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

24/04/2014

China to Get the World’s Fastest Elevators: 95 Floors in 43 Seconds – Businessweek

It’s a country of superlatives: home to the world’s longest wall, largest population, and fastest-growing major economy. Soon, China will have the fastest elevators.

A rendering of the Guangzhou CTF Finance Centre

Earlier this week, Hitachi (6501:JP) announced plans to deliver two of the world’s quickest-ascending elevators to a skyscraper now under construction in the southern city of Guangzhou, Guangdong. The 530-meter-high Guangzhou CTF Finance Center will be home to a hotel, offices, and residential space when it opens in 2016.

The ultra-high-speed elevators will travel at a pace of 1,200 meters per minute (44.7 miles per hour) up a 440-meter shaft, reaching the 95th floor in about 43 seconds. “Technologies to prevent lateral vibration and to reduce the sensation of ear blockage caused by air pressure differences,” and “brake equipment using braking materials with outstanding heat resistance to safely stop the elevator car ” will be used in the system, Hitachi said in an April 21 press release.

via China to Get the World’s Fastest Elevators: 95 Floors in 43 Seconds – Businessweek.

Posted in China alert, Construction, Economics, innovation, Technology | Leave a Comment »

Tags: Atmospheric pressure, China, Elevator, Guangdong, Guangzhou, Guangzhou CTF Finance Center, Hitachi, southern city of Guangzhou, World

24/04/2014

Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ

Chinese investors, done splurging on Australia’s once-booming mining industry, are sniffing around the country’s tourism market in search of bargains.

As Ross Kelly and Rebecca Thurlow report:

Their arrival promises to give a new lease of life to dilapidated resorts and properties stretching from Queensland state on the eastern coast to rural Western Australia.

Many investors are betting on an explosion in tourism Down Under, particularly from China—where people from the country’s expanding middle class are increasingly choosing to spend their holidays in countries that are considered exotic. Although Australia remains a relatively expensive destination, more Chinese are attracted each year to the country’s sunny beaches and unusual wildlife.

Sensing an opportunity, Chinese investors have begun snapping up hotels across the country at an unprecedented rate. They’re also weighing into casinos, a popular hangout for Chinese travelers, as well as experimenting with more offbeat attractions such as a China-themed amusement park.

…

Tourist arrivals in Australia surged by 10% in the 12 months through February, helped in part by a sudden pullback in the Australian dollar last year from historic highs. The number of Chinese traveling to Australia touched a record 748,000 people in the same period—up 16% from a year earlier, according to government figures.

If the current pace of growth in tourism continues, China may soon surpass neighbor New Zealand as Australia’s primary source of visitors, brokerage Commonwealth Securities predicts. Chinese visitors are already spending more in Australia than travelers from any other country, government data show.

via Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ.

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

Tags: Australia, China, chinese investors, Commonwealth Securities, Down Under (song), New Zealand, Queensland, Tourism, Western Australia

24/04/2014

Japan’s Mitsui pays China to release seized ship-court | Reuters

Japan’s Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by China over a dispute that dates back to the 1930s war between the countries, China’s Supreme Court said on Thursday.

The Baosteel Emotion, a 226,434 deadweight-ton ore carrier owned by Mitsui O.S.K. Lines, is docked at the port of Maji Island, south of Shanghai April 22, 2014. REUTERS/Carlos Barria

The Chinese government has described the case as a simple business dispute unrelated to wartime compensation claims, but it has become a cause célèbre for activists in China seeking redress from Japan.

Mitsui paid about 2.92 billion yen ($28.5 million) in leasing fees, including interest and damages, China’s Supreme Court said in a statement on its official microblog. Mitsui also paid 2.4 million yuan ($385,000) in legal fees, the court said.

via Japan’s Mitsui pays China to release seized ship-court | Reuters.

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

Tags: Beijing, China, Japan, Mitsui, Mitsui O.S.K. Lines, Shanghai, Supreme Court

23/04/2014

Energy-Hungry China Plans to Accelerate Approvals for New Nuclear Reactors – Businessweek

China slowed down the approval process for new nuclear power plants in the wake of Japan’s 2011 Fukushima disaster. Now it intends to speed things up again.

The construction site of the No. 2 reactor at the Changjiang Nuclear Power Plant on Hainan Island, China, on Sept. 25, 2012

On Friday, China’s State Energy Commission met in Beijing to review energy forecasts and discuss safety considerations regarding nuclear power. According to a statement released on the commission’s website on Sunday, it now intends to expedite the approval process for new reactors in China.

In 2013, China approved the construction of just two new nuclear reactors, with a combined generating capacity of 2.1 gigawatts. This year, it intends to green-light another 8.6 GW of nuclear energy, according to an article in Monday’s state-run China Daily newspaper.

via Energy-Hungry China Plans to Accelerate Approvals for New Nuclear Reactors – Businessweek.

