A southwest Chinese province extends industrial power cuts as record-breaking heat waves and drought deplete water levels of the Yangtze River and dwindle hydropower output, hurting the auto industry as factories in the region shut down. Sichuan Province on Aug. 21 activated the highest level of emergency response, with officials highlighting the “extremely outstanding” power…
Power Cuts Continue in China Amid Record-Breaking Heat Wave, Drought
US ‘Heavily Dependent’ on China for Rare Earth Elements: Experts
August 24, 2022
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ChinaChina Business & EconomyElementsFinance & Business TiesInternational Relationsmineralsrare earthSpecial TopicsThreat from Communist ChinaUSUS NewsUS-China relations
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The United States’ dependency on China for rare earth elements is a security risk, according to lawmakers and experts, and is being exacerbated by the Biden administration’s forced transition to so-called “green” technologies. The Biden administration’s top-down push toward renewables requires an enormous growth in the mining of rare earth elements. Currently, the United States…
‘World Seems to Halt:’ Paper Industry Businessman
China’s leading paper manufacturer announced it has hard to stop production multiple times since July. August is typically the start of the production peak for the paper and pulp industry in China. But a series of scheduled plant shut downs has been cutting into business bottom lines, according to Chinese media. Nine Dragons Paper (Holdings) Limited is the…
Chinese Companies Turn to Switzerland for Fundraising as Hong Kong’s IPO Market Deteriorates
August 23, 2022
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Business & MarketsChinaChina Business & EconomyChinese A-share companiesHK BusinessHKEXHong KongMarketsSIX Swiss Exchange.`SwitzerlandU.S. Treasuries
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News Analysis Chinese A-share companies have started listing in Switzerland, while the Hong Kong Stock Exchange (HKEX) saw a record low funding in IPOs. Hong Kong’s Weak IPO Market According to its latest interim results (pdf), in the first half of 2022, the HKEX saw a 27 percent drop in profit and an 18 percent…
Chinese-Born Ex-Apple Employee Pleads Guilty to Trade Secret Theft
August 23, 2022
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appleBusiness & MarketsChinaChina Business & EconomyCompaniesEngineerInfiltrating the WestJudiciaryMedia & Big TechNational SecuritySpecial TopicsTech CompetitionThreat from Communist Chinatrade secretsUSUS NewsUS-China relations
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A former Apple employee pleaded guilty on Aug. 22 to stealing internal files from the tech giant’s automotive division. A court filing (pdf) shows that Xiaolang Zhang pleaded guilty to trade secret theft in federal court in San Jose on Monday, facing up to 10 years in prison and a $250,000 fine. Zhang’s plea agreement with…
South Korean Lotte Conglomerate Shifts Focus to Vietnam After China Withdrawal
August 23, 2022
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Asia & PacificBusiness & MarketsChinaChina Business & EconomyCompaniesLotte GroupLotte ShoppingSouth KoreaVietnamWorld
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South Korean conglomerate Lotte Group has shifted focus to Vietnam’s retail market after a decision to withdraw from China in 2017, following China’s retaliation against the company over the U.S. anti-missile system deployment in South Korea. The company is looking to make Vietnam its third-largest market after Korea and Japan. Lotte Group entered Vietnam in 1998 with…
China Cuts Lending Benchmarks to Revive Faltering Economy
SHANGHAI—China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin on Monday, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of COVID-19 cases. The People’s Bank of China (PBOC) is walking a tight rope in its…
China’s Housing Crisis: The Pain Will Persist Until Beijing Acts
News Analysis China continues to suffer economic setbacks. The latest came with the news that housing sales in July plunged almost 30 percent from June. Optimists had taken heart when housing sales had picked up in May and June in response to eased COVID-19 lockdowns, but the most recent news has dashed hope for an…
China’s Population Heading Toward Negative Growth
August 22, 2022
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ChinaChina Business & EconomyChina low birth rateschina populationchina population declinedemographic dividendSocial Issues
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Beijing has admitted for the first time that China’s population will experience negative growth by 2025, according to an article from China’s National Health Commission, published Aug. 1 in Qiushi, a state-controlled magazine. The article predicts that the declining population trend may prove difficult to reverse, with dire consequences for the country. Entitled “Writing a…
China’s Real Estate Industry Signals Big Regression of the Country’s Market Economy
August 21, 2022
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ChinaChina Business & Economychina economic risksChina economyChinese Regimechinese state-owned enterprisesprivate companies
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From January to July this year, among the top 10 real estate companies acquiring land in key cities in China, 80 percent are state-owned enterprises, according to the country’s official data. A similar trend was observed in other industries in China. Analysts believe that this is not only an indication that “the state advances, the…
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