Profit for China’s internet industry surged 43% in the first five months of the year in a show of vitality as tech giants emerged from a two-year crackdown despite a slower-than-expected post-COVID economic recovery, reports the South China Morning Post. Profits for internet firms reached RMB 57.6 billion ($7.9 billion) from January to May, according to a […]
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China announced late on Friday that a series of fuel blending components would be subject to consumption tax with immediate effect, according to a joint statement of the Ministry of Finance and the State Taxation Administration, reports Reuters. The consumption tax rate on isooctane, a blending component for gasoline, would be the same as for […]
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China EV makers see sales jump in June
The three main Chinese electric-car makers enjoyed a surge in sales in June buoyed by pent-up demand after months of lacklustre demand, boding well for an industry vital to the country’s economic recovery, reports the South China Morning Post. Beijing-based Li Auto hit an all-time high of 32,575 deliveries last month, up 15.2% from May. It […]
Panasonic and Chinese smartphone company Xiaomi have entered a partnership to produce and develop air conditioners, hoping to capture part of China’s market, the world’s largest, reports Nikkei Asia. Panasonic plans to gradually transfer some production of home air conditioners for the Japanese market from Guangzhou, China, to Shiga prefecture, Japan, this fiscal year. It […]
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Meituan buys out AI start-up
Meituan is buying out Light Year, an artificial intelligence (AI) start-up established by a co-founder and ex-director at the food delivery services giant, for a total consideration of $281 million, as Chinese Big Tech firms step up their interest in AI, reports the South China Morning Post. The deal involves $233.7 million in cash and […]