Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Companies

Belt, Road called an opportunity for the US

Published

on

Tung Chee-hwa (right), former chief executive of the Hong Kong Special Administrative Region, gives remarks on Wednesday at the Asia Society in New York. AMY HE / CHINA DAILY

Tung Chee-hwa, former chief executive of Hong Kong Special Administrative Region, said that while trade and business ties between China and the US are important, the “overall relationship should not be anchored on the economic relationship alone”, adding that taking advantage of every opportunity to collaborate will move the relationship forward.

The two countries were able to come together to prevent an even bigger global financial meltdown from taking place during the 2008 financial crisis, collaborate on medical science in Africa during the Ebola crisis in 2014, and are currently working together to ensure a nuclear-free Korean Peninsula, Tung said on Wednesday at the Asia Society during a high-level dialogue on the Belt and Road Initiative.

“Today, the fact is that the world is faced with many other challenges that need urgent attention,” he said, adding that “no single country can address [all of the] challenges alone”.

“A multilateral approach will be necessary, and the involvement of the big powers is crucial,” he said. “But initiatives agreed to between the US and China from the very beginning can help the eventual success of our common efforts. I believe that contributing to the global common good is a noble and good cause for the two countries to take on.”

Tung was Hong Kong’s first chief executive after the transfer of sovereignty from the United Kingdom to the People’s Republic of China in 1997.

He served until 2005 and is currently vice-chairman of the 12th National Committee of the Chinese People’s Political Consultative Conference.

The Belt and Road Initiative Dialogue held at the Asia Society, jointly organized by the China Center for International Economic Exchanges and the Asia Society Policy Institute,comes a month after a Belt and…

Read the complete story here

Continue Reading

China

Government subsidies don’t boost Chinese firms’ productivity

China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.

Published

on

East Asia Forum

Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.

(more…)
Continue Reading

Companies

Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

Published

on

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

(more…)
Continue Reading

Companies

Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

Published

on

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

(more…)
Continue Reading