Posts tagged ‘Beijing’

25/02/2014

Stocks scale peaks, yuan drops most in three years | Reuters

World shares were at a 6-year high on Tuesday following a record peak on Wall Street, while moves by China to stamp out easy betting on the yuan triggered the currency’s biggest drop in over three years.

An office worker walks past the board of the Australian Securities Exchange building displaying its logo in central Sydney April 5, 2013. REUTERS-Daniel Munoz

The upbeat mood among equity investors in the United States as well as Europe helped steady markets in China after the sharp plunge in the yuan and talk of credit tightening had seen stocks in Beijing suffer their biggest drop since September. .SSEC.

Spot yuan has entered a dramatic weakening cycle in recent weeks, guided by a series of moves by the central bank, with the unwinding of yuan positions by banks and funds adding downward momentum.

China allows the yuan to move 1 percent above or below a midpoint set daily but traders believe the recent depreciation is intended to set the stage for a widening of that band to 2 percent or more this year to make it more free moving.

via Stocks scale peaks, yuan drops most in three years | Reuters.

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25/02/2014

Property remains top wealth driver in China-Hurun list | Reuters

Real estate remained the most lucrative road to riches in China last year, according to the Hurun Global Rich List, despite Beijing’s repeated efforts to cool red-hot property prices.

A labourer works at a construction site in Beijing, January 20, 2014. REUTERS/Kim Kyung-Hoon

Six of world’s 10 top real estate tycoons are now from China and Hong Kong, according to Hurun Report Inc, which released its Global Rich list on Tuesday.

Hong Kong property tycoon Li Kai-shing claimed the top spot in the Greater China area with his fortune rising 3 percent to 200 billion yuan ($32.80 billion).

Wang Jianlin, chairman of China’s largest commercial property developer, Dalian Wanda Group, and Lui Che-Woo, founder of casino operator, Galaxy Entertainment Group Ltd (0027.HK), were the runners-up with personal wealth of 150 billion yuan ($24.60 billion) each.

Wang’s fortune doubled last year, while Lui’s wealth jumped 108 percent, the report said.

Wang bought UK luxury yacht maker Sunseeker for $1.6 billion and is planning billion-dollar luxury hotel developments in London and New York.

Home prices in many Chinese cities continued to set records last year despite a four-year government campaign to cool the housing market, official data showed.

via Property remains top wealth driver in China-Hurun list | Reuters.

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23/02/2014

China’s Migrant Workers Lack High-End Skills – Businessweek

China is already facing the challenge of a shrinking labor force. Its working age population—16 to 59—declined by more than 2 million people, to about 920 million last year, compared with 2012. And while the total number of migrant workers is still increasing slowly, up 2.4 percent, to 269 million, last year, many lack needed skills. That’s despite the fact that wages keep rising, up about 14 percent, to around 2,600 yuan ($427) a month last year.

China's Migrant Workers Lack High-End Skills

“It is difficult to hire general workers, which reflects the limited supply of migrant workers. Despite China upgrading and restructuring its industrial base, there are difficulties in recruiting enough skilled technicians to work in these fields,” said Yang Zhiming, deputy minister of Human Resources and Social Security, at a press conference Thursday in Beijing, reported the Global Times.

China is aiming to shift its economy to higher-value-added industries and lessen its reliance on low-end, low-skill manufacturing of shoes, clothes, and toys, a process officials have dubbed tenglong huanniao, or “clearing the cage and changing the bird.” To meet the skills gap, the government will offer more training programs and educate at least 10 million migrants a year. Beijing intends to provide training by 2020 for the entire “new generation” of migrant workers, or those born after the 1980s, which now number about 100 million, according to Yang.

via China’s Migrant Workers Lack High-End Skills – Businessweek.

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20/02/2014

China training for ‘short, sharp war’, says senior US naval officer – FT.com

China has been training for a “short, sharp war” against Japan in the East China Sea, a senior US military officer has claimed, in comments that underline the growing military tensions in the western Pacific.

Disputed territory

Captain James Fanell, director of intelligence for the US Pacific Fleet, said that a large-scale Chinese military exercise conducted in 2013 was designed to prepare forces for an operation to seize disputed islands in the East China Sea, which Japan calls the Senkaku and China the Diaoyu.

“We witnessed the massive amphibious and cross military region enterprise – Mission Action 2013,” Capt Fanell said at a navy conference last week in San Diego.

“We concluded that the PLA [People’s Liberation Army] has been given the new task of being able to conduct a short, sharp war to destroy Japanese forces in the East China Sea following with what can only be an expected seizure of the Senkakus,” he added.

Conducting a training exercise is very different from having an actual plan to seize the islands. For years, the Chinese military has staged exercises designed to mimic a possible invasion of Taiwan.

However, the comments about China’s military training plans come at a time of considerable tension surrounding the contested islands. The regular presence of both Chinese and Japanese vessels and aircraft in the region has raised the risk of an accident that could spark a wider confrontation.

In December, China declared an air defence identification zone for the East China Sea, which the US and many other countries in the region interpreted as an attempt to cement its sovereignty claim over the disputed islands.

