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

07/12/2014

They’re Coming! Chinese Tourists Will Make 100 Million Trips Abroad This Year – Businessweek

In the first 11 months of this year, mainland Chinese tourists made more than 100 million international trips—already topping the travel total for 2013, according to new data from the China National Tourism Administration.

People hail the arrival of Asia's largest luxury cruise liner, Voyager of the Seas, in Tianjin, China, in 2012

Fifteen years ago, Chinese tourists made less than 10 million trips abroad. Since then, however, rising incomes have led to rapid growth in domestic and international travel.

Many of those trips—more than 60 percent—are within Greater China, including Hong Kong, Macao, and Taiwan. Almost 90 percent of destinations are within Asia.

China UnionPay—the country’s Visa (V) card—now offers several promotions hoping to encourage overseas tourists to spend more. Cardholders visiting Paris, Rome, and Sydney can get 15 percent off hotels, restaurants, and major tourist attractions. Those touring in Bali, Phuket, and the Maldives can get 10 percent off.

Meanwhile, national tourism authorities for Switzerland and Iceland recently put up booths at Beijing’s “Ski & Style” industry event in late November, hoping to lure more affluent Chinese skiers to European slopes.

via They’re Coming! Chinese Tourists Will Make 100 Million Trips Abroad This Year – Businessweek.

Global tourism grows in 2014

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

Tags: Asia-Pacific Economic Cooperation, Beijing, Beijing National Aquatics Center, BRICS, China, China Council for the Promotion of International Trade, China Investment Promotion Agency, China National Tourism Administration, China UnionPay, chinese tourists, international travel, international trips, mainland Chinese tourists, United States

07/12/2014

Best Buy to sell China business, focus on North America | Reuters

U.S. retailer Best Buy Co Inc (BBY.N) said on Thursday it will sell its struggling China business, Five Star, to domestic real estate firm Zhejiang Jiayuan Group in order to focus on its North American operations.

The world’s largest consumer electronics chain didn’t disclose financial terms of the sale of the 184-store network, announced in a statement.

Best Buy has struggled to fend off Chinese rivals in a crowded market, as other U.S. firms have complained that operating in the country has become more of a challenge.

“The sale of Five Star does not suggest any similar action in Canada or Mexico. Instead, it allows us to focus even more on our North American business,” Hubert Joly, Best Buy’s president and chief executive officer, said in the statement.

Joly added that Best Buy would continue to invest in its private label operation in the country. Best Buy’s China operations accounted for around 4 percent of its sales in the most recent financial year, ended Feb. 1.

via Best Buy to sell China business, focus on North America | Reuters.

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

Tags: Best Buy, Carphone Warehouse, China, China business, European Economic Area, Five Star, Hubert Joly, Kenneth Maxwell, North America, North American, North American operations, United States, Zhejiang, Zhejiang Jiayuan Group

07/12/2014

China looking to curb fertilizer, pesticide use | Reuters

China, the world’s top producer of rice and wheat, is seeking to cap the use of chemical fertilizers and pesticides that have helped to contaminate large swathes of its arable land and threaten its ability to keep up with domestic food demand.

More than 19 percent of soil samples taken from Chinese farmland have been found to contain excessive levels of heavy metals or chemical waste. In central Hunan province, more than three quarters of the ricefields have been contaminated, government research has shown.

China is the world’s top consumer of pesticides but almost two thirds of pesticides are wasted, contaminating both land and water, an environment official said last year.

“We need to be determined to control the use of fertilizer and pesticides,” said chief economist at the agriculture ministry Bi Meijia.

Zhejiang province in eastern China plans to cut the use of nitrogen fertilizer by 8 percent in the next three years, Bi said, and the whole country could cap the growth in use of fertilizer and pesticides by 2020.

Still, China is aiming to remain self-sufficient in its staple crops, even as it moves to control pesticide and fertilizer use, Bi and another agricultural official said.

China recorded a bumper grains harvest in 2014, with output up about 1 percent to 607.1 million tonnes, official data showed, the 11th consecutive year of rising production.

via China looking to curb fertilizer, pesticide use | Reuters.

More than 40 percent of China’s Arable Land Degraded

Posted in agriculture, China alert, Economics, Pollution | Leave a Comment »

Tags: Agricultural policy, agriculture, Arable land, Beijing, China, Heilongjiang, Land degradation, pesticides, Soil contamination

04/12/2014

Family support planned for aging population – China – Chinadaily.com.cn

China will support the role of family in providing care to the elderly as the country responds to the rapid aging of its population, a top health and population official of China said during the 2014 World Family Summit.

