January | 2013 | CHINDIA ALERT: You'll be living in their world, very soon

22/01/2013

* Chinese student in France sick of buying luxury goods for other people

SCMP: “Li Yuandong, 23, remembers buying 10 Burberry scarfs, two Burberry handbags, two Louis Vuitton handbags and some luxury perfumes in one day in Paris without blinking an eye.

“Then I blew my ‘millionaire’ identity by hopping on a crowded subway train heading home”, wrote Li, a Chinese graduate student studying engineering in France on his blog.

Li’s post went viral on China’s social media, including Sina Weibo, China’s popular twitter-like service.

In a humorous tone, Li wrote about his side job of buying luxury goods for friends in China, and complained the burden was growing too heavy.

“I became so popular after moving to France,” said Li in his post. “Suddenly everyone wanted to talk to me.”

But the conversations all ended with the same question: “Can you buy me a Louis Vuitton”?

“My bank upgraded me to VIP after seeing the amount of money sent by friends in China,“ he said, “I would easily spend 10,000 euros in a month on hand bags.””

via Chinese student in France sick of buying luxury goods for other people | South China Morning Post.

French luxury goods group PPR buys Chinese jewellery brand Qeelin (independent.co.uk)
Global luxury brands cash in on more Mainland Chinese travelers (cnn.com)

Posted in Affluence, China alert, Economics | Leave a Comment »

Tags: Burberry, China, France, Hong Kong, Louis Vuitton, Luxury good, Paris, Sina Weibo

22/01/2013

* China Pushes Industry Consolidation

WSJ: “China’s industry ministry on Tuesday set an aggressive goal of forging global giants in the electronics sector within the next two years through mergers and alliances, and reiterated a longstanding push for Chinese companies to explore overseas acquisitions.

The target for the electronics sector is part of a wider plan to consolidate China’s fragmented major industries, including steel, shipping, automotives, cement and aluminum. Overcapacity in heavy industries has been blamed for amplifying a sharp slowdown in growth in the last two years.”

via China Pushes Industry Consolidation – WSJ.com.

Posted in China alert, Digital communications, Economics | Leave a Comment »

Tags: Asia, Business and Economy, China, Electronics, Mergers and acquisitions, science, Southeast Asia

22/01/2013

* Chidambaram: See ‘First Green Shoots’ of Recovery

WSJ: “India’s finance minister said the “first green shoots” of the country’s economic revival are evident but growth isn’t expected to surpass 5.7% this year, the bottom end of the government’s revised growth target.

English: India’s Minister of Finance Palaniappan Chidambaram is the special guest at a plenary session titled Risks to India’s Economy in a Post-Crisis World held at the World Economic Forum’s India Economic Summit 2008 in New Delhi, 16-18 November 2008. (Photo credit: Wikipedia)

In Hong Kong to meet investors ahead of the budget presentation for fiscal 2013, P. Chidambaram told reporters that growth next year should be in the upper ranges of the 6%-7% target and that the economy should return to its potential growth rate, around 8%, by the following year.”

via Chidambaram: See ‘First Green Shoots’ of Recovery – WSJ.com.

Public sector banks need Rs.1 trillion capital infusion: Chidambaram (news.in.msn.com)
Train fare hike sound decision: Chidambaram (vancouverdesi.com)
Chidambaram hints at duty hike on gold import (profit.ndtv.com)

Posted in Economics, India alert | 1 Comment »

Tags: Asia, Business, Foreign direct investment, Government budget deficit, India, manmohan singh, p chidambaram

22/01/2013

* Asian Buyers Snap Up Half of New London Homes

WSJ: “If you’ve just moved into a newly built apartment in central London, don’t be perplexed if your neighbors speak mostly Chinese.

Market-cooling measures in Asia have helped fuel interest in London’s real estate market—long a popular destination for property buyers on the prowl, says property consultancy Knight Frank. Last year, overseas buyers spent $3.5 billion on apartments undergoing construction in central London, up 22% from the year earlier.

