Companies
Xi trip to give clear boost to the economy
President will make visits to Russia and Germany, attend Group of 20 summit
President Xi Jinping’s upcoming trip to Russia and Germany, starting on Monday, is expected to inject positive energy into the global economy amid China’s efforts to boost free trade and open economies, analysts said.
Xi will make the state visits through July 6 at the invitation of Russian President Vladimir Putin, German President Frank-Walter Steinmeier and Chancellor Angela Merkel, according to Foreign Ministry spokesman Lu Kang, who confirmed the trip on Tuesday.
The president will also attend the 12th Group of 20 summit on July 7 and 8 in Hamburg, Germany. It will be Xi’s fifth time participating in the G20 summit since he was elected China’s president in 2013.
Chen Fengying, a senior researcher on the world economy at the China Institutes of Contemporary International Relations, said that at the G20 Hamburg summit, China is likely to offer its solutions to such issues as globalization, the revolution in intelligent industries and how to make development sustainable.
During the G20 Hangzhou summit in Zhejiang province last year, China contributed to improving global governance by proposing innovation, structural reform and free trade, crucial elements for the recovery of the global economy, she said. The success of the G20 Hangzhou summit will help leaders reach consensus at Hamburg, she added.
Chen Yurong, a senior researcher in Eurasian studies at the China Institute of International Studies, said that the countries should work together to keep the multilateral discussions going to achieve win-win cooperation at a time when the global economy is facing more challenges.
China and Russia are facing more opportunities to boost pragmatic cooperation, especially in infrastructure and energy, amid the two countries’ ongoing efforts to align the Belt and Road Initiative with the Eurasian Economic Union, Chen Yurong said.
Cooperation projects in…
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).
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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.
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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