Economy/Resources - 140. page
Minimum Wage Increased in 23 Regions
People’s Daily reported that, since the beginning of this year, at least 23 regions have raised their minimum wage. Among those cities, the monthly minimum wage in Shanghai and Shenzhen broke the 2,000 yuan (US$314) mark. While reports indicated that, in 2014, 19 regions had raised their minimum wage, the article said that the minimum wage in three provinces in Northeast of China has remained unchanged for over two years. According to the regulation published by the Ministry of Human Resources and Social Security, minimum wages need to be adjusted at least once every two years.
Source: People’s Daily, September 25, 2015
http://leaders.people.com.cn/n/2015/0925/c58278-27632080.html
Caixin PMI: Weak Demand for Manufacturing Continues
According to Caixin on September 23, the preliminary Caixin China manufacturing purchasing managers’ index (PMI) hit a six-and-a-half-year low of 47.0 in September. This was below the final PMI of 47.3 for August, which was the lowest since March 2009. The final PMI for September will be released on October 1, 2015.
China’s Fixed Asset Investment Experiences Its Weakest Growth
According to statistics released by the China National Bureau of Statistics, China’s fixed asset investment rose at the slowest pace since 2001. The slowdown was due to the weak growth in investment in real estate development and in manufacturing.
People’s Daily: China Saw Record Decline in Foreign Exchange Reserves
Registration for All of Li Ka-Shing’s Businesses Moved out of China
China’s Automotive Industry to Experience Period of Slow to Medium Growth
Xinhua recently reported on the expected growth rate of the automotive industry as disclosed at the recent International Forum (TEDA) on Chinese Automotive Industry Development. According to information that the Ministry of Industry and Information Technology provided during the recent forum, China’s automotive industry will experience low to medium growth for a long period of time. The statistics suggested that the growth rate in the auto industry slowed down from 24 percent between 2000 and 2010 to seven percent from 2010 to 2014. The industry is expected to see more intense competition with lower profit margins compared to previous years.
Source: Xinhua, Sept 13, 2015
http://news.xinhuanet.com/fortune/2015-09/13/c_1116544468.html
Citic Securities, China’s National Stock Market Rescue Team, Turned out to Be a Real Troublemaker
Chinese police have been investigating Citic Securities. According to a report from Stock Times CN on August 28, 2015, it was Citic’s illegal securities trading and its “malicious short-selling” that caused China’s stock market slump. Citic Securities is China’s largest investment bank and was also China’s “national stock market rescue team.” Ironically, the so called “national team” that was supposed to be the main force to rescue China’s stock market from its slump turned out to be a real troublemaker.
Eight people from Citic Securities have been investigated for possible involvement in illegal securities trades. A staff member surnamed Wang from Caijing magazine is also being probed for spreading false information on securities and transactions. Among the eight investigated officials, three of them are members of the Executive Committee of Citic Securities. Xu Gang, the former chairman of brokerage development and head of the research department at Citic Securities, is among the detainees.
Source: Stock Times CN, 证券时报网, August 28, 2015
http://company.stcn.com/2015/0828/12429493.shtml