Recruiting in China

Last year's graduates of local colleges started in jobs at wages 25 percent higher than their predecessors — more than 6,000 yuan ($886.75) a month.

But still over 21 percent have hopped from their first jobs, said a survey released by the city's employment promotion center and the students' affairs center.

The conclusions were based on officially registered information from the 97,000 students graduating from local colleges and who began working in Shanghai in 2016.

The report showed that those graduates' average term of employment was 29.2 months — 0.4 months longer than their peers graduating in the previous year.

Now, 95.9 percent of the these graduates choosing to work in Shanghai are still employed, 1.2 percentage points more than the survey result in the previous year.

Almost 70 percent of them worked in areas related to what they had learned in colleges, said the report.

About 80 percent of them said they were very satisfied or relatively satisfied with their jobs, while 6.1 percent said they were not quite satisfied or very dissatisfied.

Their average salary one year after graduation was 6,236 yuan per month, up 25 percent from their starting pay.

The average salary for 2015 graduates was 5,659 yuan a month after the same period of working.

The current average pay was 4,645 yuan a month for junior college graduates, 5,495 for those with a bachelor's degree and 8,972 for those with master's or higher.

The finance industry still leads the pay level with 8,216 yuan per month, followed by education and health at 7,908 and 7,653 yuan per month respectively.

The proportion of job-hoppers was 2.6 points higher than that of graduates in 2015 during the first year after graduation.

Beijing was recently named the best mainland Chinese city for entrepreneurship in 2017.

The ranking emphasized the impact of a city's policies and talents on its entrepreneurship. The main gauge was the enthusiasm of establishing start-ups, government policies and intellectual support.

Report shows that there are five major entrepreneurship regions in China, one of which is the North China region with Beijing and Tianjin at its core.

As the birthplace of the policy of innovation and entrepreneurship, Beijing has demonstrated increasing competitiveness in this aspect. A total of 1,450 Beijing enterprises are listed in the National Equities Exchange and Quotations, roughly equal to the combined total of those in Shanghai (878 enterprises) and Shenzhen (686 enterprises).

Beijing is also home to 174 national innovation and entrepreneurship platforms, still roughly the sum of those in Shanghai (89 platforms) and Shenzhen (86 platforms).

In addition, Beijing continued to relocate non-capital functions in 2016, which will grant more development opportunities to neighboring cities including the newly established Xiongan New Area.

A new Beijing Hyundai plant was completed in southwest China's Chongqing Municipality Thursday, raising the company's annual capacity by 22 percent to 1.65 million units.

The plant, the fifth factory of the company, will start operation in August, with an annual production of 300,000 automobiles and 200,000 engines.

Construction of the plant started in June 2015 with a total investment of 7.75 billion yuan (1.15 billion U.S. dollars).

Beijing Hyundai is a joint venture between Beijing Automotive Industry Holding and the Republic of Korea car maker Hyundai Motor.

Chongqing's auto output continued to take the lead in China, with automakers churning out 3.16 million cars last year, 11 percent of the country's total.

The output values of the automobile and electronics manufacturing industries climbed 11.7 percent and 17.7 percent respectively in 2016, and the two industries contributed 55 percent to the city's gross industrial growth last year.

Dalian Wanda Group agreed to sell 13 tourism programs as well as 76 hotels to Tianjin-based property company Sunac China Holding in a deal worth 63.17 billion yuan ($9.3 billion) on Monday, according to a statement Wanda sent to the Global Times the same day.

Sunac will acquire 91 percent of the 13 cultural and tourism programs, including those based in Xishuangbanna, Southwest China's Yunnan Province, Hefei, capital of East China's Anhui Province and Harbin, capital of Northeast China's Heilongjiang Province, after paying 29.58 billion yuan to Wanda, the statement said. The Hong Kong-listed company will then undertake all the loans for developing those programs.

The company also agreed to buy out 76 hotels owned by Wanda, including Wanda Realm Beijing and Wanda Reign Wuhan for 33.6 billion yuan, the statement noted.

The two firms are expected to sign a detailed agreement by July 31 and complete the transfer of payment, assets and shares "as soon as possible", according to the statement.

After the deals are settled, the transferred cultural and tourism programs will still use the Wanda brand. Wanda is also still responsible for their construction, operation and management.

As of 11:20 a.m., the share price of Dalian Wanda Commercial Properties, the Hong Kong-listed arm of Wanda, has surged to HK$ 1.16 (14.85 cents), almost double the number listed from the opening earlier this morning. The Sunac's shares were suspended from trading on Monday ahead of the acquisition announcement.

In the restaurant street outside Beijing's Ritan Park, the day starts slowly, but not for Guo Hongtao, manager of a take-out only restaurant. As online lunch orders begin to pour in, his 20-square-meter kitchen is gearing up for the day. The space is rented from Panda Selected, a start-up that offers co-cooking space to take-out kitchens.

Panda Selected also helps its tenants in a variety of ways, including designing logos, writing menus, planning online operations, connecting them with good suppliers, negotiating with food delivery platforms and applying for business licenses.

As some companies share kitchens with take-out only restaurants, some others share meals. Cengfanqu is one of the apps that bring foodies to household dining tables.

On the other side of the app, home chefs, most of them unemployed housewives living in the countryside, are more than happy to start their own business from home. By benefiting the local rural community, the app has also gained support from the local government.

China's food takeout market totaled 113.3 billion yuan in 2016, according to business think tank Analysys. The massive market means opportunities for kitchen and meal sharing companies.

At the same time, industry insiders say, kitchen and meal sharing remain a fledgling segment of the market. They note that innovation and regulation are the key factors that could help make it a stable part of the sharing economy.

Multinational companies no longer enjoy recruitment advantages in China as domestic IT and Internet companies increasingly gain favor among Chinese students, according to data released Thursday by international consultancy Universum in Shanghai.

The Stockholm, Sweden-headquartered Universum received assessments of 233 employers from 79,346 students majoring in business, engineering, science, social sciences and humanities, law and medicine.

In the survey, 18 percent of Chinese students said they were willing to work for a multinational, a decrease from 25 percent in 2016 and 28 percent in 2015. The proportions were even lower among science and engineering majors—only 16 percent of engineering students and 14 percent of science students wanted to join a multinational after graduation. The students said multinationals were less stable than their domestic counterparts.

This year, the top five most attractive employers for business majors were Alibaba, Huawei, Bank of China, Ernst & Young, and PricewaterhouseCoopers, while the top five most favored by engineering students were Huawei, Tencent, Alibaba, Baidu and Microsoft.

Alibaba and Huawei were also attractive to other majors. Alibaba was the second most attractive employer among science students and the top among students of social sciences and humanities. Huawei took the first spot among science students, and was the second most popular among business students and majors in social sciences and humanities. Tencent also ranked high among various majors.

Chinese Internet companies were well known for competitive compensations that came with highly stressful workloads. But the survey found Chinese students attributed these companies' attractiveness to their entrepreneurial spirit, creative working environment, team work and corporate social responsibility. The students valued "a sound support for future career development" when it came to choosing an employer.

Wu Gang, the vice-president of Universum's Asia-Pacific region, said that "In recent years, through our surveys and research, we've found an obvious change. That is, China's indigenous IT and Internet companies are becoming increasingly popular, while the competitive advantages multinationals used to enjoy are no longer that noticeable."