Category: China Business & Economy

CCP Shortens Quarantines but Continues Zero-COVID Policy

November 14, 2022
Asia & PacificCCP VirusChinaChina Business & EconomyChina Human RightsChinese RegimeGuangzhouINSIDE CHINAlockdownmass testingsocial controlSpecial TopicsWorldzero-COVID
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The Chinese communist regime announced on Nov. 11 that it would relax some COVID-19 restrictions, but said it won’t change its zero-COVID policy. Meanwhile, the regime has been implementing more lockdowns in its southern megacity of Guangzhou. The regime’s State Council and the National Health Commission announced 20 relaxation measures for COVID-19 epidemic control on Friday,…

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‘Casino Loyale’: Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman

November 11, 2022
ChinaChina Business & EconomycorruptioncrimeCrime and IncidentsFinance & Business TiesGlobal ExpansionInfiltrating the WestLALos AngelesSpecial TopicsThreat from Communist ChinaUSUS NewsUS-China relations
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A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution. Shen Zhen New World I, a real estate firm owned by Chinese billionaire…

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World’s Second-Largest Aluminum Manufacturer in China Bankrupt After 30 Years in Business

November 11, 2022
Aluminum Corporation of Chinaaluminum ingotsChinaChina Business & EconomyChina economic downturnChinese Regime
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China Zhongwang Holdings Limited (China Zhongwang), the second largest aluminum manufacturer in the world, has declared bankruptcy. In less than 30 years, this $100 billion enterprise, that was raised from scratch, has fallen. On Sept. 20, China Zhongwang, a listed company, started bankruptcy reorganization proceedings. The company announced that day, on the Hong Kong Stock…

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Major US Investment Services Provider Lays Off Staff in China, Shifting Operations to Other Countries

November 11, 2022
BeijingBusiness & Marketsbusiness environmentChinaChina Business & EconomyCompaniesCyber Administration of ChinaMorningstarShenzhen
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Morningstar, a leading global investment services provider, has significantly reduced its operations in China while shifting the bulk of its business activities to foreign locations. The Chicago-based firm has been in the Chinese market for nearly 20 years. The firm’s third-quarter financial report, released on Oct. 26, stated that it had “[begun] to incur costs from…

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China Dials Back Some COVID-19 Curbs, Global Stocks Jump

November 11, 2022
Business & MarketsChinaChina Business & Economycovid-19 in chinaeconomyHong Kong Hang Seng IndexMarketspandemic restrictionsstockszero-covid policy
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The Chinese regime has announced relaxing some of the harsh COVID-19 restrictions imposed in the country, with the decision positively affecting stocks worldwide. On Nov. 11, China’s National Health Commission (NHC) announced easing the pandemic rules a day after the Politburo Standing Committee met to approve the measures. The new rules cut down centralized quarantine…

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GlaxoSmithKline Blacklisted by Chinese Authorities, Suspended From National Drug Procurement

November 10, 2022
Business & MarketsChinaChina Business & Economychina decouplingChinese RegimeCompaniesinternal circulation
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Multinational pharmaceutical giant GlaxoSmithKline (GSK) was recently blacklisted by the Chinese authorities and will not be eligible for the country’s national drug procurement program for the next one and a half years. Through the Chinese drug procurement program, pharmaceutical companies participate in a program of centralized drug procurement that supplies drugs at high volumes and…

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Chinese Builder CIFI Holdings Halts Foreign Debt Payments

November 10, 2022
Business & MarketsChinaChina Business & EconomyCompaniesdebtsreal estaterepayment
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News Analysis Chinese enterprise CIFI Holdings (00884.HK) recently announced that it had suspended all foreign debt payments due to deteriorating cash flow but would repay domestic debts to maintain domestic financing. This may indicate that Chinese firms are now cutting off their international capital ties amid tightened policies and turning to domestic investment to survive. CIFI Holdings stated…

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China Prepares to Decouple, Sets Up State-Run Supply Chains and Canteens: Experts

November 10, 2022
ChinaChina Business & EconomyChinese Regimeco-operativedecouplingwar economy
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China is building numerous supply and marketing co-ops (Co-ops) and community services, such as, canteens, throughout the nation. Experts believe that Beijing is preparing to decouple from the world economy by firming up  control of its food and supplies, and some see the campaign as a sign of preparing for a war economy. After the…

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Chinese Listed Companies Are Buying Back Shares, Incurring Massive Losses

November 10, 2022
Business & MarketsChinaChina Business & EconomyChina economychina stock marketeconomyMarketsstock buybacksstocks
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Amid a massive foreign capital exodus, Chinese listed companies have been buying back their own shares and incurring huge losses. More than 1,300 listed companies and various equity funds in China have made frequent share buybacks in China A-shares and Hong Kong stocks this year, with a sharp peak at the end of October. According…

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Germany Prohibits Chinese Takeover of 2 Semiconductor Chipmakers, Citing Security Concerns

November 10, 2022
Business & MarketsChinaChina Business & EconomyChineseeconomic policieseconomyEuropeEurope-China RelationsFinance & Business TiesGermanyInfiltrating the WestInternational RelationsInvestmentsemiconductor chipsSpecial TopicsTech CompetitionWorld
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Germany’s government on Wednesday blocked the sale of two of its semiconductor factories to Chinese-owned companies, citing security concerns. “We have prohibited a non-Union investor from entering into business ventures in Germany,” the country’s economy minister Robert Habeck told reporters in front of the German chancellor’s office on Wednesday. He added that the decision came because…

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