Together, buyers from Singapore and Hong Kong snapped up nearly 40% of all such apartments in central London. Adding in buyers from Malaysia and mainland China, Asian buyers accounted for roughly half of all purchases. By comparison, U.K. buyers made up just 27% of all purchases of apartments under construction, according to Knight Frank’s latest figures. Such figures were generally consistent with those seen in 2011.

Among overseas buyers, more than two-thirds bought for investment purposes, says Knight Frank, while another third said they were motivated to buy for a child enrolled at a local university.”

via Asian Buyers Snap Up Half of New London Homes – China Real Time Report – WSJ.

Wealthy Undeterred by New Taxes on London Homes (bloomberg.com)
Battersea sales bonanza as £600m flats sold in four days (standard.co.uk)
Luxury home prices surge in London (gateway-homes.co.uk)

Posted in Affluence, China alert, Economics, Investment in tangibles | 2 Comments »

Tags: apartments in central london, Asia, aviation, Business, Central London, economy, Hong Kong, London, Mainland China, Malaysia, real-estate, Singapore

22/01/2013

* Fighting challenges to transform banking in rural India

Reuters: “India’s new program to transfer welfare payments directly to the nation’s poor has been touted as a near-revolutionary way to protect people from high-interest moneylenders, bureaucracy and bribes, and to help people improve their lives. Like many government programs designed to change the lives of millions of people, it has raised doubts about how well it would work.

I recently visited a couple of villages in Udaipur, the so-called city of lakes in Rajasthan. I wanted to see how the program is going in its early stages. My initial conclusion: it’s a big challenge.

Transferring cash directly means that the government wires money to people’s bank accounts. That avoids the traditional method of standing in endless lines at the post office, often making them easy pickings for corrupt bureaucrats looking to skim some of the cash off the top. Banks, despite what we have read, are often willing to venture into the hinterlands to set up accounts. Getting people to take them is another story.

Some officials of a government-owned bank went to survey a village in Udaipur, only to receive a rude shock — one family, petrified to see the bank officers, shut the door in their faces and wouldn’t deal with the officers until the village head man intervened.”

via India Insight.

Posted in Economics, India alert | Leave a Comment »

Tags: Bank account, India, politics

22/01/2013

* China’s Xi urges swatting of lowly flies in fight on everyday graft

Reuters: “Chinese president-in-waiting Xi Jinping on Tuesday took his campaign against corruption to the petty bureaucracy and minor infractions of lowly officials who are the bane of many Chinese people and businessmen’s everyday lives.

China's Communist Party chief Xi Jinping looks on during his meeting with U.N. General Assembly President Vuk Jeremic at the Great Hall of the People in Beijing December 27, 2012. REUTERS/Wang Zhao/Pool

Xi, in comments carried by the official Xinhua news agency, said it was just as important to go after the “flies”, or lowly people, as it was to tackle the “tigers”, or top officials, in the battle against graft.

“We must uphold the fighting of tigers and flies at the same time, resolutely investigating law-breaking cases of leading officials and also earnestly resolving the unhealthy tendencies and corruption problems which happen all around people,” he said.

Bureaucrats must not be allowed to get away with skirting rules and orders from above or choosing selectively which policies to follow, added Xi.

“The style in which you work is no small matter, and if we don’t redress unhealthy tendencies and allow them to develop, it will be like putting up a wall between our party and the people, and we will lose our roots, our lifeblood and our strength,” Xi told a meeting of the party’s top anti-graft body.

Xi called for “a disciplinary, prevention and guarantee mechanism” to be set up to prevent corruption, Xinhua said, though Xi did not provide any details.

Chinese bureaucrats have long had a poor reputation for laziness, a love of excessive paperwork and minor acts of corruption which infuriate the man on the street and add to growing mistrust of the party.

Since taking over as Communist Party head in November from Hu Jintao, Xi has vowed to root out corruption no matter how high it is, warning the party’s survival is at risk if it does not take the problem seriously.”

via China’s Xi urges swatting of lowly flies in fight on everyday graft | Reuters.

