China levels up crypto crackdown with jail sentence

Economy 02/27/22, 16:05

The Chinese authorities have gripped up their crackdown on cryptocurrency with prison terms announced on Feb. 24. According to a statement by China's Supreme People's Court, those who illegally try to raise funds through token sales from the public could face jail times ranging from less than 3 to over 10 ...

Evergrande sells four projects to state-owned firms to deal with debt burdens

Economy 02/27/22, 15:51

Reuters reported China Evergrande Group sold four projects to two state-owned trust firms to resolve its shortage of funds. On Friday, Evergrande announced that two trust firms would buy its shares and "right to debt" in four projects with 2.13 billion yuan (337 million dollars). Everbright Trust bought a residential development in ...

29% of China’s corn imports come from Ukraine, prices may rise

Economy 02/27/22, 15:30

The Russian-Ukraine conflict is widely expected to disrupt supply chains, and imports in China would be affected. Chinese media are warning of a temporary rise in corn prices, which would sequentially lead to a chain of other costs increase. State-media CCTV Finance reported from customs data that in 2021, 29.07% of ...

China’s self-driving car development troubled

Economy 02/27/22, 15:20

Chinese self-driving car manufacturers now face the problem: chip technology lags behind that of the United States, and production cannot be autonomous, leading to the resistance of China's self-driving development. The Financial Times reported on Feb. 22 that Jidu, a joint venture between Baidu and car manufacturer Geely, is demonstrating Robocar, ...

14 Chinese officials dismissed on one day, 1 sentenced to life imprisonment

Insights 02/26/22, 21:55

Fourteen Chinese officials in 11 provinces and regions were removed from their posts, or sentenced to prison. One of them, Huang Baojin黄宝金, the former vice-chairman of the Hengyang 衡阳 Municipal Committee, was sentenced to life imprisonment. According to an official report by the Beijing government on Feb. 25, he was accused ...

China automotive context in ongoing chip shortage

Economy 02/26/22, 21:46

According to SCMP, the ongoing global chip shortage has left electric car buyers in China with several months to wait for newly purchased vehicles, as assemblers and component manufacturers struggle to keep up with demand. A semiconductor supply shortage began in the automotive industry during the COVID-19 pandemic. The shortage began ...

China and Russia accuse US and NATO of causing Ukraine crisis

Insights 02/26/22, 21:29

In a phone call on Thursday, Feb. 24, Russian Foreign Minister Sergey Lavrov discussed the situation in Ukraine with his Chinese counterpart, Wang Yi (王毅). Both foreign ministers agreed that Kiev's refusal to carry out the Minsk agreements, which the UN approved, is the cause of the current crisis. They also ...

Trump: China will ‘absolutely’ invade Taiwan after the Olympics

China 02/26/22, 13:28

In the Clay Travis and Buck Sexton Show on Tuesday, Feb. 22, former President Donald Trump said he believes that China will do something to Taiwan, similar to current Russia's invasion of Ukraine. Trump commented after the host Clay Travis asked him why Russian President Vladimir Putin decided to invade Ukraine ...

Swedish Olympic champ donates gold medal to Chinese prisoner

Human Rights 02/26/22, 13:15

According to Reuters, Swedish speed skater Nils van der Poel donated one of his two gold medals to human rights activist Gui Minhai. In 2020, he was sentenced to 10 years in a Chinese prison for so-called "illegally providing intelligence overseas." Gui was born in China but holds Swedish citizenship. Before ...

​​China reacts to Russia-Ukraine crisis

Insights 02/26/22, 12:48

In recent days, China has criticized the U.S. for rising tensions over Ukraine and the escalation of economic sanctions against Russia. On Saturday, February 26, the website of the Ministry of Foreign Affairs of the Communist Party of China published a five-point position statement on the Ukraine issue by Foreign Minister ...

Chinese influencer Ping Rong penalized with nearly $10 million for tax evasion

Insights 02/25/22, 21:22

Chinese live-streamer Ping Rong, 29 years old, has become the latest online influencer targeted by local authorities for tax evasion. In an announcement on February 22nd, Guangdong authorities said the e-commerce host has been dishonest on her earnings from her live-streaming activities between 2019 and 2020. Following the charges, Ping must pay ...

China’s parenting costs: second most expensive in the world

Insights 02/25/22, 20:45

On February 22, the "Yuwa Population Research" established by several academic experts released the "Report on the Cost of Childbirth in China". This report, which is based on the "China Statistical Yearbook 2020", shows that the average cost of raising a child in a Chinese family to the age of ...