A female user of Red (Xiao Hongshu) poses with the company's staff at its anniversary celebration in Shanghai.
About one in every 20 A-share companies is led by female, according to a report by Securities Times released on International Women's Day on Wednesday.
The number of chairwomen in Chinese mainland-listed firms totals 151, accounting for 5 percent of all top posts. Equipment manufacturing, pharmaceuticals, chemical engineering, real estate, and automobile are the top five industries with most female business leaders.
About 70 percent of the chairwomen were born in the 60s or 70s, according to the report. Corporate head Hu Jiajia of Shanghai Metersbonwe Fashion & Accessories Co and Liu Xiaoqing of Dalian Yi Qiao Sea Cucumber Co, both 30, are the youngest.
Of the 153 A-share firms run by women, 56 are listed on Shanghai Stock Exchange, 45 on Shenzhen small-and-medium enterprise board, and 31 on NASDAQ-styled ChiNext board.
Among the 145 chairwomen who have disclosed their education background, four have doctorate degree and 10 have studied abroad, noted the report.
According to a survey by professional networking site LinkedIn, 44 percent of all senior management roles in companies were held by women last year.
The need to balance family obligations and pressure from society are still believed to be major obstacles for women in the business world.
Beijing beat New York City to become the "Billionaire Capital of the World" for the second year running, according to Hurun Global Rich List released on Tuesday.
The new list ranked 2,257 billionaires, up 69 from last year and a growth of 55 percent or 804 over the last five years.
Total wealth among billionaires increased by 16 percent to $8.0 trillion, equivalent to 10.7 percent of global GDP, and up from 7 percent of global GDP five years ago.
Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said global wealth is being concentrated in the hands of the billionaires at a rate far exceeding global growth.
New York has the highest concentration of billionaires, with 86, followed by San Francisco and Los Angeles on 29 and 23 respectively. The USA is the world's capital for immigrant billionaires. Two-thirds self-made, with one-third inherited. Average age among USA billionaires increased to 66, two higher than the list average.
Bill Gates, 61, is still the richest man in the world, despite only growing 1 percent to $81bn. Warren Buffett, 86, held onto second place, increasing his wealth to $78 billion, up $10 billion after a surge in the Berkshire Hathaway share price.
Jeff Bezos, 53, of Amazon, has broken into the Top 3 for the first time. Mark Zuckerberg, 32, the youngest of the Top 10, shot up to fifth, his highest ranking yet.
Chinese billionaires led the USA for the second year running, with 609 compared with 552, up 41 and 17 respectively. Hoogewerf said "China and the USA have half the billionaires in the world."
The combined net worth of Chinese billionaires is $1.6 trillion, 2.1 percent of the global GDP. Real Estate has generated most billionaires (120), followed by Manufacturing and TMT with 115 and 78 respectively, according to the report.
China is number 1 in the world in terms of generating self-made billionaires akin to "rags to riches" and is home to two-thirds of the world's self-made female billionaires.
Led by Beijing, 5 Chinese cities made the top 10 cities and 7 the Top 20. Average age is 58, six years younger than the list average.
Shenzhen surprised many by adding 16 billionaires to propel it into fourth place, just behind Hong Kong.
A February IPO propelled Wang Wei, 46, of SF Express to third spot, with a five-fold growth in his wealth to $27 billion, just behind Wang Jianlin and Jack Ma. Corporate raider Yao Zhenhua of Baoneng saw the fastest growth on the list, rising almost eight-fold to $15 billion.
Investments overtook tech to become the main source of wealth for American billionaires, with 121 and 112 billionaires respectively, followed by retail with 57. The combined wealth of U.S. billionaires was $2.6 trillion, 3.4 percent of global GDP.
A mobile phone user walks past a logo of China Mobile's 4G service in Qingdao, Shandong province.
The country's three telecom carriers, China Mobile Communications, China United Network Communications Group and China Telecommunications Corp, announced steps to scrap domestic long-distance and roaming charges from October 1, 2017, a move to drive forward industrial transformation and boast the upgrading and adjustment of real economy.
Li Yue, president of China Mobile, the country's largest telecom operator said the domestic roaming charges account for 8 to 10 percent of its total revenue, removal of such fees will have an influence on the company, adding this will encourage China Mobile to improve operation and management efficiency.
China Unicom said it will increase the coverage of broadband access, develop innovative applications, and upgrade products and services in response to the initiative of "increasing broadband access speed and reducing tariff" by the authority.
The Ministry of Industry and Information Technology (MIIT) will push forward the initiative with more effective measures.
