Archive for ‘Chindia Alert’

26/03/2014

Fashion contest the focus of ‘first lady diplomacy’ during Michelle Obama’s China visit | South China Morning Post

The closely watched day spent together by the first ladies of China and the United States have sparked lively online discussions this week. Comparison of the two women kicked off the moment Peng Liyuan, the glamorous singer wife of Xi Jinping, welcomed her counterpart Michelle Obama at a Beijing high school on Friday morning.

That the two have much in common is obvious: both women, in their early 50s, are lauded for their sense of style, are highly-educated and managed successful careers before their husbands became leaders. Both are active in charity initiatives in public health, and both have daughters.

Commenting on everything from their choice of outfits to the details of their visits, the curious online public were amazed by the juxtaposition of these two women with strong personalities.

Thomas Ye, a widely followed fashion blogger on Chinese social media platforms who tweets under “Gogoboi”, graded their attire:

Chinese President Xi Jinping (C) and his wife Peng Liyuan (R) show the way to US first lady Michelle Obama (L) as they proceed to a meeting room at a guest house in Beijing on March 21, 2014. Photo: AFP

“Fashion contest first round: Michelle Obama’s casual black waistcoat, shirt and wide-legged trousers were eclipsed by a dignified Peng, exemplified by her formal navy blue suit, decorated with a red purse. Top points to Peng,” he wrote on Sina Weibo over the weekend.

The second round, however, went to Obama, who “hit back” with a joyful red dress by designer designer Naeem Khan  when she showed up for a banquet at the Diaoyutai State Guesthouse on Friday evening.

Several official media outlets joined the discussion.

The official China Daily said in a photo caption showing their dresses: “The first ladies of China and the US … have much in common: They are symbols of glamour in their own countries and stand uneclipsed by their more powerful husbands. They are loved by the public not because of their spouses but for who they are. Each woman has created a ‘power centre’ – a kind of soft power – from a combination of femininity and self-assertion”.

China once again embraced the idea of “first lady diplomacy” since Xi Jinping took power in 2013, in the hope of giving a soft touch to the country’s rising assertiveness. The country’s last visible “first lady” was the charismatic Wang Guangmei, wife of Liu Shaoqi, who held the presidency between 1959 and 1966.

Peng’s increasing popularity with the public – thanks to her gracious manners and elegant style gained through her years as a professional performer – raises questions about the extent of her role.

via Fashion contest the focus of ‘first lady diplomacy’ during Michelle Obama’s China visit | South China Morning Post.

Enhanced by Zemanta
26/03/2014

2nd-child policy hurts female job application – China – Chinadaily.com.cn

China has loosened its family planning policy by allowing couples to have a second child if either parent is an only child. Unfortunately, the policy has resulted in discrimination against some married women who are looking for jobs or are already employed, according to the Xinhua News agency.

2nd-child policy hurts female job application

Xia Fang, a Changsha local who gave birth to her first child 10 months ago, said that during job interviews she is always asked if she is an only child or if she plans to have a second child.

“I don’t plan to have a second child. But when potential employers learn that my first child is a girl, they think I’m likely to have another baby,” said Xia.

Before the second-child policy was introduced, married women with children and work experience had an advantage in the job market, but now they are being confronted with gender discrimination again, Xia added.

Female employees of child-bearing age are being affected, as well. A white collar worker surnamed Liu said she was passed over for a promotion that went to a young man, because her boss thought she might plan to have a second child.

“Women have to work harder to be given equal status in the workplace. And many face pressure from their families to have second children, which can affect their career prospects,” Liu said.

“Companies can predict the cost of a female employee’s maternity leave when they’re allowed to give birth to only one child,” said Li Bin, a professor of sociology at Zhongnan University. “But some middle and small-sized companies can’t bear the costs of two leaves in a few years.”

via 2nd-child policy hurts female job application – China – Chinadaily.com.cn.

Enhanced by Zemanta
26/03/2014

UK supermarket giant Tesco announces India entry – Businessweek

tesco slough

tesco slough (Photo credit: osde8info)

British supermarket giant Tesco has announced a joint venture in India with a company owned by Tata Group to invest in a chain of grocery stores.

It marks the first multinational entry into India’s vast but underserved retail and supermarket sector since the country allowed such investment in 2012.

Tesco said Friday it would invest 85 million pounds ($140 million) to take a 50 percent share of Tata-owned Trent Hypermarket Ltd, which operates the Star Bazaar chain. It said the chain would operation 12 stores in southern and western India selling food and groceries, home and personal products, plus fashion and accessories.

via UK supermarket giant Tesco announces India entry – Businessweek.

Enhanced by Zemanta
26/03/2014

Foreign Brands Shift Focus to China’s Second-Tier Cities – Businessweek

On March 15, luxury retailer Lane Crawford held a soft launch for its new store in Chengdu, a fast-growing metropolis in southwestern China. A few years ago, major fashion brands were concentrating on China’s leading first-tier cities: Beijing, Shanghai, Guangzhou, and Shenzhen. But today many are focusing on China’s second-tier and third-tier cities—which McKinsey Global Institute predicts will be home to 45 percent of China’s middle-class and high-income earners by 2022.

