COVID-19 spike in India a blow to Yiwu’s Indian businessmen One of the restaurants run by Indian Amit Ramani along Chengbei Road in Yiwu, East China’s Zhejiang Province Photo: Chen Shasha/GT
Chengbei Road, a street in Yiwu, East China’s Zhejiang Province that used to be home to a dozen Indian restaurants, has lost its buzz as the restaurant runners and their patrons are stuck in India because of the COVID-19 resurge that has killed over 258,000 so far.
There are only two Indian restaurants open along the road dubbed “Indian street,” the Global Times learned. Some closed as their runners or staff have failed to return, while some have closed because of poor business after travel between the two countries was suspended
SOURCE / COMPANIES
By GT staff reporters Published: Apr 28, 2021 06:53 PM
A textile workshop in East China s Zhejiang Province Photo: VCG
Affected by the COVID-19 epidemic, many enterprises in India cannot guarantee normal delivery, including textiles, active pharmaceutical ingredients (API) and electronic devices. In order to ensure the supply of goods, European and American retailers have transferred many orders originally produced in India to China.
IHS Markit, a London-based global information provider, said in a research note on Wednesday that the prolonged COVID-19 surge has negatively affected India s economic outlook.
Electronic manufacturing, one of the pillar industries that contributed nearly 20 percent to India s GDP, is among the hard-hit list, according to statistics from National Investment Promotion & Facilitation Agency of India.
China’s top market regulator, cyberspace administration & state tax administration summon major platform companines to a meeting, ordering them to rectify any monopolistic acts within a month, such as asking merchants to
SOURCE / ECONOMY Rectification order to exert pressure, invigorate market: experts
By GT staff reporters Published: Apr 13, 2021 09:53 PM
Alibaba s headquarters in Hangzhou, East China s Zhejiang Province Photo: IC
China s market regulators on Tuesday issued a one-month ultimatum to all online platforms to troubleshoot their breaches of market competition orders or face severe penalties, in what has been called an unprecedented regulatory move in the country s booming but increasingly problematic online sector.
Although the mandated overhaul could put some pressure on the expansion of e-commerce in the short term, the latest rectification order will invigorate China s market economy, with internet platforms expected to end their runaway expansion over the coming month, industry observers noted.
Fine on Alibaba serves to strengthen anti-monopoly awareness
Hu Xijin Published: Apr 10, 2021 11:43 AM
File photo shows the Alibaba employees entering the company in Hangzhou, Zhejiang Province.Photo:Xinhua
Chinese authorities imposed an 18.23 billion yuan ($2.78 billion) fine on e-commerce mammoth, Alibaba, for its violation of the anti-monopoly law. I ve read the State Administration for Market Regulation (SAMR) s administrative punishment written decision and SAMR s administrative guidelines. The documents include many details and have a strong legal reference. I believe this punishment is a milestone for the entire economic community to establish and strengthen anti-monopoly awareness for complying with relevant laws.
The legal concept in our society is still not strong enough in general. When a new economic sphere is opened up, there are often notions that the bold will succeed while the timid will starve, and that the laws do not punish numerous offenders. These concepts