China’s Xi warns of unrest if graft not tackled (straitstimes.com)
Corruption fight a priority? (edition.cnn.com)
Corrupt officials unsettled by Xi Jinping’s anti-graft drive: Boxun (wantchinatimes.com)
Xi Warns of Regime’s Demise Unless China Tackles Graft (bloomberg.com)

Posted in China alert, corruption | Leave a Comment »

Tags: China, communist party of china, Hu Jintao, Political corruption, politics, Xi JinPing

21/01/2013

* Ex-minister blames China’s pollution mess on lack of rule of law

SCMP: “China had a chance to avoid environmental disasters some 40 to 30 years ago, the country’s first environmental protection chief has lamented amid worsening air and water pollution.

But Professor Qu Geping, who has overseen environmental policymaking since the early 1970s, said pollution had run wild as a result of unchecked economic growth under a “rule of men”, as opposed to the rule of law. Their rule imposed no checks on power and allowed governments to ignore environmental protection laws and regulations.

“I would not call the past 40 years’ efforts of environmental protection a total failure,” he said. “But I have to admit that governments have done far from enough to rein in the wild pursuit of economic growth … and failed to avoid some of the worst pollution scenarios we, as policymakers, had predicted.”

Qu, 83, was China’s first environmental protection administrator between 1987 and 1993. He then headed the National People’s Congress environment and resource committee for 10 years.

After three decades of worsening industrial pollution resulting from rapid urbanisation and industrialisation, China has accumulated huge environmental debts that will have to be paid back, Qu said.

He said recently he regretted that some of the very forward-looking strategies – emphasising a more balanced and co-ordinated approach to development and conservation, that were worked out as early as 1983 – were never put into serious practice when China was still at an early stage of industrialisation.

In 1970, premier Zhou Enlai had invited a Japanese journalist to give a lecture to senior government officials on the lessons Japan had learned from a series of heavy metal pollution scandals that killed several hundred people during a period of rapid industrialisation in the 1950s and 1960s, Qu said.

“But looking back, China fell into the same trap again,” he said. “In some cases, the problems are even worse now given the country’s huge population and the vast scale of its economy.”

via Ex-minister blames China’s pollution mess on lack of rule of law | South China Morning Post.

See also: https://chindia-alert.org/economic-factors/greening-of-china/

Top News: High pollution sparks China anger (bbc.co.uk)
Beijing, China Air Pollution Hits Hazardous Levels (huffingtonpost.com)
Amid Smog Deluge, China Environmental Reports Accused of Fraud (theepochtimes.com)

Posted in Affluence, carbon emission, China alert, Climate change, Consumer protection, Ecology, Economics, Environment, Green, greenhouse gas, Illegal chemicals, Manufacturing, Politics, Pollution, Sustainable development | Leave a Comment »

Tags: Beijing, China, climate, environment, environmental policymaking, Environmental protection, Japan, National People's Congress, pollution, premier zhou, rapid industrialisation, Zhou Enlai

21/01/2013

* India, Australia to launch n-talks in March

The Hindu: “India will begin talks for a civil nuclear energy cooperation with uranium-rich Australia in March this year.

External Affairs Minister Salman Khurshid with his Australian counterpart Bob Carr, prior to their bilateral talks, in New Delhi on Monday. Photo: V. Sudershan

“We shall be commencing negotiations on a Civil Nuclear Energy Cooperation Agreement in March 2013,” External Affairs Minister Salman Khurshid said here on Monday after talks with visiting Australian Foreign Minister Bob Carr.

The first round of negotiations conducted by the Foreign Ministries of both countries will be held in Delhi.

The agreement would enable the export of uranium from Australia to India, Mr. Carr said.

“A sense of urgency and purpose will be there. We will move swiftly,” Khurshid said pointing out that India already had similar agreements with a number of countries which could be used as a model.

During the parleys, it was decided that Defence Minister A.K. Antony would visit Australia sometime in March for further discussions on cooperation in defence and security sectors.

This would be the first ever visit by an Indian Defence Minister to Australia.

Australia had agreed to start negotiations on a civil nuclear deal with India during the October visit of Prime Minister Julia Gillard to New Delhi.

In December 2011, Ms. Gillard’s Labour Party had overturned its long-standing ban on exporting uranium to India.

via The Hindu : News / National : India, Australia to launch n-talks in March.

