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

Following massive job cuts because of the global economic downturn, the city’s financial institutions have received an unprecedented number of overseas applicants from a recruitment drive in the US, an organizer said on December 26th.

Sheng Yuruo, an official of Shanghai Financial Services Office and deputy head of the recruitment group, Read more…

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applicants, China, crisis, downturn, economy