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Old February 14th, 2009, 05:17 PM   #81
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Originally Posted by z0rg View Post
You know good news about China are mostly banned in many countries, right?
Good point. I hadn't thought of that. Come to think of it, I haven't read a single "good news" story about China in a long time from news based in my current country of residence.
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Old February 15th, 2009, 12:57 AM   #82
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Guangdong to double key economic projects

2009-02-14

GUANGZHOU: Authorities in Guangdong province will introduce measures to boost employment, trade and economic development this year to ward off the global financial crisis, officials said on Friday.

In a government report to the provincial people's congress, which opened on Friday, Guangdong Governor Huang Huahua said 200 key projects, double the number from last year, would be implemented this year to boost domestic consumption and local economic development.

"Under the global economic downturn, boosting domestic consumption through introducing the key projects is of great importance to the province's economy," said Li Miaojuan, director of the provincial development and reform commission.

Li said the key projects, with an investment of 303 billion yuan ($44.3 billion), will be implemented in infrastructure, modern industries and the environment.

"Improving employment is also important for the province to maintain the GDP target this year," said Liu Youjun, director of the Guangdong labor and social security department.

The province has set a goal of 8.5 percent GDP growth this year, a 1.6 percentage points decline from last year's growth.

Liu said provincial labor authorities would work with local enterprises to organize 10,000 free job fairs this year to help migrant workers.

"Each job fair will be required to have at least 500 migrant workers to sign contracts with enterprises," said Liu.

Guangdong will also advance industrial upgrades this year to help enterprises in the delta region, especially export-oriented manufacturers, to maintain trade growth, said Liang Yaowen, director of the Guangdong provincial committee of foreign trade and economic cooperation.

http://www.chinadaily.com.cn/china/2...nt_7477139.htm
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Old February 15th, 2009, 01:55 AM   #83
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More loans is good. But loans have increased 5-6x times last month from August. That's nuts. I wonder if a lot of the money will end up in irresponsible hands without the competence to turn it into production.
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Old February 15th, 2009, 08:55 AM   #84
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More loans is good. But loans have increased 5-6x times last month from August. That's nuts...
Have you heard of the 4t stimulus package?
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Old February 15th, 2009, 09:54 AM   #85
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More loans is good. But loans have increased 5-6x times last month from August. That's nuts. I wonder if a lot of the money will end up in irresponsible hands without the competence to turn it into production.
I got the same feeling as yours..
There is quite a possibility that bad loan could increase but I am sure that at least some modicum of due to diligence to be done to make sure that at least the loan is used for business purpose..
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Old February 16th, 2009, 02:08 AM   #86
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1 million graduates to get job training

2009-02-16


China will launch a graduate trainee program for one million unemployed college graduates in three years, according to a circular issued by the general office of the State Council on Sunday.

The program did not suggest a fixed length or pay scale of the training, but the circular demanded local governments and organizations which provided training to offer basic living subsidies to the trainees.

The government would build training bases for the program with responsible employers, and employers are encouraged to recruit graduate trainees, said the circular.

Besides the trainee program, the government would also enhance technical training for graduates from vocational schools with a "double certificates" program.

According to the program, schools would help the students get vocational qualification certificates when they leave school, in addition to their graduate certificates.

China had about 1.5 million unemployed college graduates by the end of 2008, registering an unemployment rate of 12 percent, the Chinese Academy of Social Sciences said in the Blue Book of China's Economy (2009) last December.

http://www.chinadaily.com.cn/china/2...nt_7478338.htm
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Old February 16th, 2009, 04:43 AM   #87
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China confident of overcoming economic difficulty: Wen


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BEIJING (AFP) — China's Prime Minister Wen Jiabao expressed confidence in his government's ability to overcome the nation's economic downturn, his cabinet said Sunday.

"We are fully confident that we have the conditions and the capability to overcome the challenges we are facing," Wen was quoted as saying in comments posted on the government's website.

"We should fully realise the severity and uncertainty of the global financial crisis... and take firmer action."

Wen's comments came in meetings last week as he sought input from diverse sectors of society for his annual government work report to be read before the nation's parliament on March 5.

"This year's government work report should be a report that strengthens confidence and a report that implements action," Wen said.

