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☆ Goodbye Louis Vuitton. China’s Gen Z leans into ‘dupe economy’ as growth prospects stall
▼ + stars: | 2024-09-23 | by ( Juliana Liu | ) edition.cnn.com time to read: +8 min

Mainly a print model, Zheng used to rake in 30,000 yuan ($4,230) a month when she began working two years ago. Some are virtually indistinguishable from the real thing, while others are inspired by the original design and offer morecolors or textures. The popularity of this product category is soaring as consumer confidence in China nears a historic low, according to analysts. Shoppers are sitting on the sidelines due to a combination of falling stock prices, capital flight and “tepid” wage growth, the economists said. A Hong Kong court ordered the liquidation of the Chinese property giant on on January 29.

Persons: Zheng Jiewen, Zheng, “, ”, Louis Vuitton, Chanel, Laurel Gu, Lulu, dupes isn’t, Nomura, Xinxin, Greg Baker, Nicole Hal, “ I’ve, Goldman Sachs Organizations: Hong Kong CNN, CNN, Prada, Reuters, Shoppers, Barclays, Hong, Getty, Goldman Locations: China, Hong Kong, Guangzhou, Shanghai, Asia, Japan, Chongqing, Beijing, AFP, Europe, “

☆ Apple's showdown with its Chinese rival Huawei is here as both companies launch new smartphones on the same day
▼ + stars: | 2024-09-20 | by ( Katie Balevic | ) www.businessinsider.com time to read: +7 min

Hours after Apple unveiled its iPhone 16 models earlier this month, Huawei announced the Mate XT would drop on the same day. Huawei's Mate XT trifold smartphone secured millions of preorders. John Ricky/Anadolu via GettyThe disparity could be partly due to how Huawei distributed the first batch of Mate XT sales. Apple's iPhone 16 line starts at $800. The iPhone 16 offers a new "camera control" button and brings the "action" button previously found only on the iPhone 15 Pro models to the entry-level iPhone 16 as well.

Persons: —, preorders, John Ricky, Vivo Organizations: Service, Apple, Huawei, Business, Anadolu, Getty, CNBC, Reuters, Apple Intelligence, Publishing, Samsung, Bloomberg, Research, Wall, Counterpoint Research, Wedbush Securities Locations: China, Beijing, Hefei, Shenzhen, Guangzhou

TOKYO — A 10-year-old student at a Japanese school in China died Thursday after being stabbed on the way to school the day before, Japanese officials said, as they demanded that Beijing do more to protect Japanese nationals in the country. Lin said the boy was a Japanese national whose parents are Japanese and Chinese citizens. “Effective measures will continue to be taken to ensure the safety of foreigners in China, including people from Japan,” he said. According to the Chinese Foreign Ministry, the student was stabbed on Wednesday about 220 yards away from the Shenzhen Japanese School in the southern Chinese city of Shenzhen. Flags at Japanese diplomatic missions in mainland China and Hong Kong were lowered on Thursday.

Persons: Fumio Kishida, Kishida, ”, “, Philip Fong, Lin Jian, Lin, Yoko Kamikawa, Kamikawa, ” Arata Yamamoto, Rae Wang Organizations: Washington, Foreign Ministry, Chinese Foreign Ministry, Shenzhen Japanese School, Foreign Affairs, Embassy, Weibo Locations: TOKYO, China, Beijing, Japan, U.S, Japanese, Shenzhen, Mukden, Shenyang, Manchuria, Suzhou, Tokyo, Guangzhou, Hong Kong, Asia, Pacific, Chinese, Jilin

☆ Evergrande Chairman Hui kept in special detention center in Shenzhen
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +1 min

Hui Ka Yan, the chairman of China Evergrande Group — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen, two sources with knowledge of the matter said. After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life. Chinese authorities have detained many former high-flying business executives and some have remained in detention for years with little or no information about their fate. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.

