China’s State Administration for Market Regulation (SAMR) has issued a RMB 3.44 billion ($533 million) fine to food-delivery giant Meituan for anti-competitive practices after a months-long antitrust probe, reports Caixin. The fine was calculated as 3% of the company’s domestic sales for 2020, a relatively lenient penalty, according to China’s Anti-Monopoly Law, which sets fines on […]
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ChemChina, China’s state-controlled chemical giant, is selling its full stake in Europe’s largest solar-panel maker to a company controlled by Asia’s richest man, Mukesh Ambani, as the worldwide race to generate clean energy heats up, reports the South China Morning Post. China National Bluestar Group, a unit of China National Chemical Corp (ChemChina), has agreed […]
South Korean memory chip giant SK Hynix has partnered with the government of Wuxi, a city in the east of China’s Jiangsu Province, to create the China-Korea Integrated Circuit Industrial Park as part of Beijing’s march towards semiconductor self-sufficiency, reports the South China Morning Post. Construction has started on the new industrial park with a […]
The big October holiday is over, but the Evergrande situation remains as fraught as ever. What is becoming clear is that the Center’s decision is to carve up the problem and have it (hopefully) dissipate at the local level, with local governments being largely responsible for solving Evergrande-related issues on their turf. No doubt the […]
Waning demand at China’s urban land auctions amid a clampdown on lending by private developers risks putting pressure on regional finances, pushing local governments to search for other income sources to fund investments and support the economy, reports Reuters. The value of nationwide land sales abruptly fell 17.5% on year in August, the biggest slide […]