Chinese tech companies may get a temporary breather after Beijing relaxes its clampdown for a while. But not if Beijing wants to get an ownership stake in the companies. What could be the reason? Is China’s economy at too much of a loss? And what about the man-made COVID-19 crisis and the lockdowns? I speak with…
Gordon Chang: US-China ‘Most Dangerous Period in History’; Who Is Trying to Throw China Overboard?
May 3, 2022
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CCPChinaChina Business & EconomyChina InsiderChina pandemicChinese RegimeDangereconomic crisisEpochTVGordon Changreporterssocial controlSpecial TopicsThreat from Communist ChinaUS-China relations
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Chinese National Convicted of Conspiracy to Steal Cancer Drug Trade Secrets to Benefit China-Backed Company
May 3, 2022
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ChinaChina Business & EconomycrimeCrime and IncidentsDepartment of JusticeDOJNational SecuritytechnologyThreat from Communist ChinaUSUS-China relations
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A Chinese-Swiss man was convicted after trial for his role in a family conspiracy to steal trade secrets related to cancer drugs, according to the Department of Justice (DOJ). U.S. Attorney Jennifer Williams announced on May 2 that Xue Gongda, a permanent resident of Switzerland with Chinese citizenship, was convicted for his part in a $10…
China’s Real Estate Boom Slows, Igniting Fears of a Debt Crisis and Recession
China’s local government revenues and overall economy are dependent on the strength of the housing and commercial real estate sectors. Their combined revenues account for 25 percent of China’s GDP. Efforts to stimulate these sectors over the past decade were successful in attracting foreign investors and fueling the growth of developers. But recent data shows…
China Blocks Social Media Accounts of Prominent Market Strategist Hong Hao
China blocked the Weibo and WeChat accounts of Hong Hao, managing director and chief strategist of Bocom International Holdings, without specifying which Chinese social media regulation was violated. Just recently, Hong Hao warned of the huge amount of capital leaving China and made bearish forecasts about the Chinese stock market. Hong Hao’s WeChat account “Hong…
Major South Korean Industries Face Production Cuts and Shutdowns Amid China’s Lockdowns
May 3, 2022
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Asia & PacificBusiness & EconomyBusinesses in COVID-19ChinaChina Business & Economychinese importsHyundaiKiaLGlockdownsSamsungSouth Koreasupply chainWorld
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South Korea’s major industries are experiencing supply disruptions in core components as the pandemic lockdowns in China show no end in sight. With the country’s high dependence on Chinese imports, any disruption in the supply chain would threaten the South Korean economy, according to a recent study. Under the severe disruptions to the Chinese supply…
China’s April New Home Prices See Slower Gains: Private Survey
BEIJING—China’s April new home prices grew at a slightly slower pace compared with March gains, a private survey showed on Sunday, with policy-easing moves by local authorities yet to significantly revive buying sentiment. New home prices in 100 cities rose 0.02 percent from a month earlier, easing from the 0.03 percent gain in March, according…
China April Factory Activity Contracts at Steeper Pace as Lockdowns Bite
BEIJING—China’s factory activity contracted at a steeper pace in April as widespread COVID-19 lockdowns halted industrial production and disrupted supply chains, raising fears of a sharp economic slowdown in the second quarter that will weigh on global growth. The official manufacturing Purchasing Managers’ Index (PMI) fell to 47.4 in April from 49.5 in March, in…
India Seizes $725 Million China’s Xiaomi Over Remittances
May 2, 2022
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesIndiaInternational RelationsremittancestechnologyWorldXiaomi
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NEW DELHI—Indian authorities on Saturday seized $725 million from Chinese smartphone company Xiaomi, accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad, officials said. The Enforcement Directorate, India’s financial investigation agency, tweeted that it had seized the amount from Xiaomi’s local unit. The move comes after an investigation was launched…
Foreign Investment Into China Fell by More Than 60 Percent in Q1
May 1, 2022
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AnalysisAsia & PacificChinaChina Business & Economychina foreign investmentDidi ChuxingOpinionThe Securities and Exchange Commission (SEC)World
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News Analysis After the U.S. Securities and Exchange Commission (SEC) tightened its supervision of China concept stocks and U.S.-China relations worsened further following the outbreak of the Russian-Ukrainian war, foreign investment into China has plummeted by more than 60 percent in the first quarter of 2022 compared to the same period last year. According to…
China’s Lockdowns of 10s of Millions Add to Global Supply Chain Chaos
Seeing China’s financial hub Shanghai, home to 25 million, come to a standstill amid more than four weeks of lockdown have made those in Beijing nervous. The capital city has detected growing COVID-19 outbreaks and has rushed to conduct mass testing in a bid to contain the virus. Almost all 22 million inhabitants in Beijing…
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