Economy

Economy 08/14/22, 03:49

Nikkei Asia reported that five Chinese state-backed firms, including the country’s leading energy and chemical company, announced plans on August 12 to delist from the New York Stock Exchange (NYSE). Five companies, which include China Life Insurance, PetroChina, oil giant Sinopec, Sinopec Shanghai Petrochemical and Aluminum Corporation of China, said in ...

Economy 08/14/22, 03:49

China's Banking and Insurance Regulatory Commission—the top anti-corruption watchdog—on August 12 said five rural banks in Henan and Anhui are suspected of serious crimes involving banking fraud that left thousands of bank customers unable to withdraw their money.  Officials from Henan and Anhui announced last month that they would refund bank ...

Economy 08/14/22, 03:46

Lilac Garden, or DXY, a popular Chinese medical information site, was banned and fined after posting an article questioning the effectiveness of a regime-promoted herbal COVID treatment. The drug trademark Lianhua Qingwen is a herbal remedy marketed for fever and sore throats. According to Agence France-Presse, DXY was banned due to ...

Economy 08/14/22, 03:46

Several depositors in the Chinese city of Shenzhen reported that their bank accounts were inexplicably frozen. A local bank’s response provoked outrage and condemnation from netizens. Many netizens reported that they could not withdraw cash or transfer funds from their bank cards at the Bank of China in Shenzhen as the ...

Economy 08/13/22, 15:08

After a large number of unfinished buildings in China caused a wave of supply cuts. Big media in China has recently begun to discuss the "early repayment of loans and less interest." On this topic, some commentators pointed out that the housing price increase cannot outpace the interest rate, and ...

Economy 08/13/22, 03:17

China’s Semiconductor Manufacturing International Co. (SMIC) on Thursday, August 11, announced the resignation of its two board members; co-CEO Zhao Haijun and independent director William Tudor Brown. The company made the announcement about the board member change in its filing on the Hong Kong Stock Exchange.  Mr. Zhao Haijun resigned as executive ...

Economy 08/13/22, 03:04

RFA reported that the Covid-19 epidemic had caused big difficulties for many private enterprises in China, forcing them to cut headcount, suspend operations, and even stop production. A technology company in Dongguan City, Guangdong Province, decided to suspend production on July 31. Hardware manufacturing company Dongguan Jieying decided to cease operations on ...

Insights 08/12/22, 16:34

People collectively protested at the Minsheng Bank, Shenzhen, to protect their interests, again attracting Chinese citizens' attention on Thursday, Aug. 11. Earlier, authorities suppressed a wave of protests by depositors in local banks in Henan Province. The Politburo meeting of the CCP Central Committee also emphasized "maintaining the general stability of ...

Economy 08/12/22, 16:11

The COVID-19 pandemic has caused a series of private businesses in southern China to decide to close before the end of August. A Hong Kong toy factory located in Dongguan District with over 30 years in the business also expects to close in the middle of the month. In addition, ...

Trending 08/12/22, 12:03

India is looking to restrict Chinese sales of smartphones under $150 to revitalize its faltering domestic market.    This would mean a blow to the already deteriorating economic situation of China's Xiaomi Corp. and, by extension, the expulsion of Chinese firms selling phones under $150.  India, ”which is Xiaomi’s most important overseas ...

Economy 08/12/22, 02:30

Alibaba's largest shareholder, SoftBank, will reduce its stake in China's e-commerce giant. Alibaba announced on the Hong Kong Stock Exchange about SoftBank's decision on August 10. According to Reuters, the Japanese firm will lower its stake in Alibaba from 23.7% to 14.6% by a physical settlement of certain prepaid forward contracts. A ...

Economy 08/12/22, 02:29

Thousands of millionaires are fleeing mainland China, bringing with them billions of dollars out of the country. So where are they moving to? Henley & Partners is a London-based investment immigration consulting company. Singapore’s Lianhe Zaobao cited a Henley report revealing that about 4,200 high-net-worth individuals in China migrated abroad in ...

Economy 08/12/22, 02:28

A court in Beijing on August 10 turned down an appeal from a sexual harassment plaintiff against a popular host of state broadcaster CCTV.  As Reuters reported, 29-year-old Zhou Xiaoxuan was appealing against a Beijing court ruling last year that her sexual harassment case against CCTV host Zhu Jun lacked evidence. In ...

Economy 08/11/22, 13:58

Am I not worth it?” Liu Qian asked. “From the moment I started looking for a job, I felt as if my future were smashed by a machine, and I didn’t know if I could put it back together.” The Associated Press reported that Liu received her master's degree this ...

Economy 08/11/22, 03:37

According to new.qq.com, on August 9, a medical beauty company in Hangzhou was fined more than $13 million for tax evasion, according to a Weibo hot search. The company's branches use personal bank accounts to collect service payments and conceal more than $70 million of income unaccounted for in financial statements. As ...

Economy 08/11/22, 03:20

Chinese investors are now laying their trust in jade besides real estate, with prices for the precious stone forecasted to keep climbing in the future. Kitty Chan, a director at the Hong Kong Jewellery and Jade Manufacturers Association told the Financial Times, “From 1990 to 2000, pretty much when you go ...

Economy 08/11/22, 03:17

Known as ‘China's Hawaii,’ Sanya is located in the southern Chinese island province of Hainan. This destination is a beautiful tourist hub, which is famous for its white-sand beaches, and year-round warm weather. However, the COVID outbreak, as well as pandemic restrictions adhering to the Chinese regime's 'zero COVID' policy, ...

Economy 08/11/22, 03:09

According to South China Morning Port (SCMP), on Aug 9, Langfang, a city in Hebei and next to Beijing, lifted home-buying restrictions aiming to boost the gloomy real estate market. SCMP cited Langfang's website saying that lifting restrictions included granting equal housing rights to non-local residents and providing more housing loans ...

Economy 08/10/22, 14:16

For a long time, China has been the most populous country in the world. But recently, demographers say the CCP's harsh zero-COVID policy may have deeply affected young Chinese from having children and accelerated the population decline. Some analysts have pointed out that this trend not only damages the Chinese economy, ...

Economy 08/10/22, 02:38

China is known as the infrastructure maniac. Besides, high altitude is also very popular in China. Accordingly, China has 50 of the 100 tallest bridges in the world. Beipanjiang Bridge in Guizhou province is the world’s highest bridge. It is more than 1,800 feet above the Beipanjiang Grand Valley. China also ...