Business
Beijing clarifies offshore trust tax rules, exempting Hong Kong MPF accounts
By Marcus Chen
Fierce competition sparks BMW lay-offs – and blowback for China’s rust belt
Marcus Chen
Marcus Chen
Managing Editor · St. Paul, MN
Marcus manages the day-to-day editorial workflow across all brands, coordinating coverage assignments and ensuring editorial standards are met. He previously served as city editor at the Pioneer Press and holds a degree in Political Science from Carleton College.
More from Marcus →Managing Editor · Friday, November 13, 2026 at 10:30 AM · 1 min read
When massive lay-offs took place at BMW’s manufacturing base in northeast China – the German carmaker’s largest production hub worldwide – the entire city felt the shock. Starting from November 2, BMW Brilliance – a joint venture between the German brand and Chinese firm Brilliance Auto where BMW holds a 75 per cent share – in Shenyang, Liaoning province, began a major round of lay-offs, aiming to cut an estimated 1,800 to 2,000 jobs, multiple sources told the South China Morning Post. “You’re...
Up nextBeijing clarifies offshore trust tax rules, exempting Hong Kong MPF accountsBusiness · 1 min read
