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After Chinese Currency Depreciation, Funds Began Moving Overseas

Well-known Chinese news site Sina recently reported that the sudden depreciation in Chinese currency caused a lot of wealthy Chinese people to regret that they had not moved their funds overseas sooner. As a result, they are now acting quickly to transfer a portion of their money to foreign accounts. A private business owner Mr. Tang said that he is sponsoring his son’s college studies overseas, which means he does not have the flexibility to use other than U.S. dollars. If he must change to U.S. dollars, he thinks that he will do it sooner rather than later; because of the recent RMB depreciation, he just lost nearly US$10,000. According to a Boston Consulting Group, China has a minimum of four million families with over US$1,000,000 worth of assets. Many private bankers think that many of these people are making more investments overseas. A J.P Morgan Chase analyst expressed the belief that, with the depreciation, combined with the possibility of a U.S. interest rate increase, the speed of money flowing out of China will accelerate. Many professional money managers agreed that the wealthy people in China will not count on the Chinese government’s capability to stabilize the currency. 

Source: Sina, August 14, 2015
http://finance.sina.com.cn/world/20150814/113522966474.shtml
Briefings | | |   Social Stability

Guangming Daily: Survey Says 80 percent of Haigui Feel They Are Underpaid

Guangming Daily published an article reporting on a recent survey of Haigui [Chinese language slang term for Chinese people who have returned to mainland China after having studied abroad]. According to the results of the survey, 80 percent of Haigui felt that their salaries were below their expectations. In 2014, close 1.8 million people returned back to China after studying abroad, which accounted for 51.4 percent of the total who left China to study abroad. The survey showed that most of the Haigui found jobs in large cities, including Beijing, Shanghai, Guangzhou, and Shen Zhen. Those in the banking and financial industry amount to 14.3 percent, while the rest are spread over retail, real estate, and internet industries. Few are in new technology or in culture industries. The survey found that the overall job satisfaction of the Haigui is low. Close to 39.5 percent change jobs within the first two years and 28.8 percent change jobs between three to five years. They also need time to adjust to the domestic job market as well. 

Source: Guangming Daily, August 21, 2015
http://economy.gmw.cn/2015-08/21/content_16755740.htm
Briefings | | |   Social Stability

Heightened Security for September 3

According to Beijing Public Security, in preparation for China’s commemoration of the 70th anniversary of the end of World War II on September 3, the police have launched a citywide security campaign that involves 850,000 people throughout the city’s various districts. During the parade, the leaders of the Communist Party will review the troops. 

Starting from August 20, the 850,000 participants in the security campaign will be wearing red armbands and stand as guards along Beijing’s main streets, in different communities, in shopping malls, and in other public places. The security requirements include patrols on every street or alley, guards at designated key locations, and lookouts at government buildings, shopping malls, stores, and markets. 
Source: People’s Public Security Daily reprinted by People’s Daily, August 20, 2015, http://society.people.com.cn/n/2015/0820/c136657-27492645.html
Briefings | | |   Social Stability

Behind the Tianjin Explosions

China Business News reported that, at around 11:30 pm on August 13, two consecutive explosions occurred in warehouses containing hazardous chemical materials in Tianjin City, about a 30 minute train ride from Beijing. The explosions originated at a warehouse site owned by Tianjin Dongjiang Port Rui Hai International Logistics Co., a company that stores and transports dangerous chemicals. 

Xinhua said that, as of 6:00 pm on August 13, 50 people had been confirmed dead among whom 17 were firefighters. More than 701 people have been hospitalized, 71 in critical condition and the death toll is expected to rise. 
The cause of explosions remains unknown. The authorities cannot identify the source of the fire because the fire has not yet been completely put out. The fire continues due to the calcium carbide in the inflammable materials in the warehouses. Calcium carbide reacts violently with water and reactive chemicals, with a risk of explosion. When the first group of over 100 firefighters arrived at the scene, there had not yet been any explosions. They were not informed that there were hazardous materials that might explode if they came in contact with water. Firefighters then used water to put out the fire. 
Source: China Business News, August 14, 2015 
http://www.yicai.com/news/2015/08/4669810.html
Briefings | | |   Social Stability

