China has lifted bans on imports from five major Australian beef processing facilities and restrictions on eight abattoirs, reports Reuters. Two abattoirs remain subject to import bans, the Australian government said. China imposed the bans between 2020 and 2022, around the same time it barred imports of a swathe of commodities including coal, timber and wine […]
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Citic Group has paid RMB 12 billion ($1.65 billion) for a 60% stake in China Huarong Financial Leasing from China Citic Financial Asset Management, reports Caixin. The transaction aims to help China Citic Financial Asset Management divest itself of non-core financial assets to focus on its core business, the company said in a statement Tuesday. Formerly […]
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PwC China losing major clients
PwC China is losing potential high-profile clients in the country as the Big Four accounting firm braces for penalties related to its audit of Evergrande, reports the Financial Times. China Merchants Bank, a top retail lender, said it planned to change its accounting firm to EY from Deloitte, which was chosen after a decision to […]
During Monday’s Politburo seminar, Chinese leader Xi Jinping called for improvements to the job market and youth employment in the country, reports Caixin. “Employment is the most basic livelihood of the people, and it is related to the healthy development of the economy and society, and the long-term stability of the country,” Xi was quoted as […]
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China April iPhone shipments up 52%
Apple’s China iPhone shipments were up 52% in April, in part thanks to discounts offered by the company’s retail partners, reports Bloomberg. The latest figures from the China Academy of Information and Communications Technology showed smartphone shipments surging in the country, of which roughly 3.5 million units came from foreign brands, according to a Bloomberg calculation. The […]