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☆ China's robotaxi push sparks concerns about job security for drivers
▼ + stars: | 2024-07-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Wuhan is the largest operational region for Baidu's Apollo Go, one of the largest robotaxi operators in China. CNBC was unable to independently verify the document, which claimed the taxi company had to stop operating four of its 159-car fleet since April due to falling income. Ride-hailing drivers on the riseA surge of new companies and ride-hailing drivers have meanwhile prompted some local governments to restrict the industry. China had more than 7 million registered ride-hailing drivers as of the end of May, according to the Ministry of Transport. In comparison, the U.S. had nearly 400,000 taxi and ride-hailing drivers, shuttle drivers and chauffeurs in 2022, according to the latest available figures from the Bureau of Labor Statistics.

Persons: Baidu, robotaxis, Goldman Sachs Organizations: Baidu, Bloomberg, Getty, BEIJING, Weibo, CNBC, Ministry of Transport, Bureau of Labor Statistics Locations: Wuhan, San Francisco, Phoenix , Arizona, Beijing, Guangzhou, robotaxis, China, Wuhan city, Guyuan, Ningxia, Guiyang, That's, U.S

☆ China's Wuhan finance regulator urges hundreds of firms to repay debt, local media report
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 27 (Reuters) - The financial regulator of China's Wuhan city publicly exposed 259 firms with debt to the government and urged them to immediately pay up, local media reported on Saturday. The rare action from Wuhan's finance bureau on Friday comes as local governments in China become increasingly pressed by higher debt and expenses. The debtors, their corresponding guarantors and successors were requested to repay their debts to the asset management firm immediately after May 26, Yicai reported. State-owned Wuhan Yangtze River Asset Management Co is a professional platform responsible for the disposal of various non-performing assets in the central city, according to its official website. Wuhan's local budget revenue slid 8.5% year-on-year in the first quarter of 2023, according to data released by local the finance bureau.

That abrupt U-turn unleashed COVID on a 1.4 billion population which has been shielded from the virus since it first erupted in China's Wuhan city in 2019. The outbreak is now overwhelming hospitals and crematoriums as it rips through the population, where many elderly are still not fully vaccinated. "This is a very pertinent suggestion, return to the home town...or put the health of the elderly first," wrote one user. The country did not report COVID fatalities data on Tuesday and Wednesday. But concerns about China's outbreak has prompted more than a dozen countries to demand negative COVID test results from people arriving from China.

Meanwhile, World Health Organization officials met Chinese scientists on Tuesday amid concerns over the accuracy of China's data on the spread and evolution of its outbreak. China reported five new COVID-19 deaths for Jan. 3, compared with three a day earlier, bringing the official death toll to 5,258, very low by global standards. British-based health data firm Airfinity has said about 9,000 people in China are probably dying each day from COVID. Bookings for international flights from China have risen by 145% year-on-year in recent days, the government-run China Daily newspaper reported, citing data from travel booking platform Trip.com. But there are signs that an increase in travel from China could further spread the virus abroad.

☆ China Evergrande communicates with Wuhan over repossessed land
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File PhotoNov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) is communicating with a Chinese municipal district in Wuhan City that repossessed 134,500 hectares (332.4 acres) of land formerly held by a unit of the group. China Evergrande said it is communicating with the government of Jiangxia District in Wuhan City and "will file an administrative review on this matter to protect the legitimate rights and interests of the company". The company clarified that the municipal district retrieved its land-use rights over only 11 parcels of land under the project and it does not involve the project's other land parcels. China Evergrande, engulfed by $300 billion of liabilities in a deepening property sector debt crisis, aims to start negotiating restructuring terms next month and is combing through onshore assets to offer as credit enhancement to holders of its U.S. dollar-denominated bonds.

☆ Debt-laden China Evergrande gives back land sites to Wuhan city
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 22 (Reuters) - A Chinese municipal district said it had taken back 134,500 hectares (332.4 acres) of land formerly held by a unit of debt-laden developer China Evergrande Group (3333.HK) and had made no payment for doing so. The government of Jiangxia District in the central city of Wuhan retrieved its land-use rights over the undeveloped sites at the Evergrande Technology Tourism City on November 16, according to a statement by the district's Planning and Natural Resources Bureau. China Evergrande unit Wuhan Baden City Investment Co Ltd has held the land as developer of Evergrande Technology Tourism City. A right to use land is the Chinese equivalent of ownership, since title is always ultimately held by the state. read moreThe land parcels taken back by Jiangxia comprised nine residential sites, two commercial and one for mixed development, the filing, dated Nov. 18 showed.

☆ On China's internet, only plaudits for the party and Xi
▼ + stars: | 2022-10-24 | by ( Eduardo Baptista | ) www.reuters.com time to read: +3 min

BEIJING, Oct 24 (Reuters) - While financial markets judged the outcome of China's Communist Party Congress harshly on Monday, on China's internet the only permitted response has been full-throated support. But no such reaction was visible on China's internet, which was already heavily policed and saw a tightening up of censorship before and during the Congress, analysts said. Some social media users voiced criticism in opaquely written posts. State and party groups across China, meanwhile, promoted the Congress energetically in their online postings, highlighting praise for Xi and the outcome of the party's deliberations. Hashtags for state media congress coverage dominated the top of Weibo's viral topics list.

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