Persons: Hui Ka Yan, Hui, Evergrande Organizations: China, — Locations: Shenzhen, Beijing, Guangzhou

☆ Beijing suspends PwC's China unit for six months in record penalty over Evergrande audit
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +5 min

Chinese regulators on Friday hit PwC's auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm's audit of troubled property developer China Evergrande Group . "PwC has seriously eroded the basis of law and good faith, and damaged investors' interest," said the China Securities Regulatory Commission (CSRC) in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country's top-earning auditor in 2022, according to the latest official data. "The cost is enormous in reputation, affecting the ability to get new business in China beyond the fine. PwC also deliberately excluded properties that Evergrande marked as "not allowed to visit" from audit samples, it added.

Persons: Zhong Tian, PwC, Gary Ng, PwC Zhong Tian, PwC Zhong, Daniel Li, Hemione Hudson, CSRC Organizations: China Evergrande Group, Big, China Securities Regulatory Commission, China's Ministry of Finance Locations: China, PwC, Asia, Pacific, Guangzhou, Hong Kong, New York

☆ American fast-food giants are going big on a China wager, betting they can get the country's new middle class to love them back
▼ + stars: | 2024-09-10 | by ( Matthew Loh | ) www.businessinsider.com time to read: +11 min

An expansion rate surpassing America'sKFC, run by Shanghai-headquartered Yum China, has historically enjoyed the lion's share of the country's fast-food cravings. Hopes for a new middle class in ChinaCities in China are unofficially grouped into tiers according to their status, size, and wealth. Chinese KFC has nearly doubled its menu itemsExpanding during a sluggish economy might make sense for fast food brands, which are often classified as recession-proof as consumers downgrade their spending. Advertisement"Now, they are doubling down further on this strategy by expanding into the inland regions of China, especially Tier Three and Tier Four cities with a growing middle class," they told BI. Yum China has also been expanding aggressively in the country's burgeoning coffee scene, establishing a popular spin-off called KCoffee.

Persons: —, It's, McDonald's, Shaun Rein, Rein, Allison Malmsten, Malmsten, Cui Nan, Wang Gang, Jonathan Bernstein, Bernstein, Kung Fu, Daxue, it's, They've Organizations: Service, Thursday, Business, McDonald's, Tier, China Market Research Group, KFC, LONG, Future Publishing, Getty Images, China, US, Yum China, Daxue Consulting, Publishing, China News Service, Getty, Analysts, Yonder Consulting Locations: China, Kentucky, Weibo, Hangzhou, China's, Shanghai, China Cities, Beijing, Guangzhou, Shenzhen, Chengdu, Chongqing, Nanyang, Suqian, Jiangsu, London, Asia, Shanghai thronged

The same Chinese brokers who were laundering fentanyl proceeds were now heavily involved in marijuana trafficking across the U.S. as well. Over the past decade, Chinese organized crime groups in the U.S. quietly became the dominant money launderers for Mexican cartels. Since 2023, federal prosecutors have charged at least 31 people linked to Chinese groups accused of laundering cartel drug money. In the ensuing months, the team began to understand for the first time how the Chinese became the Mexican cartels’ go-to money launderers. The Chinese money brokers then arrange for the cartels to receive the equivalent amount in pesos or cryptocurrency in Mexico.

Persons: Ray Donovan, Joaquin “ El Chapo ” Guzman, Guzman, Donovan, ”, Michael Mezner, ‘, I’ve, El Chapo, ” Donovan, “, Christopher Urben, “ They’ve, Dennis Wilder, ” Wilder, Urben, ” Urben, Bill Bodner, Vanda Felbab, Brown, ’, They’re, Xi Jinping Organizations: Attorney’s, Central, Central District of, U.S, Division, CIA, Ministry of State Security, U.S ., National Intelligence, National Security Council, Los, Singapore —, Brookings Institution, Operations Division, DEA, Citibank Locations: U.S, East, China, El, Sinaloa, Pasadena, Calif, Central District, Central District of California, Virginia, United States, CJNG, propping, Los Angeles, San Francisco and New York, Asia, Australia, Singapore, New York, Chicago, Miami, Mexico, Los Angeles County . U.S, Guangzhou, America

