64% of Chinese graduates earn $700 per month; hard to find a job

Economy 09/25/22, 03:52

The Central News Agency reported on September 15 that a survey in China shows that graduates find it difficult to find a job, even with a low salary. The human resources service provider "MileagePlus" surveyed fresh and current college students to understand their job hunting intentions, careers, and directions, considering how ...

Nike, Adidas face unprecedented challenges in China

Economy 09/25/22, 03:15

Chinese mainland media outlets reported on September 14 that Adidas CEO Rorsted recently said, “We don’t understand consumers well enough, so we left room for Chinese competitors who are better off.”   As reported by Reuters, China has forced hundreds of thousands of ethnic Uyghurs and other minorities to pick cotton by ...

One-third of stores in China’s most prosperous areas are closed

Economy 09/25/22, 03:10

Under several waves of the omicron pandemic this year, Chinese authorities maintain a strict "clearing" policy. Shanghai, Chengdu, and other cities with populations of 10 million were locked down. This made people miserable, and the retail, service, and tourism industries suffered heavy losses. Shanghai is where the economic downturn is ...

European investment in China come from a few firms

Economy 09/22/22, 21:52

According to a report by U.S.-based think tank Rhodium Group on September 14, European investment in China has grown increasingly concentrated over the past few years with only several large corporations and most of them coming from Germany. The authors of the report wrote, “European investment has grown much more concentrated, ...

Record number of Chinese semiconductor firms out of business: Report

Economy 09/22/22, 21:46

According to the South China Morning Post (SCMP), a record number of China's chip firms have been put out of business this year.  The news outlet cited data from the business database platform Qichacha, saying 3,470 chip firms in China have been deregistered for the first eight months of this year. The ...

Big three Chinese new energy vehicle giants lose $1.4 billion in half a year

Economy 09/22/22, 21:36

Recently, three new energy vehicle companies, Weilai , Xiaopeng , and Ideal , released their semi-annual reports. The losses of the three companies amount to $1.4 billion. The financial reports show revenue in the year’s first half has grown significantly. NIO’s (Weulai’s) revenue is $2.9 billion (20.23 billion yuan), an annual ...

China’s biggest bank fraud: Elderly couple shares their story

Economy 09/22/22, 21:35

In April, four village banks in Henan province froze depositors' bank accounts for no reason, leading to a large-scale protest. The banking crisis involves more than 400,000 people, which reportedly totals 40 billion yuan or $5.83 billion. Under heavy pressure, officials yielded, promising to pay back customers in stages. By the ...

Warning: China’s economy may worsen further soon, say experts

Economy 09/22/22, 21:17

China's economy has been deteriorating sharply this year, with some major banks predicting a growth rate above 3%. The growth forecast could be revised down further if the upcoming economic data is disappointing. In March, the Chinese government set an ambitious target for the 2022 economic growth rate at around 5.5%. ...

China-U.S. container shipping rates plummet due to weakening demand

Economy 09/22/22, 21:05

According to the South China Morning Post, the container shipping rates from China to the U.S. have declined sharply due to weakening demand despite major ports having been disrupted by seasonal typhoons. Last year, at the peak demand, container shipping fees increased over five times within a year. But this year, ...

China grants Tencent, NetEase publishing licenses after 14-month rejection

Economy 09/22/22, 20:51

China’s gaming regulator has finally given a green light on game titles from NetEase and a Tencent subsidiary after 14 months of cold-shouldering. On September 13, China’s National Press and Public Administration released a new list of publishing licenses for 72 online games.  Among them is the sports game All-star Street Ball ...

Fosun faces $8 billion bond repayment, China ask banks to examine exposure

Economy 09/22/22, 19:51

Fosun, one of China's largest private-sector companies, is facing regulatory scrutiny as it shows a sign of financial distress, with about $8 billion in debt repayment through 2023. Bloomberg reported that Chinese regulators have asked large domestic banks and state-owned enterprises to closely examine their exposure to Fosun. A source said Fosun ...

What prevents China from unleashing stimulus on a bigger scale?

Economy 09/22/22, 19:28

China is on the brink of missing this year's economic growth target by a big margin. Time is running out, but the country has introduced a relatively small stimulus. So what is restraining the Chinese authorities from implementing a large scale of fiscal or monetary stimulus? According to an economist, stimulus measures ...