Since announcing a four trillion yuan (585 million dollar) stimulus package to overcome the global economic downturn in November last year, Wen has consistently expressed confidence that China's economy would continue its remarkable growth.

But his nation's economy slowed dramatically at the end of 2008 as the full force of the crisis hit home, dragging growth in the world's third-largest economy to a seven-year low.

China's economy expanded by just 6.8 percent in the final quarter, pulling the full-year growth figure down to 9.0 percent, the National Bureau of Statistics reported last month.

Coming after 13.0 percent growth in 2007, the figures offered the most complete picture yet of just how severely the world crisis has hit China's export-dependent economy.

More than 20 million migrant workers, the engine of the nation's economy, have already lost their jobs due to the turndown.
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Old February 16th, 2009, 04:45 AM   #88
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China rolls out fresh policies to help college graduates find jobs

www.chinaview.cn 2009-02-15

Quote:
BEIJING, Feb. 15 (Xinhua) -- China is finding new ways to get jobs for the country's millions of college graduates, as vacancies are getting slashed under the current financial crisis.

New measures include encouraging college graduates to work in rural areas and in smaller firms, and giving financial support for start-ups of their own businesses, according to a circular issued by the general office of the State Council Sunday.

Premier Wen Jiabao said in January that finding employment for college graduates should be the top priority of the country's employment work, calling these graduates China's "valuable human resources".

China has 6.11 million college students due to graduate this year, and another one million from last year are still looking for jobs after they failed to get a job in 2008.

According to a Blue Book of China's Economy (2009) released last December by the Chinese Academy of Social Sciences, a major government think tank, one million unemployed graduates accounted for about 12 percent of college graduates from last year.

The situation was worsened after about 20 million migrant workers lost their jobs as many exporters were forced to halt or reduce production as a result of weakening overseas demands.

Last year, 11.13 million urban jobs were created, while the country's economy expanded by 9 percent.

In the context of an economic slowdown, the country is put to test with the task of maintaining an economic growth that could generate enough jobs for the unemployed this year.  

DIVERSIFIED EMPLOYMENT OPPORTUNITIES

Sunday's circular is calling out college graduates to work in rural areas, at grassroots urban communities, and in smaller enterprises, in a bid to explore more channels of employment for them.

The country would offer subsidies and preferential policies for further studies to lure college graduates away from big cities, where they prefer to stay in pursuit of better job opportunities, according to the circular.

College graduates who work as village officials, rural teachers, rural doctors, or serve at communities of residential areas in the cities would get subsidies and proper coverage of social security, said the circular without elaborating.

University students who work in remote areas of the country's middle and western parts for a certain period, or serve in the army after graduation, could be exempted from part of the tuition or schooling loans.

In addition, students with grassroots working experiences would have a priority when they enroll for postgraduate studies and civil servants.

Civil servants are deemed with good prospects for future career in China, and competition among applicants is fierce. For instance, more than 800,000 applicants are estimated to compete for about 13,500 jobs this year.

The country would also facilitate employment of college graduates at smaller enterprises, according to the circular.

More than 70 percent of the country's college graduates had ended up employed in small and medium-sized enterprises and private firms.

Yet, the government would encourage more students to find jobs there with simplified administration procedures for personal file management and social security coverage, call-off of residence restrictions, and subsidies for employers.

Employers could get social security subsidies from the government, or exemption of some taxes, according to the Ministry of Human Resources and Social Security (MOHRSS).

Small labor-intensive enterprises would get loans of up to two million yuan (292,410 U.S. dollars) for hiring a certain number of college students registered as unemployed.

The circular also encouraged the country's research institutions to recruit excellent graduates as research fellows, who are not formally employed but will receive pay and get covered by social security insurance.

"This is a new policy, which is both good to the country's scientific research work and to relieving employment pressure in prolonging the study time of graduates," according to an MOHRSS official.

In the meantime, the country is also stepping up support for graduates starting up their own businesses, ranging from exemption or reduction of taxes and administration fees to better access to bank loans, according to the circular.

Graduates registered as unemployed could apply for loans of 50,000 yuan for start-ups of their own businesses.



BETTER SHELTER FOR UNEMPLOYED

The country will also launch a graduate trainee program for one million unemployed college graduates in three years, according to Sunday's circular.

The program did not suggest a fixed length or pay scale of the training, but the circular demanded local government and organizations which provided training to offer basic living subsidies to the trainees.