☆ ‘I’m really desperate now’: Temu sellers revolt against fines and withheld pay
▼ + stars: | 2024-08-01 | by ( Juliana Liu | ) edition.cnn.com time to read: +6 min

Hundreds of them staged a demonstration this week at an office affiliated with Temu in the southern Chinese city of Guangzhou. They were protesting what they called “unjust” fines levied by the company or withheld payment on goods already sold, among other complaints. Temu operates as an online store, carrying cut-price merchandise from self-employed sellers. Four sellers interviewed by CNN said the fines ranged from one to five times the wholesale price of the product. CNN has seen screenshots of the seller’s Temu account showing a total of just under two million yuan was ineligible for withdrawal.

Persons: Temu, “ I’m, ”, Shein, ” Temu, Abe Yousef, Goldman Sachs, Ivy Yang, “, Peng Organizations: Hong Kong CNN —, Temu, CNN, Super, Shein, Consumers Locations: China, Hong Kong, Guangzhou, Chinese, Thailand, Temu, “, United States, Latin America, East, Southeast Asia

☆ Dozens of angry Chinese suppliers swarmed Temu's office, saying they're tired of giving Westerners refunds without returns
▼ + stars: | 2024-07-31 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Read previewHundreds of people thronged the Guangzhou office of the e-commerce platform Temu in rallies this month, protesting fines and refund policies they said are destroying small merchants' profits. About 80 merchants gathered on Monday on the 30th floor of the Guangzhou office building, with some eventually gaining entry to the company premises, Chinese outlet Yicai reported. The China Securities Journal, a Beijing-based outlet run by state agency Xinhua, wrote that merchants had approached the Guangzhou office about 10 times in July over their complaints. On China's social media, anger is mounting toward what is being seen as Western shoppers taking advantage of Chinese merchants. "Foreigners can buy products from Chinese merchants, receive the goods, and not spend any money," wrote one blogger based in Hebei.

Persons: —, Temu Organizations: Service, PDD Holdings, Business, South China Morning, China Securities Journal, Xinhua Locations: Guangzhou, Temu, Beijing, Hebei, China

☆ Self-driving tech company WeRide accelerates global expansion as transportation industry adopts AI
▼ + stars: | 2024-07-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by Jia Tianyong/China News Service/VCG via Getty Images) China News Service | China News Service | Getty ImagesSelf-driving technology firm WeRide is accelerating its global expansion as the artificial intelligence boom boosts adoption of machine learning in transportation. Things are moving relatively fast because of the development of AI right now," said Sebastian Yee, Singapore director of business development at WeRide. In June, the firm began safety testing for "Robosweepers" in Singapore, following similar rollouts in multiple cities in China. watch now"WeRide is the only company which has [driverless] permits from the U.S., China, UAE and Singapore. Some [companies] just have permits from one or two countries, but we have four countries," said Kerry Xu, Singapore general manager of WeRide.

Persons: WeRide, Jia Tianyong, Sebastian Yee, Kerry Xu, Xu, Yee Organizations: SAE, China News Service, Getty Images, Getty, Logistics, Renault, Nissan, Mitsubishi, GAC Group, Nasdaq, U.S, SEC, Changi Airport Locations: BEIJING, CHINA, Beijing, China, Singapore, WeRide, Silicon Valley, Guangzhou, U.S, UAE, Japan, Europe, Cayman Islands, Southeast Asia

☆ Don’t help Russia evade sanctions, Ukraine tells Hong Kong
▼ + stars: | 2024-07-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Ukraine’s Foreign Minister Dmytro Kuleba urged Hong Kong to prevent Russia from using the Asian financial hub to bypass Western sanctions during a visit to the city on Thursday. Kuleba “called on the Hong Kong administration to take measures to prevent Russia and Russian companies from using Hong Kong to circumvent the restrictive measures imposed for Russia’s aggression against Ukraine,” according to a statement from Ukraine’s Foreign Affairs Ministry issued after the minister met with Hong Kong leader John Lee. “These restrictive measures are necessary to weaken Russia’s capacity to wage war and kill people in Ukraine,” it added. In a statement, a spokesperson for the Hong Kong government told CNN on Friday that it “implements and strictly enforces” United Nations Security Council (UNSC) sanctions. However, international companies based in Hong Kong, including Chinese banks, have generally adhered to US sanctions to avoid any risk of being frozen out of the dollar dominated global financial system.

