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

Sino-Us relations is now facing new challenges due to the global economic crisis, said Morgan Stanley Asia Chairman Stephen Roach on Tuesday at the US Congress’s US-China Economic and Security Review Commission.

Roach said that during the recession while the America’s unemployment gets high, it is inevitable for people to believe what Geithner has commented—China is playing a more influential role in this crisis. His words were rooted from what Read more…

Popularity: 2% [?]

China, crisis, economy, recession, relation, U.S.

A series of trade barriers will be caused by the “buy American” products only clause in the $787-billion US economic stimulus package while large exporters, such as China will be hurt by this move, economists said last Sunday.

It is obvious that trade protection is certain to rise, said Mei Xinyu, a trade expert form the Ministry of Commerce. The current situation will stay for some time, he said, referring to the lasting effects caused by the US stimulus package. Read more…

Popularity: 2% [?]

China, economy, protectionism, recession, trade, U.S., world

The latest figures from the provincial statistics have shown that Jiangsu province is rejuvenating after the blow of the global financial recession and radiating potential of steady growth this year.

Jiangsu, obviously shown from the statistics, regained investment growth in the last two months of 2008. Also, the vitality was resumed to the sales of commercial residential properties with the 233 percent monthly growth in residential space last December. Even the companies, mainly dealing with export business and being one of the targets that the global financial crisis attacked most severely, have found its turning point. There is a total value of $234 billion in this respect, with an increase of 16.9 percent.

The provincial governor Luo Zhijun made the comment in his government report at the second session of the 11th provincial people’s congress that opened Read more…

Popularity: 5% [?]

China, economy, growth, investment, Jiangsu, recession

Due to the global economic recession, job seeker started hunting even before the Spring Festival ends. Around 30,000 people poured into the first job fair in the capital on February 6. They were anxious to wait in the long line for about half an hour in order to gain access to the new hall of the Agriculture Exhibition Center. Unfortunately, many of them were kept outside, even having a ticket in hand, because of the overcrowded hall.

At the same time, the job market will be patronized by more that 7 Read more…

Popularity: 1% [?]

China, economy, fair, hope, job, market, recession, security

According to China’s Ministry of Industry and Information Technology (MIIT) last week, it is considering cutting tax for lead-acid battery exporters in order to stop them from laying off workers.

An MIIT official said they are discussing the report but no conclusion has appeared. His team is waiting for industry figures from last year and will decide whether to Read more…

Popularity: 2% [?]

China, economy, export, industry, policy, recession, report, tax

A research and development (R&D) centre will be set up by Bayer Schering Pharma in Beijing to benefit from the country’s health reform plan which will cost the Chinese government 850 billion yuan. The centre will cost Bayer 100 million euros over the next five years.

Besides the other three centres in Germany and the US, the centre in Beijing will be the fourth in the world for the pharmaceutical division of the German drug and chemical group Bayer.

According to the company, the new centre aims to develop new drugs tailored to Asian patients Read more…

Popularity: 2% [?]

Bayer, China, crisis, economy, healthcare, investment, plan, recession

Judging from an investigation conducted in December and involving 100 economists, we can see that unemployment has become the toughest and most urgent problem that Chinese economy encountered last year. Ninety percent of the economists surveyed gave their opinion that the enlarging group of the unemployed is the top challenge for the Chinese economy, outweighing the economic slowdown and social instability. More seriously, the survey showed the unprecedented decline of economists’ confidence since 2004. Read more…

Popularity: 1% [?]

China, economy, indication, investigation, recession, unemployment

The stock market in economic slowdown could turn the hard-earned savings to ashes instantly which was exactly the experience of Wen Wu, a government employee of Loudi in Central China Hunan province.

Wen Hu now has lost nearly all of his 240,000 yuan savings in the stock market with only 7,000 yuan left in his account.

According to a recent survey from the official Shanghai Securities News and Stock Star, only 6% of the respondents Read more…

Popularity: 2% [?]

China, economy, market, recession, slowdown, stock

The battle about market share between US fast food chains Kentucky Fried Chicken and McDonald’s has been lasting for a very long time since they appeared in China.

Recently, both the companies announced the plans of expansion and cutting price to attract more customers.

Zhao Li, the company’s general manager, said at the ceremony marking the opening of the 200th KFC restaurant in Beijing that in spite of the economic recession, they will open another Read more…

Popularity: 19% [?]

China, crisis, economy, fast food, recession, slowdown