Business

Business

Singapore is going to start a travel bubble with Hong Kong 
Officials from Singapore and Hong Kong have agreed to a travel bubble that will allow leisure travel for almost all their residents without the need for quarantine or a controlled itinerary. In a media briefing on Thursday, Singapore transport minister Ong Ye Kung said local health care experts had endorsed the plan, which would require travelers from both sides to have spent 14 days in either city before departure. They will also need to present negative Covid-19 test results. Ong’s announcement, held at the same time Hong Kong’s secretary for commerce and economic development, Edward Yau Tang-wah, briefed the media, signaling that both sides have come to an agreement on most issues.  Neith
China’s top private businesses hurt by the trade war
Every Tuesday and Thursday, Inkstone Index features one important number about China to give you insight into the rising power. 36%: The share of private companies in China that said they were hurt by the US-China trade war. More than a third of top Chinese private companies reported feeling the burn from the US-China trade war, according to a survey released by the All-China Federation of Industry and Commerce, a chamber of commerce in China. 152 of the 500 largest companies in China said the trade war had negatively affected their business while 246 said it had not. 102 companies did not answer that particular question. China has routinely downplayed the domestic effect of the trade war at
Xi Jinping wants this city to lead China out of trouble
Chinese President Xi Jinping has charged the southern metropolis Shenzhen with taking China’s innovation and economic reforms to a higher level at a time when the world had entered a time of “turmoil and changes.” In a wide-ranging speech to mark the 40th anniversary of the establishment of the Shenzhen Special Economic Zone, Xi also called on the municipality to better integrate the two economies of Hong Kong and Macau into the Greater Bay Area and to attract young people from Hong Kong to study and live on the mainland. In the 50-minute-long speech, Xi laid out a wide range of economic and political missions for Shenzhen, which has been a front runner of China’s reform experiment for 40 ye
From China with mystery: how unsolicited seed packages fed conspiracy fears
Onion farmer Chris Pawelski of Warwick, New York, was curious in July when he found a package in his postbox that he had not ordered. The shipping label indicated it came from Shenzhen, a technology hub in southern China. It was also printed with “wire connector” in English and “rings” in Chinese. When Pawelski, 53, opened it, he found neither a wire connector nor jewelry, but a tiny plastic bag of mixed seeds. He is one of the thousands of people worldwide who received such seeds in recent months, which have drawn warnings from authorities the US amid speculation that they could be anything from a prank to bioweapons. In response to growing concerns, Amazon in September banned seed sales in
How did China become the factory of the world?
Every Tuesday and Thursday, Inkstone Explains unravels the ideas and context behind the headlines to help you understand news about China. When China started locking down cities and towns in early 2020 to combat the coronavirus pandemic, it created a ripple effect that forced companies around the world to halt their production of items ranging from car components, chemicals and smartphones to surgical masks and toys. The pandemic alerted people to the danger of relying solely on China to make their products, a phenomenon that earned China the nickname “the world’s factory.” But now the situation is changing right before our eyes. Rising wages and tougher environmental rules in China, plus pu
Chinese factory workers are graying quickly
Every Tuesday and Thursday, Inkstone Index features one important number about China to give you insight into the rising power. 24.6%: The percentage of Chinese factory workers that are older than 50. China’s factory workers are aging quickly. In 2009, 12.2% of factory workers in China were aged 50 years or older. By 2019, that number had grown to 24.6%.  At the same time, the percentage of young people – aged between 21 to 30 – fell from 35.8% to 23.1%, according to data compiled by the 21st Century Business Herald, a Chinese newspaper. The numbers point to an economy that is shifting away from its manufacturing core and toward a service-based model.   Furthermore, the changing demographics
These countries have reported zero cases of Covid-19
Much of the world has been hit by Covid-19 and many countries are still struggling for months to get their individual outbreaks under control. Even for the handful of nations that have yet to report a single coronavirus infection to the World Health Organization, the effects of the global pandemic are devastating.
How China braces its economy for a more hostile world
Every Tuesday and Thursday, Inkstone Explains unravels the ideas and context behind the headlines to help you understand news about China. Four decades after China opened its doors and put itself on a path to becoming the world’s factory, a pandemic has exposed how much industralized nations have grown to rely on Chinese imports, from medical equipment to factory parts and consumer goods. To diversify its supply chains, Japan is subsidizing companies to move their factories out of China. And the two men vying to be the next American president, incumbent President Donald Trump and former Vice-President Joe Biden, have both signaled their desire to shift the US economy away from China. China’s
China’s tech hub is also the world’s e-cigarette center
Every Tuesday and Thursday, Inkstone Index features a single, illuminating number that helps you make sense of China. 90%: the percentage of e-cigarettes made in China.  About nine in 10 e-cigarettes sold globally are produced in China, mostly in the southern tech hub of Shenzhen.  The surging popularity of e-cigarettes, especially in America, has in recent years set off an investment frenzy around vaping products in Shenzhen. In 2018, the e-cigarette industry in China employed more than 2 million people, generating annual sales of nearly $5 billion, state broadcaster CCTV reported. But the health risks associated with vaping remain unclear, and the widespread use of e-cigarettes among young
How Japan helps businesses wean themselves off China
Every Tuesday and Thursday, Inkstone Index features one important number about China to give you insight into the rising power. $2.2 billion: how much the Japanese government is spending on incentives for companies to move production lines out of China.  The coronavirus pandemic has been a catalyst for Japan to become less reliant on producing in China. In April, the government set aside more than $2 billion from its $1.1 trillion economic relief package to attract companies back to Japan or to set up in countries outside China. Japanese Prime Minister Shinzo Abe had said Japan needed to reform its supply chain to produce high-value products and essential goods at home, while diversifying it