$3 billion investment of “China’s LVMH” collapsed

Economy 09/26/22, 10:43

Qiu Yafu, chairman and owner of the Shandong-based company Shandong Ruyi, has invested more than $3 billion (about 20 billion yuan) in the acquisition of luxury garment companies from Paris to London, including French fashion brands Sandro and Maje, British trenchcoat brand Aquascutum, and Lycra manufacturers. His dream was to ...

Goldman Sachs continues to downgrade China’s 2023 growth forecast

Economy 09/26/22, 00:57

According to a Bloomberg note on September 22, Goldman Sachs slashed its previous projection for China’s economic growth next year from 5.3% to 4.5%. The prediction of 3% expansion this year is unchanged.  Goldman’s economists, led by Hui Shan, anticipate that the communist regime will continue to sustain its draconian “zero-COVID” ...

‘Zero-COVID’ hammers 8 Chinese airlines: Lose nearly $10 billion dollars

Economy 09/26/22, 00:31

The Chinese Communist Party (CCP)’s “zero-COVID” policy, based on lockdown, caused many airline flights to be canceled. Thus the airlines continuously lost money.  According to NTD, in the first half of this year, eight Chinese airlines lost nearly $10 billion (70 billion yuan) or almost $54 million (380 million yuan) per ...

China’ state-owned developers emerge as ‘winners’ in property crisis

Economy 09/25/22, 22:49

Since last summer, the communist regime began its crackdown on China’s real estate market to restrain home speculation and debt-distressed private developers. As a result, several major private firms in the industry, including real estate giants Evergrande and Kaisa, defaulted on bonds and loans and stopped announcing earnings and monthly ...

European business interests in China are eroding: EU Chamber

Economy 09/25/22, 22:37

According to the European Union Chamber of Commerce in China, the Asian country is no longer a prospective investment destination. In an annual position paper released on Wednesday, September 21, the Chamber said European multinationals have to reduce, localize, and silos operation in the world’s second-largest economy. The economic landscape has ...

Orders decline, more Chinese firms are shutting down

Economy 09/25/22, 20:30

Some Chinese companies have recently announced the closure of their businesses, citing their losses of orders and the COVID pandemic-related lockdown. According to Apollo News, some large companies in Guangdong province have decided to suspend their operation over the past few weeks. On September 16, Dongguan Jiacheng Technology Co., Ltd. and Jiahong ...

Black market sales of Chinese personal data surges

Economy 09/25/22, 05:56

In June, personal data from about 1 billion Chinese people was put up for sale on a popular dark web forum in the largest scandal of its kind. Since then, researchers have seen a rise in the number of other types of personal records from China on cybercriminal marketplaces. Because of ...