Chunxi Road shopping street in Chengdu

Hong Kong-based Lane Crawford is in good company in Chengdu. In 2010 the spacious Yanlord Landmark mall opened there; its current tenants include Burberry (BRBY:LN), Dior (CDI:FP), and Louis Vuitton (MC:FP). Of its 47 stores in mainland China, Louis Vuitton has already opened 36 in second-tier and third-tier cities. Tommy Hilfiger even has outlets in the western territories of Xinjiang and Tibet. Estée Lauder (EL) has more than 100 counters in more than 40 Chinese cities.

Domestic luxury brands looking to establish themselves as national chains are also focusing on second-tier cities. Guangzhou-based fashion label Nisiss, which sells breezy trousers and $900 cocktail dresses, opened two stores last year in Chengdu. This year it plans to open stores in Qingdao, Dalian, and Suzhou, among other cities.

via Foreign Brands Shift Focus to China’s Second-Tier Cities – Businessweek.

Enhanced by Zemanta
26/03/2014

A $6.8 Trillion Price Tag for China’s Urbanization – Businessweek

China has finally put a price tag on its massive plan for urbanization, and it’s a big one. The cost of bringing an additional couple of hundred million people to cities over the next seven years? Some 42 trillion yuan ($6.8 trillion), announced an official from China’s Ministry of Finance last week.

Shanghai's potential future development modeled at the Shanghai Urban Planning Exhibition Center

“The flaws in the previous model, in which urban construction mostly relied on land sales and fiscal revenue, have emerged in recent years, and the model is unsustainable,” warned Wang Bao’an, vice minister of finance, on March 17. His comments came one day after China’s State Council and the Central Committee of the Communist Party released the “National New-type Urbanization Plan (2014-2020),” which aims to lift the proportion of Chinese living in cities to 60 percent by 2020, from 53.7 percent now.

A timely report issued by the World Bank and the Development Research Center of the State Council provides suggestions as to how to pay the big bill. Released today, Urban China: Toward Efficient, Inclusive and Sustainable Urbanization, is the second joint effort by the two organizations, coming just over two years after the publication of an earlier report on economic reform called China 2030.

via A $6.8 Trillion Price Tag for China’s Urbanization – Businessweek.

Enhanced by Zemanta
26/03/2014

Putin’s Shame: Russia Is Becoming China’s Junior Partner – Businessweek

Russian President Vladimir Putin professes not to care about being ejected—temporarily, at least—from the Group of Eight community over his country’s seizure of Crimea. He says Russia has plenty of other friends in the world. One of them is China, the world’s emerging Communist superpower. Diplomatic and trade relations between Russia and China have strengthened notably over the last couple of decades. Bloomberg News reports today that the “Crimean crisis is poised to reshape the politics of oil by accelerating Russia’s drive to send more barrels to China, leaving Europe with pricier imports and boosting U.S. dependence on fuel from the Middle East.”

From left: Brazilian President Dilma Rousseff, Indian Prime Minister Manmohan Singh, Russian President Vladimir Putin, Chinese President Xi Jinping, and South African President Jacob Zuma at the G-20 Summit in St. Petersburg, Russia, on Sept. 5, 2013

Notice, though, that what Russia is selling to China is oil—not, say, high-tech machinery. In what must be a source of great embarrassment to Putin, Russia has gone from being China’s tutor and guide to being a junior partner whose main value is as a source for raw materials. Look at these two charts, which I put together today using data from the United Nations’ Comtrade database.

The first shows Russian exports to China in 2000. Exports of what the UN calls mineral fuels, oils, distillation products, etc.—mainly oil—constituted 7 percent of total Chinese exports to Russia.

via Putin’s Shame: Russia Is Becoming China’s Junior Partner – Businessweek.

Enhanced by Zemanta
26/03/2014

Congress Bets on Welfare Programs – India Real Time – WSJ

India’s Congress party is doubling down on welfare.

Facing what is shaping up to be a steep uphill battle to win a third term in office, Congress on Wednesday outlined a policy agenda that would expand healthcare, housing and other benefits for the poor and disadvantaged.

Rahul Gandhi, who is leading Congress’s campaign in the voting that begins in April, also said a new Congress government would invest $1 trillion in infrastructure projects and remove hurdles to business.

For India’s poor to thrive, he said, “we need to unleash business.”

Still, Congress’s tone is sharply different than the one adopted by the opposition Bharatiya Janata Party and its standard bearer, Narendra Modi, who emphasizes pro-business policies and infrastructure building – while saying government also needs to help the poor.

During the Congress-led government’s most recent decade in office, subsidy spending has soared, from 459 billion rupees in the year ended March 31, 2005, to an estimated 2.55 trillion in the 12 months ending March 31 of this year.

By sticking with and expanding such programs, Congress is hoping it will appeal to its base in India’s impoverished countryside.