“China will actively respond to population aging and include it as part of China’s national plan for development,” Li Bin, minister of the National Health and Family Planning Commission, said during the summit, which concluded on Wednesday in Zhuhai, Guangdong province. “The government will help families increase their capacity for elder care and provide more training to them.”

To cope with its rapidly aging population, China will establish social security and health support networks for the elderly and provide a better environment to serve the elderly, she said.

The government will create policies targeted at the development of families and invest more human resources to help families guard against potential risks, she said in a speech during the summit.

The number of people aged 60 or above in China reached 202 million last year, accounting for nearly 15 percent of the country’s population, according to a report released by the commission in November.

More than 20 percent of families in China had at least one member aged 65 or older in 2010, and almost half of all people aged 65 or above live with their children, according to the report. Most elderly Chinese are still cared for by their families, the report said.

A severe shortage of quality elderly-care institutions and traditional beliefs are the major reasons family members mostly care for their own elderly, experts said.

via Family support planned for aging population – China – Chinadaily.com.cn.

Posted in aging population, China alert, Economics, Social & cultural | Leave a Comment »

Tags: Aerobatics, Aerospace, aging population, Air show, aviation, China, Economic development, Global Aviation, Guangdong, Middle class, population aging, Zhuhai

04/12/2014

Visas for travel: Common sense comes to India | The Economist

RED TAPE is the bane of frequent business travellers. Many places in the world require arduous and expensive visa applications for even the most routine travel. I have two passports just so I can juggle concurrent applications when necessary. But the best policy, for business travellers and tourists alike, is a less-restrictive visa regime. The Schengen Area has proven a huge boon to European travellers; this blog has long supported making it easier for people to travel abroad.

Now there’s some good news. India, a nation notorious for bureaucracy and red tape—not to mention the long queues outside its diplomatic missions of people hoping to visit the country (see picture above of India House in London)—has dramatically loosened its visa policies. Travellers from 43 nations, including Germany, Japan, Russia and America, will now be able to receive visas upon arrival. There are, unfortunately, some restrictions:

You have to apply online four days in advance, pay a $60 fee, and upload a passport photo and a scan of your passport.

It only works for the international airports in nine cities: Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Thiruvananthapuram, Kochi and Goa.

It is valid for 30 days, and you can only get two per year.

Narendra Modi‘s government has referred to the changes as being for a “tourist visa”. But the announcement makes clear the visa can be used for a “casual business visit”, and many Gulliver readers may decide that’s good enough for them.

The new policy is far from perfect, but it’s a step in the right direction and one that travellers should applaud. It will “send out a clear message that India is serious about making travel to the country easy,” Mahesh Sharma, the country’s tourism minister, said in a statement. That’s an encouraging attitude. If Mr Modi’s government can pull off more changes along these lines, travellers—and the Indian economy—should benefit greatly.

via Visas for travel: Common sense comes to India | The Economist.

Posted in Economics, India alert, Tourism, Trade | 1 Comment »

Tags: AirAsia, Bangalore, Business travel, business travellers, Chennai, European travellers, frequent business travellers, Hyderabad, India, India House, Kolkata, Schengen Area, travel, Visa (document), visa applications

04/12/2014

End of the road for Delhi’s old cars as India battles smog | Reuters

The National Green Tribunal has banned all vehicles older than 15 years from the streets of the capital, New Delhi, in a bid to clean up air that one prominent study this year found to be the world’s dirtiest.

Heavy traffic moves along a busy road during a power-cut at the traffic light junctions in New Delhi July 31, 2012. REUTERS/B Mathur/Files

The ruling hits up to a third of the 8.4 million motorbikes, trucks, cars and auto-rickshaws that ply the traffic-choked roads of Delhi and its surrounding areas, transport officials estimate.

Cities across the world are ordering older vehicles off the road or restricting private car use to tackle growing air pollution. Mexico City introduced a ban on older vehicles driving on Saturdays this year, while in March, France briefly enforced the most drastic traffic curbs in 20 years.

“It is undisputed and in fact unquestionable that the air pollution of … Delhi is getting worse with each passing day,” the National Green Tribunal ruled in a judgment last week banning older vehicles from city streets.

Vehicular emissions are the cause of close to three-quarters of Delhi’s air pollution, the Delhi government estimates, and a World Health Organization study of 1,600 cities released in May found India’s capital had the world’s dirtiest air. India rejected the report.

The ban in Delhi lacks incentives to encourage drivers to trade in their older vehicles but eventually could boost sales for carmakers like Maruti Suzuki India and Tata Motors, as the capital accounts for 17 percent of India’s new car sales, said IHS automotive analyst Puneet Gupta.

via End of the road for Delhi’s old cars as India battles smog | Reuters.

