Posts tagged ‘China’

02/03/2014

Chinese Employers Discriminate Against Women Planning to Have Two Children – Businessweek

Late last year, China’s central government announced reforms to the controversial one-child policy—in particular, approving a resolution that would allow couples to have two children if at least one of the parents was an only child. But the change didn’t go into effect instantly; implementation is controlled locally. On Tuesday, Shanghai’s government approved measures to enact the so-called two-child policy, effective March 1. Shanghai is the seventh region in China to adopt guidelines for reforming, not abolishing, the country’s sprawling population-control bureaucracy.

To some extent, the number of children couples can have—and when they can have them—will vary by city. Shanghai’s policies are more liberal than Beijing’s, where new guidelines took hold last Friday. Shanghai parents qualified to have two children can do so regardless of their own ages or the time between births. But Beijing parents with one child must wait until the mother turns 28, or the first child turns 4, before having a second child, as independent newsmagazine Caijing reported.

China’s relaxed birth-control policies also bring unexpected consequences. According to state-run Global Times, some female job applicants are already facing increased hiring discrimination as potential employers appear reluctant to pay for two maternity leaves. “An interviewer asked me if I was going to have two children, and I did not know how to answer,” one young woman in Zhejiang province told the newspaper. “Having children is also making a contribution to society, but they [potential employers] treat us like enemies, which is so unfair.”

via Chinese Employers Discriminate Against Women Planning to Have Two Children – Businessweek.

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02/03/2014

BBC News – China separatists blamed for Kunming knife rampage

Chinese officials have blamed separatists from the north-western Xinjiang region for a mass knife attack at a railway station that left 29 people dead and at least 130 wounded.

Stabbing victim arrives in hospital. 2 March 2014

A group of attackers, dressed in black, burst into the station in the south-west city of Kunming and began stabbing people at random.

Images from the scene posted online showed bodies lying in pools of blood.

State news agency Xinhua said police shot at least four suspects dead.

A female suspect was arrested and is being treated in hospital for unspecified injuries while a search continues for others who fled the scene, the BBC’s Celia Hatton in Beijing reports.

Authorities described the incident as an “organised, premeditated, violent terrorist attack”.

via BBC News – China separatists blamed for Kunming knife rampage.

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28/02/2014

Made-in-USA Luxury Brands Win Fans in China – Businessweek

Corina Su would love to own a handbag or shoes from luxury brands such as Louis Vuitton (MC:FP) or Gucci (KER:FP). For now, Kate Spade (KATE), Michael Kors (KORS), or Coach (COH) will do. “We call these the ‘American trendy brands,’ ” says Su, a 25-year-old who works in advertising in Shanghai. She prefers Kate Spade’s bright colors and bold designs to the more muted styles offered by big European luxury houses that tout their heritage to justify charging more. “I might eventually buy an LV or Gucci bag,” Su says. “But it won’t be until I’m much older, I suspect.”

A Kate Spade handbag

As Chinese shoppers such as Su get better acquainted with American luxury brands, they’re discovering a designer wardrobe doesn’t have to cost months of pay. That’s helping U.S. labels that offer fashions with a foreign pedigree but price tags in the hundreds of dollars even as European luxury-goods makers raise prices for some bags to more than $4,000 to combat slowing growth. “The Chinese market is developing into a middle-class market, looking a bit less elitist and a bit more American,” says Luca Solca, an analyst at Exane BNP Paribas.

via Made-in-USA Luxury Brands Win Fans in China – Businessweek.

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28/02/2014

Chinese criticize state firm behind Three Gorges dam over graft probe | Reuters

A scathing report on corruption at the company that built China’s $59-billion Three Gorges dam, the world’s biggest hydropower scheme, has reignited public anger over a project funded through a special levy paid by all citizens.

Ships sail on the Yangtze River near Badong, 100km (62 miles) from the Three Gorges dam in Hubei province August 7, 2012. REUTERS/Carlos Barria

The report by the ruling Communist Party’s anti-graft watchdog last week found that some officials at the Three Gorges Corporation, set up in 1993 to run the scheme, were guilty of nepotism, shady property deals and dodgy bidding procedures.

Between 1992 and 2009, all citizens had to pay a levy built into power prices across China to channel money to the dam’s construction, a project overshadowed by compulsory relocations of residents and environmental concerns.

“The relatives and friends of some leaders interfered with construction projects, certain bidding was conducted secretly … and some leaders illicitly occupied multiple apartments,” the graft watchdog said on its website(www.ccdi.gov.cn).

The Three Gorges Corporation published a statement on its website on Tuesday saying it would look into the issues the probe raised, and strictly punish any corrupt conduct and violations of the law and party discipline.

