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

Shanghai, as is shown in a report by the iResearch Consulting Company, ranked the first among all the cities in China in the aspect of online shopping. It has spent an amount of 16.5 billion yuan, or $2.4 billion, online in 2008, with 2,200 yuan each person. The report was conducted recently through interviews with 100,000 Internet users all over the nation, and 84 major websites were taken advantage of as terraces.

The total amount of web shopping in 2008, 120 billion yuan, has risen to a new height and it was 128.5 percent higher than that in 2007. Read more…

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China, economy, nation, report, Shanghai, shopping, web

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…

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

The 2008 Hurun China Rich Report was released, showing that new names from the emergent alternative energy sector are moving all the way up to the top of the list as China’s richest have generally lost their wealth this year.

Solar energy tycoon Peng Xiaofeng, with a personal wealth of 27 billion yuan, was No4. He was No6 on last year’s list.Shi Zhenrong, another solar energy developer from Jiangsu province, soared up to 8th from 25th last with a personal wealth of 21.5 billion yuan.Totally, there were 22 solar energy tycoons listed, compared with 9 last year.

The report says that their achievement proves China’s ability and potential in alternative energy exploitation.

On Monday, the list’s top 3 were revealed by the publishers. They respectively were 39-year-old appliance and property developer Read more…

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The China Institute of City Competitiveness had named Hong Kong, the special administrative region (SAR) the country’s most competitive city for the third consecutive year in an annual study.

However, according to the report, the city was also facing a shortage of resources and manpower that might affect its future development.

The institute studied the competitiveness of 289 cities in terms of their business and financial market development, educational levels and technological advancement, among other things. Shanghai and Beijing came in second and third.

Hong Kong also took the top spot for being a world-class cosmopolitan city, followed by Beijing and Shanghai.

It was said that Beijing’s international image had been strengthened through Read more…

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