Category: China Business & Economy

China’s Farmers Struggle to Save Crops as Heat Wave, Drought Drag On

August 20, 2022
Business & MarketsChinaChina Business & EconomyDroughteconomyFarmersheatwave
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CHONGQING, China—As the tinder-dry countryside along China’s Yangtze river basin withers under a heat wave that has lasted more than two months, veteran farmer Chen Xiaohua recalled the last severe drought to hit his crops more than 60 years ago. “This year is drier than 1960,” said Chen, 68, from his plot of land in…

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Xi, Putin to Attend November G-20 Summit in Bali: Indonesian President’s Adviser

August 20, 2022
Asia & PacificChinaChina Business & EconomyChinese RegimeEuropeG20IndonesiaInternationalInternational RelationsRussiaVladimir PutinWorldXi Jinping
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Chinese and Russian leaders Xi Jinping and Vladimir Putin will attend November’s Group of Twenty (G-20) summit on the resort island of Bali, a longtime adviser to the Indonesian president said on Friday. Andi Widjajanto, former cabinet secretary and unofficial adviser to President Joko Widodo, who is known as Jokowi, told Reuters the two leaders…

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Russia Is China’s Top Oil Supplier for 3rd Month in July: Customs Data

August 20, 2022
Business & MarketsChinaChina Business & EconomycustomsdataeconomyenergyEuropeGold and CommoditiesMarketsOilRussiatradeWorld
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Russia held its spot as China’s top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne…

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China Issues First National Drought Alert of the Year

August 19, 2022
ChinaChina Business & EconomyDroughtYangtze River
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SHANGHAI—The Chinese regime has issued its first national drought alert of the year. The national “yellow alert,” issued late on Thursday, comes after regions from Sichuan in the southwest to Shanghai in the Yangtze delta have experienced weeks of intense heat. The alert is two notches short of the most serious warning on Beijing’s scale….

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China Cuts Power to Factories, Homes as Reservoirs Fall

August 19, 2022
Business & MarketsChinaChina Business & EconomyeconomyYangtze River
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BEIJING—Factories in China’s southwest have shut down and a city imposed rolling blackouts after reservoirs to generate hydropower ran low in a worsening drought, adding to economic strains. Companies in Sichuan province including makers of solar panels, cement, and urea closed or reduced production after they were ordered to ration power for up to five…

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China’s Electricity Crisis Worsens as More Factories Suspend Operations During a Lingering Heatwave

August 18, 2022
Business & MarketsCCP VirusChinaChina Business & EconomyChinese RegimeCompanieseconomic policieseconomyenergyenergy crisisMarkets
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China’s power crisis has worsened as more factories shutter while an extreme heatwave spreads across southwestern China, according to a report from Nikkei Asia on Aug. 17. The municipal authorities in Chongqing ordered all factories, including foreign-owned factories, to suspend operations through Aug. 24, in order to conserve power as the heatwave causes a surge…

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SoftBank CEO ‘Remorseful’ After Record $23.4 Billion Quarterly Loss

August 18, 2022
AlibabaAsia & PacificBusiness & MarketsChinaChina Business & EconomyCompaniesDidiHong KongMasayoshi SonNew York Stock ExchangeSoftbankWorld
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News Analysis Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.” Furthermore, China’s regulatory crackdown on…

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UK Blocks Takeover of Tech Company Pulsic by Hong Kong-Based Firm Over Security Fears

August 18, 2022
Boris JohnsonChinaChina Business & EconomyChinese RegimeEurope-China RelationsHK BusinessHong KongInternational RelationsKwasi Kwartengliz trussNational SecurityNewport Wafer FabtechnologyUKWorld
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The British government has blocked a proposed takeover of an electronic design company by a Hong Kong-based firm on national security grounds. In an order issued on Aug. 17, Business Secretary Kwasi Kwarteng ruled that the acquisition of the Bristol-based Pulsic Limited by Super Orange HK Holding Limited should not proceed. Kwarteng said the decision…

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China’s Trillion-Dollar Research Funds Mostly Spent on Travel and Leisure: Chinese State Media

August 18, 2022
Asia & PacificCCP corruptionChinaChina Business & EconomyChina's semiconductor industryChinese RegimeSocial IssuesWorld
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Chinese authorities had high hopes for China’s chip industry, expecting to see a “semiconductor miracle,” which would then affirm the “advantage of China’s whole nation system,” as well as overcome technology sanctions imposed by the United States. However, eight years into establishment of China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,”…

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California, New York: Top Destinations For Wealthy Chinese Seeking to Leave China

August 18, 2022
CaliforniaChinaChina Business & EconomyChinese investorsHigh-net-worth individualsleave ChinaNew York
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The Chinese Communist Party’s (CCP) draconian COVID measures and economic policies have driven many wealthy Chinese residents to leave or at least plan to leave China. Many wealthy individuals have transferred their assets abroad through overseas investment, property purchases, or offshore trusts, with California and New York being their top destinations. According to investment migration…

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