) — The total value of imports and exports of goods in southwest China’s Sichuan Province increased 29 percent year on year in the first two months to hit 125 billion yuan (19.3 billion U.S. dollars), official figures show. From January to February, Sichuan’s exports neared 71.8 billion yuan, up 47.3 percent year on year, and its imports saw a 10.4 percent increase to almost 53.3 billion yuan, customs in Chengdu, the provincial capital, said Friday. Foreign trade generated by the province’s private companies grew 49.6 percent during the same period to hit 28.31 billion yuan. The United States, the European Union, ASEAN and the Republic of Korea are Sichuan’s major trade partners. Mechanical and electrical products account for 88 percent of its exports.
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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