Chinese semiconductor manufacturer SMIC plans to double production of microchips over the next three years, company CEO Zhao Haijun told investors on Friday. This will make China somewhat less dependent on imports and simultaneously relieve the pressure on the market as a whole. To this end, sites in Beijing, Shanghai, and Shenzhen are to be […]
China’s drug regulator granted conditional approval for Pfizer’s drug Paxlovid on Saturday. Paxlovid is effective against ongoing COVID-19 infections and attenuates its progression. The drug is approved in China for the treatment of adults with mild to moderate illness. Further studies are required to allow for unrestricted approval, the agency said.Paxlovid contains a molecule that […]
On Sunday, Hong Kong reported 2,000 new suspected cases of COVID-19. Simultaneously, 1,340 new infections were confirmed. The city is thus entering a new phase in the current outbreak, with the infection rate picking up significantly. The city government now considers local lockdowns and orders mass testing. The increased number of cases is already triggering […]
Folklore about the Chinese market tells the tale of high-priced, self-selling German products bearing a black-red-gold sticker on their package that virtually fly into the arms of customers. The reality of marketing looks much more grueling. This is what Forest Liu tells us in today’s CEO Talk with Frank Sieren. Liu markets lenses and cameras […]
Ironically, on Sunday, of all things, a winter onset caused new criticism of the Beijing location. Although it finally snowed, it brought typical northern Chinese conditions with ice-cold wind, and fog in some areas. Since the cross-country course also involves some relatively high altitudes, the conditions were tough for the athletes. Some events were even […]
BMW has been given the green light to acquire a majority stake in its joint venture with Brilliance in China. The company received the corresponding approval on Friday, BMW announced. The Munich-based company will thus hold 75 percent of the shares in BBA, with its Chinese partner Brilliance holding the remainder.Since the first strides of […]
China’s financial authorities are trying to stop the markets from slipping further. On the one hand, state-controlled funds are intervening in the stock market to support prices. On the other hand, the central bank is easing restrictions on mortgage lending. These measures are intended to inject fresh capital into the ailing real estate sector and […]
Chinese loans are causing more excessive debt for emerging economies. This is the result of a study by the Kiel Institute for the World Economy (IfW). Since 2008, there have been 71 cases of rescheduling of Chinese loans compared to just 21 restructurings of international bonds. “The number of payment problems toward Chinese creditors is […]
The German team at the Olympic Games in Beijing has sharply criticized the quarantine conditions for athletes who tested positive for Covid. The room in which Erik Frenzel, who arrived as a medal favorite, has been isolated since Friday is “unreasonable,” said team manager Dirk Schimmelpfennig. Cleanliness, the quality of the food and the Internet […]
United Nations Secretary-General António Guterres has urged China’s President Xi Jinping to grant UN Human Rights Commissioner Michelle Bachelet a “credible” visit to his country. Guterres had met with the Chinese president and Foreign Minister Wang Yi on Saturday on the sidelines of the Beijing Games. “The Secretary-General … expressed his expectation that the contacts […]