3 reasons why China closed 7,600 car dealerships in two years
The rapid rise of the automotive industry generated a big market for 4S dealerships in China, which shorts for Sales, Service, Spare parts and Surveys, or customer feedback. 4S dealers gained traction in China over twenty years ago for offering world-class service, well-trained employees, and quality customer support. These stores were ...
China’s Zhenro Properties Group shares plummet 81%
Zhenro Properties Group's shares keep hitting new lows as concerns about the news that the company won't buy back a heavy load of $200 million bonds next month. The Shanghai-based property developer shares fell as much as 66.4%, and shares in its property services unit plunged 57.7% on Thursday. However, Zhenro ...
South African government sues Huawei
According to Reuters, South Africa plans to fine the local unit of Huawei with 1.5 million rands (99,151 dollars) or 2% of the local firm's annual 2020 turnover. On Friday, the labor department said almost 90% of the company's employees were foreign nationals, violating the requirement to employ 60% South Africans ...
Argentina joins China’s Belt and Road Initiative
Many world powers have evaded sending officials to the Winter Olympics in Beijing to protest China's atrocity crimes that many refer to as genocides. But not all would skip the Games, and some of those who attended the opening ceremony on February 4th turned out to be those with whom Beijing ...
Dutch semiconductor firm accusation: Chinese companies steal trade secrets and sell products
The world's leading supplier to the semiconductor industry ASML stated in an annual report on Feb. 9 that a Beijing-based company is selling products purportedly from technology illegally extracted from it. The alleged firm is Dongfang Jinyuan Microelectronics Technology (DJEL), headquartered in Beijing. Beijing in May 2021 endorsed it as part ...
Official data reveals China’s employment crisis can’t hide
On Wednesday, Feb. 9, the Chinese newspaper "People's Daily" published an article in its overseas edition to encourage "flexible employment." "Flexible employment" refers to those who are employed in flexible forms such as part-time, temporary, and flexible work. Flexible employment forms mainly include the following types: self-employed workers, family helpers, and ...
Belt and Road Initiative: China-funded Indonesian rail link takes 40 years to breakeven
According to Dwiyana Slamet Riyadi, president director of PT KCIC, China Development Bank funded the "Belt and Road" project (BRI). The high-speed train project from Jakarta to Bandung will be 2 billion dollars over budget. PT KCIC is a consortium of Chinese and Indonesian companies building the 142 km (88.23 miles) ...
Global freight rates drop 90% due to Winter Olympics: Expert
At the end of January, Capesize spot prices fell to $5,826 per day, the lowest in 20 months and well below the 12-year record high of $80,000 per day in October 2021. Bulk carriers mainly carry iron ore, coal, grain, and cereals. Jun Huang, an economist now living in the U.S., ...
Guangzhou’s largest firm announces default on wealth management products
Guangzhou's most significant private enterprise, Cedar Holdings, defaults on wealth management products. According to Caixin, Cedar Holdings could not repay its financial products obligation. In January 2022, Cedar Holdings' share of financial products is about $3.15 billion, with 8,000 investors. Cedar Holdings apologized to investors about the incident on Jan. 30. Cedar ...
China’s real estate developer Fantasia’s January sales down 78% year-on-year
According to the latest data released by Chinese real estate developer Fantasia Holdings, in January 2022, the company sales were only about 510 million yuan (80 million dollars), a sharp decrease of 77.76% compared with 2.294 billion yuan (360 million dollars) in the same period in 2021. According to the "Freedom ...
Current Chinese stocks rebound is no natural, international expert explains
According to recent reports from mainland media, Chinese stocks have recently staged a long-lost "big rebound." In addition to the collective increase of three Chinese e-commerce giants, Pinduoduo, JD.com, and Alibaba, other Chinese concept stocks also generally soared. Dr. Xie Tian, chair professor at the University of South Carolina Aiken School ...
Evergrande’s CEO sells off bonds before company’s crisis
According to information from the Hong Kong Stock Exchange, Xia Haijun, vice-chairman and chief executive of China Evergrande Group, sold off $128 million worth of bonds before the company fell into a debt crisis last year. According to his new filings late on Wednesday, Feb.9, Xia Haijun sold three tranches of ...
US, Europe, and Australia back Lithuania in WTO to counteract China: Analyst
The European Union (EU) finally showed its solidarity with Lithuania by filing a lawsuit at the World Trade Organization (WTO) against China for "discriminatory" trade practices on Jan. 27. The first phase of which was negotiated with China at the WTO, accusing Beijing of undermining the single market of the ...
Decoupling from China: US has a moral duty to the world
Breaking trade dependence on China has been a much-discussed topic among leaders worldwide, especially during the pandemic, highlighting that most countries have a massive reliance on China for medical supplies and other critical components. One of the most notable cases was that of the United States. During Donald Trump's administration, it ...
Huawei cuts dividends for staff as revenue falls due to US sanctions
According to a local media China Business News report, Chinese telecoms giant Huawei Technologies Co will pay a reduced cash dividend to employee shareholders for 2021. Huawei hasn't made its dividend strategy public, but the paper wrote that its 1.58 yuan (US$0.25) dividend per share for 2021 was nearly 15% lower ...
China’s financial market sends out 3 red flags to foreign investors
According to Chinese-language media Da Ji Yuan, the Chinese regime has liberalized finance to attract foreign investment in recent years. According to official data from the Chinese government, the cumulative net increase in foreign holdings of domestic bonds and stocks surpassed U.S. $700 billion from 2018 to 2021, representing a ...
China could take more actions to stabilize yuan, says ex BOC International chief economist
As reported by Reuters on Monday, February 7, Guan Tao, chief global economist at BOC International, said that the Chinese government could take additional measures to keep the yuan steady. Tao expected that the potential measures could opt for deviation from economic fundamentals for a short period (SAFE) in order to ...
China’s January forex reserves fall to $3.22 trillion
China's foreign exchange reserves unexpectedly dropped in January, likely due to valuation effects as the US dollar gained. According to Reuters, the country's forex reserves fell to US$3.22 trillion last month, down from $3.25 trillion in December. Meanwhile, the dollar posted a rise of 1.03% against other key currencies, with the yuan ...
China’s economic downturn may help reduce global inflation, says experts
According to the Wall Street Journal, China's economic downturn will likely affect some multinational companies and commodity producers in the coming years, casting doubt over the global economy's recovery from the COVID-19 outbreak. However, economists believe the potential benefit could be a diminished global inflationary pressure. As mentioned in a report ...
Investors sell off electronics retailer Suning stock over announcement of $6.8 billion loss
As Nikkei Asia reported, the electronics retailer Suning.com's shares plunged around 10% on Monday as China's domestic stock market reopened following a week-long Lunar New Year break but rebounded to close at 3.63 yuan (US$0.57), down about 3%. Since the beginning of 2021, the retailer's stock has already lost half ...
