China
China’s youth face dismal job prospects
Xu Ke, 21, comes from a long line of university lecturers.
Yet his peers and people a few years older than him are all struggling with a major crisis in their lives: growing competition for a dwindling number of jobs as youth unemployment tops 20%, driven by a huge downturn in manufacturing and foreign investment.
“There aren’t many jobs, and the competition for the jobs there are is too strong,” said Xu, who is currently studying at a university in Minnesota. “Everyone is willing to do any job.”
“With everyone willing to do anything, wages are [kept] low, and benefits are poor,” Xu told Radio Free Asia in a recent interview.
Before the pandemic, most of his peers would once have expected to study for a teaching or liberal arts degree, before going on to land jobs as elementary and secondary school teachers.
But those days are long gone, Xu said, adding that the 20.4% unemployment rate among people aged 16-24 reported by the National Bureau of Statistics for April was likely only the tip of the iceberg.
“I would guess that the proportion of young people who can’t find a job at all is likely to be between 40 and 50%,” he said.
“After all, not everyone [with parents who work in the government] system can even get into senior high school, and not everyone in senior high school can get into college,” he said. He cited a government quota introduced in 2021 requiring 50% of junior high school students to take up places in technical and vocational schools, rather than senior high school.
Before the policy was introduced, around 60% of junior high-schoolers would have gone on to senior high, where they would then be eligible to take the grueling “Gaokao” university entrance exam.
Shut out
Some of Xu’s friends have now effectively been barred from a university education, and from the white collar jobs that education prepares them for.
Shut out of the system that raised them, they are forced to look for blue-collar jobs instead.
“Wages [in blue-collar jobs] are very low, and there is a lot of strenuous physical labor,” he said. “Some people can’t do it, or they can’t find [even blue-collar] jobs, so they basically spend their time waiting to get old.”
For 30-year-old Shan Wentao, it’s a familiar scenario.
Born into a working-class family in the eastern province of Anhui, Shan says even his peers can’t find work in the current economic environment, with dwindling opportunities in manufacturing and sharp falls in foreign investment.
“I tried to get a shift on a construction site, but there are more people [available to work] in the industry now, and the wages are getting lower and lower, while the work is pretty backbreaking,” he said.
One of Shan’s friends did land some construction work, but only lasted a few months due to health problems and non-payment of wages.
Yet for young working class people, “lying flat” – essentially doing nothing while living at home – is less of an option than it is for their counterparts with higher-level qualifications, as many are already married, and can’t live back home with mom and dad.
“There’s nothing to be done about it,” he said. “I get the impression they don’t want to do these jobs, but what else can they do?”
‘Revitalizing the rural economy’
A woman who gave only the surname Chen said she has a 17-year-old relative who is despondent about life after she graduates from vocational school.
“She says the teaching in the technical school is so bad that she isn’t learning anything, and that she’ll earn very little after she graduates,” Chen said. “She says it’s easier just to lie flat.”
“She doesn’t want to do manual work, because it’s too tiring, but her family doesn’t have the resources to send her to study overseas,” she said. “She is desperate, and confused about the future.”
National Bureau of Statistics spokesperson Fu Linghui told a news conference on May 16 that “the relevant departments are proactively introducing policies to provide targeted assistance” to help young people into work.
But media reports pointed to a rising number of college graduates in recent years, coupled with residual unemployment from previous years.
President Xi Jinping has called on young people to be less picky about the jobs they’ll accept, as well as lauding those who return to rural areas to “revitalize the rural economy.”
But his exhortations have fallen on deaf ears as the middle class cash out of the Chinese economy and join the “run” movement, seeking a new life overseas, often via political asylum in the United States.
“During the Mao era, the Chinese government promoted the relocation of educated urban youths to the countryside, through a combination of heavy political propaganda and various kinds of political pressure,” U.S.-based economist He Qinglian wrote in a recent commentary for RFA Mandarin.
But while more than 12 million have done so in recent years, the numbers don’t amount to much when taken alongside the hundreds of millions of rural residents who continue to move into China’s cities to find work.
“Of course the Chinese government knows very well that it won’t be able to get rural youths who have experienced the simplicity of urban life to pick up their hoes and bend themselves double over the land again,” He wrote, citing the rise of “Taobao villages” as people run online shops from rural locations.
She cited government balance-of-payments data as showing a 43% decline in foreign direct investment in China in 2022, compared with the previous year.
“Foreign-invested companies are gradually withdrawing from the Chinese market, which is a big blow to employment rates,” she said, adding that youth unemployment rates would be higher still if the government didn’t remove people returning to rural hometowns from the figures.
