Companies
1 million Chinese tourists visited LA in 2016
Ernest Wooden Jr, president and CEO of the Los Angeles Tourism & Convention Board, speaks at a news conference held on Wednesday at Universal Studios Hollywood in Los Angeles. Provided to China Daily
The number of visitors to Los Angeles in 2016 from China increased by more than 21.9 percent over last year, making it the first US city to have more than 1 million visitors from China, city officials and tourism industry executives said on Wednesday.
The city also had a record 7.1 million international visitors in 2016, a 3.5 percent increase over the previous year, and China accounted for 75 percent of that growth, Los Angeles Mayor Eric Garcetti said at a news conference.
In 2016, China surpassed Canada as the second-biggest source of international visitors to Los Angeles, behind Mexico, according to the Los Angeles Tourism and Convention Board. It’s the seventh consecutive year of at least 20 percent visitation growth for China.
In 2017, the number of tourists from China is forecast to increase 12 percent, according to the board.
“As the entertainment capital of the world, Los Angeles offers an endless array of iconic experiences that are attractive to the Chinese traveler such as the Hollywood sign, Universal Studios Hollywood, Walt Disney Concert Hall, Hollywood Boulevard or seeing the Los Angeles Lakers play at Staples Center,” said Ernest Wooden Jr, president and CEO of the Los Angeles Tourism & Convention Board.
Chinese tourists also visit to experience the wealth of shopping options that Los Angeles is known for, especially luxury goods, he added.
“But Los Angeles is also more than just the entertainment capital of the world: The city is a cultural destination, boasting more museums than any other US city. We find that 42 percent of Chinese travelers visit our cultural institutions such as The Getty Center, LACMA and The Broad because history, heritage and iconic masterpieces appeal to them very much,” Wooden…
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).
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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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