The government would build training bases for the program with responsible employers, and employers are encouraged to recruit graduate trainees, said the paper.

Besides the trainee program, the government would also enhance technical training for graduates from vocational schools with a "double certificates" program.

According to the program, schools would help the students get vocational qualification certificates when they leave school, in addition to their graduate certificates.

Sunday's circular offers detailed policies on finding employment for college graduates, which are in line with outlines made by Premier Wen Jiabao at an executive meeting of the State Council in January.

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Old February 16th, 2009, 04:49 AM   #89
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Reuters
China Jan FDI falls 32.6 pct to $7.54 billion

(Adds total financial FDI figures for 2008 in paragraphs 3/4)

Quote:
BEIJING, Feb 16 (Reuters) - China drew $7.54 billion in foreign direct investment (FDI) in January, 32.6 percent less than a year earlier, the Commerce Ministry said on Monday.

Yahoo! BuzzChina attracted a record $92.4 billion in non-financial FDI in 2008, an increase of 23.6 percent from 2007.

In addition, China drew $15.9 billion in financial FDI last year, an increase of 68.4 percent, as Beijing approved the establishment of 23 financial institutions, spokesman Yao Jian told a news conference at which the figures were released.

The combined 2008 total of financial and non-financial FDI inflows, $108.3 billion, was up 29.7 percent from the year before.

Inflows have surged since China joined the World Trade Organisation in 2001, although economists expect the pace to slacken this year as companies scale back investment plans due the global economic slump.

China's foreign direct investment~ (in $ billion):

_2009_ _______________________2008__________________________
Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb
7.54 6.0 5.3 6.7 6.6 7.0 8.3 9.6 7.8 7.6 9.3 6.9


~ FDI excluding investments in the financial sector. Some of the monthly figures are calculated based on cumulative data. (Reporting by Langi Chiang; Editing by Alan Wheatley and Ken Wills)
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Old February 16th, 2009, 07:40 AM   #90
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China Minmetals Agrees to Buy OZ Minerals for A$2.6 Billion

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Feb. 16 (Bloomberg) -- China Minmetals Corp., the nation’s biggest trader of metals, agreed to buy Australia’s OZ Minerals Ltd. for A$2.6 billion ($1.7 billion) in cash to secure supplies of copper and zinc from mines in Asia.

Minmetals is offering 82.5 cents for each share of Oz Minerals, a 50 percent premium to the last traded price on Nov. 27, the Melbourne-based company said today in a statement. The offer is recommended by the board of OZ Minerals, the world’s second-largest producer of zinc.

“OZ Minerals has been working with its financiers and progressing various funding options to pay down debt and maximize value for shareholders while providing greater certainty to employees and suppliers,” Chief Executive Officer Andrew Michelmore said in the statement. “This offer can resolve investor uncertainty.”

OZ Minerals had its shares suspended from trading on Dec. 1 as it sought extensions to refinance debt. The stock last traded at 55 cents.
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Old February 16th, 2009, 07:54 AM   #91
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Originally Posted by big-dog View Post
Reuters
China Jan FDI falls 32.6 pct to $7.54 billion
I don't think FDI inflow is very important for China 'cause the country is not a normal emerging nation that usually depends largely on foreign capital.
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Old February 16th, 2009, 08:19 AM   #92
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Indeed. FDI is a mere 2% of the GDP. Even lower than in most highly developed countries.
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Old February 17th, 2009, 03:32 AM   #93
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http://www.moneyweek.com/investments...nce-14623.aspx

A great well balanced article.

"Secondly, we don't know how much of this is replacing non-bank lending. China has a substantial shadow banking system of unauthorised lenders and off-balance sheet lending by banks trying to get around their loan quotas. Some estimates peg the size of this system at around 30% of conventional lending, so it's significant by any standards. Some of the new bank lending may be people replacing unauthorised loans with bank debt or banks bringing loans back on balance sheet, rather than new lending."


...

"What's more, other news from China has been unequivocally weak. Exports were down 17.5% in January; it's hard to see the economy strengthening before they stop falling. What's more, the 43.1% plunge in imports doesn't suggest strengthening domestic demand. To be fair, much of this was due to falling commodity prices and lower demand for goods for processing and re-export – but there were still outright falls in capital goods imports from Europe, which suggests weakness in investment demand. Yes, this data was affected by the Chinese holiday – but even allowing for that, this data was weak.