Translated by Luisetta Mudie. Edited by Malcolm Foster.
Read the rest of this article here >>> China’s youth face dismal job prospects
Business
Democrat Claims Musk is Undermining Spending Bill Due to China Restrictions – The Hill
A Democrat claims Elon Musk influenced the reduction of a spending bill due to its restrictions on China, suggesting his actions impacted the legislation’s progress and funding allocation.
Allegations Against Musk
A prominent Democrat has accused Elon Musk of deliberately sabotaging a significant spending bill in response to China-related restrictions. This accusation comes amid ongoing tensions between the U.S. and China, particularly regarding technology and trade policies. The claims suggest that Musk’s influence is affecting critical legislative processes, raising concerns among lawmakers about foreign influence in American politics.
Implications for Legislation
The potential ramifications of Musk’s alleged actions could be significant. As a major player in the tech industry, his decisions can sway public opinion and impact the economy. Lawmakers fear that if influential figures like Musk oppose necessary legislation, it might hinder efforts to address vital issues such as national security and economic stability.
Political Reactions
The controversy has sparked debates among both Democrats and Republicans, highlighting the intersection of technology and politics. Many are demanding greater transparency and accountability from tech giants. As the situation unfolds, lawmakers may need to reassess their strategies to ensure that essential legislation moves forward uninterrupted.
Source : Democrat accuses Musk of tanking spending bill over China restrictions – The Hill
China
Dissolving a Company in China: A Comparison of General Deregistration and Simplified Deregistration
China promotes simplified deregistration to enhance its business environment, offering a faster process requiring fewer documents than general deregistration. Companies must meet eligibility criteria, resolve issues, and can choose procedures based on their situation, ensuring compliance for both options.
In addition to the general deregistration procedures, China has been promoting simplified deregistration as one of the key measures to enhance its business environment. This article highlights the differences between the general and simplified procedures, explains the eligibility criteria, and clarifies common misunderstandings about these processes.
Foreign investors may decide to close their business for multiple reasons. To legally wind up a business, investors must complete a series of procedures involving multiple government agencies, such as market regulatory bureaus, foreign exchange administrations, customs, tax authorities, banking regulators, and others. In this article, we outline the company deregistration process overseen by the local Administration for Market Regulation (AMR), comparing the general and simplified procedures.
Before 2016, companies could only deregister through the general procedure. However, on December 26, 2016, the Guidance on Fully Promoting the Reform of Simplified Company Deregistration Procedures was released. Effective March 1, 2017, simplified deregistration procedures were implemented nationwide. Since then, there have been two options: general procedures and simplified procedures.
Companies must follow the general deregistration process if any of the following conditions apply (hereinafter referred to as “existing issues”):
Companies not facing the above issues may choose either the general or simplified deregistration process.
In summary, simplified deregistration is a faster process and requires fewer documents compared to general deregistration. Companies that meet the criteria typically would typically opt for simplified deregistration. Those that do not meet the criteria may choose this route after resolving outstanding issues. For companies with unresolved issues but seeking urgent closure, they can first publish a deregistration announcement. Once the announcement period ends and all issues are addressed, they can proceed with general deregistration. Some companies may question the legitimacy and compliance of simplified deregistration. This is a misconception. “Simplified” does not mean non-compliant, just as “general” does not imply greater legitimacy. Both processes are lawful and compliant. The AMR provides these options to enable companies ready for closure to complete the process efficiently while granting those with unsolved issues the necessary time to address them after publishing the deregistration announcement. Companies can select the most suitable process based on their specific circumstances.
| 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
China’s influence grows at COP29 climate talks as US leadership fades
The 2024 U.N. climate talks in Baku yielded mixed results, agreeing to increase funding for developing nations. However, challenges remained in addressing greenhouse gas emissions and achieving sustainable progress.
The 2024 U.N. climate talks ended in Baku, Azerbaijan, on Nov. 24 after two weeks of arguments, agreements and side deals involving 106 heads of states and over 50,000 business leaders, activists and government representatives of almost every country.
Few say the conference was a resounding success. But neither was it a failure.
The central task of the conference, known as COP29, was to come up with funding to help developing countries become more resilient to the effects of climate change and to transition to more sustainable economic growth.
The biggest challenge was agreeing on who should pay, and the results say a lot about the shifting international dynamics and offer some insight into China’s role. As a political science professor who has worked on clean tech policy involving Asia, I followed the talks with interest.
Slow global progress
Over three decades of global climate talks, the world’s countries have agreed to cut their emissions, phase out fossil fuels, end inefficient fossil-fuel subsidies and stop deforestation, among many other landmark deals.
