China fines top academic database over $12 million for monopoly

Economy 01/06/23, 18:32

China's State Administration for Market Regulation (SAMR) slapped China National Knowledge Infrastructure (CKNI) with a $12.6 million (87.6 million yuan) fine for abusing its dominant market position. According to the South China Morning Post, the fine is equivalent to 5% of CKNI's $251 million (1.75 billion yuan) generated last year. The move ...

U.S. considers COVID measures for travelers from China: Report

Economy 12/30/22, 17:16

According to Reuters, the U.S. on Tuesday, December 27, said it is considering imposing new COVID measures on travelers from China, which has faced a rapid rise in infections as the communist regime abruptly lifts zero-Covid curbs. The move comes after several countries have imposed measures for people traveling from China. ...

Foxconn Zhengzhou plant increases incentives to encourage employees to stay

Economy 12/30/22, 16:49

According to CNA, the Chinese government has significantly relaxed epidemic control measures. Under this situation, Foxconn's Zhengzhou plant will increase its incentive policy to encourage workers to stay.  According to Bloomberg, the incentives are as follows: An extra 30 yuan ($4.20) an hour on top of their regular wages through December and ...

Is China’s economy at the bottom or in a transitional period?

Economy 12/30/22, 15:58

The World Bank again lowered its forecast for China’s economic growth this year and next year in the latest China economic update. Domestic companies laid off staff, while foreign companies suspended investment. So is China’s economy still on a roller coaster? Two reports from the world bank show China’s real GDP ...

China pledges to support private firms

Economy 12/30/22, 15:51

China recently concluded the Central Economic Work Conference. The highest-level meeting discusses the economic outlook, government priorities, the current year’s performance, and next year’s roadmap. It said, “We will encourage and support the growth of private economy and private enterprises both with policy and in terms of social consensus.” It also requires ...

China’s budget deficit hit record of $1.1 trillion as COVID woes hit

Economy 12/30/22, 15:29

China's budget deficit has reached a record high so far this year, reflecting that controversial zero-COVID has hurt the country's economy and government finances.    Based on Bloomberg calculations from China's Ministry of Finance data, the country's fiscal deficit was 7.75 trillion yuan ($1.1 trillion) for the period from  January to November. ...

World Bank cuts China’s GDP growth due to the property crisis and COVID

Economy 12/30/22, 15:25

The World Bank has lowered its China economic growth forecast for this year and 2023, citing the impact of the COVID outbreaks, a possible renewal of containment measures, and persistent stress in the real estate sector. The Washington DC-based international financial institution cut China's real GDP growth outlook to 2.7% in ...

China’s credit expands slower than expected, where does money go?

Economy 12/19/22, 18:53

China's central bank expanded credit and eased lending restrictions on the property sector, but its credit expansion remained slower than expected. So where is the money going? Apollo News cited some analysts pointing out that weak corporate activity and sluggish demand for medium- and long-term loans from residents were the main reasons ...

Money outflow: China’s new headache in post-COVID era

Economy 12/17/22, 16:52

As the Chinese government is loosening its COVID curbs, and some analysts expect China will face new conundrum in the post-pandemic era: capital outflows. According to Deutsche Welle, the COVID pandemic has done an invisible favor for the Chinese government – keeping a lot of money at home. But now when the ...

Beijing suggests Seoul oppose US chip export control: Report

Economy 12/17/22, 16:48

According to the South China Morning Post, Chinese Foreign Minister Wang Yi suggested that South Korea oppose U.S. laws on export control of chip-making equipment to China.  During a discussion with his counterpart via a video conference on Monday, December 12, Wang noted that recent strict measures from the U.S., such ...

Evergrande’s crisis: What awaits bondholders now?

Economy 12/17/22, 16:27

The debt-laden developer giant, China Evergrande Group, is expected to release its offshore debt restructuring plan this month. Its bondholders wonder how much money they’ll retrieve after the dust settles. Evergrande was declared “default” in December 2021, becoming the highest-profile casualty of the property crisis in China. According to Bloomberg, the default ...

China’s markets poised for more upheaval in 2023

Economy 12/16/22, 19:07

Following the recent turmoil in China’s markets, analysts said that the arguments to avoid China over the longer term have become stronger. According to Bloomberg, the mainland stock markets are now moving more frequently than at any time since the global crisis in 2008. In addition, the cost of insuring Chinese ...