Persons: Hong Kong CNN —, Dmytro Kuleba, “, Hong, John Lee, Hong Kong, Wang Yi, ” Kuleba, Wang Organizations: Hong Kong CNN, Hong Kong CNN — Ukraine’s, European Union, Hong, Ukraine’s Foreign Affairs, CNN, ” United Nations Security Council, UN, Assembly, UNSC, EU, Ukrainian Foreign Ministry, Kyiv, Beijing Locations: China, Hong Kong, Russia, United States, Ukraine, Russian, United Kingdom, Hong, Beijing, Moscow, Western, Guangzhou, Ukrainian

☆ Zhiying Zeng: 38 years after ending Olympic dream in China, this ‘table tennis grandma’ will represent Chile at Paris 2024
▼ + stars: | 2024-07-26 | by ( Matias Grez | ) edition.cnn.com time to read: +9 min

CNN —Zhiying Zeng’s eyes begin to sparkle and her gestures become more animated as she recounts the day her lifelong Olympic dream came true. Even in China, by far the world’s most dominant table tennis nation, Zeng’s talents were evident from an early age. When she was 16, she was called up to the Chinese table tennis team for the first time. Finally, 38 years after she gave up on her Olympic dream, Zeng qualified for Paris 2024 at a pre-Olympic qualifying tournament in Lima, Peru, in May this year. “Calm, calm,” Zeng, who says mental fortitude is her biggest asset in table tennis, repeated to herself.

Persons: Zeng, ’, Tania ’ –, –, empanadas, “, Chile Zeng, ”, Rodrigo Arangua, Daniela Ortega, Paulina Vega, Luisa Gonzalez, Reuters “, ’ ”, ” Zeng, Tia Tania ’ –, Tania –, Zeng isn’t, Gabriel Boric, Mariana Sahakian, Zeng’s, “ You’ve Organizations: CNN, Paris, Chile –, CNN Sport, Getty, Games, Pan American, Reuters, Tennis Federation, AP, Pan Am, Olympic Locations: China, Asia, Chile, Chilean, Guangzhou, AFP, Seoul, Arica, –, Iquique, Santiago, Lima , Peru, Lima

☆ Chinese banks cut deposit rates to relieve squeezed margins
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

Brent Lewin | Bloomberg | Getty ImagesFive of China's major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week's surprise lowering of lending benchmarks to bolster stuttering economic growth. Industrial and Commercial Bank of China (ICBC) , Agricultural Bank of China , China Construction Bank , Bank of China and Bank of Communications cut deposit rates by 5 to 20 basis points, according to statements on their websites. It marks the first broad reduction in deposit rates by Chinese banks since December last year. Prior to that, Chinese lenders had broad cuts to deposit rates in late 2022, their first such move since 2015. ICBC cut its demand deposit rate by five basis points to 0.15% and one-year deposit rate by 10 basis points to 1.35%.

Persons: Brent Lewin, Nie Wen, Nie Organizations: Agricultural Bank of China Ltd, Bloomberg, Getty, Commercial Bank of China, Agricultural Bank of, China Construction Bank, Bank of China, Bank of Communications, Shanghai Hwabao Trust Locations: Guangdong, Guangzhou, Guangdong Province, China, Agricultural Bank of China, Shanghai

☆ China’s hosting Palestinian and Ukrainian delegations this week. But can it play peace broker in global conflicts?
▼ + stars: | 2024-07-25 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —China’s top diplomat Wang Yi has had a busy week in which two devastating conflicts have loomed large. Kuleba’s visit was the first time in the nearly 29 months of Russia’s war on Ukraine that a high-level Ukrainian official has visited China. Official statements from Beijing and Kyiv after Wednesday’s Wang-Kuleba talks gave no indication that the Ukrainian diplomat had swayed Beijing toward Kyiv’s vision for peace. Observers say Beijing could, at some point, play a role in any potential future talks, but is unlikely to shift its relationship with Russia. But it was met with some skepticism from observers in the region given the failure of past attempts at unity.

