As the workbench of the world, China has accumulated massive currency reserves through its exports in recent decades. The sums in the hands of Chinese sovereign wealth funds now even exceed the budgets of large countries like the UK or Italy. Anyone who invests so much capital plays a decisive role in shaping events on […]
According to the Chinese Foreign Ministry, the People’s Republic provides Covid vaccines to almost 40 African countries. They are either donated or provided on very favorable terms. China pledged around half a billion vaccine doses to more than 45 countries, according to a count by the AP news agency. By comparison, the EU says it […]
BASF and Shanshan Energy agreed to establish a joint venture with BASF as the majority shareholder to produce cathode materials and their precursors in China. According to the company, the joint venture will give BASF access to the Chinese market for cathode materials. Approval from the relevant authorities is still pending and the joint venture […]
Chinese appliance maker Midea is now producing auto parts, as Caixin reports. These include systems for assisted and autonomous driving, powertrain, and thermal management systems. The company already produces oil pumps and motors for its home appliances, so expanding into automotive makes sense, Caixin quotes TÜV SÜD Greater China Vice President Xu Hailiang.In addition to […]
Apple is proactively censoring its Chinese app store and storing data on its Chinese customers on servers managed by Chinese state-owned enterprises, according to new research by The New York Times. The newspaper was able to evaluate internal documents for the first time and conducted interviews with former and current employees of the corporation. According […]
Goldman Sachs is massively expanding its China and Hong Kong business and is in the process of hiring 320 people, including 70 for investment banking. The hiring drive comes as China’s financial market fully opens up to foreign brokers and asset managers, Bloomberg reports. According to the report, Goldman plans to take 100 percent ownership […]
The state-owned oil and gas company Sinopec has signed a cooperation agreement with Great Wall Motors for the joint development of hydrogen car technologies. This includes the demonstration of hydrogen cars as well as the construction of filling stations for this vehicle technology. The two sides will “strengthen research cooperation in the fields of energy […]
Blackrock may launch an asset management unit in China. The world’s largest asset manager got the green light from the China Banking and Insurance Regulatory Commission on Wednesday to set up a joint venture with China Construction Bank (CCB) and Singapore’s sovereign wealth fund Temasek. Blackrock will hold 50.1 percent, CCB 40 percent, and Temasek […]
It makes you want to dig out your old Gameboy from the attic – does it still work? A mural in Xi’an shows Nintendo plumber Mario in a distinctive pose.
Tesla has halted plans to expand its Shanghai factory for now. The company will not buy land to expand the factory into a global export hub for the time being, Reuters reports. According to the report, the decision was based on tensions between China and the US and the additional 25 percent tariffs on cars […]