Companies
Business leaders offer their vision for the future
Editor’s note: The 11th G20 Leaders Summit, to be held in Hangzhou from Sept 4 to 5, will seek to deepen efforts to secure international financial stability, economic cooperation and reform of global economic governance for long-term and steady growth. As many as 30 outcome are expected as leaders of developed and developing countries, global financial institutions and economic blocs brainstorm at what is likely to prove the most representative and inclusive G20 summit ever. China Daily picked some of the finest brains among industry captains, quizzing them on their expectations. Here, we present their views and insights, gathered from companies big and small, across a range of industries.
Q1: The G20 Summit in Hangzhou in September will prepare an innovation-driven growth blueprint that could discover new growth engines for the world’s economy. According to you, what will be the new driving force?
Q2: What is your major expectation for the G20 Hangzhou Summit? Are there any topics that particularly interest you?
Q3: What would the G20 Hangzhou Summit bring to China and the world?
Q4: What are the most pressing challenges facing your business development in China? And what are your key business goals for the next three to five years?
Chief Executive Officer of Citi China
A1: I believe technology will continue to be a driving force of innovation in multiple ways not only for the banking industry, but across a range of industries. Technology enables a whole different model of how goods and services are developed, deployed and consumed. For banking, financial technology (Fintech) is developing at an unprecedented pace. This is particularly true in China given the size of the digital ecosystem. Driven by ongoing trends of digitization, urbanization and globalization, banks, including Citi, are adapting our strategies so that we can leverage on the newest technology to continue meeting our customers’ evolving needs and…
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.
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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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).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
(more…)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.
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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