There are some other positive signs. Consumer price inflation is falling, but mostly in food and goods that are subject to government price controls. This will increase real incomes and help support consumer spending."
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Old February 17th, 2009, 05:38 AM   #94
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A well balanced shit. The figures he quoted are mostly from unreliable sources that don't make any sense. All he tried to prove is that Chinese economy is as bad as other major economies but unfortunately it's not. Every phrase he stated looks funny and desperately childish.

What I'm worried about the fast growing loans is that there's still a possibility that a SE Asia style financial crisis might happen in EE and corporate bonds as well as loans defaults might explode in the US and Europe. If so, the global economic crisis will be pushed down further in terms of both depth and length and then those newly accorded loans in China might become bad loans in the future.
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Old February 17th, 2009, 08:57 AM   #95
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Scientist's hi-tech dreams come true

2009-02-16

They can teach kids English and clean houses when the host is not at home. They can help fix cars and set up the wind power equipment in dangerous situations you wouldn't send a worker to. They can carry heavy goods and fix tiny chips in a vacuum.

All of this can be done by robots made in China. If you want to see an example of how China is moving from a world factory to a hi-tech producer, you can pay a visit to the workshop of SIASUN Robot & Automation Co Ltd in Shenyang, capital of Liaoning province.

The real stars of this factory are the robots. Some of them have giant crane-like claws, which look like massive metal monsters in a science fiction movie on a mission to kidnap humans.

But some of them are tiny, around 60 cm high, with the intelligence of a two-year-old child, greeting you and asking for your name.

"Is it like a scene from the film Terminator?"said Qu Daokui, the firm's 48-year-old president.

Robotic prowess

Before establishing the company, Qu, a senior scientist, had already notched up a number of achievements in robotics and automation. He is also the deputy director of the National Engineering Research Center on Robotics, a professor and a doctoral tutor.


When it comes to the robotics industry in China, Qu's company is where the magic happens.

Established in 2000, SIASUN Robot & Automation is the only national robotics engineering research center possessing independent intellectual property rights and key technology.

Affiliated to the Chinese Academy of Sciences, the company has a 90 percent share of the domestic robot market with sales of 880 million yuan in 2008, and a 50 percent increase in its profit margin year-on-year.

SIASUN also occupies 30 percent of the industrial robot market in China and the trend is growing.

The company was ratified by the National Development and Reform Commission and the Ministry of Science and Technology as a "National Robot Engineering Research Center", a "National '863' Program Intellectual Robot Industrialization Base", and a "National High-tech Research Result Industrialization Base".

Lucky break

SIASUN was the first robotics enterprise to pass the ISO9001 International Quality Assurance System verification in China and was ranked 48th in the "Chinese Top 100 Potentials" by Forbes in 2005.

Qu became CEO of SIASUN in 2000 at the age of 39 after studying robotics for almost 20 years.

"SIASUN's strategic goal is to take advanced manufacturing technology as the core to develop into an internationally advanced equipment supplier and hi-tech industry group with strong competitiveness," Qu said.

Born in a coastal city in east China's Shandong province, Qu used to dream of becoming a scientist.

In 1982, after undergraduate studies in Jilin University in Changchun, he continued his studies at Shenyang Institute of Automation (SIA) with Jiang Xinsong, who is regarded as "the father of robotics in China".

"It is a great pleasure to do what I am always interested in," Qu said. "I started to study it because I love robots."

Qu spent the early 1990s in the lab of Universitaet des Saarlandes in Germany studying automation and robot science.

As the winner of the National Award for Excellent Young Researchers in China and a recipient of the Young Scientist Award of the Chinese Academy of Sciences, he expected to devote his life to science.

Still, Qu saw signs of a blossoming industry as Germany, Japan and other countries invested in the robotics industry.

After he returned to China in 1993, he made up his mind to commercially develop robotics and automation technology in China.

"To commercialize the new technology, we needed to seize the right time," said Qu, chuckling at what he says was a rise marked by lucky breaks and good timing.

Before 2000, the domestic market was dominated by multinational robot and automation companies like ABB Robotics from Switzerland, FANUC and Yaskawa from Japan and other firms from Germany and USA, and China's leaders were eager to reduce the country's dependence on imported robots.

