Permalink 04:11:48 pm, by dacare, 232 words, 103 views   English (US)
Categories: News of China

China to invest big in 'Made in China 2025' strategy

China will step up financial support for major projects of its "Made in China 2025" strategy, a blueprint for upgrading the country's manufacturing sector.[Special Coverage]

Sectors that boost manufacturing innovation, including the Internet of Things, smart appliances and high-end consumer electronics, are the major priority for funding, according to the Ministry of Industry and Information Technology (MIIT).

The total funding is likely to exceed 10 billion yuan (1.5 billion U.S. dollars), Xinhua-run Economic Information Daily reported.

Aside from central-level funding, local authorities will also increase financial support for "Made in China 2025" projects with over 10 billion yuan expected to be invested by local governments nationwide from 2016 to 2020.

The MIIT will also cooperate with China Development Bank to provide financial services including loans, bonds, leasing to support major projects, with an estimated 300 billion yuan of financing in place in the 2016-2020 period.

"The financial support gives a clear direction for future development in China's manufacturing innovation and boosts social confidence in economic restructuring and upgrades," said Wu Hequan, academician of Chinese Academy of Engineering.

The "Made in China 2025" strategy, a roadmap released by the State Council in 2015 to guide the country's advanced industrial manufacturing, has seen steady progress in industrial capability, smart manufacturing, innovation, as well as product quality and branding.

Average productivity was up by 38 percent for China's first 109 pilot projects in smart manufacturing, while operating costs dropped by 21 percent, according to the MIIT.

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Permalink 04:10:43 pm, by dacare, 197 words, 96 views   English (US)
Categories: News of China

Insurance industry faces profound changes

China's insurance industry is facing profound changes in terms of policy, environment and technology, said Huang Hong, deputy president of China Insurance Regulatory Commission, on Tuesday.

He made this comment at the China Life Insurance October Qianhai Summit 2017 in Shenzhen, Guangdong province.

He stressed that the key of the country's financial policy now is to serve the entity economy, control financial risks, and deepen reform.

"Serving the entity economy should be reflected through the entire asset management process in a broad range, including stabling people's lives, promoting consumption, and supporting the building of major projects," he said.

In addition he believes new technology, such as mobile internet, big data, AI and genetic tests, are changing consumer behaviors, service methods and sales channels in China.

Huang also argued the industry should continue to open up, stably relax the threshold for foreign insurance companies to enter the domestic market and encourage foreign capital to take part in health care and retirement insurance.

Ng Keng Hooi, chief executive and president of AIA Group Ltd, noted at the summit the life insurance market in Asia remains the strongest in the world and is at an inflection point for continued high growth.

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Permalink 05:09:51 pm, by dacare, 318 words, 98 views   English (US)
Categories: Manufacturing & Industry

China makes better-than-expected progress in overcapacity cuts

China has made better-than-expected progress in cutting overcapacity in the steel and coal sectors amid steadfast government efforts to push economic restructuring.

In Hebei Province, where the task in cutting overcapacity is tough, 15.72 million tons of steel production capacity and 14.08 million tonnes of iron were cut in the first half of this year, progressing faster than the same period last year, according to local authorities.

China's steel industry has long been plagued by overcapacity. The government aims to slash steel production capacity by around 50 million tonnes this year.

Nationwide, 85 percent of the target for excess steel capacity had been met by the end of May, through phasing out substandard steel bars and zombie companies, with Guangdong, Sichuan and Yunnan provinces already meeting the annual target, data from the National Development and Reform Commission (NDRC) showed.

About 128 million tons of backward coal production capacity was forced out of the market by the end of July, reaching 85 percent of the annual target, with seven provincial-level regions exceeding the annual target.

As a large number of zombie companies withdrew from the market, companies in the steel and coal sectors have improved their business performance and market expectations.

Lifted by improved demand and lower supply due to government policies to cut steel overcapacity and enhance environmental protection, steel prices continued to pick up, with the domestic steel price index gaining 7.9 points from July to 112.77 in August, and increasing 37.51 points from a year earlier, according to China Iron and Steel Association (CISA).

"It is unprecedented, showing that overcapacity cuts have prompted the healthy and sustainable development of the sector and improved business conditions of steel companies," said Jin Wei, head of CISA.

Companies in the coal sector also gained profits. In the first half, the country's large coal companies registered total profits of 147.48 billion yuan (about 22.4 billion U.S. dollars), 140.31 billion yuan more than the same period last year, according to the NDRC.

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Permalink 03:56:01 pm, by dacare, 257 words, 90 views   English (US)
Categories: News of China

Companies should seize Belt and Road opportunities: Cushman and Wakefield

Both Chinese and international companies should seize the opportunities offered by the Belt and Road Initiative, according to a report issued by global real estate services firm Cushman and Wakefield.

Since the initiative was proposed by China in 2013, governmental organs and companies from around the world have expressed their strong will to take part in it, the report said.

Some Chinese companies have increased their international competitiveness through self development and business management, while others sought global partnerships or foreign acquisitions to fill existing gaps between them and their global counterparts.

