When Mei Saichun hosts visitors to his handset factory, he has a surprise for them. After a tour of the decidely low-tech assembly lines, the general manager of Shenzhen Xinghuabao Electronics returns to his office and opens a door behind his desk. On the other side is a cleanroom where workers in white protectice clothing [...]
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China’s Congressional Concerns
While China’s National People’s Congress in a rubberstamp legislature, its annual plenary session – which kicks off Friday – offers a good window into the thinking of the nontransparent Chinese Communist Party elite. This year’s theme is the economy. That in itself isn’t news, but the economic focus is shifting. While the 2009 NPC harped [...]
Chinese firm halts $1 billion listing
Chinese automobile dealer Zhongsheng Group Holdings Ltd has shelved its planned US$1 billion Hong Kong initial public offering due to volatile market conditions, a person familiar with the situation said Tuesday. The switch is the latest blow to the Hong Kong market, which has seen a number of weak IPOs in recent weeks due to [...]
China targeting bigger budget deficit in 2010
China will target a higher budget deficit this year of more than one trillion yuan (S$205 billion), a senior lawmaker said yesterday. Yin Zhongqinq, deputy head of the financial and economic committee of the National People’s Congress, China’s largely ceremonial parliament, also said that Beijing would again permit provincail governments to issue their own bonds [...]
Diageo increases stake in Chinese baijiu market
Diageo PLC’s bid to buy a larger share in the maker of China’s Shui Jing Fang brand white liquor may provide the world’s largest alcoholic beverage maker with a major new influence over a leading Chinese consumer brand. But Diageo will likely have only a minority stake, a fact that also highlights how foreign investors [...]
King Stone eyes fivefold capacity boost
King Stone Energy Group, a chemical and optical products maker diversifying into coal mining, plans to grow its coal output capacity fivefold by developing existing mines and through acquisitions. The company aims to spend 452.9 million yuan (US$ 66.4 million) to raise the capacity of its first mine near Ordos, Inner Mongolia Autonomous Region, to [...]
Wage report lead to factory strile
More than 2,000 assembly line workers in Dongguan staged a three-day strike after state newspapers reported that authorities were considering raising the manufacturing heartland’s minimum wage amid a labour shortage. Workers at Lacquer Craft Manufacturing in Daling Mountain town complained their Taiwanese employer had refused to pay them a reasonable wage even though nearby factories [...]
Beijing in confident mood, but some hard choices loom
Premier Wen Jiabao should be more upbeat than a year ago when he delivers China’s version of the state of the union address at the opening of the legislature’s annual session on Friday and then faces the media at its close. Wen’s annual report to the nearly 3,000 national People’s Congress deputies will spell out [...]
Editorial calls for abolition of hukou system
A joint editorial in 13 mainland newspapers has called on the nation’s top legislative body to abolish the hukou system – strict population controls that have split the country into rural and urban areas for decades. The editorial appeared in metropolitan newspapers from 11 provinces and areas yesterday on the eve of the annual meetings [...]
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