Uber CEO says company is losing $1bn a year as it tries to compete in China

The company's Chinese business is now worth $8bn, but is losing money as it tries to compete with local firm Didi Kuaidi

Uber is burning through more than a billion dollars a year in China as it wages a fierce price-war against local rival Didi Kuaidi, its chief executive said.

The company's Chinese business boosted its valuation last month to more than $8bn after raising more than $1bn in its latest funding round, but the US ride-hailing app is not yet profitable in mainland China because of the intense competition.