Although Capt Fanell’s remarks were unusually blunt in their assessment of China’s intentions, they represent a growing tide of anxiety from senior US officials about Beijing’s ambitions in both the East China Sea and South China Sea.

Earlier in February, Danny Russel, the US assistant secretary of state for East Asia, warned “there are growing concerns that this pattern of behaviour in the South China Sea reflects incremental effort by China to assert control over the area”. He said that China’s recent actions had “created uncertainty, insecurity and instability in the region”.

Capt Fanell said that Chinese maritime training had shifted in character in the second half of 2013 to prepare for “realistic maritime combat” that its navy might encounter. Last year, it conducted nine operations in the western Pacific that were designed to “practise striking naval targets”.

“I do not know how Chinese intentions could be more transparent,” he said. When Beijing described its activities as the “protection of maritime rights”, this was really “a Chinese euphemism for the coerced seizure of coastal rights of China’s neighbours”, Capt Fanell said.

via China training for ‘short, sharp war’, says senior US naval officer – FT.com.

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18/02/2014

* China to spend $330 billion to fight water pollution -paper | Reuters

China has a fifth of the world’s population but just 7 percent of its water resources, and the situation is especially precarious in its parched north, where some regions have less water per capita than the Middle East.

A man walks by a pipe discharging waste water into the Yangtze River from a paper mill in Anqing, Anhui province, December 4, 2013. REUTERS/William Hong

The plan is still being finalized but the budget has been set, exceeding the 1.7 trillion yuan ($277 billion) China plans to spend battling its more-publicized air pollution crisis, the China Securities Journal reported, citing the Ministry of Environmental Protection.

It will aim to improve the quality of China’s water by 30 to 50 percent, the paper said, through investments in technologies such as waste water treatment, recycling and membrane technology.

The paper did not say how the funds would be raised, when the plan would take effect, or what timeframe was visualized, however.

Groundwater resources are heavily polluted, threatening access to drinking water, Environment Minister Zhai Qing told a news conference in the capital, Beijing, last week.

According to government data, a 2012 survey of 5,000 groundwater check points found 57.3 percent of samples to be heavily polluted.

China emits around 24 million tons of COD, or chemical oxygen demand, a measure of organic matter in waste water, and 2.45 million tons of ammonia nitrogen, into its water each year, Zhai said.

Over the next five years, China has previously estimated it will need to spend a total of 60 billion yuan to set up sludge treatment facilities, and a further 10 billion yuan for annual operation, the environment ministry says.

China is short on water to begin with but its water problems are made worse by its reliance on coal – which uses massive amounts of water to suppress dust and clean the fuel before it is burnt – to generate nearly 70 percent of its electricity while self-sufficiency in food remains a key political priority.

via China to spend $330 billion to fight water pollution -paper | Reuters.

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17/02/2014

China says keen on meeting with Taiwan president, but no rush | Reuters

China said on Monday it was keen on a meeting between President Xi Jinping and Taiwan President Ma Ying-jeou, but signaled it was in no rush to set a venue or timeframe for what would be a historic get-together.

Taiwan's Mainland Affairs Minister Wang Yu-chi (2nd R) and Vice Minister Wu Mei-hung (R) pay their respect to the statue of party founder Sun Yat-sen during their visit at Sun Yat-sen mausoleum in Nanjing, Jiangsu province, February 12, 2014. REUTERS/Stringer

Since taking office in 2008, Ma has signed a series of landmark trade and economic agreements with China, cementing China’s position as Taiwan’s largest trading partner.

But Taiwan said last week that China had rebuffed as “inappropriate” a request for the two men to meet at an Asia-Pacific Economic Cooperation (APEC) summit in Beijing.

Fan Liqing, spokeswoman of China’s Taiwan Affairs Office, told reporters the subject of a Xi-Ma summit was “not a topic for discussion” during last week’s landmark meeting between top Chinese and Taiwan government officials.

That meeting was an important step in pushing overall cross-Strait relations, she said, adding that further steps would follow, promising to benefit people on both sides of the Taiwan Strait.

“As for a meeting between the leaders on both sides of the Strait, we have said many times that this is something we have upheld for many years, and we have always had an open, positive attitude towards it,” Fan said.

via China says keen on meeting with Taiwan president, but no rush | Reuters.

See also: https://chindia-alert.org/2014/02/14/china-dashes-taiwans-hope-of-meeting-between-leaders-at-apec-reuters/

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16/02/2014

Taiwanese official says aloud formal title of Taiwan during Nanjing visit | South China Morning Post

A senior Taiwanese envoy raised eyebrows on the mainland yesterday when he used the island’s official name during a landmark ceremonial visit to Sun Yat-sen’s resting place.

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Wang Yu-chi, the head of Taiwan’s Mainland Affairs Council, used the phrase Republic of China at the Sun Yat-sen Mausoleum in Nanjing, where Beijing and Taipei government officials are holding their first official talks in six decades.