Persons: Hong Kong CNN —, Wang Yi, Wang, Fatah, Dmytro Kuleba –, –, Kuleba, Beijing “, ” Wang, ”, Steve Tsang, Kuleba’s, Vladimir Putin, Volodymyr Zelensky, “, Zelensky, Russia ”, Antony Blinken, Mahmoud al, Mussa Abu Marzuk, Pedro Pardo, Beijing’s, Wednesday’s Wang, ” Kuleba, Xi, Chong Ja Ian, Donald Trump, Trump’s, JD Vance, ” Chong, Jonathan Fulton Organizations: Hong Kong CNN, Hamas, Ukrainian, SOAS China Institute, University of London, Beijing, NATO, Central Committee, Fatah, China's, Getty, Foreign Ministry, Ukrainian Foreign Ministry, Kyiv, Observers, West, National University of Singapore, Republican, Global, ”, Palestinian, US State Department, West Bank ”, Atlantic Locations: China, Hong Kong, Beijing, Gaza, Ukraine, Russia, United States, Russian, Kyiv, Laos, AFP, Guangzhou, Ukrainian, Moscow, China’s, ” Russia, India, Brazil, Israel

☆ Ukraine Presses China to Help Seek End to War With Russia
▼ + stars: | 2024-07-24 | by ( Alexandra Stevenson | Constant Méheut | ) www.nytimes.com time to read: +1 min

Ukraine’s top diplomat met with China’s foreign minister on Wednesday in talks that signaled Kyiv’s increased willingness to pursue a diplomatic solution to the war with Russia and to have China play a more central role in the effort. “I am convinced that a just peace in Ukraine is in China’s strategic interests,” Dmytro Kuleba said in a statement after a meeting with Wang Yi, the Chinese official, in the southern Chinese city of Guangzhou. “China’s role as a global force for peace is important.”Mr. Kuleba made clear that Ukraine attached conditions to such negotiations, saying it would only engage Russia when Moscow was “ready to negotiate in good faith.” He added: “No such readiness is currently observed on the Russian side.”Mr. Kuleba is visiting China for the first time since Russia’s invasion of Ukraine in February 2022. His trip comes as Ukraine is slowly losing ground in the war and faces growing uncertainty about the level of support it will have from the West. Moscow and Kyiv briefly held peace talks in the spring of 2022 but they quickly broke down over critical issues.

Persons: Kyiv’s, ” Dmytro Kuleba, Wang Yi, “, Mr, Kuleba Locations: Russia, China, Ukraine, Guangzhou, Moscow, West, Kyiv

☆ China’s summer of devastating floods shows steep challenge as it grapples with extreme weather
▼ + stars: | 2024-07-22 | by ( Simone Mccarthy | Joyce Jiang | ) edition.cnn.com time to read: +9 min

Villagers clean rubbish after torrential rains caused flooding in Meizhou, Guangdong province of China on June 19. John Ricky/Anadolu/Getty ImagesA man drives through a muddy street in the aftermath of flooding from heavy storms in Meizhou, Guangdong province last month. “All my hard work for a year has come to nothing.”A road is flooded following heavy rainfall in Jiangxi province on July 4. China’s government has mounted a top-down effort to revamp how the country responds to extreme weather in recent years after 2021 floods in Henan’s Zhengzhou killed more than 300 people. But there have been past issues of misappropriation of state recovery funds, for example following the deadly 2021 floods in Zhengzhou.

