Chinese-linked fraud loan apps prosper while COVID devastates India

Economy 08/26/22, 15:27

A comprehensive investigation by the Indian government has found that Chinese nationals are the kingpins behind the fraud loan apps that have ravaged the country in recent years. Through these apps, victims were goaded into easy loans with multiplied repayment demands. In addition, the apps discreetly lure users into allowing data ...

8 points show Chinese economy ‘in desperate situation’

Economy 08/25/22, 16:57

China's economy barely escaped contraction in the second quarter, according to analysts, as consumer and factory activity faltered in the face of repeated pandemic lockdowns. According to FT, the Chinese economy seems to be in a “desperate situation” with 8 points showed as follows: 1. Retail sales and industrial production rose ...

Huawei’s dark future

Canada 08/25/22, 16:22

In recent years, the Huawei company has been at the center of controversy due to its ties with the Chinese Communist Party. The international community found Huwaei to be a tool of the CCP for obtaining classified information, technology theft, and spying on officials of different governments. As a result, the ...

Sichuan: Grapes on the tree turn into raisins, people are in the dark all day

Economy 08/24/22, 16:22

Sichuan continues to suffer from the heat and droughts, leading to power shortages. Tencent newspaper on August 23 published an article titled "Dark shopping malls, subways, using generators, ice cubes to cool down, 10,000 types of anxiety after the power failure in Chongqing and Sichuan.” The article said that as the temperature ...

Chinese companies face many difficulties in the ‘South American lithium triangle’

Trending 08/24/22, 14:11

The "South American lithium triangle" region has become an important objective for Chinese Communist Party investment in recent years. It has the world's richest high-quality lithium resources. However, due to factors including consumption of water resources, environmental pollution, and local opposition to mineral privatization, Chinese companies have encountered challenges and ...

Chinese clients face delays and difficulties to reopen accounts after strict “card-breaking” action

Economy 08/24/22, 08:09

On October 10th, 2020, Chinese authorities officially launched the "card-breaking" campaign nationwide to prevent fraudulent wire transfers in telecommunications. Yicai interviewed and reported on August 22nd that after the "card-breaking" action, the process of opening accounts in banks had changed significantly. The difficulty of opening accounts is getting bigger and bigger. ...

China eyes to rescue troubled developers with $29 billion special loans

Economy 08/24/22, 08:04

In an effort to save troubled developers, Chinese authorities plan to provide them with special loans worth 200 billion yuan (more than $29 billion). Bloomberg cited sources saying that the special loans will help developers complete their stalled housing projects and deliver them to homebuyers. The lending program, if confirmed, would be ...

Rare poor quarterly earnings, two Chinese tech giants tightening their belts

Economy 08/23/22, 19:14

The two Chinese tech giants, Alibaba and Tencent are experiencing sluggish sales for the first time after regularly talking to investors about innovation and new products in Financial Report Announcement meetings. However, the meeting turned to another topic - how to reduce costs.  Recently, Alibaba and Tencent announced their second-quarter results. According ...

Heat waves and droughts impact China’s battered economy

Disasters 08/23/22, 16:11

Extreme heat and lack of rainfall are severely affecting Sichuan province. Power outages and the suspension of factory activity are pushing the local economy to the brink of a deep crisis.  Sichuan is one of the most populous provinces in China; with a young and growing industrial activity, it consumes a ...

China keeps cutting interest rates to save the battered economy

Economy 08/23/22, 05:23

On Monday, August 22, China's central bank lowered interest rates to save the troubled economy as repeated lockdowns keep hitting multiple sectors across the country.  The People's Bank of China (PBOC) cut the one-year loan prime rate (LPR) from 3.7% to 3.65%. The rate is the reference rate for new and ...

China under drought emergency: Large scale crop failures predicted

Economy 08/23/22, 05:23

China continues to experience extreme weather. On August 18th, authorities issued a national yellow alert with temperatures in dozens of cities expected to surpass 40℃, or 104℉. Many southern provinces experience abnormal droughts in midsummer, severely affecting their crops. Farmers said that there would be a production fall in the autumn ...