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Companies

Overseas security to get upgrade

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Private firms will boost staff, intelligence and tools to better protect Chinese interests abroad

China will beef up its private security services overseas to protect life and property, with stronger manpower, better equipment and intelligence, and more effective operations, industry analysts and insiders said on Thursday.

The country now has about 3,200 security professionals protecting Chinese companies overseas. That is far fewer than major global security service providers such as US-based Blackwater Worldwide, which has more than 23,500 employees around the world and has trained over 100,000 professionals, data from the China Overseas Security and Defense Research Center in Beijing show.

Large companies, including China Security and Protection Co and JAS Security Group, both based in Beijing, plan to recruit more professionals, as well as to establish an industry union to integrate resources of China’s 20 largest security service companies to gain more contracts.

Tools including multifunctional safety rooms, armored vehicles, anti-bomb walls, police dogs and chemical defense equipment will help them upgrade their ability to protect such clients as China National Petroleum Corp and China Road and Bridge Corp in Africa and Latin America.

Liu Xinping, deputy director of the China Overseas Security and Defense Research Center, said members of the union will share intelligence, maritime-and land-based logistics networks, base facilities and defense equipment.

As many Chinese businesses focus on expanding their global presence, a total of 847,000 Chinese now work in more than 16,000 companies throughout the world, data released by the Center for China and Globalization in Beijing show.

However, many of these companies’ assets and staff, especially in Africa and the Middle East, face threats from terrorism as well as geopolitical and tribal conflicts.

“Because China doesn’t have a strong military presence in foreign countries,…

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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.

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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.

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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).

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

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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.

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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.

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