Chinese universities are drastically increasing tuition fees this year, with some making their first rises in two decades, hurt by a reduced national budget for tertiary education and tight local government finances, reports Reuters. The higher fees come amid a financial crunch among local governments after three years of disruptive COVID-19 policies, a property crisis […]
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Sequoia to split off China business
The venture capital giant Sequoia Capital is splitting its China business into a separate entity amid rising tensions between Washington and Beijing, reports the Financial Times. The renowned Silicon Valley group, which made bets on fast-growing tech companies such as TikTok parent ByteDance and Alibaba, said on Tuesday it would run its Chinese business as […]
BYD, backed by Warren Buffett’s Berkshire Hathaway, has gone past LG Energy Solution as the world’s second-largest electric vehicle battery producer, reinforcing China’s dominance of the industry as EV adoption picks up pace globally, reports the South China Morning Post. The Shenzhen-based company, which is also the world’s largest EV maker, now trails domestic rival […]
Chinese authorities asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year, according to people familiar with the matter, marking an escalated effort to boost the world’s second-largest economy, reports Bloomberg. State-owned lenders including Bank of China, Industrial & Commercial Bank of China and […]
Subway reached an agreement with a master franchisee to open nearly 4,000 new sandwich shops across mainland China over the next 20 years, it said on Tuesday, reports Reuters. International expansion is a key growth strategy for the privately owned US-based chain, which is in the midst of a turnaround plan that also relies on […]