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China again demands clarification of U.S. Navy nuclear-sub incident

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China Hushen 300 index futures close higher Tuesday

BEIJING, Nov. 2 (Xinhua) — China on Tuesday urged the United States to explain in detail an incident involving the U.S. Navy nuclear submarine USS Connecticut in the South China Sea, and fully respond to the concerns and doubts of countries in the region. A new investigation report released by the U.S. Navy said the submarine had crashed into an unknown seamount in the South China Sea last month. “We have repeatedly expressed our grave concern over the incident and asked the U.S. side to take a responsible attitude and provide a detailed clarification so as to give a satisfactory account to the international community and countries in the region,” Foreign Ministry Spokesperson Wang Wenbin said in response to the report. “What we see is that it took nearly a week for the United States to issue the vague statement that the nuclear submarine hit an unknown object. Nearly a month after the incident, it said it had hit an unknown seamount,” he added. The U.S. side has also deliberately referred to the site of the incident in a vague manner, saying it occurred in the so-called waters of the Indo-Pacific region, Wang said. He said the U.S. side has not clearly clarified the intended navigation of the nuclear submarine, whether the specific location of the incident was in an exclusive economic zone or territorial sea of any other country, or whether the incident has caused nuclear leakage or damaged the marine environment. “This fully exposes the opacity and irresponsibility of the U.S. side,” he said. “Once again, we urge the U.S. side to explain the incident in detail and fully respond to the concerns and doubts of countries in the region.” Wang said the key is to stop sending military vessels and aircraft to the South China Sea to make provocations, stir up troubles and flex muscles, and to cease acts that harm other countries’ sovereignty and security. “Otherwise, I am afraid there will be no fewer such accidents, but more.”

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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.

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East Asia Forum

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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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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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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