Posted in car, Economics, India alert, Pollution | 1 Comment »

Tags: air pollution, Air purifier, Centre for Science and Environment, Delhi, India, National Green Tribunal Act, New Delhi, Particulates, pollution, World Health Organization

04/12/2014

China bolsters support for farm sector with tax breaks | Reuters

China is increasing its support for agriculture by renewing select tax breaks that have expired, the government said on Wednesday, in another move to support the real economy.

A farmer plants paddy on a terrace field in Suichuan county, Jiangxi province May 20, 2014. REUTERS-Stringer

China’s stumbling economy this year has pared banks’ tolerance for risk when they lend, further reducing the supply of loans to small-time borrowers who are usually ignored by banks because they are deemed to be high-risk borrowers.

Financial companies do not have to pay a business tax on the interest earned on agricultural loans worth no more than 100,000 yuan ($16,260), the Chinese cabinet said after a weekly meeting.

Their corporate income tax would also be discounted by 10 percent to “muster the enthusiasm of financial institutions when it comes to lending to farmers”, the cabinet, or State Council, said in an online statement.

The tax breaks, previously in place but had expired, would be reinstated and are effective until the end of 2016.

Insurers that sell insurance to crop and livestock farmers would also get a 10 percent discount on their corporate income tax, the government said.

A tax break that cuts the business tax to three percent for financial firms working within counties would also be extended until the end of 2016, the cabinet said.

Buffeted by a slowing housing market and slowing domestic demand and investment, China’s economy is forecast by some analysts to be sliding towards its worst downturn in nearly a quarter of a century this year.

Annual growth in the world’s second-largest economy could fall to 7.4 percent, a Reuters poll showed in October.

To rejuvenate the real economy, China announced a cut in interest rates of 40 basis points on Nov. 21 in a move that the central bank said was aimed at lowering borrowing cost.

via China bolsters support for farm sector with tax breaks | Reuters.

Posted in agriculture, China alert | Leave a Comment »

Tags: Beijing, China, Economic growth, Finance, Financial institution, Interest, Interest rate, Peoples Bank of China, Percentage point, real economy, State Council of the People's Republic of China, tax break, tax breaks

04/12/2014

Intel to invest $1.6 billion in China factory | Reuters

Intel Corp (INTC.O) will invest $1.6 billion (1 billion pounds) to upgrade its factory in the city of Chengdu in western China, the latest sign of how the chipmaker is deepening ties in a market that is proving increasingly troublesome for some U.S. technology peers.

Indonesian youth walk past an Intel sign during Digital Imaging expo in Jakarta March 5, 2014. REUTERS/Beawiharta

As part of the upgrade, Intel said in a statement on Thursday it would bring its most advanced chip-testing technology to China. In exchange it will receive local and regional government support for construction.

“Deploying our newest advanced testing technology in China shows our commitment to innovating jointly with China,” Intel executive vice president William Holt said in the statement. “The fully upgraded Chengdu plant will help the Chinese semiconductor industry and boost regional economic growth.”

The announcement comes three months after Intel purchased a minority stake in a government-controlled semiconductor company to jointly design and distribute mobile chips, an industry that China considers to be of strategic importance.

Intel’s fortunes in China contrast with the travails of its rival, Qualcomm Inc (QCOM.O), which is expected to announce in the coming days a potentially record-breaking settlement with Chinese antitrust regulators.

China’s investigation into San Diego-based Qualcomm, as well as a spate of recent probes against firms including Microsoft Corp, have prompted an outcry from foreign business lobbies. They say the Chinese government is increasingly adopting strong-arm tactics to yield technology-sharing or other arrangements beneficial to domestic industry.

The government, meanwhile, has defended its regulatory scrutiny as even-handed. It has pointed to a history of Qualcomm and Microsoft facing similar antitrust probes in Western countries.

Analysts say there is a broad recognition that foreign companies must do more to stay in China’s good graces.

via Intel to invest $1.6 billion in China factory | Reuters.

Qualcomm: Street Dazzled by ‘Roadmap,’ But China Uncertainty to Linger

Posted in China alert, Economics, FDI, IT, Manufacturing, Technology | Leave a Comment »

Tags: ARM architecture, Chengdu, China, Intel, Intel Corp, Internet of Things, List of cities in the People's Republic of China, MediaTek, Microsoft, Qualcomm, Rockchip, Western China

03/12/2014

China’s Left-Behind Children are Lonely, Underperforming, and Sad – Businessweek

China has an estimated 61 million “left-behind children”—youths in the countryside who grow up separated from migrant worker parents. A survey has just detailed the problems facing an alienated generation whose members are usually raised by relatives, educated in rural boarding schools, or even forced by circumstance to live alone.

