Photo by sheniferous found via the Shanghaiist Contribute page.
On Friday, Chinese protesters clashed with Japanese coast guard ships and helicopters off the coast of the East China Sea islets, known as the Diaoyutai (钓鱼岛) in China and the Senkakus in Japan. The islands are located 170 km (100 miles) northeast of Taiwan and 410 km (250 miles) west of Japan's Okinawa island are a long-standing source of dispute between China and Japan. In brief, Japan claimed the islands in 1895 when it colonized Taiwan, but the United States controlled them after World War II and returned them to Japan in 1972. While they are currently administered by Japan, the Diaoyutai are independently claimed by Japan, China, and Taiwan. The islands are uninhabited but surrounded by rich fishing waters, and it is believed that they sit above vast underwater oil and gas deposits.
If Saudia Arabia has oil, then China has people. Specifically, it has great quantities of unskilled labor. Unfortunately, there is no equivalent of the NYMEX crude oil futures to mark the price of labor in China, but if there were, it would advance on fears that the All-China Federation of Trade Unions (ACFTU, the "OPEC" of this story) will implement newly drafted rules that will make operating in China more expensive and difficult.
There is a Chinese business adage that goes something like, “Every company in China keeps four sets of financial books: one understated set for the government, a second set to satisfy the wife, a third set to impress the mistress, and the actual records for management." So much for GAAP compliance. Most generally, the point of this joke is that in the recent past, to put it mildly, China has been an extremely permissive operating environment, where there has neither been the will nor the means to enforce standards of accountability that are expected in the developed world.
One step closer to a worker's paradise!