Attention, anxious highly-skilled proletarians of Western Civilization! New plans to attract overseas professionals to Shanghai have just been announced, with companies looking for specialized talent to offer minimum yearly salaries of 300,000RMB ($47,160 USD) and benefits. In addition, newly arrived foreign experts would also be granted preferential visa treatment and priority status for permanent residency permits, according to local officials. more ›

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Get rich quick scheme of the day: Travel back in time to 2005 with sacks full of Benjamins, exchange them for renminbi, and presto-money-changeo, you're rich! "The renminbi (RMB), China's official currency, set a new high for the second day to a ratio of 6.4536 yuan per US dollar on Thursday. It indicates a 22-percent increase after the country launched exchange reforms on July 21, 2005. The ratio was 8.11 yuan per US dollar when the reforms were launched six years ago. China abandoned a decade-old peg to the US dollar by allowing its currency to fluctuate against a basket of currencies on July 21, 2005. The reforms were suspended in a bid to fight the global downturn in 2008. The yuan exchange rate again was pegged to the dollar at a ratio around 6.83 from September 2008. The peg was lifted on June 19, 2010, when the central bank announced further yuan exchange rate formation mechanisms." [China Daily] more ›

Economists have long said that India's economy will some day grow faster than China's. Will 2012 be that turning point? This year, the World Bank expects China's economy to slow down to 8.7% from 10% last year as the government seeks to unwind fiscal stimulus, place restrictions on overheating sectors and tighten monetary policy. more ›

Jim Chanos has never visited my friend's neighborhood, but he would love it. It is the apotheosis of everything he says is wrong with the Chinese real estate market, which more than a year ago, the influential short-seller famously outlined. more ›

Ever since the State Council revealed plans to transform Shanghai into a global financial and shipping center by 2020, rumors have been swirling of a competition for supremacy between it and Greater China's current economic center, Hong Kong. Not that the official stance should surprise anyone, but Shanghai's most senior Communist Party member has now come out to say any "rivalry" is completely imagined. Yu Zhengsheng told Hong Kong media that the two cities would "always be complementary to each other and the growth of the two cities brings them mutual benefits." This marks the first time the government has said anything... which almost makes you wonder. If they felt the need to assure people of its nonexistance, maybe there's some truth to the rivalry after all? Source: SCMP more ›

George Soros was in Shanghai a few days ago and gave a lecture at Fudan, and then went off to meet his old buddy, Alibaba head honcho Ma Yun, in Hangzhou, where he talked without notes and generally enthralled people with his guru-ness. According to Soros China is the bomb and is already recovering from the financial crisis even as the rest of the world still founders, and yeah, he put Alan Greenspan in his place, and yeah those yangmei (Chinese bayberries) are delightfully delicious. Oh, and one of the articles had this interesting intro: more ›

The U.S. isn't the only country that's making incredibly super rich people cut down on their incredible super richness, China has now also set compensation caps for its State-sector financial companies. Salaries for top executives are now limited to 2.8 million yuan. Caps for pay packages will be slashed for regular executives, down to four times their annual salary (50,000 to 700,000 yuan). Oh, the humanity! Source: China Daily more ›

Photo from fateless_gypsy more ›

In a new dispatch on how the American brand has been dented by the ongoing financial crisis, AFP says Chinese accounting firm Lehman Brown which has long been threatened with lawsuits from a "certain Wall Street investment bank" is now "suddenly open to a name change":

CHINA-BASED accountants Lehman Brown refused to budge when lawyers acting for a certain Wall Street investment bank sent threatening letters demanding they change their name. more ›

Even as news of the sudden closure of the Hong Kong-listed Dongguan-based toy manufacturer Smart Union, a key supplier to Mattel and Disney, continue to hog international headlines, framed against the backdrop of the ongoing financial crisis that has spread from the United States to the rest of the world, Xinhua says it has the "whole truth" on those closures, and makes the case that many other toy factories had been closing since the start of the year and the most recent closures have little to do with economic troubles in the U.S.:

While there are reports that in the first seven months of the year, more than 3,600 toy makers already went out of business in China thanks to factors such as rising wages and material costs. more ›

Photo by Jakob Montrasio. more ›

As the United States and Europe continue to reel from the financial fallout, Asia is heaving a collective sigh of relief that this time, it is at least not their fault. Iceland's biggest banking crisis ever has forced its almost bankrupt government to turn to Russia for a US$4 billion loan, raising eyebrows everywhere as to what this means for geopolitics in Europe. more ›