“The Republic of China, the first democratic republic in Asia established by Dr Sun Yat-sen, has existed for 103 years,” Wang said in brief remarks before officials from Beijing’s Taiwan Affairs Office, Taiwanese journalists and a huge group of mainland tourists.

The statement seemed to contradict Beijing’s official line that the People’s Republic of China – founded by the Communist Party in 1949 as Nationalist forces fled to Taiwan – is the one true China. The party maintains Taiwan is a breakaway province, not a republic, as “103 years” would appear to suggest.

Watch: China and Taiwan hold historic talks

Wang went on to say that he believed Sun would be gratified to know that his “three principles of the people” – nationalism, democracy and the welfare of people – were now being practised in Taiwan. Sun is revered on both sides of the Taiwan Strait for his role in the 1911 revolution and the founding of modern China.

The deputy director of the Taiwan Affairs Office, Ma Xiaoguang, sidestepped any controversy, saying it was a known fact that Sun led the revolution that overthrew the imperial regime 103 years ago.

via Taiwanese official says aloud formal title of Taiwan during Nanjing visit | South China Morning Post.

Seealso: https://chindia-alert.org/2014/02/14/china-dashes-taiwans-hope-of-meeting-between-leaders-at-apec-reuters/

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14/02/2014

Chinese luxury spending drops 19% during festival[1]- Chinadaily.com.cn

Chinese people spent $6.9 billion overseas on luxury goods during the Spring Festival holiday (Jan 31 – Feb 6), a drop of 18.8 percent from last year, according to World Luxury Association.

Austerity drive among factors taking toll on luxury market

Luxury outlets lure Chinese at Lunar New Year

And domestic sales of luxury goods were only $350 million, a 57.8-percent drop from 2013 and 80 percent drop from 2012.

The European area tops the destinations by receiving nearly $3.6 billion of total overseas spending during the festival.

Meanwhile the domestic luxury goods consumption also saw a sharp drop in five major cities (Beijing, Shanghai, Guangzhou, Shenzhen and Chonagqing), standing at $350 milion, down 57.8 percent from the same period of last year and 80 percent from 2012.

Insiders said the results were due to the Chinese central government‘s cracking down on corruption, which led to dramatic decrease in government-paid junkets and officials accepting gifts.

via Chinese luxury spending drops 19% during festival[1]- Chinadaily.com.cn.

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14/02/2014

China dashes Taiwan’s hope of meeting between leaders at APEC | Reuters

China has rebuffed a request by Taiwan for Chinese President Xi Jinping and Taiwan President Ma Ying-jeou to meet at an Asia-Pacific Economic Cooperation (APEC) summit in Beijing, saying it was “inappropriate”, a Taiwan official said on Friday.

Taiwan's Mainland Affairs Chief Wang Yu-chi (C) is surrounded by microphones and recorders as he talks to journalists at the Shanghai Media Group headquarters in Shanghai, February 13, 2014. REUTERS-China Daily

China and Taiwan have been ruled separately since Nationalist forces, defeated by the Communists, fled to the island at the end of the Chinese civil war in 1949. China considers Taiwan a renegade province and has never ruled out the use of force to bring it under its control.

But over recent years the two sides have built up extensive economic ties, and this week, they held their first direct, government-to-government talks, a big step towards expanding cross-strait dialogue beyond trade.

At the talks in the mainland city of Nanjing, Taiwan’s Mainland Affairs Minister Wang Yu-chi said Zhang Zhijun, head of China’s Taiwan Affairs Office, brought up the subject of a meeting this year between their leaders.

Wang said he responded by proposing the APEC summit later in the year as “the only choice for us”, but Zhang resisted the request.

“I told Zhang that Taiwan hopes Ma and Xi can meet in the upcoming APEC meeting,” Wang told a news conference in Taipei after returning from his four-day visit to China.

“However, Zhang said that is not acceptable. China doesn’t see APEC as appropriate,” Wang said, without elaborating.

via China dashes Taiwan’s hope of meeting between leaders at APEC | Reuters.

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14/02/2014

China says 11 ‘terrorists’ killed in new Xinjiang unrest | Reuters

Eleven “terrorists” were killed during an attack in China’s far western region of Xinjiang on Friday, state news agency Xinhua said, in the latest violence to hit a part of the country with a large Muslim population.

A leading member of the ethnic Turkic Uighur community in exile said such attacks were a response to heavy-handed Chinese rule in the region and U.S. Secretary of State John Kerry, on a visit to Beijing, expressed concern over the state of human rights in Xinjiang, to the annoyance of his hosts.

“The terrorists, riding motorbikes and cars, attacked a team of police who were gathering before the gate of a park for routine patrol at around 4 p.m. in Wushi County in the Aksu Prefecture,” Xinhua said in an English-language report.

“Police said the terrorists had (an) unknown number of LNG cylinders in their car which they had attempted to use as suicide bombs. Several terrorists were shot dead at the scene,” it added.

Eight were killed by police and three died “by their own suicide bomb”, Xinhua said.

via China says 11 ‘terrorists’ killed in new Xinjiang unrest | Reuters.

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