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Current Events in China: August 23

Posted on | August 22, 2012 | No Comments

Chinese firms say tech level on par with Korea

About 40 percent of Chinese companies in South Korea believe that Chinese technology has enhanced enough to stand shoulder-to-shoulder with Korean technology, according to a survey released on Tuesday.  Read more

China study warns rural wealth gap near ‘danger’ level

China’s rural inequality is nearing “danger” levels as hundreds of millions of people shun farming for better paid city work, causing a widening wealth gap, a report said.  Read more

China ups rare earth resources export quota

China announced Wednesday a slight increase in its export quota for rare earth resources, amid falling demand and as the country remains at loggerheads with major trading partners over the limits.  Read more

China HSBC Flash PMI at 9-month low, new export orders sink

China’s factory activity in August shrank at its fastest pace in nine months as new export orders slumped and inventories rose, a signal that a persistent slowdown in economic growth has extended deeper into the third quarter.  Read more

Thousands being moved from China’s Three Gorges – again

China relocated 1.3 million people during the 17 years it took to complete the Three Gorges dam. Even after finishing the $59 billion project last month, the threat of landslides along the dam’s banks will force tens of thousands to move again.  Read more

China to spend $372 billion on cutting energy use, pollution

China will plough $372 billion into energy conservation projects and anti-pollution measures over the next three-and-a-half years, part of a drive to cut energy consumption by 300 million tonnes of standard coal, the country’s cabinet said Tuesday.  Read more

China Consumers Eschew Domestic Brands as Foreigners Gain: Cars

Liu Yu said he was making a generous offer: a $1 million subsidy to entrepreneurs willing to build a dealership for BAIC Motor Corp.’s Beijing car brand. Though that covers about three-fourths of the cost of each outlet, the BAIC deputy sales chief has struggled to recruit the 150 candidates he wants by year-end, whereas BAIC’s parent company has no trouble finding dealers for its joint ventures with Daimler AG and Hyundai Motor Co., even without subsidies.  Read more

Child Protesters: New Tactic in the Fight for Migrant Workers’ Wages?

An old story took on a new twist this month as a group of Chinese migrants protested outside a real estate development to demand payment of overdue wages. The difference this time: The protesters were children – and they were successful.  Read more

China’s ‘B’ Shares Getting Erased as ‘A’ Shares Boom

The end may finally be near for China’s troubled foreign currency-denominated stock market after the world’s largest producer of shipping containers proposed quitting the exchange and moving its listing to Hong Kong.  Read more

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