Posted in China alert, Economics, Electricity, energy, nuclear energy | Leave a Comment »

Tags: Beijing, China, China’s State Energy Commission, energy, Fukushima, Fukushima Daiichi nuclear disaster, Japan, Nuclear power, nuclear power plant, nuclear power plants, Nuclear reactor, nuclear reactors

23/04/2014

Xi’s Corruption Crackdown Hits China’s Restaurants – Businessweek

Dirty officials aren’t the only ones getting slammed as Xi Jinping continues his crackdown on corruption and waste. China’s restaurant industry grew 9 percent, to 2.56 trillion yuan ($411 billion), last year, its slowest growth in more than two decades, according to a report released by the China Cuisine Association on April 19.

Restaurants, particularly the pricier ones, have long been popular venues for China’s bureaucrats and the businessmen wanting to curry favor with them. “This is a sign that the central government’s antigraft campaign against waste and extravagance has been well implemented,” said Feng Enyuan, deputy chairman of the CCA, reported the China Daily on April 21.

Midrange and high-end restaurants have been particularly hard hit, according to the association. China Chuanjude Group, the 150-year-old state-owned roast duck chain, saw its revenue fall 2.13 percent, to 1.9 billion yuan, while net profit dropped 27.6 percent last year, to 110 million yuan. In response, the chain has tried to lure more families and friends, in part by adding more affordable dishes to its menu.

via Xi’s Corruption Crackdown Hits China’s Restaurants – Businessweek.

Posted in austerity, China alert, corruption, Economics, Good news, luxury brand, Politics | Leave a Comment »

Tags: Abuse, Asia, Beijing, China, communist party of china, Xi JinPing

19/04/2014

Bank of China vice-president resigns over allegations of affairs | South China Morning Post

A vice-president of China’s fourth largest bank has resigned after he was investigated by the Communist Party’s top discipline body but cleared over suspicions of corruption, Chinese media reported.

Wang Yongli, 50, a vice-president and executive director of the Hong Kong-listed Bank of China, had resigned from the bank effective on Wednesday, the bank said in a statement on Friday night.

Wang, who holds a doctoral degree in economics from China’s Xiamen University, had worked at the bank for 25 years and been vice-president for more than seven. He had been in charge of various key departments within the bank, including finance and IT, before being promoted to vice-president in 2006.

Wang was a hot contender for the bank’s top job when its former president Li Lihui retired at the end of last year, but lost out in the competition to fellow Vice-President Chen Siqing, who was named Bank of China’s president in January this year, reported Beijing-based Caixin magazine.

Caixin cited multiple sources as saying that a “lover” of Wang, who is married, had alerted the Communist Party’s Central Commission for Discipline Inspection to the fact that Wang, a Party member, had maintained multiple extramarital affairs in violation of party discipline.

The anti-corruption body then conducted months of investigation into Wang but found no evidence of “economic problems”, or corrupt behaviour involving money, said Caixin.

Wang was not charged with any crime, but was placed on a two-year probation within the Party as an internal disciplinary measure, it said.

Bank of China was the fourth largest bank in the mainland and 11th in the world with US$2,226 billion in total assets, according to a ranking by SNL Financial in December last year.

Wang is among the latest senior executives at Chinese state-owned firms to be investigated for romantic liaisons.

via Bank of China vice-president resigns over allegations of affairs | South China Morning Post.

Posted in China alert, Politics, Reform | Leave a Comment »

Tags: Bank of China, Beijing, Central Commission for Discipline Inspection of the Communist Party of China, China, China’s Xiamen University, Hong Kong, SNL Financial, the Communist Party, vice-president, Wang, Xiamen University

19/04/2014

In His First Year, China’s Xi Puts Unprecedented Focus on Africa – Businessweek

A little over a year ago, Xi Jinping embarked on his first foreign trip as China’s president, making stops in Russia and Africa. Over the past 13 months, his administration has focused unprecedented attention on strengthening economic and political ties in Africa, according to a new policy briefing by Brookings Institution scholar Yun Sun.

Chinese President Xi Jinping shakes hands with Namibian Prime Minister Hage Geingob on April 8 in Beijing

While China’s People’s Liberation Army has long maintained what Sun calls a “tacit operating principle of ‘no troops on foreign soil,’” last spring Beijing sent 170 combat troops from the PLA Special Force to accompany the United Nations peacekeeping mission in Mali. In the past, only Chinese engineers and medical personnel had ever been dispatched to foreign soils under a UN mandate.

