China
Chinese Confident About Growing Old – Study
Despite the fact that nearly 40% of China’s elderly suffer from depression, according to a recent report from state-run Xinhua News Agency, most Chinese have upbeat outlooks for their retirement. In fact, they’re more optimistic about their post-work lives than almost everyone else, according to a new study from HSBC. Surveying 17,000 working adults in 17 places, HSBC found that 75% of Chinese believe they’ll be better off than their parents when it comes to retirement. That level of hopefulness puts China second only to India (78%) in the survey, and well ahead of developed countries. Having watched their economy rise to become the world’s second largest, Chinese citizens are far more optimistic than their U.S. counterparts, where only 22% of citizens believe the quality of their lives in retirement will surpass their parents’, perhaps because they’ve spent the last few years reading headlines about the economic downturn and stubbornly high employment rates. But even sub-prime-battered Americans have a rosier outlook than the French, who finished dead last among those surveyed with a meager 13% expecting to retire in better style than mom and dad. China’s rosy retirement outlook is a stark contrast to an April poll from the Washington, D.C.-based Gallup Organization, which found that 71% of Chinese see themselves as struggling and 17% say they are downright struggling . One explanation for the pessimism reflected in the Gallup poll might be China’s inflation rate, which stood at 5.3% in April and remains persistently high despite government attempts to dampen it through interest rate increases and curbs on lending. For the elderly, who have fixed incomes, rising food and housing prices have hit hard, with many racing to grocery stores in March to stock up on soap and laundry detergent when they heard prices would rise. Yet the majority of Chinese still feel equipped for the long-term future, according to the HSBC study. Having enough money to live on after a career ends is a big worry for most, but not in China, where 78% of people say they’ve adequately prepared. The study attributes some of China’s preparedness to the fact that the country’s citizens, well known for their savings habits, are accustomed to socking their money in preparation FOR emergencies and old age. While China has the highest expectancy of state-reliance for retirement, with 40% expecting to lean on government pension plans, additional saving for retirement has just become a way of life, the study said. Chinese do have one major concern about their retirement, however: the cost of caring for their aging parents. More than a quarter of Chinese people in the HSBC study said the prospect of caring for their parents made them anxious. It’s a worry shared by the country’s economic planners. China’s vast population of 1.34 billion is rapidly aging, which means there will be more people retiring in the years to come – and a dwindling supply of workers to support them. People over the age of 60 now account for 13.3% of China’s population, compared to 10.33% in 2000, according to the results of the latest Census data from the National Bureau of Statistics. – Laurie Burkitt. Follow her on Twitter @lburkitt
Despite the fact that nearly 40% of China’s elderly suffer from depression, according to a recent report from state-run Xinhua News Agency, most Chinese have upbeat outlooks for their retirement. In fact, they’re more optimistic about their post-work lives than almost everyone else, according to a new study from HSBC. Surveying 17,000 working adults in 17 places, HSBC found that 75% of Chinese believe they’ll be better off than their parents when it comes to retirement. That level of hopefulness puts China second only to India (78%) in the survey, and well ahead of developed countries. Having watched their economy rise to become the world’s second largest, Chinese citizens are far more optimistic than their U.S. counterparts, where only 22% of citizens believe the quality of their lives in retirement will surpass their parents’, perhaps because they’ve spent the last few years reading headlines about the economic downturn and stubbornly high employment rates. But even sub-prime-battered Americans have a rosier outlook than the French, who finished dead last among those surveyed with a meager 13% expecting to retire in better style than mom and dad. China’s rosy retirement outlook is a stark contrast to an April poll from the Washington, D.C.-based Gallup Organization, which found that 71% of Chinese see themselves as struggling and 17% say they are downright struggling . One explanation for the pessimism reflected in the Gallup poll might be China’s inflation rate, which stood at 5.3% in April and remains persistently high despite government attempts to dampen it through interest rate increases and curbs on lending. For the elderly, who have fixed incomes, rising food and housing prices have hit hard, with many racing to grocery stores in March to stock up on soap and laundry detergent when they heard prices would rise. Yet the majority of Chinese still feel equipped for the long-term future, according to the HSBC study. Having enough money to live on after a career ends is a big worry for most, but not in China, where 78% of people say they’ve adequately prepared. The study attributes some of China’s preparedness to the fact that the country’s citizens, well known for their savings habits, are accustomed to socking their money in preparation FOR emergencies and old age. While China has the highest expectancy of state-reliance for retirement, with 40% expecting to lean on government pension plans, additional saving for retirement has just become a way of life, the study said. Chinese do have one major concern about their retirement, however: the cost of caring for their aging parents. More than a quarter of Chinese people in the HSBC study said the prospect of caring for their parents made them anxious. It’s a worry shared by the country’s economic planners. China’s vast population of 1.34 billion is rapidly aging, which means there will be more people retiring in the years to come – and a dwindling supply of workers to support them. People over the age of 60 now account for 13.3% of China’s population, compared to 10.33% in 2000, according to the results of the latest Census data from the National Bureau of Statistics. – Laurie Burkitt. Follow her on Twitter @lburkitt
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Chinese Confident About Growing Old – Study
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
China
Vietnam’s Approach to China: A Balance of Cooperation and Struggle
Vietnam’s diplomatic strategy seeks a balance of cooperation and struggle with China, focusing on strengthening ties while resisting encroachments in the South China Sea through military enhancements and regional partnerships.
