Financial turmoil is mirrored by the latest list of China’s 400 richest people compiled by Forbes magazine. According to the Forbes report, their combined net worth dropped nearly 40 percent to $173 billion from $288 billion last year, and the top richest lost $68 billion. Their fortunes have plummeted along with a 60 percent plunge in mainland stocks and a 50 percent drop in Hong Kong Shares this year.

There are 24 billionaires in this year’s list compared to last year record 66. The losses would be even larger if it had not been yuan’s appreciation. Read more…

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financial, Forbes, poorer, rich, turmoil

Some of the overseas companies badly hurt by the financial crisis may be bought by PetroChina, Asia’s biggest oil and gas producer for which to increase its capacity and meet rising domestic demand.

According to Jiang Jiemin, the company’s chairman at a shareholders meeting yesterday, the feasibility of acquiring some overseas resources companies badly influenced by the global crisis is still being discussed.

“Now the low share prices of some global resources companies provide Read more…

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crisis, financial, gas, import, PetroChina

As the deteriorated global financial markets impact economies around the world, Chinese financial experts expressed that Beijing is in a good shape to reinforce its position as a global financial hub.

The Chinese capital is a promising city crowed with talents and industries with the potential for significant development.

Crucial sectors such as financial services, real estate, IT, automobile, retail and hospitality are booming.

In 2007, Beijing’s financial industry with a revenue of 128.6 billion yuan, it accounted for 20.5 percent of local economic growth.

At Read more…

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Looming global financial crisis bring disasters everywhere. Many consider the future for the country’s fresh college graduates to be bleak. The terrible situation graduates face is divided into three parts as follows.

The first one is number of graduates. The official figures shows job hunter number will grow to 6 million with 7 percent increase of this year.

The second one is experience. Carol Cai, a employee of British market research company TNS said,” First, the new recruits are halved, besides, most positions requires experience”. “Fresh graduate posses disadvantage when hunting job with unemployed experienced ones.” Tang Xiaolin, director of the career development center of Fudan University had similar opinion.

The third Read more…

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