“China’s choosing Africa to dispatch combat troops for the first time does suggest Beijing’s rising interests,” writes Sun, as well “enhanced commitment and [a] direct role in maintaining [the] peace and security of Africa.” China has also “dispatched a total of 16 fleets and escorted more than 5,300 ships and vessels” around the Gulf of Aden, in effect taking responsibility for maintaining the security of key shipping lanes.

via In His First Year, China’s Xi Puts Unprecedented Focus on Africa – Businessweek.

Posted in China alert, Diplomacy, Economics, GeoPolitics, Good news, Politics | Leave a Comment »

Tags: africa, Beijing, Brookings Institution, China, gulf of aden, Mali, Russia, Xi JinPing

19/04/2014

A Panda Watches TV in China: Caption Contest Winners – China Real Time Report – WSJ

How many words is a picture really worth? In an ongoing feature, China Real Time is asking readers to dream up captions for a recent news photo. This week, a giant panda munches bamboo while contemplating a TV screen in Yunnan Province.

UPDATE: We have our winner via Twitter

First runner up is from “Glen” in the comments:

“A rerun! Dang it!”

And the best of the rest, also from the comments section:

Slim: “Chinese TV really IS as bad as everyone says! How can I stream House of Cards?”

Saif Ali: “Hmm, the camera adds 10 pounds.”

_____________________________________

via A Panda Watches TV in China: Caption Contest Winners – China Real Time Report – WSJ.

Posted in China alert, Tourism | Leave a Comment »

Tags: Asia, China, Giant panda, Meixi District, Sichuan, Southwest China, TV screen, Twitter, Yunnan, Yunnan Province

19/04/2014

Audi expects to sell half million cars in China this year | Reuters

Volkswagen‘s (VOWG_p.DE) luxury division Audi plans to sell about half a million cars this year in China, the world’s biggest auto market, and raise the number of its Chinese dealers to 500 by 2017.

The German automaker hopes its car sales will exceed 500,000 this year, executives told reporters on Friday before the Beijing auto show, which opens on Sunday.

Foreign auto makers, such as General Motors Co (GM.N) and Toyota Motor Corp (7203.T), and domestic players such as SAIC Motor Corp (600104.SS) have been competing aggressively in China, where rising affluence is boosting car ownership.

“This country has an increasing number of mega cities,” Audi Chief Executive Rupert Stadler said, naming Beijing, Shanghai and Guangzhou as examples. “In these three areas, there are as many people as, for example, in Germany.”

In 2013, Audi sold 488,000 vehicles in China and a total of 492,000 including Hong Kong. Executives said it aimed to take advantage of the increasing popularity of SUVs and rising demand for compact premium cars.

China’s auto market is expected to grow 8-10 percent this year, easing from last year when it expanded 13.9 percent to 21.98 million vehicles.

Audi is stepping up efforts to unseat German rival BMW (BMWG.DE) as global luxury-car sales leader.

via Audi expects to sell half million cars in China this year | Reuters.

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

Tags: Audi, BMW, China, Hong Kong, Rupert Stadler, SAIC Motor, Toyota, Toyota Motor Corp, Volkswagen

19/04/2014

Chairman of China Resources removed from office – Sports – Chinadaily.com.cn

Song Lin, chairman of state-owned China Resources (Holdings) Co., Ltd, has been dismissed from office for suspected serious discipline and law violations, authorities said Saturday.

Song was also removed from his office as the Communist Party of China (CPC) chief of the enterprise, said an official with the Organization Department of the CPC Central Committee.

The case is being handled according to relevant procedures, the official said.

The news came after the CPC Central Commission for Discipline Inspection announced earlier that Song was under investigation.

via Chairman of China Resources removed from office – Sports – Chinadaily.com.cn.

Posted in China alert, corruption, Politics, Reform | Leave a Comment »

Tags: Central Commission for Discipline Inspection of the Communist Party of China, China, china resources, communist party of china, CPC, CPC Central Commission for Discipline Inspection, cpc central committee, office, Organization Department, Organization Department of the Communist Party of China Central Committee, Song Lin, Xi JinPing

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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China to Get the World’s Fastest Elevators: 95 Floors in 43 Seconds – Businessweek

Chinese Travelers Breathe New Life Into Australian Tourism – China Real Time Report – WSJ

Japan’s Mitsui pays China to release seized ship-court | Reuters

Energy-Hungry China Plans to Accelerate Approvals for New Nuclear Reactors – Businessweek

Xi’s Corruption Crackdown Hits China’s Restaurants – Businessweek

Bank of China vice-president resigns over allegations of affairs | South China Morning Post

In His First Year, China’s Xi Puts Unprecedented Focus on Africa – Businessweek

A Panda Watches TV in China: Caption Contest Winners – China Real Time Report – WSJ

Audi expects to sell half million cars in China this year | Reuters

Chairman of China Resources removed from office – Sports – Chinadaily.com.cn

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