Congress President Sonia Gandhi said if re-elected, Indians would get improved healthcare, an expansion of housing benefits for the landless and a boost in social security hand-outs for the elderly and disabled people.

These promises echo themes that have run through the party’s history and have dominated the political careers of Mrs. Gandhi and her son, Rahul, who is leading Congress’s election campaign.

The central Congress belief: A government must engineer economic equality and inclusive growth, even as it celebrates free markets.

“The future of India is the poor people of India, those are the people the Congress party works for,” Mr. Gandhi said. “The biggest problem I have with the BJP is that the India of the BJP’s dreams is an India where a few people run this country.”

Mr. Gandhi, the party’s vice president who took charge this year, has tried to frame the electoral campaign as a choice between these two approaches.

He has gone after the BJP’s prime ministerial candidate Narendra Modi for what he calls an exclusive focus on building roads and airports without addressing the question of who gets access to them.

Mr. Modi’s message, however, is striking a chord with many Indians, who are fed up with government inefficiency, corruption allegations and a slowing economy. Many young voters – even those in rural India who through technology and migration are influenced by urban sentiment – are frustrated with a lack of jobs and strong leadership and are drawn to the BJP’s promise of development.

Opinion polls show widespread dissatisfaction with the current situation in India and Mr. Modi is widely considered the frontrunner for the premiership.

via Congress Bets on Welfare Programs – India Real Time – WSJ.

Enhanced by Zemanta
26/03/2014

China’s Three Gorges replaces top executives amid graft probe | Reuters

China’s Three Gorges Corp, which built the world’s biggest hydropower scheme, has replaced its chairman and general manager, the company said, in the latest major reshuffle of a state-owned firm as the government steps up a fight on graft.

China's Three Gorges power company CEO Cao Guangjing makes his statement before the deal signing with Energia de Portugal in Lisbon December 30, 2011. REUTERS/Jose Manuel Ribeiro

Some officials of Three Gorges, set up in 1993 to run the hydropower scheme, were guilty of nepotism, shady property deals and dodgy bidding procedures, the ruling Communist Party’s anti-graft watchdog found in February.

The scandal has reignited public anger over the $59-billion dam, which was funded by a special levy paid by all citizens.

Chairman Cao Guangjing has been removed from his position and would be assigned another job, the company said in a statement on Tuesday. It named Cao’s replacement as Lu Chun, but gave no further details.

via China’s Three Gorges replaces top executives amid graft probe | Reuters.

Enhanced by Zemanta
26/03/2014

Spooked by defaults, China banks begin retreat from risk | Reuters

Reuters has contacted over 80 companies with elevated debt ratios or problems with overcapacity. Interviews with 15 that agreed to discuss their funding showed that more discriminate lending, long a missing ingredient of China’s economic transformation, has become a reality.

A company logo of Chaori Solar is seen at the 12th China Photovoltaic Conference and International Photovoltaic Exhibition in Beijing, September 5, 2012. REUTERS/Stringer

Up against a cooling Chinese economy and signs that authorities will not step in every time a loan goes bad, banks are becoming more hard-nosed and selective about whom they lend to.

There are signs that even state-owned firms, in the past fawned over by lenders for their government connections, have to contend with higher rates, lower lending limits and more onerous checks by banks.

“Interest rates are going up 10 percent for the entire industry,” said Wang Lei, a finance department manager at PKU HealthCare Corp (000788.SZ). “Obtaining loans is getting difficult and expensive.”

via Spooked by defaults, China banks begin retreat from risk | Reuters.

Enhanced by Zemanta
26/03/2014

China says supports international financial aid for Ukraine | Reuters

Ukrainian Finance Minister Oleksander Shlapak says he is negotiating with the International Monetary Fund for a loan package of $15 billion to $20 billion because the economy had been severely weakened by months of political turmoil and mismanagement.

Civilians entering Ukraine (L) have their passports checked as Ukrainian border guards (R) stand at a Russian-Ukrainian border crossing near the village of Uspenka, in eastern Ukraine March 25, 2014. REUTERS/Yannis Behrakis

U.S. President Barack Obama has also urged the IMF to reach agreement swiftly on a financial support package for Kiev, which would unlock additional aid from the European Union and Washington.

Asked about aid for Ukraine, China, whose President Xi Jinping discussed Ukraine with Obama on Monday, said that the government “upholds the maintaining of Ukraine’s financial stability”.

“International financial organizations ought to get down to dealing with this, to ensure Ukraine’s financial and economic stability,” foreign ministry spokesman Hong Lei told a daily news briefing.

He did not elaborate, instead repeating that China had proposed setting up an international coordination mechanism to look for a political solution to the crisis over Russia’s annexation of Ukraine’s Crimea peninsula.

China, he said, hoped all parties in the international community would take no actions to worsen the situation.

China has adopted a cautious, low-key response to the crisis, not wanting either to alienate key ally Russia or comment directly on the referendum in which Crimea voted overwhelmingly to join Russia, lest it set a precedent for its own restive regions, like Tibet.

via China says supports international financial aid for Ukraine | Reuters.

Enhanced by Zemanta
Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India