Sichuan orders factories to stop operation for blackouts over sweltering heatwave

Economy 08/18/22, 03:56

After challenging daily life, China’s broiling heatwave is now meddling with its factories. Sichuan province has ordered manufacturers to numb activities for six days for scheduled blackouts. The province is cutting power to balance overlapping electricity demand and supplies during the scorching days. Nikkei Asia reports that the plants must cease ...

China’s rich rush to save themselves: When the red dragon takes off its mask

Economy 08/17/22, 18:35

There are signs that the so-called "historic mission" of China's private enterprises is nearly over, and it's time to "run." The wealthy Chinese and the "run philosophy" Recently, a post on Zhihu, a Chinese question-and-answer website similar to Quora, explaining the term "the run philosophy" has attracted over 9 million views. According ...

Red dragon burns in its own fire: China’s economy on the verge of collapse

Economy 08/17/22, 14:42

Apparently, the freezing of depositors' money in China worsened the severe mortgage crisis. Both events were part of a larger financial crisis that emerged after years of indebtedness, unproductive investments, and the systematic increase in real estate prices of unfinished projects. Henan province, with a population of about 100 million people, ...

Haidilao, Gluttony restaurants lose $30 million issued warning

Economy 08/17/22, 04:06

According to new.qq.com, the two major hot pot listed companies both lost money in the first half of this year. On August 14, Haidilao released a profit warning, noting that it expected its operating income in the first half of 2022 would be about $24.8 million (16.7 billion yuan), down no ...

Chinese housing bubble is bursting

Economy 08/16/22, 15:08

China's real estate prices have fallen and the debt crisis has intensified. According to the Bloomberg Intelligence index, the stock value and bonds of Chinese real estate companies have “evaporated” by $90 billion this year. The bubble is bursting, and its negative effects are spreading, endangering the Chinese economy and ...

4 problems with the way China attempts to solve its biggest bank scam

Economy 08/16/22, 04:00

Almost $6 billion is the total of frozen funds in four rural banks in the central province of Henan, China.  The bank crisis was so significant that protests erupted and soon turned into violent clashes.   China's banking regulator said last Thursday, August 11, that it had made advances to rural bank depositors ...

Mazda eyes parts production outside China after zero-COVID pain

Economy 08/16/22, 03:59

Mazda Motor Corporation is looking to have parts produced outside of China after the country’s stringent pandemic policy severely affected its operating profits. According to Reuters, on August 9th, the Japanese car brand reported an almost $3 billion operating loss during the first quarter of the financial year. Production was particularly ...

Chinese chip startup ends operation 3 months after raising nearly $89 million

Economy 08/16/22, 03:36

Three months ago, semiconductor startup Quillion Technology in China was a potentially promising industry player. Now mainland news says the company is terminating its business. Mainland media Late Post reported that workers from the computer processor newbie said on August 5 that the company would stop operation. Quillion Technology was established in ...