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Briefings - 1197. page

Top Aviation Exec: Remember the National Humiliation, Develop Domestic Big Airplane

Xinhua posted a news article published by the China Youth Daily on September 22 about China’s ambition to develop big airplanes. The article quoted China Aviation Industry Corporation (CAIC) General Manager Zuo Fengmin’s words as motivation: “When the United States bombed our embassy in Belgrade, Yugoslavia, the victims’ bodies were transported back home by a big airplane made in the U.S. It was a huge humiliation for our country’s aviation industry.” The article concluded that if China is to realize industrial advancement and high national stature, improving the aviation industry is a task that must be accomplished; and 2008 is a pivotal year for China’s home-made big airplane to be ready to take off.

Source: Xinhua, September 22, 2008
http://news.xinhuanet.com/mil/2008-09/22/content_10090910.htm

Briefings | | |   US-China Relations

Deputy County Mayor Position Attracts 65 Ph.D. Applicants

In an open job fair to select the deputy county mayor and public deputy commune director in charge of science and technology in Zhenzhou city of Henan Province, Shan Men Xia Municipality planned to hire a Ph.D. graduate specializing in administration of industrial economy as its deputy county mayor. The advertisement attracted 65 Ph.D. applicants to compete for the position. Such results were beyong expectations. In explaining the phenomenon, one author had commented: “For an ordinary person starting at a lower level, reaching such a position would take years of hard work. Whereas someone with a Ph.D. who jumps to the position, not only realizes the dream of ‘being a government officer,’ but also the dream of ‘making money.’ It is really a good deal.”

Source: Xinhua, September 21, 2008
http://news.xinhuanet.com/comments/2008-09/21/content_10085859.htm

Briefings | | |   Social Stability

Beijing Real Estate Market Remains Slow

Beijing’s real estate sales have significantly dropped as housing price continues to soar. Statistics show that sales were down 54 percent in August despite various promotional plans introduced by developers. Buyers are holding off the buying decision hoping prices will drop. Some experts predict that October will bring the volume of sales back up if there is a lucrative discount offered.

Source: China News, September 18, 2008
http://www.chinanews.com.cn/estate/gdls/news/2008/09-19/1386889.shtml

Briefings | | |   Economy/Resources

Experts Warn Foreign Investments Pulling out of China

As the financial giants Lehman Brothers, AIG, Merrill Lynch, and Morgan Stanley have started to sell out their business and real estate investments in China, experts are concerned about its impact on China’s financial order. The latest statistics released by China Bank suggest that China’s funds outstanding for foreign exchange were down 50 percent in August compared with the first seven months of 2008, which is an obvious indication that foreign investments have started to back out of China. The experts warned that the real estate downturn and the large swing on the stock market have pushed the yuan to go up. If foreign investors and companies started to cash out their investments, it will have immeasurable impact on China’s financial order.

Source: Wenweipo, September 21,2008
http://paper.wenweipo.com/2008/09/21/CH0809210001.htm

Briefings | | |   Economy/Resources

Latest Photos from Sanlu Group Headquarters

A number of photos taken from the headquarters of the Sanlu Group in Shijiazhuang (Hebei Province) were found on quite a few Chinese BBS sites, though some have since been taken down.  The photos showed that the factory was crowded with people, mostly waiting in line to return baby formula. Some photos show banners hanging on the factory buildings with messages such as: "Produce High Quality Dairy Products, Make a Contribution to the Society"; "Focus on Product Quality, Promote a Harmonious Society"; "Quality is under our control, Customers are in our heart"; "Care about Product Safety, Ensure Public Well-being". One photo shows a urine test result of a 6 months old baby boy displaying “positive” test result.

Source:
Various BBS sites from China, September 18, 2008
http://bbs.cztv.tv/Html/2008/9/18/21034857072.html
http://forum.datuu.com/viewthread.php?action=printable&tid=58278
http://www.xici.net/b651692/d77449197.htm

Briefings | | |   Social Stability

Infant Formula in U.S. in High Demand to be Mailed to Mainland China

Following the tainted formula scandal in China, stores in New York’s Chinatown area saw a sharp increase in formula sales. Some of the stores were completely sold out. Most of the customers are immigrants who have sent it to babies back in their hometown in China. Those parents rushed to the stores right away and bought one to two years worth of supplies to be mailed back to China. Some customers were asked by friends and families from mainland China to buy formula for them.

Online formula sales also jumped. Chinese websites in New York City area received a number of postings from the parents in China who were seeking channels to buy infant formula from the US.

Source: Ming Pao, September 18, 2008
http://www.mingpaony.com/htm/News/20080917/nb0101.htm

Briefings | | |   Economy/Resources

Live photos from Chendu: City Officials Trapped by Angry Crowd

A group of photos show a standoff at the front entrance of the Sichuan Conservatory of Music. A fight broke out between officers from Chendu City Management Administration office and students and faculty from Sichuan Conservatory of Music at 6pm on September 18.

It started out when a staff member from the school attempted to stop the officers of the city administration from violently exercising their duty in an office supply store next to the school. As more and more students joined the standoff, the city management administration officers had to retreat into their vehicle which was almost turned over by the angry crowed. Students shouted slogans at those officers. Initially there were only four policemen at the scene. An eyewitness said that at one point in time a police officer had to fire a gun shot to take control. Finally, after more police officers arrived, they helped the city administrative officers leave the scene.

Source: Boxun, September 18, 2008
http://news.boxun.com/news/gb/china/2008/09/200809190407.shtml

Briefings | | |   Social Stability

Exposure to Lehman Brothers of Chinese Banks Reaching $331 Million

Industrial and Commercial Bank of China (ICBC) and Bank of China have total exposure to failed U.S. investment bank Lehman Brothers of $151.8 million and $75.62 million respectively, the official Xinhua news agency said on September 17, 2008.  Exposure of both banks accounts for 0.01 percent of their respective total assets.  The exposure consists of Lehman-related bonds and loans, said Xinhua.

Sources in Shanghai indicate the exposure of other major banks.  Industrial Bank has exposure of $33.60 million and China Merchant Bank has exposure of $70 million. Construction Bank is still in the process of assessing possible losses and no figures have been released.  Communications Bank has limited exposure, according to sources from the bank.

Source: Xinhua, September 17 and 18, 2008
http://news.xinhuanet.com/newscenter2008-09/17/content_10057811.htm
http://news.xinhuanet.com/newscenter2008-09/17/content_10060109.htm
http://news.xinhuanet.com/fortune/2008-09/18/content_10071001.htm
 

Briefings | | |   Economy/Resources