They have acknowledged since the Rio Earth Summit in 1992, when they agreed to the U.N. Framework Convention on Climate Change, that greenhouse gas emissions produced by human activities, including the burning of fossil fuels, would harm the climate and ecosystems, and that the governments of the world must work together to solve the crisis.
But progress has been slow.
Greenhouse gas emissions were at record highs in 2024. Governments are still subsidizing fossil fuels, encouraging their use. And the world is failing to keep warming under 1.5 degrees Celsius compared with preindustrial times – a target established under the 2015 Paris Agreement to avoid the worst effects of climate change.
Extreme weather, from lethal heat waves to devastating tropical cyclones and floods, has become more intense as temperatures have risen. And the poorest countries have faced some of the worst damage from climate change, while doing the least cause it.
Money for the poorest countries
Developing countries argue that they need US$1.3 trillion a year in financial support and investment by 2035 from the wealthiest nations – historically the largest greenhouse gas emitters – to adapt to climate change and develop sustainably as they grow.
That matters to countries everywhere because how these fast-growing populations build out energy systems and transportation in the coming decades will affect the future for the entire planet.
Negotiators at the COP29 climate talks. Less developed countries were unhappy with the outcome.
Kiara Worth/UN Climate Change via Flickr
At the Baku conference, member nations agreed to triple their existing pledge of $100 billion a year to at least $300 billion a year by 2035 to help developing countries. But that was far short of what economists have estimated those countries will need to develop clean energy economies.
The money can also come from a variety of sources. Developing countries wanted grants, rather than loans that would increase what for many is already crushing debt. Under the new agreement, countries can count funding that comes from private investments and loans from the World Bank and other development banks, as well as public funds.
Groups have proposed raising some of those funds with additional taxes on international shipping and aviation. A U.N. study projects that if levies were set somewhere between $150 and $300 for each ton of carbon pollution, the fund could generate as much as $127 billion per year. Other proposals have included taxing fossil fuels, cryptocurrencies and plastics, which all contribute to climate change, as well as financial transactions and carbon trading.
China’s expanding role
How much of a leadership role China takes in global climate efforts is an important question going forward, particularly with U.S. President-elect Donald Trump expected to throttle back U.S. support for climate policies and international funding.
China is now the world’s largest emitter of greenhouse gases and the second-largest economy.
China also stands to gain as provider of the market majority of green technologies, including solar panels, wind turbines, batteries and electric vehicles.
Whether or not China should be expected to contribute funding at a level comparable to the other major emitters was so hotly contested at COP29 that it almost shut down the entire conference.
Previously, only those countries listed by the U.N. as “developed countries” – a list that doesn’t include China – were expected to provide funds. The COP29 agreement expands that by calling on “all actors to work together to enable the scaling up of financing.”
In the end, a compromise was reached. The final agreement “encourages developing countries to make contributions on a voluntary basis,” excluding China from the heavier expectations placed on richer nations.
Side deals offer signs of progress
In a conference fraught with deep division and threatened with collapse, some bright spots of climate progress emerged from the side events.
In one declaration, 25 nations plus the European Union agreed to no new coal power developments. There were also agreements on ocean protection and deforestation. Other declarations marked efforts to reenergize hydrogen energy production and expanded ambitious plans to reduce methane emissions.
Future of UN climate talks
However, after two weeks of bickering and a final resolution that doesn’t go far enough, the U.N. climate talks process itself is in question.
In a letter on Nov. 15, 2024, former U.N. Secretary-General Ban Ki-moon and a group of global climate leaders called for “a fundamental overhaul to the COP” and a “shift from negotiation to implementation.”
After back-to-back climate conferences hosted by oil-producing states, where fossil-fuel companies used the gathering to make deals for more fossil fuels on the side, the letter also calls for strict eligibility requirements for conference hosts “to exclude countries who do not support the phase out/transition away from fossil energy.”
With Trump promising to again withdraw the U.S. from the Paris Agreement, it is possible the climate leadership will fall to China, which may bring a new style of climate solutions to the table.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
- Democrat Claims Musk is Undermining Spending Bill Due to China Restrictions – The Hill
- Dissolving a Company in China: A Comparison of General Deregistration and Simplified Deregistration
- China’s influence grows at COP29 climate talks as US leadership fades
- HSBC Chairman to Head Key UK Business Delegation to China
- China’s November 2024 Economy: Navigating Mixed Signals and Ongoing Challenges
- Ukraine war: 10% of Chinese people are willing to boycott Russian goods over invasion – new study
