The United States has ramped up efforts to deny China access to advanced semiconductors and chipmaking technologies, thus, escalating the U.S.–China strategic competition. Following the passage of the U.S. CHIPS Act, on Sept. 6, the U.S. Department of Commerce released its “Strategy for the CHIPS for America Fund” (pdf), a $50 billion investment to catalyze…
US–China Strategic Rivalry Escalates Over Chips, Foreign Businesses Caution Investing in China
September 24, 2022
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ChinaChina Business & EconomychipCHIPS Actforeign investmentsNational SecurityPolicies & ImpactssemiconductorU.S. sanctionsUSUS-China relations
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European Business Group Warns of Loss of Confidence in China
September 23, 2022
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Business & MarketsChinaChina Business & EconomyCompanieseconomyEuropeEurope-China Relationseuropean business groupInternational RelationsLoss of ConfidenceWorld
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SHANGHAI – A top European industry group warned on Wednesday that firms were losing confidence in China and that its standing as an investment destination was being eroded, citing its “inflexible and inconsistently implemented” COVID policy as a key factor. The European Chamber of Commerce published the warnings in a paper it said had input…
Chinese Tech Giants Tencent and Alibaba Saw Profits Plunge in 2nd Quarter
News Analysis Declining revenues and mass layoffs at Tencent and Alibaba could mark the end of the “golden age” for China’s internet industry. The companies’ profits plunged in the second quarter of 2022, mainly caused by the decoupling of the U.S. and Chinese economies and by the market restrictions imposed by the Chinese Communist Party (CCP)….
US Accounting Regulators Demand Complete Access to China-Based Audits
September 23, 2022
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Business & MarketsChinaChina Business & EconomyChina Securities Regulatory Commissioneconomic policieseconomyThe Holding Foreign Companies Accountable ActUSUS NewsUS-China relations
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The U.S. accounting audit regulator delivered a warning regarding the integrity and complete access to work papers of accounting firms of New York-listed Chinese companies. Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams made the remarks on Sept. 22 at the Council of Institutional Investors (CII) Fall Conference. She emphasized, “Voluntarily delisting is not…
China’s Wealthy Rush to Transfer Assets and Emigrate as Political and Economic Situation Worsens
Concerned about China’s worsening political climate and its economic repercussions, wealthy Chinese are accelerating the process of emigration and transferring of assets overseas. Henley & Partners, an investment immigration consultancy based in London, estimates that about 10,000 high-net-worth Chinese—with assets of more than $1 million each—will immigrate abroad in 2022. They will take with them…
Snap CEO Attributes TikTok Success to ‘Billions and Billions of Dollars’ Spent by Communist China
September 23, 2022
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Business & MarketsChinaChina Business & EconomyCompaniesGlobal ExpansionInfiltrating the WestMedia & Big Techsocial controlSocial MediaSpecial TopicsTech CompetitionThreat from Communist ChinaTikTokUS-China relations
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Snap CEO Evan Spiegel has spoken out about the influence of the Chinese state in the success of TikTok, claiming that the c0mmunist regime has spent billions of dollars to equip the short video content app to dominate the market and edge out competitors. Speaking at the Code Conference 2022, Spiegel warned of the influence…
Mass Cancellation of Flights Across China, Reasons Unclear
Nearly 60 percent of flights across China were canceled Wednesday, according to state media. Flight Master said 9,583 flights had been canceled nationwide as of 22.35 p.m. on Sept. 21, accounting for 59.66 percent of those total scheduled journeys of the day, reported China.com. Based in Shenzhen, Flight Master provides information on flights and ticketing…
Lawmakers Grill Big Banks’ China Ties Amid Concerns About Taiwan Invasion
September 22, 2022
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CCPChinaChina Business & EconomycommitteeFinance & Business TiesInfiltrating the WestInternational RelationsSpecial TopicsTaiwanThreat from Communist ChinaUS-China relations
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Leaders of the nation’s largest banks came under scrutiny Wednesday as lawmakers sought to assert a tougher posture towards China’s communist government. The continued independence of Taiwan and the Chinese Communist Party’s (CCP) alleged genocide in Xinjiang were key issues discussed. During the hearing of the U.S. House Financial Services Committee, Rep. Blaine Luetkemeyer (R-Mo.) asked…
China’s JD.com Founder Wears an ‘Invisible Shackle’: Analyst
September 22, 2022
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Business & MarketsChinaChina Business & EconomyCompaniese-commerceJD.comRichard Liusocial controlSpecial Topics
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Liu Qiangdong, or Richard Liu, founder and chairman of JD.com, recently transferred his ownership of equity shares at two subsidiary companies after stepping down as CEO in April. One Chinese affairs analyst believes Liu made the move in response to the Chinese Communist Party’s (CCP) campaign to target the business elite. The Powerful Economic Players…
SEC Charges Two Chinese Executives With Insider Trading
The Securities and Exchange Commission (SEC) charged executives of Cheetah Mobile Inc. with insider trading for selling Cheetah Mobile’s securities through a trading plan that withheld “a material negative revenue trend.” According to the SEC order on Sept. 21, Sheng Fu, the company’s CEO, and Ming Xu, its then-president and chief technology officer, jointly established…
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