Vietnam’s Diplomatic Strategy
Vietnam’s diplomatic approach seeks to maintain a delicate balance between cooperation and struggle with China. While concerned about China’s growing influence, particularly in the South China Sea, Hanoi focuses on strengthening its economic and political ties. This effort involves military enhancements, fostering relationships with regional powers, and engaging in frequent political dialogues. By skillfully navigating relations with major powers, Vietnam aims to protect its sovereignty and foster stability amidst evolving geopolitical dynamics.
Recent Developments and Implications
Hanoi’s diplomatic maneuvering has drawn attention, particularly regarding key visits like Vietnamese Communist Party General Secretary To Lam’s August 2024 trip to China. Although there are apprehensions about a potential shift in Vietnam’s alignment due to To Lam’s background in public security and his anti-corruption initiatives, it is premature to predict any significant changes in policy. Vietnam’s leaders must continuously seek a balance between peaceful coexistence with China and safeguarding national sovereignty.
Economic Interdependence and Military Modernization
Vietnam’s strategy involves fostering economic interdependence with China while simultaneously resisting encroachments. This paradigm of “cooperation and struggle” enables Hanoi to cultivate beneficial ties in economic, political, and security domains. By leveraging its geographical advantage and connections, Vietnam enhances its economic ties while countering threats through military modernization and cooperation with regional partners. This nuanced approach allows Vietnam to welcome trade, particularly amidst shifting dynamics from the US-China trade war, ensuring continued foreign direct investment and growth in key sectors.
Source : Cooperation and struggle define Vietnam’s approach to China
China
2025 Schedule of Public Holidays in China
China’s 2025 public holiday schedule increases holidays by two days, with an 8-day Spring Festival and a 5-day Labor Day. Adjustments address public frustration, though long work periods persist. Notably, weekends are often designated as workdays to balance extended breaks.
China has released its 2025 Public Holiday schedule. Compared to 2024, the number of public holidays for all citizens has increased by two days, specifically for Lunar New Year’s Eve and May 2nd.
The announcement also clarifies the adjusted holiday arrangements, stating that the continuous work period before and after statutory holidays generally should not exceed six days, except for certain special circumstances.
According to the notice, in 2025, the Spring Festival will have an 8-day holiday, the Labor Day holiday will last 5 days, and the National Day and Mid-Autumn Festival will jointly have 8 days off.
China has long been considered one of the least generous countries in terms of public holidays. Additionally, people have expressed frustration over the complicated adjustments to holiday and working days that are meant to create longer breaks. The newly introduced changes are expected to address these concerns to some extent.
Beyond the newly introduced changes, China’s 2025 public holiday schedule still features two major week-long holidays: Spring Festival (also known as Chinese New Year) and the National Day holiday (often called ‘Golden Week’).
In 2025, the Spring Festival falls between January 28 and February 4, and the National Day holiday, together with the Mid-Autumn Festival, fall between October 1 and 8.
Foreign human resource managers should note that Saturdays and Sundays are often marked as additional official workdays in China to compensate for long holiday breaks. For example, January 26 (Sunday) and February 8 (Saturday) are designated as workdays to partially offset the eight days off for the Spring Festival.
| 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.
- Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
- Vietnam’s Approach to China: A Balance of Cooperation and Struggle
- 2025 Schedule of Public Holidays in China
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