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, ...

China grants Tencent, NetEase publishing licenses after 14-month rejection

Economy 09/22/22, 20:51

China’s gaming regulator has finally given a green light on game titles from NetEase and a Tencent subsidiary after 14 months of cold-shouldering. On September 13, China’s National Press and Public Administration released a new list of publishing licenses for 72 online games.  Among them is the sports game All-star Street Ball ...

Fosun faces $8 billion bond repayment, China ask banks to examine exposure

Economy 09/22/22, 19:51

Fosun, one of China's largest private-sector companies, is facing regulatory scrutiny as it shows a sign of financial distress, with about $8 billion in debt repayment through 2023. Bloomberg reported that Chinese regulators have asked large domestic banks and state-owned enterprises to closely examine their exposure to Fosun. A source said Fosun ...

What prevents China from unleashing stimulus on a bigger scale?

Economy 09/22/22, 19:28

China is on the brink of missing this year's economic growth target by a big margin. Time is running out, but the country has introduced a relatively small stimulus. So what is restraining the Chinese authorities from implementing a large scale of fiscal or monetary stimulus? According to an economist, stimulus measures ...

Universal Studios Beijing staff reductions as tourism in China takes a hit

Economy 09/22/22, 19:20

One of the industries in China that have been struck the worst during the two and a half years of the Covid-19 outbreak is tourism.  Strong government measures to achieve the goal of "Zero-Covid," such as lockdown, control, isolation, tracing, testing on a large scale, or restricting travel between localities, strongly ...

A risky business; truth behind emergency loans from China

Economy 09/22/22, 18:56

Financial Times reported on September 11th that China, the world’s biggest bilateral lender, has given out tens of billions of dollars in secretive emergency loans to debt-distressed nations in recent years, competing fiercely with the International Monetary Fund (IMF). Data from a U.S.-based think tank, AidData, show that Beijing has doled ...

Difficulties engulf China’s economy on all sides

Economy 09/22/22, 18:31

Growth has stagnated, unemployment is at record highs, the property market is tumbling, and companies are grappling with supply chain problems. China’s economy is clearly in serious problems. One of the main reasons is the extreme anti-epidemic policy, with massive testing and lockdown as the basic measures implemented by the Chinese ...

Universal Studio Beijing scales back workforce as zero-COVID bites

Economy 09/22/22, 16:52

According to the Wall Street Journal, Universal Studios Beijing has been laying off staff as the pain from the summer lockdown kicks in.  A heightened omicron outbreak forced Universal Beijing Resort to shut from May 1 to June 25. Sources say the theme park has reduced its manpower since the beginning ...

23 interest-free loans, 17 African countries and only 1.1% debt waived by China

Economy 09/22/22, 16:51

Last month, Beijing waived 23 interest-free loans to African countries which matured in 2021, while keeping the total value unpublished. However, according to the newest study from Boston University released on Monday, September 12th, the waived loans were worth about $600 million.  According to Reuters, a Boston University Global Development Policy ...

Apple’s website collapses as iPhone 14 series officially opened for pre-sale

Economy 09/22/22, 16:36

According to mainland media, at 8 p.m Beijing time on September 9th, the iPhone14 series officially opened for pre-sale in China. Some netizens reported that Apple’s official website collapsed.  Some netizens said they had already paid, but the official website prompted, “We are waiting for your payment.” New iPhones are always hot ...

Russia and China use Ukraine war to challenge dollar dominance

Economy 09/19/22, 18:17

So far, the Russia-Ukraine war and the West's response have been evaluated as a gift to China. The successive sanctions that the West and the United States have targeted against Russia have isolated the country's financial system from the EU. Russia needs a solution for the financial sector. This is creating ...

What is the purpose of Xi’s trip before the Party congress?

Russia 09/17/22, 18:13

Since the COVID pandemic broke out in early 2020, Xi Jinping has not been abroad for more than two years, but recently he suddenly attended the Shanghai Cooperation Summit (SCO). The trip coincides with the upcoming 20th National Congress of Deputies. For Xi, the 20th National Congress and re-election is ...

Simultaneous calamities: Xi Jinping faces 3 crises

Insights 09/16/22, 18:31

As the 20th National Congress of the Communist Party of China approaches, the distribution of power and staffing of the authorities affects the political situation in China, the international situation, and the Taiwan Strait. The public opinion focuses on Xi Jinping, who is expected to continue centralizing China's supreme leadership ...