Chinese economy

China’s Exports Drops by 7% in May This Year

Chinese exports dropped by 7% this May, far more than what was anticipated by a Reuters poll. According to recently released customs data, Chinese exports to the United States dropped by 15.1% in May compared to the same time last year. Similarly, China’s exports to the European Union decreased by 4.9%.

Jack Ma “Quits” AliBABA

The Chinese billionaire is set to hand over most of voting percentage to avoid overall control of the Ant group. In a statement released on Saturday, Jack Ma’s company announced changes that have taken place in the ownership structure that would prevent any shareholder, acting alone or in collaboration with other parties, from controlling Ant Group.