The President of China Investment Corp, Gao Xiqing, has made his way to the U.S. with Wei Christianson, CEO and Managing Director of Morgan Stanley China, sparking rumours that the Chinese sovereign wealth fund may buy up to 49% of the beleaguered investment bank. Gao has been scheduled to meet Morgan Stanley executives in San Francisco after the New York-based company plunged 42% after Lehman Brothers filed for bankruptcy and Merrill Lynch sold itself to Bank of America. more ›

A study by MasterCard found that Shanghai has leapt from 32nd position to 24th in the ranks of the world's leading centres of commerce, becoming one of eight Asian cities in the top 25. more ›

By Sue Anne Tay more ›

By Sue Ann Tay more ›

From the BBC:

Stephen Sackur talks to Liu Mingkang, Chairman, China Banking Regulatory Commission. Will China escape the downturn in the American economy?

Recently, Tudou's Marc van der Chijs commented on how he knew the bubble in the Chinese stockmarket had to burst soon when he found out that his driver, too, had jumped headlong onto the stock bandwagon although he had zero understanding of how stockmarkets work. You will find an echo of that sentiment in Al-Jazeera's latest report on China's current stockmarket frenzy. Meanwhile, David Barboza of the New York Times says China wonders if its stock market boom is over. And as China Digital Times reports, the recent stock market crash caused a Beijing investor to attempt suicide in the Wangfujing shopping district. Video after the jump: more ›

By JFK Miller more ›

The man who posed as the farmer on some of the old renminbi notes is still alive... and he's in Shanghai!
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Air transport AFP: Air China, Shanghai Airlines join Star Alliance XFN: China Eastern says partnership with Singapore Airlines, Temasek 'only option' AFP: Singapore Airlines says won't raise China Eastern bid Finance Reuters: U.S. says China recognises need for stronger yuan NYT: Little Headway With China on Finance FT: Beijing lectures US on effect of weak dollar Drugs, drugs and drugs AP: China Shuts Down Leukemia Drug Maker Xinhua: China issues new drug recall method... more ›

Business and Economy WSJ: China Takes Additional Step To Cool Economy AFP: Underground money traders flourish on Hong Kong border Religion Xinhua: China-based Christian group prints 50 mln Bibles Reuters: Dalai Lama says sorry he can't meet Pope SCMP: Student leader finds meaning in life with God's will on campus [Subscription] AP: Dallas evangelical Christian seminary offers online courses in Chinese Miscellaneous AP: China Detains 33 in Deadly Mine Blast CNSNews: For China, Even... more ›

Will the Dalai Lama reincarnate before he dies? Calgary Herald: Two Dalai Lamas? Reuters: China condemns Dalai Lama for ideas on succession The Times: Dalai Lama offers his flock a vote on whether he should be reincarnated The Economist: Communists can live with reincarnation. A referendum is a different matter AP: China Reports Riot in Southwestern Tibet Sino-US relations NYT: China Explains Decision to Block U.S. Ships Bloomberg: China Denies Saying Incident Was `Misunderstanding'... more ›

Jiangsu Satellite tells us of the roller coaster ride a young stock investor had recently. One morning, Mr Peng, while checking his stocks online, found RMB900 million mysteriously credited to his account. Shocked (but pleasantly surprised), Peng didn't know what to think and went about his work. A few hours later, when he checked on his account again just to make sure he wasn't dreaming, all RMB900 million had disappeared, along with the over RMB4,000... more ›

The Xinhua News Agency is reporting that China may allow foreign multinationals to list on the Shanghai Stock Exchange(SSE). SSE officials are conducting feasibility studies and companies names mentioned include HSBC Holdings Plc, Coca-Cola Co., and Siemens AG. China is under renewed international pressure to speed up its currency reform and open its financial market. Letting foreign firms trade on domestic bourses may just be the first of many steps toward integrating China into the... more ›

Metro news from the local press: more ›

Question: “Who are three people who’ve never been in my kitchen?” Or lately: "Name three people hating on the once mighty US dollar." On Tuesday, Cheng Siwei, the vice chairman of China’s National People’s Congress suggested that China’s foreign exchange regulators ought to consider shifting the country’s massive USD $1.4 trillion reserve into “stronger” currencies. The greenback has been on a downward spiral since 2003. Little did Cheng know that his remarks would trigger a... more ›