Results tagged “economy”

Despite fears of the great economic recession destroying China's economy with the rest of the world, the average disposable income for Shanghai residents rose 8% since last year to 21,871RMB per person. That only counts for city residents, but even those not lucky enough to have the right hukou have still seen their annual salary raise: the average income for city dwellers is 15,051 RMB, which is 4.4% higher than last year. We've got some ideas, but what do you think all that extra pocket cash is being spent on?

• China's rivers of cash flowing wrong way [Sydney Morning Herald] "On Thursday, the National Bureau of Statistics spokesman Li Xiaochao had been comfortably batting away curly questions from the international media about what lay beneath China's spectacular headline GDP growth of 8.9 per cent through the year. But one question from Shanghai's Oriental Post tied him hopelessly in knots: "What is the amount and growth rate of consumption expenditure for government administration, compared with last year?" The journalist was asking how much of China's spectacular retail sales growth - 17 per cent after adjusting for falls in prices - was simply the bureaucracy taking advantage of the fiscal stimulus to spend more money on itself."
• Salute All Cars, Kids. It’s a Rule in China [NY Times] "All the students at Luolang Elementary School, a yellow-and-orange concrete structure off a winding mountain road in southern China, know the key rules: Do not run in the halls. Take your seat before the bell rings. Raise your hand to ask a question. And oh, yes: Salute every passing car on your way to and from school."
• China and America: The odd couple [The Economist] "IT HAS become a tedious tradition for Westerners dealing with China to garnish their speeches with wisdom from the Chinese classics. Barack Obama, addressing Chinese and American leaders in July, used not just a banal quotation from Mencius, a Confucian sage, but a punchier one from Yao Ming, a Chinese basketball player: “No matter whether you are new or an old team member, you need time to adjust to one another.” Though it is 30 years since the two countries re-established diplomatic ties severed by the Communist takeover, both sides still badly need to adjust…"

• China's 8.9% Growth? No Way [Forbes]"On Oct. 22, Beijing announced that gross domestic product grew by 8.9% in the third quarter of 2009 compared with the corresponding period last year. The National Bureau of Statistics also reported that growth for the first three quarters was up 7.7%. How could it not have been? Since last November, Beijing has spent perhaps as much as $900 billion-from its own funds as well as those of the larger state banks-to jump start its $4.3 trillion economy. No government can disburse that amount of cash without creating some economic activity."
• China's push for oil in Gulf of Mexico puts U.S. in awkward spot [LA Times]"China's push to enter U.S. turf comes four years after CNOOC's $18.5-billion bid to buy Unocal Corp. was scuttled by Congress on national security grounds. The El Segundo oil firm eventually merged with Chevron Corp. of San Ramon. Whether CNOOC's second attempt to lock up U.S. petroleum assets will trigger a similar political backlash remains to be seen. The sour U.S. economy and the need for Washington and Beijing to cooperate on potentially larger issues could mute any outcry."
• The story of China Incorporated [China Daily] "Twenty-five years ago, Megatrends was a must-read for any Chinese who was keen to know about the world - not just the world as it was, but the world that would be. And that included higher officials who were unaccustomed to foreign theorizing other than that by Marx and Lenin. By some estimate, the book sold some 20 million copies in China. The original English version was published two years earlier, in 1982, and stayed on the New York Times bestseller list for two years. Last month, John Naisbitt, the author of Megatrends, came out with China's Megatrends. This time, the Chinese edition debuted before the English original."
• Voices of Power Transcript: Chris Lu [Washington Post] "Chris Lu has known President Obama since they attended Harvard Law School together, but they cemented their friendship when Obama hired him in 2004 for his Senate staff. He's the Cabinet secretary — a title that belies an intense assignment as chief intermediary between the White House and the federal agencies. On a daily basis, his job is not only to convey the president's views and expectations to all the department heads and keep them on message, but also to help them resolve their issues with the White House. The son of Chinese immigrants, Lu is one of the highest-ranking Asian Americans in the administration. "
• A special report on China and America: : The price of cleanliness [The Economist] "The Beijing authorities built Taiyanggong to impress the world in the run-up to the Olympic games which opened in the city in August 2008—on the same day that America opened a new embassy in Beijing (heated, American officials say proudly, by Taiyanggong). Some 5,000 workers toiled night and day to deliver on the Chinese government’s promise to provide an environmentally friendly power source for the games. Taiyanggong was connected to the grid with nearly eight months to spare…Now the power station’s owners, led by a municipal state-owned company, are struggling to make it work financially. "
• Mandarin Eclipses Cantonese, Changing the Sound of Chinatown [NYTimes] "He grew up playing in the narrow, crowded streets of Manhattan’s Chinatown. He has lived and worked there for all his 61 years. But as Wee Wong walks the neighborhood these days, he cannot understand half the Chinese conversations he hears. Cantonese, a dialect from southern China that has dominated the Chinatowns of North America for decades, is being rapidly swept aside by Mandarin, the national language of China and the lingua franca of most of the latest Chinese immigrants."
  Continue reading "Todays links: China's Megatrends, Chris Lu, and Taiyanggong"

