Tag: China Business & Economy

More Chinese Companies Accused of Customs Fraud in India, OPPO May Face Severe Penalties

July 23, 2022
Asia & PacificChinaChina Business & Economycustoms feesHuaweiOnePlusOppotechnologyVivoWorldXiaomi
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Following in the footsteps of Xiaomi and Vivo, another Chinese tech company has been accused of violating laws in India. The Chinese smartphone giant Guangdong Oppo Mobile Telecommunications Corp., Ltd. (OPPO) is accused of evading more than $571 million in import duties. On July 13, the Directorate of Revenue Intelligence (DRI), India’s anti-smuggling agency, issued…

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Chinese Winery Hiring Two US Nobel Prize Winners to Lead R&D Fails to Impress Investors

July 22, 2022
ChinaChina Business & EconomyCordyceps Sinensismedicinal liquornitric oxideSocial Issues
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Recently, Qinghai Spring, China’s famously pricey liquor company, said it had hired two American Nobel Prize winners as co-chief scientists. Qinghai Spring announced on July 14 that, during a three-year term, the scientists will not only be responsible for the company’s scientific research, talent training, recommendation and introduction of high-level talent, but will also attend…

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Foxconn Could Be Fined for Investing in Chinese State-Backed Chipmaker Without Regulatory Approval

July 21, 2022
Asia & PacificChinaChina Business & EconomyChina's semiconductor industryFoxconnSpecial TopicsTaiwanTech CompetitiontechnologyTsinghua UnigroupWorld
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Taiwanese electronics contract manufacturer Hon Hai Technology Group (best known internationally as Foxconn) could be fined for not seeking regulatory approval for investing in the embattled mainland Chinese state-backed chipmaker Tsinghua Unigroup, Reuters reported. Hon Hai could face a fine of up to NT$25 million ($835,586) for not first seeking approval for the investment from…

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Beijing Creates New State-Owned Iron Ore Giant to Weaken Australian Miners

July 21, 2022
Asia & PacificAustraliaBHPBusiness & MarketsChinaChina Business & EconomyChina Mineral Resources GroupChina-Australia RelationsCompaniesenergyGold and CommoditiesInternationalInternational Relationsiron oreMarketsRio TintoWorld
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In a bid to gain control over iron ore prices, Beijing has created a new state-owned mineral giant that will be responsible for exploration and mass bulk buying of the commodity. The move will be aimed at giving China greater bargaining power over major iron ore producers like Australia’s BHP and Rio Tinto, who will…

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China Fines Didi $1.2 Billion as Outlook for Tech Sector Remains Cloudy

July 21, 2022
ChinaChina Business & Economydata security breachDidisocial controlSpecial TopicsTech crackdown
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The Chinese regime fined ride-hailing giant Didi 8.026 billion yuan (about $1.2 billion) for data security breach following a yearlong probe that forced the company to delist from the United States. The Cyberspace Administration of China (CAC) said on July 21 that its investigation had found Didi violated the Cyber Security law, Data Security law,…

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The State of Banks in China

July 21, 2022
Business & MarketsBusiness ColumnistsChinaChina Business & EconomyChinese banksCompanieseconomyLoans
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News Analysis The state of banks in China dominates concerns about the economy and global growth. With pictures of angry crowds outside banks and tanks on the street in one city to quell discontent about being unable to withdraw funds, it bears asking what the true state of Chinese banks is. Officially, Chinese banks are…

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Senate to Vote on Semiconductor Bill Aimed at China Competition

July 21, 2022
ChinaChina Business & EconomycongressInternational RelationsNational SecurityPolicies & ImpactsPoliticssemiconductorsSenateSpecial TopicsTech CompetitiontechnologyUSUS NewsUS-China relations
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News Analysis The U.S. Senate aims to pass legislation this week to boost the United States’ domestic semiconductor industry and improve competitiveness with China amid a global supply chain crisis. “We need to move quickly,” said Senate Majority Leader Chuck Schumer (D-N.Y.) on July 18. “Without these incentives from Congress, the capital investment required for…

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Chinese Media Discuss How to Recover Billions in Debt from Bankrupt Sri Lanka

July 21, 2022
Asia & PacificBelt and RoadBusiness & MarketsChinaChina Business & Economydebt trapeconomic policieseconomyGlobal ExpansionMarketsmilitarySpecial TopicsSri LankaWorld
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Since Sri Lanka announced its bankruptcy, voices in mainland Chinese news media have been scrambling to propose solutions on how to recover billions in investments that the Chinese Communist Party (CCP) loaned to the country through its Belt and Road Initiative, aimed at expanding the communist regime’s infrastructure projects overseas. Sri Lanka, once known as…

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House Democrats Block Legislative Amendment to Prevent US Oil Sales to China

July 21, 2022
Business & MarketsCathy McMorris RodgersChinaChina Business & EconomycongressDavid ValadaoDemocratseconomic policieseconomyHunter BidenPoliticsRepublicansSinopecUSUS NewsUS-China relations
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House Democrats have blocked a Republican effort to prevent the Biden administration from selling oil from the United States’ strategic reserve to entities with ties to the Chinese Communist Party. Rep. David Valadao (R-Calif.) offered an amendment as a motion during a House floor debate on July 20, to recommit a legislative spending package (H.R.8294)…

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Reports of Depositor Accounts Being Frozen, as China’s Banking Crisis Spreads

July 21, 2022
bank runsChinaChina Business & EconomyChinese Regimefronzen accountsHainanHenanmortgage boycottSocial Issues
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Bank depositors in several Chinese provinces have reported their bank and credit accounts have been frozen, actions seen as being related to bank runs in Henan and a nationwide mortgage boycott. Experts say this all indicates that China’s economy is in a very precarious state. Mainland Chinese media Securities Daily reported on July 18 that…

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