In addition, some imported robotic equipment failed to fully meet the needs of Chinese manufacturing companies, which provided another opportunity for the domestic robotics industry.

Business challenge

In the early 1990s, Qu seized an opportunity when Shenyang Brilliance Jinbei Automobile Company encountered a technical problem that slowed down the installation of engines on its assembly line.

To solve this problem, Qu adapted a development AGV assembly system. In addition to moving forward, backward, left, right and turning, the system can also lift an engine and install it in a car in less than two minutes.

Last year, the company's independently-developed AGV system for automobile assembly line won the GM global procurement bid and was exported to Mexico, India, Russia and Canada.

"GM still contacts us regarding the further application of our products since our system is indispensable in making cars," Qu said, reaffirming that the company is not feeling the impact of the global economic slowdown.


The headquarters of SIASUN Robot & Automation Co, Ltd in Shenyang. Company
Qu, a fan of travel and photography who enjoys playing PS2 computer games with his son, likes making like-minded friends and discussing trends in the robotics industry with his counterparts worldwide.

He has invited world famous partners and experts in the robotics and automation industry to the company to exchange ideas and experiences on research and development.

Despite his science background, Qu talks like a hardheaded businessman, and people in the industry say he is an able entrepreneur who quickly responds to the market and the worlds of technology and finance.

"We have realized that by utilizing each resource, we have achieved more," Qu said.

As a smart businessman, Qu doesn't put all of his eggs in one basket.

SIASUN's 600-strong workforce at four branches and four research centers has developed logistics and storage automation systems, clean room automation equipment, rail transit automation and energy equipment.

Now, they serve thousands of customers in the engineering, electronics, electrical appliance, tobacco, and chemical industries, with all of the firm's technology developed in-house.

As a seasoned CEO, Qu exudes confidence. He never gives any sign that he is concerned that he might not make it. "I just need to prioritize the tasks and delegate the right person to do the job."

http://www.chinadaily.com.cn/bizchin...nt_7479524.htm
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Old February 17th, 2009, 11:06 PM   #96
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Yunnan to invest RMB 2 bln in tourism project
The three-year project will cost RMB 2 billion and will cover an area of around 1.6 sq km.
The tourism project includes a luxury hotel, a golf course and some lake-view villas, as well as spa facilities.

H.B. Fuller launches tech center in Shanghai
The regional center will focus on R&D for next generation adhesives and for new products in several applicable fields, such as insulating glass, non-woven fabrics, and textile manufacturing. The center will also help the company localize part of its business.

TNT enters domestic road distribution market
TNT-Hoau said that the new road distribution service will cost only one-third of that by air and is faster and take only two to three days to arrive at major domestic cities. Most importantly, the new service is able to guarantee arrival times.

Major retailers' sales in Jan increase 24.5%
Major Chinese retailers had sales growth of 24.5% in January compared with a year earlier, as a result of stimulus policies launched since the fourth quarter of last year, said Yao Jian, the spokesman of the Ministry of Commerce in Beijing on Monday.
Yao said domestic consumption of food, cigarettes and alcohol, and jewelry was successfully boosted. Sales in these categories experienced year-on-year growth of 28.9%, 47.2% and 29.2 %, respectively. Furthermore, consumption in tertiary industries, which include culture, tourism, education, and telecommunications, benefited from the week-long Lunar New Year holiday that started on Jan. 25.
Sales of passenger cars in January, totaling 735,500 units, were boosted by recent tax cuts and moved up 4.4% from December.
The ministry earlier said that retail sales rose year-on-year by 7% last October, by 9.9% last November and by 4.9% last December.

China to use RMB 600 bln in idle funds to build affordable housing
China saw the country's residential property fund total RMB 2.02 trillion last year, up 24.9% year on year. The unused portion of the residential property fund, which stands at RMB 600 billion, will be used principally to build affordable housing, sources reported, citing Jiang Weixin, minister of China's housing and urban-rural development.

China may use forex reserves to set up energy fund: CNPC
China is reportedly weighing plans to allocate part of its huge foreign exchange reserves to set up a fund for overseas energy exploration and acquisitions, according to a statement posted on the website of China National Petroleum Corporation (CNPC).
The move is part of the government's energy plan to boost offshore expansion, the oil giant said.

