China
London Bankers Meet Your New Chinese Bosses
Agence France-Presse/Getty Images Wang Qishan, China’s vice premier, left, and George Osborne, U.K. chancellor of the exchequer, pose for a photograph during the UK-China Economic and financial dialogue on September 8, 2011 in London, England. More In Banks London Bankers Meet Your New Chinese Bosses Asia Today: Bank Profits in China; Europe’s Debt Woes Hong Kongers Irate Over HSBC Job Cuts Now This Is Happening: A Bank Funding Crisis in China? Can’t Get a Bank Loan? Chinese State Owned Companies Happy to Help Out Originally posted on Deal Journal : Now is not a good time to be an investment banker. M&A activity has fallen off, the IPO market has slowed, banks are announcing layoffs and bonuses should be down significantly this year. For bankers in London facing layoffs, there might be a savior. China. Deal Journal colleague Matt Turner reports: It appears Chinese banks believe that their moment to descend on London is fast approaching. Over the past two years, several have quietly built up their portfolios of prime office real estate, often close to the Bank of England building in the City of London. To date, these offices have only housed a small number of executives who have been relocated from China to London to gather information on the market and their competitors. However, there are now signs that this “information gathering” stage may be coming to an end. The phoney war is over. This month, one senior investment banker told Financial News that a Chinese firm had enlisted headhunters to look into the practicality of hiring several hundred investment bankers. The bank’s domestic peers are understood to be close to following suit. Earlier this month, Wang Qishan, the vice-premier of the People’s Republic of China who is credited with helping Morgan Stanley and Goldman Sachs enter the Chinese market, arrived in the UK to hold talks with chancellor George Osborne. The two agreed to work together to develop London as an offshore trading hub for the renminbi. Industry sources pointed out the Chinese authorities were unlikely to allow western banks a clear run at this nascent market. It is clear the Chinese banks have the firepower to make a significant impact on the London market – and they have already amassed the office space to house many more staff. Click here to read the full story. – Stephen Grocer
- Agence France-Presse/Getty Images
- Wang Qishan, China’s vice premier, left, and George Osborne, U.K. chancellor of the exchequer, pose for a photograph during the UK-China Economic and financial dialogue on September 8, 2011 in London, England.
Originally posted on Deal Journal:
Now is not a good time to be an investment banker. M&A activity has fallen off, the IPO market has slowed, banks are announcing layoffs and bonuses should be down significantly this year.
For bankers in London facing layoffs, there might be a savior. China. Deal Journal colleague Matt Turner reports:
It appears Chinese banks believe that their moment to descend on London is fast approaching. Over the past two years, several have quietly built up their portfolios of prime office real estate, often close to the Bank of England building in the City of London.
To date, these offices have only housed a small number of executives who have been relocated from China to London to gather information on the market and their competitors.
However, there are now signs that this “information gathering” stage may be coming to an end. The phoney war is over. This month, one senior investment banker told Financial News that a Chinese firm had enlisted headhunters to look into the practicality of hiring several hundred investment bankers. The bank’s domestic peers are understood to be close to following suit.
Earlier this month, Wang Qishan, the vice-premier of the People’s Republic of China who is credited with helping Morgan Stanley and Goldman Sachs enter the Chinese market, arrived in the UK to hold talks with chancellor George Osborne. The two agreed to work together to develop London as an offshore trading hub for the renminbi. Industry sources pointed out the Chinese authorities were unlikely to allow western banks a clear run at this nascent market.
It is clear the Chinese banks have the firepower to make a significant impact on the London market – and they have already amassed the office space to house many more staff.
Click here to read the full story.
– Stephen Grocer
Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2009 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income.
One demographic consequence of the “one child” policy is that China is now one of the most rapidly aging countries in the world.
The country’s per capita income was at $6,567 (IMF, 98th) in 2009.
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.
Technology, labor productivity, and incomes have advanced much more rapidly in industry than in agriculture.
China has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated equipment, including nuclear weapons and satellites, but most of its industrial output still comes from relatively ill-equipped factories.
The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship, whilst retaining state domination of the economy.
The ministry made the announcements during a press conference held in Xiamen on the upcoming United Nations Conference on Trade and Development (UNCTAD) World Investment Forum and the 14th China International Fair for Investment and Trade.
According to the ministry, China’s ODI grew by 1.1 percent from a year earlier to $56.53 billion, which includes investment of $47.8 billion in non-financial sectors worldwide, up 14.2 percent year-on-year.
China is expected to have 200 million cars on the road by 2020, increasing pressure on energy security and the environment, government officials said yesterday.
China’s challenge in the early 21st century will be to balance its highly centralized political system with an increasingly decentralized economic system.
Since the late 1970s, China has decollectivized agriculture, yielding tremendous gains in production.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Hogs and poultry are widely raised in China, furnishing important export staples, such as hog bristles and egg products.
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.