Persons: John Ricky, –, Xi Jinping, it’s, “, Tingshu Wang, ”, Hongzhang Xu, Typhoon Doksuri, Li Zhao Organizations: Hong Kong CNN, Getty, Communist Party, AFP, China’s Ministry of Emergency Management, Agricultural Television, Retailers, Workers, CNN Weather, ” Observers, Australian National University, Reuters, Greenpeace East, “ Locations: China, Hong Kong, sweltering Henan, Nanyang, speedboats, Meizhou, Guangdong province, Guangdong, AFP, Guangzhou province, Henan, Hunan, Lake, Henan’s Nanyang, Jiangxi province, Shaanxi, Sichuan, Hunan province's Changsha, Chongqing, Hainan, Zhengzhou, breadbasket, Jiangxi, Munich, Greenpeace East Asia, Beijing, –

☆ Tiger testicles and mythical banquets: What China’s emperors inside Beijing’s secretive Forbidden City really ate
▼ + stars: | 2024-07-16 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +21 min

CNN —The Forbidden City was once one of the most powerful places on the planet. It was called the ‘Forbidden City’ because few Chinese subjects were allowed to enter. Ancient tableware from the Forbidden City is on display at the Hong Kong Palace Museum. “The majority of (the emperors) grew up in a highly disciplined environment,” says Wang of the Hong Kong Palace Museum. Now popular worldwide, Peking duck was regularly served at Empress Dowager Cixi's Forbidden City banquets.

Persons: Zhao Rongguang, Bin Xiao Zhao, Deng Xiaoping, Beijing . Zhao, wasn’t, Zhao, Kangxi Emperor, VCG Wilson, Kangxi, ”, Qianlong Emperor, Giuseppe Castiglione, –, Qianlong, Daisy Yiyou Wang, Maggie Wong, Nicole Chiang, ” Chiang, Chiang, Emperor Qianlong, it’s, “, ” Zhao, It's, didn’t, Wang, Dowager Cixi, Empress Dowager Cixi –, Cixi, China’s, Han Quan Xi, ’ ”, Dowager, Tian, Yan ”, suckling, Tian An Yan, Leah Abucayan Organizations: CNN, Historical, of China, Beijing's, Hong Kong Palace Museum, Hong, Forbidden, Hong Kong, Museum, Everett, Communists, China Import, Fair, Communist Locations: Europe, Beijing, China, Chinese, Heilongjiang, Paris, Beijing ., Prosperity, Netherlands, Italian, City, Hong Kong, It’s, Beijing’s, Forbidden City, Jiangnan, Hangzhou, Shanghai, Mongolia, Qianlong, Guangzhou, Japan, East Asia, Peking, Imperial

☆ Asia’s 50 best bars for 2024 revealed
▼ + stars: | 2024-07-16 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Bar Leone – an Italian cocktail spot in central Hong Kong – has been crowned the best bar in Asia. Bar LeoneBefore Bar Leone’s triumph, the top spot was held by another Hong Kong bar, mezcal-forward Coa, which spent a record three years atop the list. The list, which was first put together in 2017, added a new category this year recognizing best bar design. “Sustainability is also how we promote and preserve Korean bar culture.”Emma Sleight, head of content for 50 Best Bars and 50 Best Hotels, told CNN that Asia’s bar scene “is one of the best in the world, it’s incredibly young and dynamic and ever-changing. “Free drinks at Bar Leone for everyone tonight!” he shouted triumphantly, before leaning over to his colleagues and whispering, “The bar is closed tonight, right?”Asia’s 50 Best Bars for 20241.

Persons: Hong Kong CNN — Bar Leone –, Hong Kong –, “, ”, Lorenzo Antinori, Antinori, ” Lorenzo Antinori, Bar, Jay Khan, Hong Kong’s, –, Khan, ” Khan, Craftroom, Changsha’s, Demie Kim, Kim, Emma, Aubrey, Regis Organizations: Hong Kong CNN — Bar, CNN, Rosewood, Bar, Bar Leone, “, BKK Social, Hope, Sesame, Sago, Regis Bar, SG, Analogue Initiative, Employees, House, Chamber, Co Locations: Hong Kong, Hong Kong CNN — Bar Leone, Italian, Asia, Rome, Hong, Kowloon, Bar Leone, Singapore, Busan, Seoul, Tokyo, Bangkok, Penrose, Kuala Lumpur, Jakarta, Vesper, Guangzhou, Bar Cham, St, Macao, Offtrack, Pantja, Osaka, Sri Lanka, Vender, Taichung, Taiwan, Manila, Taipei, Barc, Kathmandu, ZLB23, Bengaluru, India, Fura, CMYK, Changsha, China, Hanoi

