Companies
China's box office hits 28 bln yuan
BEIJING, July 5 (Xinhua) — China’s box office revenue topped 28 billion yuan (about 4.33 billion U.S. dollars) as of Monday afternoon this year. The milestone this year hit almost a month later than in 2019, when the same total was achieved on June 6, according to data from box office tracker Maoyan. Eight of the top 10 earners at China’s box office this year are domestic productions. Comedian and actress Jia Ling’s maiden directorial project “Hi, Mom” and Wanda Pictures’ comedy “Detective Chinatown 3” lead the yearly chart, with total respective earnings of 5.41 billion yuan and 4.52 billion yuan, or approximately 19 percent and 16 percent of the total. The only two foreign films in the top 10 are the U.S. productions “F9: The Fast Saga” and “Godzilla vs Kong,” respectively ranking third and fourth with 1.39 billion yuan and 1.23 billion yuan.
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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