Sales of TikTok’s ByteDance grow 70% in 2021

Economy 01/23/22, 16:17

ByteDance, the company that owns TikTok, saw its total revenue climb by 70% year-on-year to about $58 billion in 2021, according to Reuters.  It was more remarkable growth than expected by tech news website The Information, which said that its sales were on track to rise about 60% to $63.07 billion ...

The crisis that could end China’s story: Water scarcity

Insights 01/22/22, 21:41

Recently, China's property woes and food crisis have become hot topics in the media, but another devastating crisis is silently approaching, which could place an endpoint to China's story...  Water is China's Achilles Heel In early December 2021, the Chinese government announced that Guangzhou and Shenzhen, both located in the relatively water-rich ...

Jack Ma’s Ant Group involved in Hangzhou corruption scandal

In-depth Reports 01/22/22, 20:51

Chinese state television CCTV on Jan. 19 premiered another episode of the Chinese regime's corruption documentary.  The story featured former Hangzhou party secretary Zhou Jiangyong, who was arrested last August. He is accused of helping an unnamed company buy land at low prices and gain preferential policies. The unidentified company was said ...

Beijing fines Japanese 7-Eleven for recognizing Taiwan as independent nation

China 01/22/22, 17:53

According to Just Earth News, the Chinese regime has fined Japan-based Seven & I Holdings, the 7-Eleven convenience store chain owner, for referring to Taiwan as an independent nation on its website.  The fine amount is 150,000 yuan, equivalent to $23,500.  Seven & I Holdings is not the first foreign company that ...

Expert: Why Elon Musk may not be a friend to Beijing

China 01/22/22, 16:55

Eccentric billionaire Elon Musk is being criticized for opening a Tesla Electric Automotive Company showroom in China's Xinjiang province. The region is notorious for its massive detention centers, forced labor, and other human rights abuses.  Many taunt Musk as another prominent businessman who values profits over moral principles. The latest were ...

US suspends 44 China flights after some flights canceled by Beijing

China 01/22/22, 16:35

The Biden administration, on Jan. 21, announced that 44 flights from four Chinese airlines had been canceled, citing Beijing's violation of the air travel agreement between both countries.  The suspension will take effect on Jan. 30 and will first apply to Xiamen Airlines picking up passengers from Los Angeles. The penalty ...

Fitch downgrades China Aoyuan after it says it is defaulting

Economy 01/22/22, 16:03

On Jan. 21, Fitch Ratings downgraded property developer China Aoyuan Group Limited's Long-Term Foreign-Currency Issuer Default Rating to Restricted Default from 'C.' Because Aoyuan won't repay four dollar bonds and said, "Events of default will occur (or have occurred) under all other offshore financial indebtedness of the group,"  Aoyuan is the latest ...

China’s 2022 steel production expected to fall under Beijing’s curbs

Economy 01/22/22, 15:48

CITIC Securities analysts on Jan. 20 stated that “Steel production (curbs) this year could be relaxed pending market conditions, but overall output is still expected to drop amid government controls.” According to Reuters, Chinese authorities have ordered steel factories around Beijing to reduce production until mid-March 2022 for the Winter Olympics. Last ...

China’s Belt and Road Initiative hits another dead-end

China 01/20/22, 03:40

When the Laos section of the China-Liaoning railway opened last December, China initially wanted to promote the trans-Asian railway network and connect the railways to Thailand, Malaysia, and Singapore. Through its Belt and Road Initiative, China launched the Trans–Asian Railway network to avoid disputes in the South China Sea and over-reliance ...

Tencent may downsize investment and acquisitions after China’s penalty storm

Economy 01/20/22, 00:45

Chinese internet giant Tencent Holdings may choose to divest more and pursue fewer acquisitions this year, as Beijing tightens oversight of the country's Big Tech firms, South China Morning Post reported, citing analysts. During the last year-end meeting, Pony Ma Huateng, the founder and chief executive of Tencent Holdings, said that his ...

Hong Kong to cull 2,000 pets after hamster tests positive for COVID

News 01/19/22, 17:28

Authorities on Hong Kong Island announced they would cull 2,000 small animals after a hamster in a pet store tested positive for COVID and infected one of the employees, the Associated Press reported. According to the report, on Monday, Jan. 17, a pet store employee tested positive for COVID of the ...