At least 686 U.S. companies filed for bankruptcy in 2024, marking the highest number in 14 years, according to recently released data.
The London-based Financial Times (FT), citing data from Standard and Poor's Global Market Intelligence, reported on Tuesday that U.S. corporate bankruptcies in 2024 rose by eight percent compared to 2023, reaching the highest number since 2010.
Among the hardest-hit companies were those heavily dependent on consumers' disposable income, with the U.S. facing strong inflation and a decline in consumer confidence, the report claims.
The rising cost of goods and services has dampened consumer demand, with the burden particularly heavy for lower-income groups. But even those in the middle- and upper-income brackets have become more cautious with their spending, according to Gregory Daco, the chief economist at accounting firm EY.
U.S. corporate bankruptcies reach 14-year high in 2024
Refraining from the use or threat of force in international relations is in the fundamental interests of all parties, including Israel, Chinese Foreign Minister Wang Yi said on Tuesday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when holding a phone conversation with Israeli Foreign Minister Gideon Sa'ar at the latter's request.
After listening to Sa'ar's briefing on Israel's position regarding the current situation, Wang said that China has consistently advocated resolving international and regional hotspot issues through dialogue and consultation, and that all parties should abide by the purposes and principles of the UN Charter.
For many years, China has been committed to promoting a political settlement of the Iran nuclear issue, Wang said, adding that recent talks between Iran and the United States had been making clear progress and also addressed Israel's security concerns.
Regrettably, this process has now been disrupted by military strikes, Wang said.
China opposes the military strikes launched by Israel and the United States against Iran. The use of force cannot truly resolve the issue. Instead, it will create new problems and grave repercussions, Wang said.
The true value of military strength lies not on the battlefield but in preventing war, said Wang, noting that China calls for an immediate cessation of military operations to prevent the conflict from further escalating and spiraling out of control.
He said that China has consistently upheld a just position on Middle East issues and will continue to play a constructive role in promoting de-escalation.
Wang also urged the Israeli side to take concrete measures to ensure the safety of Chinese personnel and institutions.
Sa'ar said that Israel attaches great importance to this matter and will safeguard the safety of Chinese personnel and institutions.
No use or threat of force serves all parties, including Israel: Chinese FM
