Companies
China's Xinjiang sees foreign trade surge in May
URUMQI, June 27 (Xinhua) — Northwest China’s Xinjiang Uygur Autonomous Region reported 48.3 percent year-on-year growth in foreign trade in May, according to Urumqi Customs. In May, Xinjiang’s total import and export value hit 12.54 billion yuan (about 1.94 billion U.S. dollars). The figure represents an increase of 21.9 percent from the same period in 2019, said the local customs. Additionally, the new data shows that the region’s foreign trade has been increasing by more than 30 percent for three consecutive months. Xinjiang has also witnessed rapid growth momentum in trade volumes with its main trading partners including Kazakhstan, Kyrgyzstan and members of the Regional Comprehensive Economic Partnership (RCEP), said Urumqi Customs. In the first five months of 2021, the volume of imports and exports between Xinjiang and Kazakhstan hit 28.48 billion yuan, up 18.4 percent year on year. In May alone, the region’s trade with RCEP members saw a roaring increase, registering a year-on-year growth of 50.1 percent. Mechanical and electrical products, clothing and clothing accessories, and shoes and boots were among the main commodities exported from the region, noted the customs bureau.
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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- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
