European business interests in China are eroding: EU Chamber

Economy 09/25/22, 22:37

According to the European Union Chamber of Commerce in China, the Asian country is no longer a prospective investment destination. In an annual position paper released on Wednesday, September 21, the Chamber said European multinationals have to reduce, localize, and silos operation in the world’s second-largest economy. The economic landscape has ...

Orders decline, more Chinese firms are shutting down

Economy 09/25/22, 20:30

Some Chinese companies have recently announced the closure of their businesses, citing their losses of orders and the COVID pandemic-related lockdown. According to Apollo News, some large companies in Guangdong province have decided to suspend their operation over the past few weeks. On September 16, Dongguan Jiacheng Technology Co., Ltd. and Jiahong ...

Black market sales of Chinese personal data surges

Economy 09/25/22, 05:56

In June, personal data from about 1 billion Chinese people was put up for sale on a popular dark web forum in the largest scandal of its kind. Since then, researchers have seen a rise in the number of other types of personal records from China on cybercriminal marketplaces. Because of ...

64% of Chinese graduates earn $700 per month; hard to find a job

Economy 09/25/22, 03:52

The Central News Agency reported on September 15 that a survey in China shows that graduates find it difficult to find a job, even with a low salary. The human resources service provider "MileagePlus" surveyed fresh and current college students to understand their job hunting intentions, careers, and directions, considering how ...

Nike, Adidas face unprecedented challenges in China

Economy 09/25/22, 03:15

Chinese mainland media outlets reported on September 14 that Adidas CEO Rorsted recently said, “We don’t understand consumers well enough, so we left room for Chinese competitors who are better off.”   As reported by Reuters, China has forced hundreds of thousands of ethnic Uyghurs and other minorities to pick cotton by ...

One-third of stores in China’s most prosperous areas are closed

Economy 09/25/22, 03:10

Under several waves of the omicron pandemic this year, Chinese authorities maintain a strict "clearing" policy. Shanghai, Chengdu, and other cities with populations of 10 million were locked down. This made people miserable, and the retail, service, and tourism industries suffered heavy losses. Shanghai is where the economic downturn is ...

European investment in China come from a few firms

Economy 09/22/22, 21:52

According to a report by U.S.-based think tank Rhodium Group on September 14, European investment in China has grown increasingly concentrated over the past few years with only several large corporations and most of them coming from Germany. The authors of the report wrote, “European investment has grown much more concentrated, ...

Record number of Chinese semiconductor firms out of business: Report

Economy 09/22/22, 21:46

According to the South China Morning Post (SCMP), a record number of China's chip firms have been put out of business this year.  The news outlet cited data from the business database platform Qichacha, saying 3,470 chip firms in China have been deregistered for the first eight months of this year. The ...

Big three Chinese new energy vehicle giants lose $1.4 billion in half a year

Economy 09/22/22, 21:36

Recently, three new energy vehicle companies, Weilai , Xiaopeng , and Ideal , released their semi-annual reports. The losses of the three companies amount to $1.4 billion. The financial reports show revenue in the year’s first half has grown significantly. NIO’s (Weulai’s) revenue is $2.9 billion (20.23 billion yuan), an annual ...

China’s biggest bank fraud: Elderly couple shares their story

Economy 09/22/22, 21:35

In April, four village banks in Henan province froze depositors' bank accounts for no reason, leading to a large-scale protest. The banking crisis involves more than 400,000 people, which reportedly totals 40 billion yuan or $5.83 billion. Under heavy pressure, officials yielded, promising to pay back customers in stages. By the ...

Warning: China’s economy may worsen further soon, say experts

Economy 09/22/22, 21:17

China's economy has been deteriorating sharply this year, with some major banks predicting a growth rate above 3%. The growth forecast could be revised down further if the upcoming economic data is disappointing. In March, the Chinese government set an ambitious target for the 2022 economic growth rate at around 5.5%. ...

China-U.S. container shipping rates plummet due to weakening demand

Economy 09/22/22, 21:05

According to the South China Morning Post, the container shipping rates from China to the U.S. have declined sharply due to weakening demand despite major ports having been disrupted by seasonal typhoons. Last year, at the peak demand, container shipping fees increased over five times within a year. But this year, ...