OPPO caught evading tax in India, other Chinese phone makers scrutinized
The Indian government has accused the Chinese smartphone maker OPPO of evading tariffs in this country. Reuters reported that India's Directorate of Revenue Intelligence released an investigation result on July 13. It shows that OPPO has evaded customs duty worth nearly 44 billion rupees ($550 million). Indian investigators said they found evidence ...
Hainan: People swim across the river to escape strict quarantine
According to China News, the Hainan Provincial Health Commission reported that on July 13, Hainan Province added three new cases of local asymptomatic infected people. Including two cases reported by Haikou City and one reported by Ding'an County. On July 13, Haidian Island, Haikou city, Hainan, continued to implement static management. ...
Chinese developer in New York flees with money, 20 homeowners about to lose their homes
According to the World Journal, a Chinese man named Wu Xi Hui took a bank loan a few years ago to build a condominium in Berridge, Brooklyn, New York. He then sold it to 20 Chinese buyers. After getting 4 million dollars from the buyers, he fled to China. The legal ...
Housing loan boycott in China: over 150 projects suspended across 50 cities
The outbreak of unfinished or rotten-tail buildings in many parts of China has led to a wave of disgruntled homebuyers refusing to pay mortgages. As reported by Bloomberg, the number of projects facing loan snub has been increasing quickly in the last few days. On July 11, only 28, the next ...
‘Lying like a dead man on street,’ just a tip of an iceberg of China’s unemployment
The Institute of Economics of the Chinese Academy of Social Sciences recently released an analysis of China’s unemployment trend based on its May survey data. According to the report, the pandemic has caused a greater impact on start-ups, and individual industrial and commercial households who have poured into big cities. This ...
Communities in Beijing face residents’ backlash over order to wear electronic monitoring bracelets
Some Beijing residents recently reported that after returning to Beijing from other places, the community staff asked them to wear electronic monitoring bracelets during the Covid-19 home quarantine period, arousing public concern. According to a Weibo post circulated on Wednesday evening, a Beijing resident with the nickname Dahongmao said that he ...
900 million Chinese people are experiencing a record high heat wave
Extreme weather is hitting China again. ET reported that as of July 14, temperatures in different parts throughout the country are maintaining high levels for more than 30 days, affecting the lives of about 900 million people. The highest temperature measured at many hydro-meteorological stations exceeded 44 ° C (111.2 ° ...
Stocks of Chinese banks hammered by homebuyers’ refusal to pay mortgage of delayed property
The sentiment of mortgage payments around unfinished buildings in China is dragging down shares of the country’s banks. According to the Central News Agency (CNA), on July 13, the small and medium-sized banks index and bank index of mainland stocks fell 2.16% and 2.02% respectively. Among them, China Merchants Bank dropped ...
Real estate developers do not deliver projects and clients do not pay–crisis intensifies
According to Sound of Hope, China's real estate market continues in a severe recession. Real estate developers fail to deliver houses on time, and many customers default on their mortgages. The customers' decision not only results in the developer not having the capital to complete the project but also makes the ...
China’s college graduates under pressure due to worst job market in decades
According to VOA News, more than 10 million college graduates are expected to flock to the job market in China this summer. However, many college students graduating this year have had difficulties finding jobs due to the government's ‘zero-COVID’ policy. China Employment Research Institute of Renmin University of China and Zhaopin ...
China’s GDP growth for the second quarter hits new low, missing expectations
According to official data from China's National Bureau of Statistics, the country's economic growth rate in the second quarter only reached 0.4%, missing expectations. June's industrial production is also below expectations, increasing by 3.9% year on year, under the 4.1% forecast. It is grim data for the second quarter due to strict ...
Over 460,000 firms go out of business in China due to lockdowns: Expert
Under China's zero-Covid policy, there has been a wave of bankruptcies in many places. Zheng Yuhuang, a professor at Tsinghua University, revealed in a video that in the first half of this year, 460,000 companies in China went bankrupt. Over 3 million private businesses were shut down. Zheng Yuhuang added that ...
With current challenges and measures, can China produce their own chips?
Semiconductors, also known as microchips or integrated circuits, are critical components of electronic devices ranging from computers to home appliances, medical equipment, and military systems. As the world's second-largest economy, China has recently experienced a global shortage of semiconductor computer chips and price increases. China is particularly hard hit right now. IC ...
Real estate and Chinese banks ‘hand in hand to plummet’ due to the wave of construction freeze
Due to the collapse of the real estate developments in China, many projects have been suspended. Homebuyers of unfinished projects are in desperate circumstances, and they blame the government's mismanagement and also point fingers at the banks. This issue affected grade A bank shares, as they continued declining, and the ...
There will be no more ‘May 35’: Chinese netizens must refrain from avoiding censorship
Weibo prohibits the spread of "negative news" using homophones, prompting an uproar among the online community. The management of China's Weibo social network said on Wednesday, July 13, that it would take action against activities that employ "spelling mistakes" such as homophones and variants to publish harmful remarks on Weibo. The ...
Sichuan: flood reaches 3rd story: Many people swept away by flash floods
A flash flood occurred recently in Pingwu County, Mianyang City, Sichuan Province, China. CCTV reported that flash floods occurred in Pingwu County at 5 a.m. on July 12 due to severe rains in neighboring counties upstream, killing three people and leaving 15 missing. Yang, a Pingwu resident, told the Sound of Hope on July 14: "It rained ...
Beijing holds World Internet Conference: But nobody believes in the high ideals touted
According to the mouthpiece of the Chinese government, the People newspaper, the opening meeting of the World Internet Conference was held in Beijing on July 12. Chinese President Xi Jinping sent a congratulatory letter, hoping to build a more "open and inclusive" cyberspace. In his congratulatory letter, Xi Jinping stated that ...
Chinese netizens hunt for the mysterious white shirt force that beat people in Henan
Thousands of Henan rural bank depositors from all over China recently gathered in front of the People's Bank of China in Zhengzhou, Henan province, to protest. An unidentified white shirt force stood before the police to stop and even attack people. Then Chinese netizens hunted for information and concluded that, ...
Democratic sentiment is growing like wildfire in China: What will the CCP do?
After a century of being dominated by the Chinese Communist Party, China's people continue to search for a way towards democracy and the right to determine their destiny as a nation. Of course, democratization processes are fiercely resisted by the Chinese Communist Party (CCP), which perceives them as the cause of ...
The more Shanghai refutes, the more public panic
According to Sina News, it has been said that all flights at Shanghai’s airport will be canceled. The local authorities immediately refuted the rumor. “First Financial Daily” announced on Weibo that as of 9:30 on July 13, 804 flights were canceled at Shanghai Pudong Airport, while Shanghai Hongqiao canceled 480 flights. ...
