Shanghai banks restrict withdrawals, rumors about virus spread via cash

Insights 06/09/22, 12:57

Recently, banks across Shanghai shut down automated teller machines (ATM) transactions, alleging a virus spread via cash. Currently, long lines of people are queuing up in front of banks in Shanghai. Some netizens worry about a wave of mass withdrawals in the future and criticize the banks for intentionally creating panic. In ...

World’s largest floating restaurant in Hong Kong to close down

Economy 06/08/22, 23:55

Jumbo, Hong Kong’s iconic floating restaurant, is on its way out due to financial difficulties. Business Insider reported that Aberdeen Restaurant Enterprises, the restaurant’s parent company, announced last month that the tourist attraction would leave for a new home outside the city in June. The announcement came without a fixed date.  The ...

Shanghai’s foreign-invested firms find pessimistic outlook after lockdown

Economy 06/08/22, 23:32

Foreign companies remained in Shanghai after the Ukraine-Russian war. But has their patience tested to the uttermost with the city’s near two-month closure? The Chinese government was resolute about stabilizing its economy until COVID-19 hits Shanghai. Even as the city is a financial hub, officials still put it through a devastating ...

Didi announces its delisting from Wall Street

Economy 06/08/22, 04:07

China’s ride-hailing giant Didi Chuxing will say goodbye to the U.S. stock market in June, just one year after its public debut on Wall Street. According to Apollo News, Didi announced that it officially applied to the U.S. Securities and Exchange Commission on June 2. Ten days later, the company would ...

Protest in Dongxing: ‘We have no money’

Economy 06/08/22, 04:06

A protest broke out in Dongxing City, Guangxi, on June 5. Over a thousand people gathered in front of a government building to demand authorities lift the lockdown. Dozens of police officers were sent to confront the protesters. Guangxi’s Dongxing city has been closed for more than three months. The protest ...

China’s dangerous era of high inflation is coming: Report

In-depth Reports 06/08/22, 03:13

China is already in a state of de-growth. And with rising inflation, the world's second-largest economy is encountering a dangerous era. Before the Covid pandemic hit China, this economy has been facing a slowdown in recent years.  An article from the UK-based Financial Times on June 6 pointed out that China's economy ...

The ‘gutter oil’ problem in China

Economy 06/07/22, 08:46

China is a country with a rich culinary culture. Cooking oil is an essential ingredient in many delicious dishes. However, in China, the use of gutter oil has become a widespread practice in all types of restaurants.  Sichuan hotpot usually contains a significant amount of oil as the base of the ...

China small business owner: Government’s bailout policy not working

Economy 06/07/22, 08:43

The Chinese government has recently introduced financial policies to support small and micro-sized enterprises battered by the recent Covid outbreak. However, these companies are complaining that they still cannot access loans. Mr. Lin is a business owner operating a restaurant in Guangxi province. In an interview via a phone call with U.S.-based ...

Experts say China faces irreversible pressure of foreign capital outflow

Economy 06/07/22, 08:40

Shanghai officials have recently announced to lift restrictions on businesses thanks to an easing Covid lockdown. However, experts said that China would face irreversible pressure of foreign capital withdrawal from the country. As Reuters reported, the Shanghai government held a press conference on May 29. They released an action plan for ...

First U.S.-listed Chinese supermarket chain sued for hiding transactions

Economy 06/07/22, 08:29

U.S.-listed Chinese supermarket iFresh is being sued by the U.S. Securities and Exchange Commission (SEC) over its undisclosed related-party transactions.  Deng Long is a Chinese immigrant from Fujian province. He founded New York Mart in 1995. In 2016, New York Mart signed a merger agreement to become a wholly-owned subsidiary of ...

China’s special bond issuance may not turn the economy around: Experts

Economy 06/07/22, 08:26

As part of the stimulus package to boost the economy after prolonged lockdown measures, China's State Council ordered local authorities to release a special bond issuance of 3.45 trillion yuan (518 billion dollars). According to Shanghai Securities News, in addition to investing in nine areas such as transportation infrastructure, energy, agriculture, ...

5 Chinese companies forcibly delisted in 2 days

Economy 06/07/22, 07:13

On June 1, *ST Jintai and *ST Jitang received notice from the Shanghai Stock Exchange that their stock listings would be terminated. Besides that, the Shenzhen Stock Exchange officially announced on June 2 that Julong, Bangxun Technology, and Contemporary Oriental(* ST Dangdai) would be delisted. Data shows that the five ...