☆ 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

☆ Amazon's Asian rival Shein wants to be supply chain giant, but some fear Chinese cyber spying inside global trade links
▼ + stars: | 2024-07-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

Shein logistics software is in beta testing with select supply chain customers, according to a person familiar with its plans. "Shein's software could provide unprecedented access to sensitive supply chain data, which the Chinese government could seize under its laws. This exposure poses a direct threat to U.S. supply chain integrity, making it vulnerable to exploitation and manipulation." Even with a headquarters based in Singapore, company supply chain data could be subject to seizure by the Chinese. Shein's fast rise to dominance Shein's dominance lies in the company's hyper-flexible supply chain, according to a recent report from supply chain intelligence firm Zero100.

Persons: Jade Gao, Shein, cybersecurity, Lee Kair, Kair, Dewardric McNeal, McNeal, Ram Ben Tzion, Ben Tzion, Department of Homeland Security's, Shein's, Srini Cherukuri, Chris Xu's, Zero100, Eric Fullerton, Project44 Organizations: Shein, Afp, Getty, Transportation Security Administration, U.S, Authentic Holdings, Simon Property Group, Longview Global, Obama administration's Department of Defense, CNBC, Standards Organization, Secretariat, IAF, Microsoft U.S, EU, Social, International, Uyghur Forced Labor, Department of Homeland, Border Patrol, New York, ITS Logistics, Logistics Locations: Guangzhou, China's Guangdong, Jade, China, U.S, Exiger, Shein, Asia, Singapore, Frankfurt, Germany, Xinjiang Province, Customs, York, United States

CNN —Five people were killed and nearly 100 injured when a tornado ripped through a town in eastern China, according to the state-run Xinhua news agency. Dramatic video posted on social media showed the tornado ripping roofs off houses and uprooting trees as debris was thrown in the air. “Severe convective weather caused a tornado,” the Dongming County Emergency Management Bureau said, adding that the local government had established a command center and launched emergency response operations. According to Xinhua, 2,820 homes were damaged by the tornado in Caiyuan, Shangdong province. Earlier this month, the China Meteorological Administration released its annual ‘Blue Book’ on the state of climate change in the country.

Organizations: CNN, Xinhua, Emergency Management Bureau, China Meteorological Administration Locations: China, Dongming, Caiyuan, Shangdong province, Guangzhou

Hong Kong CNN —There are a lot of princesses at Hong Kong Disneyland, but not the ones you think. Hair carefully coiffed, and in full makeup Liang Xiaoyu, 18, is dressed for a day out at Hong Kong Disneyland. Noemi Cassanelli/CNNAnd at Hong Kong Disneyland, Disney characters aren’t the sole fashion inspiration for dedicated fans. Li Mengru, 27, poses for a picture during an interview with CNN, at the entrance of Hong Kong Disneyland on June 7, 2024. Yang Yushen, who also goes by Kris, and his partner Jimmy Redinger like the romantic side of Hong Kong Disneyland.

