China
Barbie Moves into Mobile Home as China Dreamhouse Shutters
After two years of living in her six-story Shanghai mansion, Mattel’s iconic American doll Barbie is moving out. The dream house has officially closed, and according to analysts, it’s because Barbie didn’t quite cut it with Chinese shoppers in the big city. Barbieshanghai.com A notice announcing Barbie’s new itinerant lifestyle in China after her Shanghai mansion went into foreclosure. Mattel says Barbie was ready to move on. The Shanghai flagship store, which featured a spa, a cosmetics counter, and a cocktail bar, served its purpose and was meant only to establish Barbie’s brand in China. “It did that successfully,” a Mattel spokeswoman said in an interview today, “so Barbie is ready for her next move in China.” Like many other companies that are seeking more growth with China’s growing middle class, Barbie is moving beyond her big-city life to experience her days in smaller towns, where consumer demand is building. She’ll be jumping in her “ Barbie Pink Bus ” to head on tour in the near future, the spokeswoman said, declining to disclose further details. The hope will be to take Barbie’s name further than the Shanghai store could, but Mattel could have an uphill battle. It joins a growing roster of U.S. retailers that are struggling in China. Electronics retailer Best Buy announced last month plans to shutter its China operations. Home Depot recently closed some of its China-based stores as well. Globally, Barbie sales have been stagnant for years and Mattel has tried repeatedly to give Barbie a makeover in attempt to spur a comeback with consumers. In 2009, Barbie’s 50th anniversary, Mattel spent millions of dollars promoting “Fashionista” Barbies, whose clothing and accessories were inspired from well-known designers, such as Vera Wang. The El Segundo, Calif., company hired a seasoned choreographer to spin up “The Barbie,” a special dance filmed for debut on the “Today Show.” And it opened its massive, nearly 38,000-square-foot, Shanghai store . (See our video from those optimistic days below.) China’s toy market can be particularly rough for toy makers, said Bi Sheng, chief executive of online shoe company Letao.com. Mr. Bi says he attempted to start an online toy company before he set up his shoe business, but he figured out quickly that Chinese parents would rather have their kids studying than playing with dolls or cars. “There are a lot of children here, but the toy market isn’t as ideal as many people think it would be,” Mr. Bi said. Barbie will still be sold in other shopping outlets across China, Mattel’s spokeswoman says. With any luck, the company hopes she’ll be making it to a lot of new dream homes outside of Shanghai. – Laurie Burkitt. Follow her on Twitter @lburkitt
After two years of living in her six-story Shanghai mansion, Mattel’s iconic American doll Barbie is moving out. The dream house has officially closed, and according to analysts, it’s because Barbie didn’t quite cut it with Chinese shoppers in the big city.
- Barbieshanghai.com
- A notice announcing Barbie’s new itinerant lifestyle in China after her Shanghai mansion went into foreclosure.
Mattel says Barbie was ready to move on. The Shanghai flagship store, which featured a spa, a cosmetics counter, and a cocktail bar, served its purpose and was meant only to establish Barbie’s brand in China.
“It did that successfully,” a Mattel spokeswoman said in an interview today, “so Barbie is ready for her next move in China.”
Like many other companies that are seeking more growth with China’s growing middle class, Barbie is moving beyond her big-city life to experience her days in smaller towns, where consumer demand is building. She’ll be jumping in her “Barbie Pink Bus” to head on tour in the near future, the spokeswoman said, declining to disclose further details.
The hope will be to take Barbie’s name further than the Shanghai store could, but Mattel could have an uphill battle. It joins a growing roster of U.S. retailers that are struggling in China. Electronics retailer Best Buy announced last month plans to shutter its China operations. Home Depot recently closed some of its China-based stores as well.
Globally, Barbie sales have been stagnant for years and Mattel has tried repeatedly to give Barbie a makeover in attempt to spur a comeback with consumers. In 2009, Barbie’s 50th anniversary, Mattel spent millions of dollars promoting “Fashionista” Barbies, whose clothing and accessories were inspired from well-known designers, such as Vera Wang. The El Segundo, Calif., company hired a seasoned choreographer to spin up “The Barbie,” a special dance filmed for debut on the “Today Show.”
And it opened its massive, nearly 38,000-square-foot, Shanghai store. (See our video from those optimistic days below.)
China’s toy market can be particularly rough for toy makers, said Bi Sheng, chief executive of online shoe company Letao.com. Mr. Bi says he attempted to start an online toy company before he set up his shoe business, but he figured out quickly that Chinese parents would rather have their kids studying than playing with dolls or cars.
“There are a lot of children here, but the toy market isn’t as ideal as many people think it would be,” Mr. Bi said.
Barbie will still be sold in other shopping outlets across China, Mattel’s spokeswoman says. With any luck, the company hopes she’ll be making it to a lot of new dream homes outside of Shanghai.
– Laurie Burkitt. Follow her on Twitter @lburkitt
Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg was more than 20% by late 2008, but the exchange rate has remained virtually pegged since the onset of the global financial crisis.
The government vowed to continue reforming the economy and emphasized the need to increase domestic consumption in order to make China less dependent on foreign exports for GDP growth in the future.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
Available energy is insufficient to run at fully installed industrial capacity, and the transport system is inadequate to move sufficient quantities of such critical items as coal.
