IMF Chief: China’s prolonged slowdown increases risks for global economy

Economy 04/23/22, 04:10

According to Reuters, Georgieva said that China's actions to counter its economic slowdown are vital for global recovery. Kristalina Georgieva, the International Monetary Fund (IMF) Managing Director, said on Thursday, April 21, in a video speech to the Boao Forum for Asia Annual Conference 2022. She also noted that solutions for the ...

17 new Chinese companies added to U.S. delisting list

Economy 04/23/22, 04:09

The U.S Securities and Exchange Commission (SEC) added 17 more U.S.-listed Chinese firms to its provisional delisting list under the Holding Foreign Companies Accountable Act on Thursday, April 21. The Commission gave these companies 15 business days to submit evidence to prove that they are not eligible for delisting by the ...

Cedar’s $1.2 billion bond defaults, facing lawsuit from 2 debt-financing state-owned firms

Economy 04/23/22, 04:07

Caixin reported on April 21 that the $1.2-billion bonds Cedar Holdings Group Co. Ltd. acquired from Zhongjiang Trust materially defaulted in March 2022. As a result, two debt-financing state-owned companies filed a lawsuit against the Guangzhou-based conglomerate. These state-owned companies are Guangzhou Kaide Financial Holdings and Guangzhou Industrial Investment Fund Management. In ...

UnionPay cuts off cooperation with sanctioned Russian banks

Economy 04/23/22, 04:03

The Russian Business Consulting (RBC) reported that China's credit card processor, UnionPay, has refused to cooperate with Russian banks on Thursday, April 20. Five unnamed banking sources confirmed the news with RBC. Three sources said threats of secondary sanctions were holding China back. Two others cannot say if the sanctions were ...

Shanghai workers sleep at work as city resumes businesses

China 04/23/22, 00:01

After weeks of prolonged lockdown, Shanghai, on April 16, announced 666 companies of key industries to resume operations and production. This week, workers return to the factory. They are required to live and sleep on-site. As Tesla workers finish their day, they rest in sleeping bags and mattresses at the factory, where ...

China’s support for Russia will erode EU ties, Czechs warn

China 04/22/22, 23:59

According to an April 21 article by Bloomberg, the Czech Republic warned that Beijing's support for Russia could harm the interaction between the European Union (EU) and China. Czech Deputy Foreign Minister Martin Tlapa met with China's Special Representative for Central and Eastern Europe, Huo Yuzhen, in Prague this week. They ...

Shanghai sends older adults into quarantine camps, causes public outrage

News 04/22/22, 23:43

China's leading official in the anti-Covid response, Vice Premier Sun Chunlan, has stated that officials will send anyone infected with Covid-19 and their close contacts to quarantine centers. That means even the elderly with underlying health issues will spend 14 days in isolation sites on their own. CNN reported on April ...

Beijing unlikely to join global COVID-19 Summit: Experts

News 04/22/22, 23:41

The White House announced that the U.S., along with Germany, Indonesia, Belize, and Senegal, will co-host the second COVID-19 Global Summit on May 12. The event aims to end the pandemic and prepare for future health threats. So far, China hasn't confirmed its attendance. The White House said, "the emergence and ...

China’s former Minister of Justice arrested

China 04/22/22, 22:50

On April 21, Fu Zhenghua, former justice minister, was arrested. China's Supreme People's Procuratorate accused the ex-minister of taking bribes and perverting the law for personal gains. In March, Fu was expelled from the party and removed from his position. On the same day, China's top anti-graft watchdog CCDI announced Fu's investigation ...

China’s exports to sanctioned countries soar

China 04/22/22, 03:33

The General Administration of Customs of China, on Wednesday, Apr 20, published exported and imported data for the first quarter. China's alumina exports to Russia surged over 90 times in March from a year earlier. China shipped 9,949 tonnes of alumina to Russia, up from 104.5 tonnes. Reuters reported that earlier, Australia ...

Chinese envoy travels to Zambia as country faces debt crisis

China 04/22/22, 03:27

According to the South China Morning Post, Du Xiaohui, China's 16th ambassador to Zambia, arrived on April 17, when the East African nation faced a debt crisis. Zambia is awaiting a decision from private lenders and the world's 20 wealthiest nations on its application for debt relief under the G20's common ...

95% containers produced in China, threatening global supply chain

Economy 04/22/22, 03:22

The Federal Maritime Commission (FMC) released a report on March 30 showing that China controls the vast majority of global containers. Its potential price manipulation poses a threat to the security of the world's supply chains. The author of the report, FMC Commissioner Carl W. Bentzel found that there are 44.2 ...