Ex-China Development Bank Executive arrested for 4 crimes

Economy 02/15/22, 15:49

He Xingxiang, a former member of the Party Committee and Vice President of the China Development Bank, was arrested for four crimes. He Xingxiang is the first "financial invisible hand," the unobservable market force that helps the demand and supply of goods in a free market to balance automatically, to ...

Animal feed price hikes throughout China

Economy 02/15/22, 15:33

Animal feed prices have increased in China as the price of raw materials rises, according to Apollo News. More than 30 animal feed companies across China announced price increases, including New Hope, Tongwei, Anyou, Tiankang, Datai Nong, Kuaida, Baiyi, Longfengtire, Dawang, and Liyuan. According to Guangzhou Feed Association, on Feb. 11, the ...

Huge profits revealed behind Chinese government’s nucleic acid testing

Economy 02/15/22, 12:32

As Xin Tang Ren reported on Feb 12th, Huang Wansheng's recording clip, a former Harvard Yenching Institute scholar and distinguished Professor at Tsinghua University, as well as a visiting professor at Xi'an Jiaotong University, talked about the dark secrets behind the Chinese government's "zero COVID" policy and how the interests ...

US bill targeting forced labor may worsen supply chain woes in China

Insights 02/14/22, 19:59

China is facing disruptions in its supply chain due to new lockdowns from its Zero-Covid policy. The woes could worsen as U.S. lawmakers introduce a bipartisan bill to hold American businesses accountable for having slave labor in supply chains. Slave-Free Business Certification Act U.S. Senators Josh Hawley and Kirsten Gillibrand, on Feb. ...

How Inner Mongolia Secretary accumulates $472 million

Economy 02/14/22, 04:19

According to Apollo News, numerous corrupt officials have fallen from power in the Chinese Communist Party (CCP) in recent years. The officials squeeze people's money to a staggering extent, adding up to two hundred to three hundred million dollars per case. Yet, Inner Mongolia bureau-level official Li Jianping broke the ...

China: Secretary of Hangzhou, a close associate of Jack Ma arrested

Economy 02/14/22, 03:58

The Communist Party of China's Supreme People's Procuratorate reported the arrest of three former senior officials within two days.  Those arrested were: Meng Xiang, former Director of the Supreme Court's Executive Bureau; Cai Ersheng, former Vice Chairman of the China Banking Regulatory Commission, and Zhou Jiangyong, Secretary of Hangzhou Municipal Committee. The Supreme Procuratorate of ...

Shanghai developer’s properties auctioned to settle $94 million debts

Economy 02/13/22, 16:19

Two sets of properties in Shanghai's Central Mansion property were auctioned off, according to the Chinese-language media Da Ji Yuan, on Feb. 8. Eight additional luxury homes will be auctioned off over the next ten days. According to reports, the properties were auctioned to repay the developer's debts. The Times Financial ...

China real estate companies’ financing fell by 70% in January

Economy 02/13/22, 16:07

According to the monitoring data released by the China Index Research Institute on Feb. 9, the total financing of real estate enterprises in January 2022 was $12 billion, a year-on-year decrease of 70.3% and a 16.6% month-on-month decrease. The China Index Research Institute said that continuing a downward trend that began ...

Beijing issues new rules to scrutinize cash flows

Economy 02/13/22, 15:32

According to Nikkei Asia, starting March 1st, the Chinese authorities will require more customer information when a deposit or withdrawal of more than $7,870 at one time. Individual customers who want to do the transaction must clarify the origin of the money and its use. Similarly, the requirements will apply to ...

China falls short of trade deal purchase promises, US think tank reveals

Economy 02/12/22, 19:56

According to a recent report looking at the effectiveness of the two-year trade deal linked under the Trump administration, China "purchased none" of the additional 200 billion dollars in exports promised under the phase one agreement.  The report, titled "China bought none of the extra $200 billion of U.S. exports in ...

Jianye Property Group might lay off 61% of its workforce

Economy 02/12/22, 16:52

According to a Jianye Group internal announcement obtained on Feb. 10, the company plans to streamline its departments, keeping around 410 staff, a reduction of more than 650 people, or 61.2%. Its property sales have declined since July 20, with sales and returns reduced by nearly $470 million compared to its ...

3 reasons why China closed 7,600 car dealerships in two years

Economy 02/12/22, 15:47

The rapid rise of the automotive industry generated a big market for 4S dealerships in China, which shorts for Sales, Service, Spare parts and Surveys, or customer feedback. 4S dealers gained traction in China over twenty years ago for offering world-class service, well-trained employees, and quality customer support. These stores were ...

China’s Zhenro Properties Group shares plummet 81%

Economy 02/12/22, 15:21

Zhenro Properties Group's shares keep hitting new lows as concerns about the news that the company won't buy back a heavy load of $200 million bonds next month.  The Shanghai-based property developer shares fell as much as 66.4%, and shares in its property services unit plunged 57.7% on Thursday. However, Zhenro ...

South African government sues Huawei

Economy 02/12/22, 13:14

According to Reuters, South Africa plans to fine the local unit of Huawei with 1.5 million rands (99,151 dollars) or 2% of the local firm's annual 2020 turnover. On Friday, the labor department said almost 90% of the company's employees were foreign nationals, violating the requirement to employ 60% South Africans ...

Argentina joins China’s Belt and Road Initiative

Economy 02/12/22, 13:10

Many world powers have evaded sending officials to the Winter Olympics in Beijing to protest China's atrocity crimes that many refer to as genocides. But not all would skip the Games, and some of those who attended the opening ceremony on February 4th turned out to be those with whom Beijing ...

Official data reveals China’s employment crisis can’t hide

Economy 02/12/22, 10:04

On Wednesday, Feb. 9, the Chinese newspaper "People's Daily" published an article in its overseas edition to encourage "flexible employment."  "Flexible employment" refers to those who are employed in flexible forms such as part-time, temporary, and flexible work. Flexible employment forms mainly include the following types: self-employed workers, family helpers, and ...