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Cambodia's agricultural exports up nearly 64 pct last year: minister

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China Hushen 300 index futures close higher Tuesday

PHNOM PENH, Jan. 1 (Xinhua) — Cambodia exported 7.98 million tons of agricultural products in 2021, up 63.8 percent year-on-year, Minister of Agriculture, Forestry and Fisheries Veng Sakhon said on Saturday. Shipped to 68 countries and regions, the southeast Asian country earned a gross revenue of 4.96 billion U.S. dollars from the exports last year, he wrote on his official Facebook page. Main agricultural produce for exports included rice, rubber, cassava, mangoes, bananas, pepper, cashew nuts, corn, palm oil, and tobacco, among others. The minister said overall, the kingdom had seen a sharp rise in the exports of all agricultural products, except milled rice. Cambodia exported a total of 617,069 tons of milled rice in 2021, down 10.6 percent year-on-year, he said, adding that the country earned 527 million U.S. dollars in revenue from the export of milled rice last year. China is still the top buyer of Cambodia’s milled rice, accounting for 50.2 percent of the kingdom’s total rice export, Sakhon said, adding that the country sold 309,709 tons of rice to China, up 7 percent. Besides rice, the minister said Cambodia shipped many kinds of other agricultural produce to China including bananas, mangoes, cassava, and cashew nuts. He said nearly 377,000 tons of fresh bananas, 14,246 tons of mango jams and 4,771 tons of fresh mangoes, 103,918 tons of cassava chips and starch, and 4,552 tons of cashew nuts had been exported to China last year.

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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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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).

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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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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.

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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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