Persons: “ Duffy, ”, Liang Xiaoyu, Noemi Cassanelli, CNN Liang, Mary Janes, Duffy, Qin Wuxiao, Jessie, it’s, Charmy Chan, Yanni Chung, Judy, Nick Wilde, “, Chan, CNN Oscar Yim, Captain America, Marvel, CNN Jing Hongche, Li Sitan, CNN Charmy Chan, Chung, Li Mengru, Chen Xinyu, Li, Chen, Linda Lee, CNN Li, Cassanelli, Yang Yushen, Kris, Jimmy Redinger, Ankh Wong, Kris Yang, Yang, Zootopia, Hercules ”, Redinger, Disney, Mariko Otomo, Nozomi Yasuda, Yuka Izawa, CNN Otomo, China’s “ meng ”, Mariko Otomo kitted, Deng Chundan, CNN Deng Chundan, Le, Godiva, Chow Tai, Gen, ” Shen Jing, CNN Linda Lee, CNN Chen Xinyu, CNN Lee, CNN Chen, lacy Organizations: Hong Kong CNN, Disney, CNN, Hong Kong Baptist University, USA, Captain, Hong Kong Disneyland, Marvel, “, Hong, Hong Kong Tourism, Hong Kong Locations: Hong Kong, Guangzhou, Hong, China’s Fujian, Guangdong, Japan, Arendelle, Tomorrowland, Tsim Sha Tsui, China, Southeast Asia, Philippines, Thailand, Singapore, South Korea, Grizzly Gulch, United States, Chinese, Hebei, Asia, Hangzhou

☆ Chinese automakers expected to achieve 33% global market share by 2030
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Much of the growth, from a forecast 21% market share this year, is expected to come outside of China. The rapid expansion of Chinese automakers is a growing concern for legacy automakers and politicians globally. In North America, Chinese automakers are forecast to only achieve a 3% market share, largely in Mexico, where one in five vehicles are expected to be Chinese brands by 2030. In most other major regions of the world, AlixPartners reports that the share of Chinese automakers is expected to exponentially grow. Chinese brands in China also are expected to grow from 59% to 72% in market share, according to AlixPartners.

Persons: AlixPartners, Mark Wakefield Organizations: Auto Guangzhou, China Import, Export, Visual China, Getty Images, AlixPartners, General Motors, Nurphoto, Getty Locations: Guangzhou, Guangdong Province of China, China, Japan, North America, U.S, AlixPartners, Mexico, Central, South America, Southeast Asia, East, Africa, Bangkok, Nonthaburi Province, Thailand

☆ China wants EU to scrap planned higher tariffs and 'abide by WTO rules,' state media reports
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

GUANGZHOU, CHINA - NOVEMBER 17: A GAC Aion Hyper SSR electric sports car is on display during the Auto Guangzhou 2023 at China Import & Export Fair Pazhou Complex on November 17, 2023 in Guangzhou, Guangdong Province of China. The ideal outcome China wants is for the European Commission to revoke its tariff decision by July 4 and adhere to World Trade Organization rules, Global Times reported, quoting observers. China has firmly opposed the tariffs, saying the move was "blatant protectionism" and could violate WTO rules, its commerce ministry said on June 14. A Chinese official told CNBC last week that the EU's probe into Chinese EVs was overly selective and that the results were not credible. Read the full report on Global Times.

Persons: Chen Yihang, Wang Wentao, Valdis Dombrovskis, EVs Organizations: Auto Guangzhou, China Import, Export, Getty Images, Union, Global Times, European Commission, World Trade Organization, EV, CNBC Locations: GUANGZHOU, CHINA, Guangzhou, Guangdong Province of China, China, Beijing

☆ China growth worries have hit a big alcohol stock. Why some analysts see a buy opportunity
▼ + stars: | 2024-06-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"Flying Fairy," a 53% alcohol from Shanghai-listed Kweichow Moutai , saw wholesale prices drop by more than 5% in a week. He agreed the drop in wholesale prices won't have a big impact on Moutai's immediate earnings. What's also different about Moutai's stock decline is that investors aren't rushing in to bottom fish as they have in the past, Ye said. "The recent wholesale price drop we think is mostly triggered by the arbitragers in the market," Morningstar's Song said. She expects wholesale prices to increase in coming months given major Chinese holidays in the fall.

Persons: stoking, That's, Jennifer Song, Song, Kweichou Moutai, Ye Yuhua, What's, Ye, Moutai, Huatai, Moutai's, Goldman Sachs Organizations: Nomura, Morningstar, Stock, Capital, Financial Holdings, JPMorgan, Macquarie Locations: Shanghai, Guangzhou, Hainan

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