Hungary's government launched an investigation into former foreign minister Peter Szijjarto's role in negotiating a large BYD investment, following his resignation to join the Chinese carmaker, amidst conflict of interest accusations.
China has rejected an OECD report claiming its firms receive significantly higher government subsidies than international peers, calling the findings "one-sided and arbitrary." The Ministry of Commerce stated the report lacks a unified standard and overlooks China's competitive advantages.
The Japanese government spent 310 billion yen in April on subsidies to curb prices of gasoline and other fuels. As of the end of last month, the remaining balance in the fund for these subsidies was approximately 670 billion yen, according to the Ministry of Economy, Trade and Industry.
China's electric vehicle sales rebounded in May, driven by new models with advanced features and strong performance from brands like Zeekr and Leapmotor. Despite recovery, overcapacity remains a concern.
China's State Administration for Market Regulation announced a pilot program in seven regions (Beijing, Hebei, Jiangsu, Zhejiang, Henan, Sichuan, Guangdong) to force the exit of unprofitable zombie companies. Under a Company Law amendment, regulators can petition courts for compulsory liquidation of firms that fail to wind up voluntarily. Experts say the initiative will likely clear smaller dormant private firms but will have limited impact on larger state-linked zombies supported by local governments and banks.
Hong Kong's largest international school group sees reserves more than triple to HK$3.75 billion over a decade, outpacing local universities, amid efforts to offset reduced government subsidies through tuition fees and nomination rights.
Xpeng CEO He Xiaopeng has set a goal to fully outperform Tesla's Full Self-Driving system in the Chinese market by August 2026. At the Beijing International Automotive Exhibition (Auto China 2026), He claimed Xpeng's Vision Language Action (VLA) system already outperforms Tesla in certain complex driving scenarios, citing China's more challenging driving environment as the benchmark for overall capability.
Huawei Technologies claimed the top spot in China’s smartphone market in the first quarter with its highest share in five years, while Apple saw the strongest growth among the top six players, despite a global memory chip crunch. Huawei held a 20 per cent share in the first three months, the highest since the fourth quarter of 2020, according to a Friday report by Counterpoint Research. Chinese government subsidies that offered a 15 per cent discount for gadgets under 6,000 yuan (US$880), along...
