Thu. Dec 13th, 2018

China

China Business News

Panasonic recall leaves scar on Japanese appliances in China

The Panasonic refrigerator recall that started this month hurt its brand and in terms of sales and influence, the effect was also obvious. Market share of both Panasonic refrigerators and washing machines declined within a week. According to latest data released by All View Consulting, a week after the incident, market share of Panasonic refrigerators dropped 0.8 percent, while the washing machine market share has fallen 1.8 percent. For a long time, Japanese home appliances products have …

Chile eyes rapid growth in bilateral trade with China

Chile’s government is focusing on rapid growth in its bilateral trade, investments, and tourism with China, the country’s finance minister said Sunday. Chilean Finance Minister Felipe Larrain told Xinhua that Chile is confident that China’s economy will maintain a 9 percent growth this year, paving the way for further growth in bilateral trade between the two countries. “Chile expects China’s economy to continue growing steadily … which would be very good for the world economy and for Ch …

Tsingtao Brewery reports 30% growth in profit for H1

Tsingtao Brewery Co., China’s second-largest brewer by volume, said Monday its profit for the first half of the year climbed 29.74 percent year on year as sales of its high-end beers surged. Net profit totaled 830 million yuan (122 million U.S. dollars) in the first six months as sales increased 9.3 percent to 9.81 billion yuan. Earnings per share rose to 0.614 yuan, up 25.56 percent from a year earlier, the brewer said in a statement filed with the Shanghai Stock Exchange. The company …

Chinese car maker Geely buys Swedish Volvo for 1.8 billion dollars

China’s Zhejiang Geely Holding Group will pay the U.S. auto giant $1.8 billion for the Swedish car brand, which will give the company cachet in the domestic market and a foothold in Europe.

China surpassed the United States last year as the top auto market, but its domestic car manufacturers faced an uphill battle acquiring brand awareness and technology overseas.

The privately owned Geely was ranked 11th in total sales last year in China and will benefit from Volvo’s research center and reputation for high safety standards.