BBC Chinese: China Arrested Seven Christians

BBC Chinese recently reported that the Chinese police in Zhejiang Province arrested at least seven Christians who were against the removal of the cross from the top of their local church. Among the seven, two were priests, who were accused on several counts, with charges such as “forming a mob to disturb the public order.” The lawyer of the Christians who were arrested pointed out that the true cause of the arrest was the fact that they resisted the removal of the cross. The church is a government-approved legal church and the entire church building process from acquiring the land to construction went through all of the steps the government required for review and approval. However the Zhejiang Province authorities have now decided to demolish the church without presenting any legal documents. Amnesty International said they are carefully monitoring this case. Article 36 of the Chinese Constitution clearly states that Chinese citizens have freedom of religion. 
Source: BBC Chinese, August 5, 2015
http://www.bbc.com/zhongwen/simp/china/2015/08/150805_china_zhejiang_christians_detained
Briefings | | |   Social Stability

BBC Chinese: Around 75 Percent of China’s Large Cities Did Not Meet Air Quality Standard

BBC Chinese recently reported that, according to the numbers that the Chinese Ministry of Environment Protection released, around 75 percent of China’s large cities did not meet the air quality standard in June. Only 19 cities met the standard. In June, for around 60 percent of the days in the capital city Beijing, the air quality was below standard and its PM2.5 pollution level suffered a year-over-year 11 percent increase. PM2.5 particles are air pollutants with a diameter of 2.5 micrometers or less, small enough to invade even the smallest airways. These particles generally come from activities that involve the burning of fossil fuels, such as traffic, smelting, and metal processing. The World Health Organization (WHO) considers a PM2.5 number below 10 to be safe. The Chinese standard is 35, which the Chinese government does not expect to meet until 2030. The Ministry of Environmental Protection also found that many cities manipulated the data in order to “meet” the standard.
Source: BBC Chinese, July 13, 2015
http://www.bbc.com/zhongwen/simp/china/2015/07/150713_china_pollution_figures
Briefings | | |   Social Stability

Xinhua: Beijing to Limit Growth in the Number of Permanent Residents

Xinhua reported that the City of Beijing held a meeting on July 18 at which it did an economic analysis. During the meeting, the City agreed that it will increase its efforts to limit population growth. The article said that the surge in population has brought pressure in relation to a number of social issues, including a shortage of water, air pollution, traffic congestion, and environmental issues. The article said that those at the meeting agreed to the goal of keeping the number of the permanent resident population below 21.770 million during the second half of 2015 and below 23 million by 2020. The statistics showed that, by the end of 2014, the number of permanent residents living in Beijing had reached 21.516 million.

Source: Xinhua, July 19, 2015
http://news.xinhuanet.com/politics/2015-07/19/c_1115967908.htm

Briefings | | |   Social Stability

RFA: Rights Lawyers in China threatened and Forced to Speak Up Outside the Court System

Radio Free Asia (RFA) carried an article which stated that, after Wang Yu, a rights lawyer in Beijing was detained on July 9, the authorities threatened close to 100 rights lawyer and human rights activists. One rights lawyer told RFA that the police said that if they don’t stop spreading the news about the Wang’s arrest the police will go after and harm their family members. China’s official media also carried an article on July 11 attacking the rights lawyers for “stirring up” sensitive cases and openly “confronting the court.” Based on an analysis from the human rights experts, contradicting the official media reports, lately the rights lawyers have frequently being cut off during their speeches in court. Their right to defend [their clients] and their legal licenses have been threatened as well. The article said that this situation has forced them to speak up outside of the court.  

Source:
Radio Free Asia, July 12, 2015
http://www.rfa.org/mandarin/yataibaodao/renquanfazhi/yf2-07122015112404.html
People’s Daily, July 12, 2015
http://politics.people.com.cn/n/2015/0712/c1001-27290030.html

Briefings | | |   Social Stability