Companies
GLOBALink | 1,800 firefighters dispatched to Henan to fight floods
ZHENGZHOU, July 21 (Xinhua) — 1,800 firefighters have been dispatched from seven provinces of China to help battle rain-triggered floods in the central Henan Province.Extremely heavy rainfall hit Henan on Tuesday, with precipitation in Zhengzhou, the provincial capital, exceeding the highest level on local weather records, according to the Ministry of Emergency Management (MEM).The rainstorm has caused the water level in a reservoir to rise rapidly, said the ministry, adding that all local residents downstream have been relocated in advance.From 8 a.m. Saturday to 8 a.m. Wednesday, the average rainfall in Zhengzhou was 458.2 mm, with accumulated precipitation in some areas even surpassing the city’s total average yearly rainfall, according to the China Meteorological Administration.Henan Province on Wednesday initiated the highest level of emergency response to the floods.Produced by Xinhua Global Service
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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