Its mineral resources are probably among the richest in the world but are only partially developed.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
China’s increasing integration with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated this problem.
Both forums will start on Tuesday.
From January to June, the ODI in financial sectors was up by 44 percent to $17.9 billion, and in July alone, the ODI recorded $8.91 billion, the highest this year.
China reiterated the nation’s goals for the next decade – increasing market share of pure-electric and plug-in electric autos, building world-competitive auto makers and parts manufacturers in the energy-efficient auto sector as well as raising fuel-efficiency to world levels.
China’s challenge in the early 21st century will be to balance its highly centralized political system with an increasingly decentralized economic system.
Even with these improvements, agriculture accounts for only 20% of the nation’s gross national product.
China is the world’s largest producer of rice and wheat and a major producer of sweet potatoes, sorghum, millet, barley, peanuts, corn, soybeans, and potatoes.
China ranks first in world production of red meat (including beef, veal, mutton, lamb, and pork).
China is one of the world’s major mineral-producing countries.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
The largest completed project, Gezhouba Dam, on the Chang (Yangtze) River, opened in 1981; the Three Gorges Dam, the world’s largest engineering project, on the lower Chang, is scheduled for completion in 2009.
Beginning in the late 1970s, changes in economic policy, including decentralization of control and the creation of special economic zones to attract foreign investment, led to considerable industrial growth, especially in light industries that produce consumer goods.
The east and northeast are well served by railroads and highways, and there are now major rail and road links with the interior.
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Barbie Moves into Mobile Home as China Dreamhouse Shutters
Business
Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
Gordonstoun school severed ties with Hampton Group over espionage allegations against chairman Yang Tengbo. He denies involvement and claims to be a victim of political tensions between the UK and China.
Allegations Lead to School’s Decision
Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.
Public Denial and Legal Action
In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.
Immigration Challenges and Legal Responses
Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.
Source : Gordonstoun cuts ties with business chaired by man accused of spying for China
Business
China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
The Chinese government demolished the Rebiya Kadeer Trade Center in Xinjiang, affecting Uyghur culture and commerce, prompting criticism from activists amid concerns over cultural erasure and human rights violations.
Demolition of a Cultural Landmark
The Chinese government recently demolished the Rebiya Kadeer Trade Center in Urumqi, Xinjiang, a vital hub for Uyghur culture and commerce, as reported by VOA. This center, once inhabited by more than 800 predominantly Uyghur-owned businesses, has been deserted since 2009. Authorities forcibly ordered local business owners to vacate the premises before proceeding with the demolition, which took place without any public notice.
Condemnation from Activists
Uyghur rights activists have condemned this demolition, perceiving it as part of China’s broader strategy to undermine Uyghur identity and heritage. The event has sparked heightened international concern regarding China’s policies in Xinjiang, which have been characterized by allegations of mass detentions and cultural suppression, prompting claims of crimes against humanity.
Rebiya Kadeer’s Response
Rebiya Kadeer, the center’s namesake and a notable Uyghur rights advocate, criticized the demolition as a deliberate attempt to erase her legacy. Kadeer, who has been living in exile in the U.S. since her release from imprisonment in 2005, continues to advocate for Uyghur rights. She has expressed that her family members have suffered persecution due to her activism, while the Chinese government has yet to comment on the legal ramifications of the demolition.
Source : China Demolishes Uyghur Business Landmark in Xinjiang – Shia Waves
China
China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
China’s private pension scheme, previously piloted in 36 cities, will roll out nationwide on December 15, 2024, enabling workers to open tax-deferred accounts. The initiative aims to enhance retirement savings, address aging population challenges, and stimulate financial sector growth.
After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme. This nationwide rollout represents a significant milestone in China’s efforts to build a comprehensive pension system, addressing the challenges of a rapidly aging population.
On December 12, 2024, the Ministry of Human Resources and Social Security, together with four other departments including the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission, announced the nationwide implementation of China’s private pension scheme effective December 15, 2024. The initiative extends eligibility to all workers enrolled in urban employee basic pension insurance or urban-rural resident basic pension insurance.
A notable development is the expansion of tax incentives for private pensions, previously limited to pilot cities, to a national scale. Participants can now enjoy these benefits across China, with government agencies collaborating to ensure seamless implementation and to encourage broad participation through these enhanced incentives.
China first introduced its private pension scheme in November 2022 as a pilot program covering 36 cities and regions, including major hubs like Beijing, Shanghai, Guangzhou, Xi’an, and Chengdu. Under the program, individuals were allowed to open tax-deferred private pension accounts, contributing up to RMB 12,000 (approximately $1,654) annually to invest in a range of retirement products such as bank deposits, mutual funds, commercial pension insurance, and wealth management products.
Read more about China’s private pension pilot program launched two years ago: China Officially Launches New Private Pension Scheme – Who Can Take Part?
The nationwide implementation underscores the Chinese government’s commitment to addressing demographic challenges and promoting economic resilience. By providing tax advantages and expanding access, the scheme aims to incentivize long-term savings and foster greater participation in personal retirement planning.
The reform is expected to catalyze growth in China’s financial and insurance sectors while offering individuals a reliable mechanism to enhance their retirement security.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
Read the rest of the original article.
- Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
- How a scandal over sanitary pads is shaping feminist activism in China
- Yakult Unveils Restructuring Plans for Its China Operations | ESM Magazine
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