Even with the worldwide economic downturn, more people are becoming wealthier in China.

According to a report on private property released by China Merchants Bank and consultancy Bain & Company on March, 30, 2009, there will be 320,000 people who each possess at least 10 million yuan ($1.46 million) of assets by the end of 2009, up 6 percent from 2008.

Including cash, stocks, funds, securities and real estate investments, the total assets covered in the report are expected to surpass 9 trillion yuan ($1.29 trillion) in 2009, up 7 percent from 2008.

The survey investigated 700 interviewees by questionnaires or face-to-face interviews. All the respondents had property of at least Read more…

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China, crisis, downturn, economy, property, report

The leading policy maker said China should take actions at present to strategically and completely reexamine the policies for millions of migrant workers who are unemployed due to the current financial crisis.

Liu He, deputy director of the Office of the Central Leading Group on Finance and Economy, said the need of the hour is to provide vocational training and education for the migrant workers. “This is not only about employment but also something that has severe social implications,” Liu said in an Read more…

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China, crisis, economy, migrant, package, policy

Shandong became only the second province to reach a GDP of over 3 trillion yuan in 2008. While most of the economies across the world are suffering from the current financial uncertainties, Shandong, the eastern coastal province, impressed all by a 2008 GDP of 3.11 trillion yuan—a growth of nearly 12.1 percent, achieving an accomplishment previously only matched by China’s traditionally most prosperous province—Guangdong.

According to a more in-depth analysis of the figures, it was also Shandong’s Read more…

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China, crisis, economy, GDP, growth, province, Shandong

As the US economic slowdown claims more victims, industry data shows that large US cooperate bankruptcies have been accelerated in recent weeks.

The data compiled by Bankruptcy Data.com and reviewed by Reuters indicates that eight public companies with assets of over $1 billion have filed for bankruptcy protection in the last four-week period. It also suggests that it is the largest number of multibillion-dollar public company bankruptcies in Read more…

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China, crisis, data, economy, recession, slowdown

Under the situation of economic crisis, if you want to work in a foreign country and still get a high salary, you should turn to Asia. According to a research, those expatriates who live in Asia and Middle East get the highest salary among all expatriates.

The HSBC Bank International, the offshore financial services arm of HSBC Holdings, indicated that the percentage of expatriates in Russia is about 30%, which is the highest in the world. The expatriates in Russia earn the most —– up to 250,000 dollars a year, in terms of the income standard, expatriates in Japan and Qatar ranked second and third following Russia.

Between one third and one quarter Read more…

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Asia, China, crisis, economy, HSBC, salary

HSBC Holdings said on March 2, 2009 that it would raise a total of $17.7 billion in new capital from shareholders in a rights issue to strengthen its financial structure after reporting a more than 50% fall in 2008 earnings and, as expected, a surge in bad debts in the US.

The largest bank in Europe is in the process of offering 5.1 billion new shares at 254 pence apiece, or a 48% discount on Friday’s closing price, for subscription by its current shareholders. In Hong Kong, the issue price per new share is HK$28, or a 50.2% discount on its Friday close of HK$56.95.

Stephen Green, the Group Chairman, disagreed that the rights issue had appeared too late. He said it was the right time when they got the information about their performance in 2008.

Douglas Flint, the HSBC finance director, Read more…

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bank, capital, China, crisis, economy, HSBC, structure, U.S.

Over half of almost 800 wealthy Chinese who have been surveyed hold the opinion that the growing financial disparity between the rich and the poor also leads to the appearance of an upper class in the country.

Best Life, a life style magazine, carried out the survey, interviewing 792 wealthy Chinese in 62 cities from 27 provinces with the help of local chambers of commerce. The interviewed people were private entrepreneurs possessing property of over 10 million Yuan, i.e. 1.4 million dollars. The magazine said in June, over Read more…

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China, city, crisis, economy, property, province

The meeting of the finance ministers and central bank chiefs of G20 countries in March drew great attention. That’s because of the great influence of the global financial crisis.

The most important thing discussed at the meeting was how to deal with the financial crisis, rebuild the present financial system and reform the international financial organs. Read more…

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China, crisis, economy, G20, IMF, influence, reform

A top government think-tank warned that China is likely to suffer from the rising trade  protectionism against the backdrop of the worsening financial crisis.

In accordance with the report by the Development Research Center of the State Council, China will become the main objective of trade protectionism, and this behavior will make the exporting environment worse in China.

The nation’s export sector Read more…

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China, crisis, economy, export, import, protectionism, trade

Recently, many multinational firms are cutting their jobs and reducing the costs as a result of  global financial crisis, however, many industry giants like General Motors China, McDonald’s, Johnson&Johnson Medical China and Wal-Mart have confirmed that they will not stop their recruitment in China.

During the 2009 Hewitt Best Employers in China session on March 26th, 10 companies said that they have plans for recruitment this year. Read more…

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China, company, crisis, development, economy, employment, industry