World-class Jeep ends business in China

Economy 08/03/22, 03:11

Stellantis Group, the world's fourth largest auto company, recently said that it was fed up with China's increasing political interference and has decided to end its cooperation with GAC Group and will close China's only Jeep factory. The Associated Press reported on July 31, that Jeep's world-class factory in Changsha was ...

China Evergrande misses debt restructuring plan deadline, sales drop 97%

Economy 08/03/22, 03:10

Last week, Evergrande failed to release the debt restructuring proposal of its 300 billion dollars. The move causes ongoing uncertainty over the destiny of China's once real estate champion. The struggling property developer suffered the most noticeable default last year, hit by the liquidity crisis in the property market. The default ...

Wave of probes snares top boss of China’s biggest chip investment fund

Economy 08/02/22, 02:19

Due to sanctions from the U.S., China has been forced to spend vast sums of money developing its independent chip industry in recent years.  But recently, many chip firms failed to achieve their goal due to poor management, and many officials within these companies were dismissed. The most recent case is Ding ...

China’s home sales drop near 30%, dragged by mortgage boycott

Economy 08/02/22, 02:16

Real estate is long known as the backbone of China’s economy. July statistics for its crippled real estate market is gloomy again, following a nationwide movement that destroyed home buying confidence.  According to a July 31 report by Chinese real-estate data provider CRIC, home sales in the country shrank to roughly ...

China’s manufacturing activities contracted in July

Economy 08/01/22, 03:14

After a short relief in June, China’s big factories are at a low point again. A survey released by the National Bureau of Statistics on July 31 showed that the manufacturing purchasing managers' Index (PMI) dropped to 49.0 in July from 50.2 in June. The index is under 50-point also indicates ...

Numerous Chinese bank accounts in Australia vanish overnight

Economy 08/01/22, 03:14

According to Aboluowang, a number of Chinese-Australian people have recently been shocked after their bank accounts in Australia suddenly disappeared. A netizen said that he was surprised when he opened the banking app to check his account. He said his Commonwealth Bank account disappeared. A number of Chinese netizens on the "Little ...

Land sales drop, Chinese local governments’ debt becomes a time bomb

Economy 07/31/22, 02:53

Fiscal revenues of China’s central and local governments are falling to nearly the lowest in history due to the country’s economic downturn, especially the decline of land sales. China Watch citing China's Ministry of Finance data reported that, as of the end of June, the balance of local government debt was ...

Four Chinese real estate firms fail to pay due debts in a week

Economy 07/31/22, 02:50

Epoch Times Chinese version reported that from July 21 to 26, at least 4 of China's top 100 real estate companies announced that they defaulted on U.S dollar bonds. Out of the four real estate companies mentioned above, Powerlong Properties is the largest one. On July 26, Powerlong Real Estate issued ...

Xi Jinping’s ‘Clean Plate’ campaign is all washed up

Social problem 07/30/22, 17:54

Chinese Communist Party leader Xi Jinping once launched the Clean Plate campaign to reduce food waste and ensure food security in China. However, comments on the state media indicate that Chinese people are still wasting $30 billion worth of food every year. The Chinese regime's official website reposted an article by ...