The accusations – made as part of President Xi Jinping‘s crackdown on deep-rooted corruption – have spread rapidly across China’s popular Twitter-like service Sina Weibo, and some of China’s more outspoken newspapers have weighed in too.

via Chinese criticize state firm behind Three Gorges dam over graft probe | Reuters.

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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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23/02/2014

India’s Modi Talks Tough on China – India Real Time – WSJ

The frontrunner to become India’s next prime minister traveled to a town near the country’s disputed Himalayan border with China over the weekend and bluntly warned Beijing to abandon its territorial ambitions.

In a sign of rising Indian wariness of its northern neighbor, Hindu nationalist opposition leader Narendra Modi said China “will have to leave behind its mindset of expansion” and said Beijing should work for “development and prosperity.”

For Mr. Modi, the Bharatiya Janata Party’s candidate for the premiership in upcoming national elections, it was a rare foray into foreign policy on the campaign trail, where he has focused primarily on a weak domestic economy.

Speaking in Pasighat, a town in India’s northeast Arunachal Pradesh state, and again in Assam near India’s border with Bangladesh, Mr. Modi sought to portray himself as strong on defense and unafraid of other regional powers.

“No power on earth can snatch away Arunachal Pradesh from India,” Mr. Modi said.

India’s next leader will inherit a volatile neighborhood.

In addition to a more assertive and well-armed China, which is looking to play a greater role in South Asia and the Indian Ocean, New Delhi also must deal with the fallout of a diminishing U.S. troop presence in Afghanistan.

Security experts warn that reduced Western presence there could fuel Islamic militancy along India’s already troubled border with Pakistan. Bangladesh and Sri Lanka have been gripped by internal political tensions.

via India’s Modi Talks Tough on China – India Real Time – WSJ.

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22/02/2014

China gives order to commence war with Japan ‘if it is appropriate to fight’

This translated article seems to confirm the views of a senior US military person – https://chindia-alert.org/2014/02/20/china-training-for-short-sharp-war-says-senior-us-naval-officer-ft-com/

China has been to war with India, Russia and Vietnam over border/territorial disputes – https://chindia-alert.org/political-factors/chinese-tensions/ – Perhaps this will be another such conflict.

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21/02/2014

* Local-government debt: Bridging the fiscal chasm | The Economist

This article provides support for the views of Charlene Chu, expert on China’s shadow debt – http://www.ft.com/cms/s/0/ffcabcec-7900-11e3-b381-00144feabdc0.html#axzz2tsNdwlvq.  She was one of the key interviewees in Robert Peston‘s recent BBC2 show on “How China Fooled the World”. – http://www.bbc.co.uk/programmes/b03w7gxt

“CHINA’S provincial administrations are often referred to as “local” governments. But the phrase does not do them justice. The province of Guangdong, for example, boasts more than 105m people and a GDP worth more than $1 trillion. Only 11 countries (including China itself) have a bigger population and only 15 have a larger economy.

Equally impressive is the scale of provincial debts. At the end of 2013 China’s national auditor revealed that the liabilities of local governments had grown to 10.9 trillion yuan ($1.8 trillion) by the middle of last year, or 17.9 trillion yuan if various debt guarantees were added. That was equivalent to about a third of China’s GDP. These “local” debts, in other words, had grown fast enough to become a national burden and an international concern.

The audit documented the size of the problem, but revealed little about its location. The debts were all discussed at an aggregate, countrywide level. No provinces were singled out for blame or praise. In the past few weeks, however, almost all of the provincial-level governments have published audits of their own. As well as shedding light on the problem, this information may help to solve it. In principle, the least provident governments are now exposed to public scrutiny. Fiscal shame may help prevent a fiscal fright.

But identifying the most indebted province is not as easy as it sounds. The figures can be sliced and diced in a variety of ways. The coastal provinces of Jiangsu (just north of Shanghai) and Guangdong (just north of Hong Kong) owe the most, accounting for 14% of the total between them. But these two provinces also have the largest economies, generating over 19% of the country’s GDP.

Relative to the size of their economies, the poor western provinces of Yunnan, Qinghai and Gansu bear some of the heaviest burdens, along with the western municipality of Chongqing, which is renowned for its heavy public investment (see chart). The province with the biggest fiscal chasm to cross, however, is Guizhou (whose impressive Balinghe bridge is pictured above). It had liabilities in mid-2013 equivalent to over 80% of its GDP over the previous four quarters.

These figures include money China’s provincial governments have borrowed themselves and other institutions’ debts that they have guaranteed. Sometimes this debt is guaranteed explicitly. Often, the backing is implicit. By the end of 2012 Chongqing had explicitly guaranteed debts worth 18% of its GDP. Gansu, for its part, had implicitly backed borrowings worth 20%.”

via Local-government debt: Bridging the fiscal chasm | The Economist.

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