- China’s communists celebrate with ‘red tourism’ [AFP] “Sixty years after founding the People’s Republic of China, the communist regime is keeping the revolutionary fires burning while promoting its version of history through “red tourism” destinations such as that in the eastern city of Wuhu.”
- Google to “Develop” 10,000 Hangzhou SMEs [JLM Pacific Epoch] “Google plans to “develop” 10,000 small and medium-sized enterprises (SMEs) in Hangzhou, Zhejiang province over the next three years, reports Today Morning Express quoting Google Greater China Director and General Manager of Sales Song Zhongjie. Song said Google plans to double its Zhejiang distributors and employees in 2009. The Hangzhou government aims to help 10,000 SMEs enter the e-commerce industry each year, said Song.”
- Are China’s Rich Different? [Pomfret’s China] “The most interesting thing about the report is the argument that China’s rich are different. First, they’re younger. A lot younger. Eighty percent are under 45 compared with 30 percent in the United States and 19 percent in Japan. Second, they are getting rich quicker. About one-half of today’s wealthy consumers were not wealthy four years ago, and more than half of those who will be classified as wealthy in five to six years are not wealthy today.”
- Reincarnation [The New Yorker] “Li Lu’s role in the deal marks a new chapter in one of the more striking stories of self-reinvention to come out of China: twenty years ago this spring, Li was a student leader of the democracy demonstrations in Tiananmen Square.” Now, he’s the “company advisor” to the man behind electric car-maker BYD, the company endorsed by Warren Buffet last year.
- Fake news concocted by Beijing Times sent bank stock price plunging [Danwei] “Amongst Beijing’s major newspapers, The Beijing Times leads the list of fake news mongers for a story published on September 11 last year. The article was reported that the mainland bank Merchants Bank lost 10 billion Hong Kong dollar from its investment in the Hong Kong-based Wing Lung Bank. The news sent the stock price of Merchants Bank plunging. The bank’s market value in the Mainland A-share market shrunk by 12.75 billion yuan the day the news was published and its price on the HK stock market also dropped 5.16%.”
- SEF head regretful over son’s PRC ties [Taipei Times] “Straits Exchange Foundation (SEF) Chairman Chiang Pin-kung (江丙坤) yesterday expressed regret after allegations that his son had obtained a special permit from China to sell steel, saying he had asked his family to reduce business ties with China after taking office”
Photo of Shanghai’s Millionaire’s Fair from pictobank.com