• Jet Li returns to Chinese film after 3 US movies [AP] "Jet Li is returning to Chinese film with a reportedly non-kung fu movie after three Hollywood productions, a publicist said Tuesday. Li is due to start shooting the movie — tentatively called "Ocean Paradise" in Chinese — Edko Film publicist Zhang Hongyan told The Associated Press in a phone interview Tuesday. The film, due to be released next year, will be directed by a newcomer, Zhang said, declining to give further detail before the official announcement at a news conference in Beijing on Wednesday."
• China Premier Rejects 'Blindly Optimistic' View of Economy [WSJ] "China's Premier Wen Jiabao expressed caution about the country's economic recovery, saying the effects of some short-term policies may fade while longer-term policies will take time to have an impact. Ending a three-day visit to the eastern province of Zhejiang, Mr. Wen warned against being "blindly optimistic," according to a statement by the State Council."
• China Mobile chief pushes e-book potential [BusinessWeek] "China Mobile Ltd., the world's largest mobile carrier, is pushing e-reading, seeing it as its next big mobile business, the company's chief executive has said. Wang Jianzhou, also China Mobile's chairman, called e-reading a "new culture" and said he expects such services to grow in China because of the rising popularity of smart phones, which can download content faster than conventional cell phones."

The gig is up! All Huffington Post readers have now realized that Shanghai and Beijing are the land of opportunity and we'll soon see an influx of smug, knee-jerk left wingers trying to find their place in China's "surging" economy. Yes, we know it's just a link to a New York Times article, but that link has already garnered over 2,000 3,000 comments, most of which are smug, knee-jerk and left wingy. We counted a couple references to Bu$h, some attempts at jokes about Palin in a cheongsam, and one kind of acute observation that this maybe makes Americans China's Mexicans.

• HTC Releasing Three Android Phones In China [InformationWeek] "The company will have to remove Google Maps and tailor the operating system on the Hero, Magic, and Click to gain Chinese government approval. HTC will be bringing out three custom-tailored Android handsets for China by the end of the year, the smartphone maker said."
• Official says China's jobless situation 'very grave' despite improving economy [Los Angeles Times] "China's jobless situation is "very grave," with millions out of work due to the global crisis and the threat that unemployment might rise despite recent improvements in the economy, the government said Tuesday. Beijing is trying to create jobs for laid-off workers, new college graduates, migrants and others, said Wang Yadong, deputy director of job promotion at the Ministry of Human Resources and Social Security."
• Bret Stephens: China’s Pollution Problems Are a Result of Government Economic Control [WSJ] "A funny thing happened on the way to saving the world’s poor from the ravages of global warming. The poor told the warming alarmists to get lost. This spring, the Geneva-based Global Humanitarian Forum, led by former U.N. General Secretary Kofi Annan, issued a report warning that “mass starvation, mass migration, and mass sickness” would ensue if the world did not agree to “the most ambitious international agreement ever negotiated” on global warming at a forthcoming conference in Copenhagen. But never mind about that. The more interesting kiss-off took place in New Delhi late last month, when Indian Environment Minister Jairam Ramesh told visiting Secretary of State Hillary Clinton that there was no way India would sign on to any global scheme to cap carbon emissions."

• Barack Obama and Bill Gates endorse real estate in Xi'an [Danwei] "The developer erected four giant 10x6m billboards around the building, each displaying the portrait of one "spokesperson" coupled with a quote in English and Chinese. In the Obama sign, the quote of choice is 'The values upon which our success depends have never changed,' a slight adaptation from a line in his inaugural address: 'Our challenges may be new....but those values upon which our success depends, honesty and hard work, courage and fair play, tolerance and curiosity, loyalty and patriotism - these things are old'."
• Red tape to test transsexuals' desire [Eastday] "It was revealed last month officials at the Ministry of Health plan to set clear criteria for people who qualify for the surgery, as well as the hospitals and staff allowed to carry it out. Some in the transgender community, however, have raised concerns the new rules could be too strict [...] His fears center on the fact that, if the rules are approved, patients will have to prove they have had the desire to swap their gender for at least five years, and have lived full-time as their chosen gender for two years."
• A Virtual Game to Teach Children Languages [NYTimes Bits Blog] "Kids choose an avatar and pick a scene, like a castle in a fantasy land or a supermarket in the United States. They are confronted with challenges, like dodging flying monsters or buying fruit, all of which ask them to use English. If they hit a ceiling in their language capabilities, they go to the wizards’ library and read so-called magical books that teach them lessons. The company is initially focusing on kids age 7 to 12 in China but plans to expand globally, eventually teaching many different languages to kids all over the world."