"We will strive to remove completely the domestic long-distance and roaming tariffs for mobile users, greatly reduce the tariff for international long-distance call and dedicated internet access price for small- and medium-sized enterprises," said Chen Zhaoxiong, vice-minister of industry and information technology.
The ministry will make efforts to regulate the tariff-setting behaviors of enterprises, promote healthy market competition and continue to improve market environment of telecommunications.
China's producer price index (PPI), which measures costs of goods at the factory gate, quickened growth pace year on year in January, fresh evidence of strengthening demand in the world's second-largest economy, official data showed Tuesday.
The PPI rose 6.9 percent year on year in January, an increase on the 5.5 percent registered in December 2016, according to the National Bureau of Statistics (NBS).
This represented the fifth straight month expansion of the PPI on a year-on-year basis and the highest reading since August 2011.
On a month-on-month basis, the PPI edged up 0.8 percent, with the growth pace narrowing down from the 1.6 percent recorded in December 2016.
NBS senior statistician Sheng Guoqing attributed the monthly PPI gain to factors including the carry-over effect of last year's price changes, spiking prices of metal, fuels, chemicals and other raw materials.
Factors including rebounding domestic demand and reducing outdated capacity helped push up the PPI and the index is likely to remain high in the coming months, according to Wen Bin, a senior researcher at China Minsheng Bank.
The January PPI figure outstripped market expectations, and Chinese policymakers should be alert to inflationary pressure caused by rapid PPI growth, according to Wen.
The PPI figures came alongside the release of the consumer price index, which rose 2.5 percent in January year on year, partially due to holiday effects.
China's used car sales hit a record high in 2016, posting 10.3 percent growth year-on-year, as local authorities have been removing barriers on cross-provincial-border vehicle sales.
Statistics from the China Automobile Dealers Association show that 10.39 million used cars were sold last year. Industry insiders expect yet more to be sold this year.
Although the sector's growth did not keep up with surging new car sales, which saw a 13.7 percent growth rate in 2016, it was the first double-digit growth in used car sales for the past several years, said Luo Lei, the association's deputy secretary-general.
"The hard-won achievement was mainly a result of local governments gradually opening their markets to used cars from other regions," said Luo.
The State Council, China's cabinet released an eight-article guideline in March 2016, instructing local governments to lift any limitations on the flow of used vehicles between provinces by the end of May. China has 172 million cars, but local bans have curbed the free flow of used cars, resulting in insufficient supply. However, the policy has not worked out, according to Luo. He said the association's monitoring shows that while seven provinces, including Sichuan and Heilongjiang, have fully removed the barriers, many others have failed to do so.
Luo said those seven provinces saw double-digit growth in their used car sectors, which was significantly higher than that recorded in the provinces that did not remove the limitations.
Industry insiders say local authorities have failed to lift the ban because used cars usually have higher emissions and contribute less to the local economy than new cars. Luo said more regions will catch up now that the Ministry of Commerce and the Ministry of Environmental Protection have issued orders to implement the State Council's guideline. He expects sales this year to hit a new high as a result.
"Used car transactions accounted for 5.8 percent of China's total car sales last year. As local authorities remove their bans, it may return to the normal level of 7.3 percent, which will be 12.5 million vehicles," Luo said.
Xiao Zhengsan, secretary-general of CADA, calls for more attention to be given to the sector's development, saying used cars will contribute to China's automotive market's growth.
"China has become the world's largest auto market, but if its growth is driven by stimulus policies, it is not healthy," said Xiao.
According to Xiao, used cars and car finance will prove to be two critical and healthy market forces. "I will say, if we fail to do a good job in used cars, then it is impossible for us to do a job in terms of new cars sales. In one or two years you will see if I am correct," he said.
In developed markets such as the United States, used car sales are usually more than double those of new cars, while in China, they represent less than 40 percent of new car sales.
China will improve its logistics network to reduce costs for wholesalers and retailers.
The government will reduce the ratio of the retail and wholesale sectors' overall logistics costs on total GDP to 7 percent by 2020, according to a plan released by the Ministry of Commerce and other ministries.
High logistics costs hold back enterprises' growth. The ratio of China's total logistics spending on total GDP stood at 14.5 percent in the first three quarters of 2016, much higher than the average 8-to-9 percent level in developed economies.
China will expand its commercial logistics network and improve efficiency through IT application.
The government will also establish several national and regional commercial logistics hubs and invest more in infrastructure development.
| China Job Links: |
China Recruitment Agency
China Payroll & Benefits Services
Payroll & Benefits local Chinese hire
Setup your operation fast and cheap
China Job Openings - LinkedIn
Join #1 LinkedIn China Career Group
Find more Chinese jobs and talent
Scan our qrcode