Economy/Resources - 148. page
Xinhua: Minimum Wage Increased in 11 Provinces and Cities
According to an article published on Xinhua, 11 provinces and cities announced a minimum wage increase starting in April. The provinces and cities are Guangdong, Hunan, Hainan, Tibet, Tianjin, Shenzhen, Shandong, Shanxi, Beijing, Shanghai, and Gansu. Among the cities, the monthly minimum wage (in yuan) in Beijing went from 1,560 (US$254) to 1,720 (US$280); 1,820 (US$296) to 2,020 (US$329) in Shanghai; 1,680 (US$273) to 1,850 (US$301) in Tianjin; and in Gansu Province it went from 1,350 (US$220) to 1,470 (US$239). The article said that Shenzhen has the highest monthly minimum wage at 2,030 (US$330) yuan while Beijing has the highest hourly minimum wage at 18.7 yuan (US$3.04). In addition the statistics that the National Trade Union released showed that the rate of increase decreased in the period from 2011 to 2014. The increases were 22 percent, 20 percent, 17 percent, and 14 percent respectively in those years. The rate of increase is expected to be around 10 percent in 2015.
Source: Xinhua, April 3, 2015
http://news.xinhuanet.com/2015-04/03/c_127653903.htm
Xinhua: The Belt and Road Initiatives
On March 28, China unveiled its vision for the Silk Road Economic Belt and the 21st-Century Maritime Silk Road Initiatives (the Belt and Road Initiatives).
People’s Daily: Volume of Railway Freight Declined as Did PMI
Ministry of Finance: The Growth in Fiscal Revenue Slowed Down Sharply
According to a recent article in People’s Daily, China’s Ministry of Finance recently released statistics showing that, in the first two months of 2015, the growth in China’s fiscal revenue slowed down sharply, while expenditures increased.
Chinese Business Wisdom: The End of China’s Real Estate Developers
Chinese Business Wisdom published an article asserting that China’s real estate boom is ending. It started with the resignation of Mao Daqing, CEO of the Beijing Region of China Vanke Co., Ltd., who decided to jump ship and resign from Vanke on March 8. Vanke is the most successful privately owned real estate company in China.
The article quoted a financial analyst who stated that some real estate developers have taken their un-sold houses and sold them to their own employees. They encouraged their employees to buy as many houses as they could and also to apply for bank loans. "This might be the last money the developers will get. If the situation gets worse, these developers will run and leave the problems to their employees and the banks."
The analyst’s suggestion for Vanke’s strategy? "(They should) build as much as they can on the land they have already obtained, sell as much as they can of their overstocked houses, and close the company when they can’t sell anymore."
The government is still encouraging real estate purchases and keeps buying overstocked inventories from developers. However, "apart from the first-tier cities and cities with large inflows of population, the remaining large number of cities cannot stimulate the real estate market. The difficulty in raising money and being stuck with large inventories are still the real estate developers’ number one enemy."
Source: Chinese Business Wisdom, March 10, 2015
http://www.bwchinese.com/article/1068643.html
Xinhua: Over 90.1 percent of the Cities Failed Air Quality Inspection
According to an article in Xinhua, one year ago at the beginning of 2014, air pollution and the measures to improve air quality were included in close to 90 percent of the government reports at the provincial level. At that time, 15 provinces signed an agreement to fix their air and smog issues. However, according to the article, a year later, in the “2014 National Economic and Social Development Report“ that the Ministry of Statistics published, out of 161 cities that were inspected for air quality, only 9.9 percent passed; 90.1 percent failed; and only a small fraction of the cities submitted explanations. It stated that the reason for the poor results was due to ownership at the local level and a lack of attention to this issue.
Source: Xinhua, March 15, 2015
http://news.xinhuanet.com/politics/2015-03/15/c_1114644672.htm
2014 Consumer Electronics Industry Customer Service Blue Book Published
Xinhua reported that on, March 12, the China Electronics Chamber of Commerce, the China Consumer Journal, Xinhua, and Horizon Research Consultancy Group jointly published the 2014 Consumer Electronics Industry Customer Service Blue Book. The blue book collected consumer feedback on five major core electronic products, which include cell phones, computers, television sets, refrigerators, and air conditioners. The article said that this is the first report of its kind in China that focuses on consumers’ feedback on customer service. According to the results, the overall customer satisfaction score was only 68.1. The cell phone industry scored the lowest at 64.8. The area receiving the most complaints was repair services. Major consumer concerns included the manufacturers not accepting responsibility, delays in providing service, or inability to fulfill commitments.
Source: Xinhua, March 12, 2015
http://forum.home.news.cn/detail/136043202/1.html