The number of overseas mergers and acquisitions executed by Chinese firms in 2016 increased by 21 percent from the previous year to reach 438, and the amount of actual investment involved grew to 215.8 billion U.S. dollars, up 148 percent than 2015, the report stated, quoting figures jointly issued this June by Shanghai-based advisory firm DealGlobe and Hurun, known for publishing an annual rich list. These deals were mainly made in the manufacturing, financial services and health sectors.

Business opportunities will arise for overseas companies, including outbound capital projects and infrastructure, especially in partnership with Chinese companies, and involvement in supplying equipment, technology and intellectual property, it also said, citing a report issued by PricewaterhouseCoopers earlier this year.

The Belt and Road Initiative, also knows as the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

Over 100 countries, regions and international organizations have expressed support for or participated in the initiative.

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Permalink 03:55:33 pm, by dacare, 200 words, 64 views   English (US)
Categories: News of China

China's survey-based jobless rate lowest since 2012: official

China's job market is steadily expanding, with the survey-based unemployment rate falling to its lowest level since 2012, an official said Tuesday.

China's nationwide survey-based unemployment rate stood at 4.83 percent in September, the lowest since 2012, Ning Jizhe, head of the National Bureau of Statistics (NBS) disclosed at a press conference.[Special coverage]

Some 9.74 million new jobs were created in China's urban regions from January to August, which means the country has already fulfilled 88.5 percent of its official goal to create 11 million new jobs in 2017.

From 2013 to 2016, China's surveyed unemployment rate in 31 major cities stabilized at around 5 percent.

The number of migrant workers leaving their hometowns rose 2.1 percent in the second quarter compared with the same period last year, according to Ning.

The NBS survey-based jobless rate is usually higher than the registered jobless rate released by the Ministry of Human Resources and Social Security, which came in at 3.95 percent by the end of the second quarter.

Creating more jobs to stabilize unemployment is a priority for the government as millions of workers face the prospect of redundancy due to mergers and reorganization in industries bogged down by overcapacity.

China aims to maintain the registered urban unemployment rate at under 4.5 percent for 2017.

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Permalink 03:13:55 pm, by dacare, 626 words, 330 views   English (US)
Categories: News of China

'Bathing-crab' overseas students facing tough job market

Some Chinese studying abroad have found it difficult to find a well-paid job when returning to China after graduation in recent years. This is quite unlike they'd imagined.

In fact, some of these job hunters may have just wasted their school time in another country. They thought an overseas diploma alone would guarantee them a decent job, but the job market disagreed, contrary to expectations.

A Xinhua report defined these people as "bathing crabs".

The Yangcheng Lake in East China's Jiangsu province produces a variety of freshwater crabs, called Yangcheng Lake Hairy Crab, every autumn. These crabs are raised in the lake for at least six months, which is what makes them authentic and fetch a high price.

But some counterfeit ones spend a short time - perhaps only a few hours, like taking a bath - in the lake before being passed off as genuine. Those who had not taken their academic careers seriously abroad are seen as "fake" crabs.

Beyond these bathing-crab students who find it difficult to obtain employment, the job-seeking destinies of haigui, or "turtles" - overseas returnees who have studied or been trained abroad - varies, too. Some haigui earn tens of thousands of yuan annually, while others net more than one million yuan (about $150,000) a year.

About 45 percent of haigui earn less than 6,000 yuan ($900) monthly in 2017, according to a survey by the Center for China and Globalization, a Chinese think tank based in Beijing. Nearly 70 percent of them think their current salary is far less than what they had expected.

"Take the United States as an example. A student needs at least $40,000 a year to study there, or $120,000 for three years. One returnee has to be paid at least 10,000 yuan ($1,500) monthly for seven years before he or she gets academic cost back," said Qi Lixin, president of the Beijing Entry & Exit Service Association. He thought this was why the haigui community has high salary expectations.

Development opportunities and favorable policies have attracted a growing number of haigui. According to data from the Education Ministry, about 430,000 came back to China for employment in 2016, 160,000 more than in 2012 — an increase of 58 percent.

There has been a dividing line taking shape to distinguish two groups of returnees, with one group having special skills and the other, not. Quite a few Chinese companies came to this conclusion, based on their recruitment experience. The former are called "big turtles" and the latter "small turtles".

"'Small turtles', without techniques or experience, are sure to be overshadowed in salary by 'big turtles' from prestigious universities and with hands-on backgrounds," said Xu Chuanhai, who represents an overseas education service agency.

In the IT industry, a returnee who has mastered the world's leading technologies can earn up to around 800,000 yuan ($120,000) a year, and those with further managerial experience can even get one million yuan (about $150,000), said Yang Zhiguo, himself an overseas returnee.

Yang studied in Germany for eight years before coming back to China in 2009 and starting up a tech company. His company has been well-developed.

In addition to factors within students' control, like making an effort in study or work, there are also reasons for employment difficulties which are totally objective. One is the choice of major — quite a few haigui had learned something that didn't match what the Chinese market needed.

More than 46 percent of returnees majored in business administration, while humanities and social sciences majors numbered 20 percent, applied science majors 16 percent and natural science about seven percent, according to a report on the haigui community's employment and entrepreneurship in 2017.

If "bathing-crab" returnees want to avoid losing out in job competition, experts said, they should seize every possible opportunity to gain valuable experience when they study abroad, and have more than just a diploma when they return.

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