Companies
Wang Jianlin warns of US investment curbs
Wang Jianlin reiterated that he would be interested in purchasing a top Hollywood studio if the opportunity arose and warned that US interference on Chinese investments in the US entertainment industry would hurt both parties.
“If the US blocks Chinese capital, China can retaliate with protectionist measures. This won’t be good for anyone,” said Wang, the billionaire founder and chairman of Dalian Wanda Group Co Ltd, according to Bloomberg. Wang answered questions at a Q&A panel at the World Economic Forum in Davos, Switzerland.
Wang’s comments came in response to increased talk in Congress to further scrutinize foreign investments in strategic sectors in the US, including media.
More than a dozen members of Congress have written a letter to the US Government Accountability Office asking for investigations into Chinese takeovers of American companies, citing Wanda by name.
Though industry watchers had mostly dismissed the letter, after the election of Donald Trump, negative rhetoric about trade with China increased.
After the election, Senate Minority Leader Charles Schumer, a Democrat from New York, wrote his own letter asking for increased scrutiny into companies like Wanda that have been making major investments in the US.
Marc Ganis, co-founder of American distribution company Jiaflix, said that he expects that over a “relative period of time, an equilibrium will present itself that will address the political concerns while allowing appropriate investment on both sides of the Pacific in the entertainment industry.”
Wang has emphasized that Wanda is not interested in interfering with content and is only interested in making money off the acquisitions and financial partnerships, and reiterated it again at Davos.
“[Studios] produce their films, and I only demand profits from them. A few years ago, there were concerns that AMC would only screen Chinese films after I bought it,” he told John Micklethwait, Bloomberg’s…
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.
(more…)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).
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.
(more…)- New Publication: A Guide for Foreign Investors on Navigating China’s New Company Law
- Lingang New Area in Shanghai Opens First Cross-Border Data Service Center to Streamline Data Export Process
- A Concise Guide to the Verification Letter of Invitation Requirement in the China Visa Process
- Uyghurs remember 1990 Baren Uprising over China’s forced abortions
- New Capital Investment Entrant Scheme Launched in Hong Kong
- A Timeline of US-China Relations during the Biden Administration