From JLM Pacific Epoch comes rumors that China is planning to issue a new RMB 500 bank note in November - one which would feature the face of Deng Xiaoping. Currently, the most valuable note you can get in China is the 100, which can get kind of ridiculous considering how many deals are still done in cash. Still, the chances of this rumor proving true are pretty darn low. Not only has the People's Bank of China gone out of its way to deny plans for a 500, it's also not the first time we've seen news like this circulate. Still, we do find JLM's take on the psychological impact even speculation of a Deng has on the market interesting. In their words, the "big banknote... mirrors a big problem": the frailty of China's economic recovery considering its basis in loosey goosey monetary policy.

• Rockets could lose Yao for season or more [Yahoo! Sports] "As the NBA draft approached, the grim truth about Yao Ming’s(notes) broken left foot hung like an anvil over the Houston Rockets. The fear isn’t that he’s just lost for next season, but longer. The Rockets and Yao’s reps are frightened over his future, and the concern is the most base of all: Does Yao Ming ever play again?"
• Kobe Bryant Conquers China [WSJ] "One of the great curiosities in modern sports is the Chinese people’s lavish affection for Kobe Bryant. During last year’s Beijing Olympics, he was greeted with a rapturous reception and mobbed everywhere he went. He appears in commercials and on billboards, has a popular Web site and had a reality show on Chinese television. He sells more NBA jerseys there than Yao Ming. On Tuesday in Los Angeles, the love affair will reach a new level. Not only is Mr. Bryant accepting an award from the Asia Society for his work as a “cultural ambassador,” the ceremony will be attended by Liu Peng, China’s Secretary of Sport and a member of China’s Communist Party Central Committee."
• The strange, underground world of Chinese counterfeit cigarettes [Slate Magazine] "Ringed by thickly forested mountains, illicit cigarette factories dot the countryside, carved deeply into caves, high into the hills, and even buried beneath the earth. By one tally, some 200 operations are hidden in Yunxiao, a southwestern Fujian county about twice the area of New York City. Over the last 10 years, production of counterfeit cigarettes has soared in China, jumping eightfold since 1997 to an unprecedented 400 billion cigarettes a year—enough to supply every U.S. smoker with 460 packs a year. Once famed for its bright yellow loquat fruit, Yunxiao is the trade's heartland, the source of half of China's counterfeit production."

For a bustling Chinese city, Shanghai has a pretty pitiful night market in the form of Wujianglu (especially when compared to Hong Kong and Taiwan). Now, the Shanghai government is thinking of overhauling the market right before the World Expo.

• To Protect an Ancient City, China Moves to Raze It [NYT] "Over the next few years, city officials say, they will demolish at least 85 percent of this warren of picturesque, if run-down homes and shops. Many of its 13,000 families, Muslims from a Turkic ethnic group called the Uighurs (pronounced WEE-gurs), will be moved."
• Diabetes more likely to strike the young in Asia [AP] "Without strong government policy, education and good clinical care, Asia's escalating epidemic could "erase economic gains made in recent decades," said Hu, one of the authors. Trends of diabetes in the region are influenced by everything from genetic makeup and cultural differences to smoking and degrees of urbanization, the JAMA study showed. But the most startling findings — which tended to vary from country to country — related to body mass and age."
• China Said to Harass Rights Lawyers [NYT] "Many of the lawyers have taken on cases, involving issues like Tibetan political activism and police brutality, that gained national and even international attention. The advocacy groups, Human Rights Watch and Chinese Human Rights Defenders, called the actions by the legal authorities part of an effort to intimidate the lawyers and their law firms into avoiding sensitive cases."

• “Zhejiang University Girl” Exposed By Human Flesh Search [Chinasmack] "On the evening of April 11th, through the human flesh search of netizens, the person who concocted “Zhejiang University Girl” came forward to apologize. The netizen passing as Zhejiang University Girl is “河谷渔风” ["He Gu Yu Feng"], from Jinhua in Zhejiang province, a male, born 1976 December 17. He admitted “Zhejiang University Girl” was fabricated. Reporters contacted and interviewed “河谷渔风”. “Writing this post was simply a fenqing vent. In the beginning it was posted on Tianya, there was no intention to target Zhejiang University, and even less to point at Professor Zheng Qiang.”"
• After Olympics, national spirit soars while human rights lag [USATODAY] "Not everyone agrees the billions spent on hosting the Summer Games was worthwhile. "I hoped the Olympic Games could improve my life, but they only brought disaster," says Zhang Wei, whose home was demolished in 2006 to make way for an Olympic makeover project just south of Tiananmen Square. She applied for a permit to protest but instead was sent to detention for a month. "The police told me it was because I told the truth about the demolition of my property to journalists," she says."
• Will Ditching The9 Help World Of Warcraft Get Past Chinese Censors? [Business Insider] "Starting in June, NetEase (NTES) will get exclusive operating rights to run the game in mainland China, replacing Blizzard's longtime partner The9 (NCTY), according to reports in Chinese media. Hopefully a new partner will help Blizzard through what's been a difficult period in its relations with the Chinese government. Blizz's latest Warcraft expansion, Wrath of the Lich King, still isn't on sale in China."

Treasury Secretary Tim Geithner on Meet the Press.