China's Left-Behind Children Are Lonely, Underperforming, and Sad

Without proper attention, many regularly suffer injuries, says a report released on Nov. 30 by the China Youth & Children Research Center. Almost half of the group’s members (known in Chinese as liushou ertong) has been injured in accidents involving cuts, burns, animal bites, traffic accidents, and electric shocks. That was 5.3 percent higher than the rate of injury experienced by other children, the study said.

With most attending underfunded, overcrowded rural schools—or even dropping out—the academic problems facing left-behind children are particularly severe. More than four-fifths reported problems with declining scholastic performance, and 43.8 percent were not interested in studying.

Just under 70 percent of left-behind children reported being unable to understand their class lessons. About one-half had problems finishing homework, 40 percent were late for classes, and 5.5 percent were often absent—all higher rates than those experienced by children raised by their parents.

Without access to adequate social support, many reported experiencing negative feelings. Almost one-half were irritable, while around 40 percent said they were unhappy. One-fifth said they had problems losing their temper without good reason.

Left-behind girls were even more vulnerable than boys, repording higher rates of problems in each of these areas, as well as a lower sense of self-worth than their male counterparts. As for loneliness—a problem experienced by all the left-behind children— girls again suffered more: Some 42.9 percent of left-behind girls said they often feel lonely. That’s 6.2 percent higher than their male counterparts reported, and it’s 6.7 percent higher than girls who live with their parents.

via China’s Left-Behind Children are Lonely, Underperforming, and Sad – Businessweek.

Posted in China alert, Economics, migrant worker | Leave a Comment »

Tags: Beijing, Boarding school, children, China, Chinese language, communist party of china, Filmmaking, Mao Zedong, Rural area, Xi JinPing

03/12/2014

A New Look for Indian Railways – India Real Time – WSJ

Indian Railways is trying to get a makeover.

“We want to improve passenger amenities,” said Suresh Prabhu, India’s new minister for railways, via a video conference at an event organized by the Asia Society in Mumbai Wednesday.

India’s nationalized rail network carries around 30 million passengers a day and has a budget for 2014/15 of 654 billion rupees ($10 billion.)

So what will the new railways look like? Mr. Prabhu gave some clues Wednesday.

Better food: Train travelers have long grumbled about the quality of food served on Indian trains including watery dal (lentil soup) and thick rotis (Indian bread.)

Mr. Prabhu said he’s considering a plan to set up base kitchens that will make good quality food to supply trains.

He’s also exploring an option to tie up with restaurants along train routes, so that commuters can order food from those restaurants, and the food would be delivered onto the train by Railway staff.

Some private websites have lately started offering this facility on their own, such as travelkhana.com, yatrachef.com and railtiffin.com.

Mobile ticket booking: The Indian Railways’ website irctc.co.in, which allows travelers to book tickets online, is one of the most-frequently visited websites in India.

Now, Indian Railways wants to introduce an option for travelers to be able to book train tickets on their cellphones. Mr. Prabhu didn’t clarify if he was referring to a new app for this booking.

He said Wednesday that a technical glitch has delayed the launch, but passengers can expect it soon.

Cleanliness: The Railways are looking to improve the quality of toilets and waiting spaces at train stations, said Mr. Prabhu. “We also want to improve the coaches,” he said. The plan is to retrofit existing train coaches and set up a factory for making new coaches, he added.

“In the next few months we should be able to put in place a complete blueprint” to achieve these goals without denting the rail finances, said Mr. Prabhu.

via A New Look for Indian Railways – India Real Time – WSJ.

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

Tags: Bharatiya Janata Party, Cabinet of India, Delhi, India, Indian Railways, Lok Sabha, mumbai, Purchasing power parity, Railway Board (India), shiv sena, Suresh Prabhakar Prabhu, Suresh Prabhu

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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They’re Coming! Chinese Tourists Will Make 100 Million Trips Abroad This Year – Businessweek

Best Buy to sell China business, focus on North America | Reuters

China looking to curb fertilizer, pesticide use | Reuters

Visas for travel: Common sense comes to India | The Economist

End of the road for Delhi’s old cars as India battles smog | Reuters

China bolsters support for farm sector with tax breaks | Reuters

China’s Left-Behind Children are Lonely, Underperforming, and Sad – Businessweek

A New Look for Indian Railways – India Real Time – WSJ

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