Chinese Communist Party (CCP) leader Xi Jinping expressed concern about a food crisis at a recent meeting, despite the official media reporting 18 consecutive years of good harvests in China. Xi noted that “arable land is still decreasing,” according to official media CPC News on Dec. 12, citing Xi’s speech at a Dec. 8 economic…
Xi Jinping Fears Food Shortage Amid Official Media Boasting ‘Good Harvests for 18 Years’
SenseTime Relaunches $767 Million Hong Kong IPO After US Investment Ban
Chinese artificial intelligence (AI) firm SenseTime Group said on Dec. 20 that it will relaunch the $767 million Hong Kong ($98.3 million) initial public offering a week after the United States bans American investment in the company. SenseTime kept its target of selling 1.5 billion shares at a price between HK$3.85 ($0.49) and $HK3.99 ($0.51)…
Huawei Bypassing US Sanctions by Collaborating With Chinese Smartphone Partners
Chinese telecom firm Huawei has turned to partnerships with Chinese companies to bypass U.S. sanctions that have crippled Huawei’s smartphone business. Once briefly the top smartphone maker in the world, Huawei has been in survival mode since Washington slapped sanctions on the company more than two years ago. The Trump administration said the firm posed…
China’s Property Distress Sours Steel Sector in Warning Sign for Economy
BEIJING—Debt problems at a major Chinese property developer have now spilled over into a vital artery of the nation’s industrial engine—the steel sector—and started to ripple through to other critical parts of the world’s second-largest economy. The spreading balance-sheet crisis at real estate firms is a warning for policymakers as a swing in the fortunes…
China’s Chip Sector Meets Headwinds While CCP Is Mistrustful of Executives From Taiwan
December 19, 2021
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News Analysis The Chinese Communist Party (CCP) would not have likely secured its self-reliance in chipmaking without support from Taiwanese professionals, amid U.S.–China tech tensions. However, the recent exit of three influential Taiwanese executives from China’s largest chipmaker or its board of directors highlights a reality—that Beijing does not trust them and deems them as…
China’s #MeToo Victims Face Abuse, Payback for Going Public
TAIPEI, Taiwan—Human resources and upper management wouldn’t deal with her accusation of sexual assault, a former employee of Alibaba said. So she went into the busy cafeteria at the Chinese e-commerce giant’s headquarters and screamed out her plight. Now she’s facing online harassment, accusations of lying from the wives of the two men she accused,…
China Government Land Sales Down for Fifth Month Amid Cash Crunch
BEIJING—The Chinese government’s revenue from land sales fell for a fifth straight month in November as a liquidity crunch engulfed the country’s most indebted developers amid persistent market headwinds. In November, the value of land sales nationwide sank 9.90 percent from a year earlier, although that was less than the 13.14 percent annual decline in…
China Revives African Belt and Road Initiative Story, Acts as ‘Colonial Empire’
December 17, 2021
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State media in China republished a story from 2 years ago about a Chinese man who was given the title of a tribal chief in one African country. The story sparked concerns over the Belt and Road Initiative (BRI)—the Chinese Communist Party’s (CCP’s) global infrastructure development strategy—being applied as a part of its expansion into…
Evergrande’s Default No ‘Lehman Moment’ for China’s State-Controlled Economy
December 17, 2021
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After months of speculation, two major Chinese residential real estate developers have defaulted on their bond payments. In December, Evergrande and Kaisa failed to pay interest due on $1.6 billion worth of U.S. dollar-denominated bonds in aggregate. Evergrande was the highest-profile, as the Shenzhen-based developer had for months tried to raise cash to pay down…
Chinese Local Governments Cut Employees’ Pay as Debt Escalates
Amid a growing debt crisis, government employees in at least five Chinese provinces have reported sudden, substantial pay cuts, affecting their livelihoods. In December, government employees from five provinces—Jiangsu, Zhejiang, Guangdong, Fujian, and Shanghai—have disclosed their salary reduction notices on Weibo, China’s version of Twitter. The reported pay cuts were around 20 to 30 percent….
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