Over half of South Korean companies are preparing to either reduce or withdraw businesses from China over its stringent zero-COVID measures, according to a recent survey. Meanwhile, some 40 percent of the respondents urged the South Korean government to intervene by informing the Chinese regime of their losses and providing solutions. In mid-June, the Shanghai…
Over Half of South Korean Companies in China Seek to Reduce Operations or Withdraw: Survey
July 3, 2022
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Asia & PacificBusiness & MarketsChinaChina Business & EconomyCompanieseconomySouth KoreaWorldzero-COVIDzero-covid policy
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Chinese Property Developer Faces Debt Default Amid ‘Unprecedented Liquidity Pressure’
Evergrande’s debt default last year, kicked off China’s housing market slump that just continues to worsen as widespread COVID-19 curbs weaken buyer confidence and market demand. With tumbling sales, short-term debts, and a lack of offshore refinancing, Chinese property developers are facing a liquidity crisis. Skyfame Realty, a private Chinese real estate developer, had all…
Chinese Businessman Makes Videos to Insult Black People, Leading to Diplomatic Fallout
In a short video, a group of African children in red shirts and shorts happily looked at the camera, chanting in Chinese: “I am a black monster and my IQ is low. Yeah!” They repeated these words with joy and enthusiasm, apparently not knowing what they were saying. The video was uploaded to Douyin, a…
Chinese Businessman Made Videos to Insult Africans, Leading to Diplomatic Fallout
In a short video, a group of African children in red shirts and shorts happily looked at the camera, chanting in Chinese: “I am a black monster and my IQ is low. Yeah!” They repeated these words with joy and enthusiasm, apparently not knowing what they were saying. The video was uploaded to Douyin, a…
H&M Closes Shanghai Flagship Store
H&M shut down its flagship store in Shanghai, the latest sign of the impact of Beijing’s strict zero-COVID policy on the business of international fast-fashion retailers. After two months of lockdown, the epicenter of Shanghai finally reopened; however, traffic in the city’s shopping centers remained low. The store was opened earlier this month, but now,…
Rep. Stefanik Introduces Bill to Prevent Adversaries’ Control Over US Agriculture Industry
Rep. Elise Stefanik (R-N.Y.) introduced a bill to address domestic food security issues and the global food supply chain. Stefanik’s bill, joined by Rick Crawford (R-Ark.), “would prevent adversaries’ acquisition of American companies amid a global supply chain food shortage,” Fox News reported on June 30. Stefanik also wrote on Twitter June 30, “Food security is…
Shanghai Declares Victory Over COVID, While Residents Call It a Tragic Joke
Shanghai’s Communist Party chief Li Qiang on June 25 announced that the financial hub had finally won its three-month battle fighting COVID-19. However, this so-called “victory” was not without its collateral damage. It came at a huge cost to the Shanghai economy while creating immense suffering for the city’s 25 million people. Li declared the…
Chinese Stock Markets Plunge as Xi Calls for Sticking to ‘Zero-COVID’ Policy
June 30, 2022
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Business & MarketsCCP VirusChinaChina Business & EconomyChina Human RightsChina’s stock marketINSIDE CHINASpecial TopicsWuhanXi Jinpingzero-covid policy
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News Analysis China’s Shenzhen Stock Exchange (SZSE) and Shanghai Stock Exchange (SSE) slumped on June 29 following Chinese leader Xi Jinping’s speech in Wuhan. He stressed the need to strictly enforce the “zero-COVID” policy and warned against “herd immunity” in dealing with the pandemic. Xi delivered the speech in the early afternoon of Tuesday in…
China Further Loses Price Advantage as EU Votes to Impose a Carbon Tax
After a two-week hiatus, the European Parliament finally passed the revised Carbon Border Adjustment Mechanism (CBAM). Consequently, China further loses its price advantage in exporting carbon-intensive products to Europe, a second blow to the country’s exports after 32 nations stopped preferential tariff treatment at the end of 2021. CBAM aims at ensuring an equivalent carbon…
China’s Surge in Foreclosures Could Collapse Housing Market: Expert
In recent days, a post saying mainland China has more than 10 million foreclosed homes has caused a stir on social media. Official data shows a sharp surge in foreclosures in recent years. Experts have pointed out that this indicates the possibility of a housing market collapse and a financial crisis for local governments. On…
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