Chinese firms to buy more Europe-made goods
According to Yao, the Chinese government will dispatch a delegation of buyers to Switzerland, Germany, UK and Spain to purchase hi-tech equipments and environmental protection products.

Hunan to invest RMB 200 bln for technological innovation
Central China's Hunan Province will spend RMB 200 billion on technological innovation in 2009, up 30% year on year, the Shanghai Securities News reported, citing the Hunan Forum for Technological Innovation. It is estimated that over 800 technological innovation projects, each worth more than RMB 30 million, will be started within the year.

China to build 510,000 stores in outlying areas by 2010
The Chinese government plans to establish 510,000 stores in outlying areas by 2010 to boost rural consumption and create new jobs, hoping to promote consolidation in the retail sector, said Jiang Zengwei, vice-minister of commerce on Monday. This year China will add 150,000 stores to the existing 260,000

Wuhan to earmark RMB 50 bln to build an eco-friendly town
Wuhan, the capital city of Hubei Province, plans to earmark RMB 50 billion to build an eco-friendly town in the city's Hongshan district in the next five to eight years, sources reported. The huge project would be located in the eastern part of the Hongshan district and would have an estimated area of 66.4 sq km and expected resident population of about 190,000.

Shanghai Chem park targets US$3.5 bln in investment
The Shanghai Chemical Industry Park (SCIP), an industrial zone specializing in the development of chemical and petrochemical businesses, wants to attract investment of US$3.5 billion and increase sales revenue to RMB 57 billion in 2009

http://www.chinaknowledge.com/Newswi...1&NewsID=21009
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Old February 18th, 2009, 02:01 AM   #97
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A well balanced shit. The figures he quoted are mostly from unreliable sources that don't make any sense. All he tried to prove is that Chinese economy is as bad as other major economies but unfortunately it's not. Every phrase he stated looks funny and desperately childish.
You are funny.

The state (from which we get practically all info from for the purpose of this forum) is now "unreliable". Suddenly became unreliable. But if the news is good I'm sure you won't hesitate to question the data.
"And it don't make sense" you say without any elaboration.

"funny and desperately childish" That would be you.
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Old February 18th, 2009, 02:58 AM   #98
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could you all talk in a non-childish way? Statement targeting to any individual is not necessary here. Please constrain yourself. 对事不对人。
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Old February 18th, 2009, 08:14 AM   #99
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Originally Posted by pearl_river View Post
You are funny.

The state (from which we get practically all info from for the purpose of this forum) is now "unreliable". Suddenly became unreliable. But if the news is good I'm sure you won't hesitate to question the data.
"And it don't make sense" you say without any elaboration.

"funny and desperately childish" That would be you.
^Will you call the statement below reliable?

Quote:
China has a substantial shadow banking system of unauthorised lenders and off-balance sheet lending by banks trying to get around their loan quotas. Some estimates peg the size of this system at around 30% of conventional lending, so it's significant by any standards.
Since it's a very rough estimation, of course, it doesn't make any sense.

And stop bashing me. we'd better concentrate on the news.
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Old February 18th, 2009, 09:33 AM   #100
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China trade unions aim to aid 10 million migrant workers

2009-02-18

BEIJING -- China's trade unions are planning to extend aid to more than 10 million migrant workers this year, according to a telephone conference organized by the All China Federation of Trade Unions (ACFTU) Tuesday.

The effort is meant to ease the plight of more than 20 million migrant workers who have been driven out of employment after the global financial turmoil forced many factories to close in China.

The federation said it aimed to cover about 5 million migrant workers with employment assistance, such as job training and vocational instructions. It would help the other 5 million safeguard their legal rights or offer them living assistance.

The federation also expected to add 5 million migrant workers this year to more than 66 million who have become trade union members by the end of 2008.

The federation used to only organize workers with urban residence permits, but is now giving more attention to recruiting and helping migrants.

Sun Chunlan, the ACFTU deputy chairperson, said trade unions in10 big cities would vouch for migrant workers, on a pilot basis, to secure small loans for migrants.

She said the ACFTU would also work closely with government human resources departments, enterprises, and social groups to organize various job fairs so as to find jobs for migrant workers.

http://www.chinadaily.com.cn/china/2...nt_7488166.htm
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