In addition, implementation of some reforms was stalled by fears of social dislocation and by political opposition, but by 2007 economic changes had become so great that the Communist party added legal protection for private property rights (while preserving state ownership of all land) and passed a labor law designed to improve the protection of workers’ rights (the law was passed amid a series of police raids that freed workers engaged in forced labor).
Since the 1980s China has undertaken a major highway construction program.
See the original post here:
London Bankers Meet Your New Chinese Bosses
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.
China
How a scandal over sanitary pads is shaping feminist activism in China
Chinese sanitary pad brands face scandal over misleading product quality and pH levels. Consumer outrage grows amid larger issues of women’s health neglect and activism for better standards linked to declining fertility rates.
A string of prominent sanitary pad brands in China have become embroiled in a scandal about the quality of their products. The controversy began in early November when consumers complained that that the advertised lengths of many sanitary pads were misleading.
Then, a few days later, customers discovered that many pads had pH levels similar to textiles such as curtains and tablecloths that do not come into frequent contact with skin, potentially causing irritation or harm to users.
The anger only intensified when ABC, one of the companies at the centre of the controversy, responded dismissively to concerned consumers. ABC emphasised that it was complying with national standards, and reportedly replied to a complaint with: “If you cannot accept it, then you can choose not to buy it”.
Chinese companies have since apologised for their sub-par products, and ABC has even said that it was “deeply sorry” for its “inappropriate” response. But for many women in China, this scandal is about more than just defective products. It is part of a troubling pattern in which women’s health and dignity is blatantly disregarded.
In 2022, Chinese women took to social media to advocate for sanitary pads to be sold on trains. Their demands were swiftly dismissed, with China Railway saying sanitary pads were “private items” that women should prepare for themselves in advance.
Some people on the internet echoed this sentiment, arguing that it was inappropriate and unhygienic to sell sanitary pads on trains. “You don’t want sanitary pads sold alongside food, do you?”, one wrote.
Remarks like this laid bare not only the stigma surrounding menstrual blood in China, where it is seen as polluting and shameful, but also the widespread ignorance among men about menstruation. This was again highlighted by one social media user who questioned absurdly: “Why can’t women just hold it in?” The recent scandal over poor quality sanitary pads is yet another chapter in this story.
The neglect of women’s basic needs in China has worsened with the government’s push for higher birth rates. China’s ruling Communist party began actively promoting higher birth rates in the mid-2010s after decades of limiting most families to one child. The push is driven primarily by the state’s concerns over an ageing population and a shrinking labour force.
This pro-natalist agenda, which has been bolstered by media campaigns urging women to prioritise marriage and motherhood, has pressured many to sacrifice their education and careers. In anticipation of having to provide paid maternity leave, employers also often discriminate in the processes of hiring and promotions.
Meanwhile, feminist advocacy faces censorship and suppression. This has included the shutdown of influential media platforms like Feminist Voices and the blocking of #MeToo-related hashtags. Activists have resorted to creative methods, such as using symbols like the “Rice Bunny” (a term that is pronounced “mi tu” in Chinese) emoji, to navigate strict surveillance and content filtering that targets discussions on gender equality.
Why the #RiceBunny hashtag has become China’s #MeToo.
Fighting for change
Women in China are now rallying for higher standards in the production and regulation of sanitary products. They are actively submitting comments via the government’s online platform for the public to provide feedback to standard setting officials.
On November 22, a representative from the organisation responsible for drafting the new standards stated that public feedback had been heard and will be considered in the process. However, this response is far from satisfactory. The same companies that produce sanitary pads in China are heavily involved in setting these standards.
Women’s active involvement in shaping the revision of national standards is reflective of a consistent strategy in which they use government-provided channels for political participation. Yet women in China have now also started to link the issue of low-quality sanitary products to broader societal challenges, including falling fertility rates.
In the 1970s, when China first implemented its one-child policy, over six children were born for every woman of childbearing age. This had dropped to an average of one-and-a-half by the 2000s. At the same time, there is a growing prevalence of infertility in China. A 2021 study published in The Lancet, a peer-reviewed medical journal, shows that China’s infertility rate rose from 12% in 2007 to 18% in 2020. One in every 5.6 Chinese couples of childbearing age faces challenges in conceiving a baby.
Throughout the recent sanitary pad scandal, hashtags such as #LowQualitySanitaryPadsCauseFemaleIntertility have spread across Chinese social media platforms such as Weibo. By aligning their grievances with national anxieties, feminist activists in China are strategically reframing their demands to align with state priorities.
Such an approach may, on the one hand, risk unintentionally reinforcing existing stereotypes about women and societal expectations. But it may also increase the likelihood of their concerns being addressed, as it presents better sanitary product standards as a critical public health and national concern rather than a “women’s issue” that can simply be dismissed.
Feminist activism in China looks to be growing in maturity. Narratives and strategies are now being carefully crafted to ensure maximum impact both in public and policy arenas.
This article is republished from The Conversation under a Creative Commons license. Read the original article.