Foreign Ministers of Australia, Sri Lanka, Turkmenistan visiting India this week (nzweek.com)

Posted in Economics, India alert, Politics | Leave a Comment »

Tags: Australia, Bob Carr, Delhi, external affairs minister, India, Julia Gillard, Minister for Foreign Affairs (Australia), politics, Salman Khurshid

21/01/2013

* India Agency Clears IKEA’s Investment Proposal

Another step forward in liberalisation.

WSJ: “India’s foreign investment promotion agency has cleared Swedish furniture giant IKEA Group’s proposal to invest nearly $2.0 billion for setting up wholly owned retail stores in the country, Economic Affairs Secretary Arvind Mayaram said Monday.

Mr. Mayaram is also the head of the Foreign investment Promotion Board, the agency which clears foreign direct investments in India.

A spokeswoman for IKEA didn’t immediately comment.

The board had cleared the retail giant’s proposal in November subject to certain conditions. However, IKEA wasn’t happy with the conditions, which prevented it from selling products that it doesn’t brand, including secondhand furniture, textile goods, toys, books and consumer electronics as well as food and beverage items in cafeterias within its stores.

It thereafter wrote to the Indian government, seeking the removal of these conditions.

“Now, the proposal has been cleared in its entirety,” said another official, who didn’t want to be named.

IKEA now needs the approval of the federal cabinet to set up its outlets in India.”

via India Agency Clears IKEA’s Investment Proposal – WSJ.com.

Posted in Consumer, Economics, FDI, Import, India alert, Politics, Retail, Trade | Leave a Comment »

Tags: Business, economy, Foreign Investment Promotion Board, Ikea, India

21/01/2013

* Women voters in India want to stand up and be counted

It’s about time!

Reuters: “Several years ago, a dinner-table conversation about state elections in Himachal Pradesh veered towards a candidate who gave away pressure cookers to woo women voters. Of course, bribing voters is illegal, but I remember wondering whether all I wanted as a woman was a pressure cooker.

The Delhi rape case and the molestation of a young girl in Guwahati in Assam last year have underscored the place that women often occupy in Indian society. These incidents have made me wonder to what extent our country’s political parties will focus on gender inequality as they look forward to the 2014 general elections. How will they vie for the women’s vote?

Until now, political parties and their largely male leadership focussed on the ‘aam aadmi’, or the common man, a phrase which subsumes women. Politicians and other public figures don’t make much hay of gender inequality and many of the attitudes toward women that hurt a large portion of our society — and when they do, they’re often lacking. The best attitude that politicians often apply to women is a patronising one. Instead of focusing on women’s empowerment through education and awareness, politicians distribute saris, cookers and sanitary napkins.

There is some attempt to change that. The Congress party’s weekend “Chintan Shivir“, or brainstorming session, in Jaipur put a special focus on women.

“Discrimination against the girl child and atrocities against women are a blot on our collective conscience,” party chief Sonia Gandhi said while opening the gathering. “Gender issues are fundamental and should be of concern to all of us.””

via India Insight.

Violence Against Women in India: Three Things to Know (cfr.org)
* How India treats its women (chindia-alert.org)
India – Single Women’s Association- A force not be forgotten #womenrights (kractivist.wordpress.com)

Posted in Gender issues, India alert, Politics | 1 Comment »

Tags: Assam, atrocities against women, current-events, Delhi, gender inequality, Guwahati, Himachal Pradesh, India, Indian National Congress, Jaipur, politics, society, Sonia Gandhi, women discrimination

CHINDIA ALERT: You'll be living in their world, very soon

Chindia Alert: You’ll be Living in their World Very Soon

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Archive for January, 2013

* Chinese student in France sick of buying luxury goods for other people

* China Pushes Industry Consolidation

* Chidambaram: See ‘First Green Shoots’ of Recovery

* Asian Buyers Snap Up Half of New London Homes

* Fighting challenges to transform banking in rural India

* China’s Xi urges swatting of lowly flies in fight on everyday graft

* Ex-minister blames China’s pollution mess on lack of rule of law

* India, Australia to launch n-talks in March

* India Agency Clears IKEA’s Investment Proposal

* Women voters in India want to stand up and be counted

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