China's economy structural reform progressing ...

[ahojunk]

China aims to produce 50 mln new jobs by 2020
2017-02-07 08:31 China Daily Editor: Li Yan

College students attend a job fair in Beijing on Monday. There are expected to be
nearly 8 million new graduates in China this year.(Photo/China Daily)​

Retirement is estimated to create up to 4.8 million vacancies per year

China will provide preferential policies and job training programs to targeted groups in order to hit a goal of producing 50 million new jobs by the end of 2020.

As part of efforts to keep the unemployment rate below 5 percent each year, the government will help targeted groups land jobs, especially college graduates and workers laid off due to overcapacity, according to guidelines released by the State Council on Monday.

Preferential policies for graduates include tax cuts and tuition fee reductions, if they are willing to work in distant rural areas.

The central government will launch special programs to help resource-intensive areas to relocate laid-off workers, according to the guidelines.

China will lay off 1.8 million workers in the coal and steel industries, according to the Ministry of Human Resources and Social Security.

Producing 50 million new jobs is not an easy task amid economic downward pressure and Beijing's strong commitment to cutting overcapacity, according to a senior official with the National Development and Reform Commission's Employment Department, who declined to be named because he is not authorized to speak publicly.

A total of 7.95 million new college graduates and 1 million laid-off workers in industries with overcapacity generated each year "are key challenges" to achieving the goal as new job opportunities are hardly plentiful, according to the official.

An estimated 4.8 million job openings will be created by retirement each year during the 13th Five-Year Plan period (2016-20).

"Although there are no easy answers to filling the gap, there should be hopes in new emerging industries," said the official, adding that local governments need to help the young adapt to industrial transformation.

A report released by Boston Consulting Group in January shows that by the end of 2035, China's digital economy will reach about $16 trillion, with a total employment capacity of 415 million, almost double that of 2020.

That means job candidates need to improve specialized skills, with strong capabilities in interpersonal communications, creativity, flexibility and fast learning, the report said.

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[ahojunk]

Job vacancy boom in S China after Spring Festival
2017-02-07 14:43 Xinhua Editor: Gu Liping

Demand for new employees in south China's Guangdong Province increased after the Spring Festival vacation, when migrant workers return to their hometowns for the holiday.

The first job fair in Guangzhou, capital of the industrial province of Guangdong, started Monday with nearly 4,000 posts on offer from more than 180 companies in the Pearl River delta region.

Of the total, nearly 20 percent were opportunities in the wholesale and retail industry, evidence of a sound market environment for retail trade, an official with the job fair said.

It was followed by vacancies offered by traditional manufacturing industries. The general demand for labor in the sector has fallen in recent years as manufacturing industries move inland areas to reduce costs.

Jobs in the emerging industries, such as computer and software, accounted for 11 percent of all the opportunities on offer, double the same period last year.

"It is not easy to hire after the Spring Festival because people are scattered," said Zou Daosheng, chairman of a Hunan-based health product firm that plans to establish a marketing team in Guangzhou.

Guangzhou will hold more job fairs in the following two months, offering more than 100,000 posts from about 5,000 companies.

Companies in Guangdong often face a labor shortage after Spring Festival when people move cities or stay in their hometown.

The province needed more than 8 million workers in the first three quarters of 2016.
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[TaiShang]

Making China best against ‘America First’

By Liu Zhiqin Source:Global Times Published: 2017/2/8

The world's major economies have entered into a new race. The race will mainly take place between four major economic powers: the US, China, the EU and Russia. These four powers will be competing in numerous aspects in the years to come.

In terms of policy-making, the four competitors will have to figure out what kind of policy will maximize their interests. The world is watching closely to see whether US President Donald Trump will implement policies voiced during his campaign. The uncertainty about Trump's agenda is a major challenge facing the world.

Unfortunately President Trump has already begun rolling out policies that show how he is being different. He is moving ahead on a border wall between the US and Mexico and issued a travel ban to citizens from seven major Muslim countries. Trump and one of his chief economic advisers also accused Japan and Germany of manipulating the value of their currencies. The US has also slapped punitive tariffs on steel products imported from China. It could be expected that more irrational and absurd policies will be hammered out in the years to come. If Trump continues to adopt passive economic policies to advance his "America First" agenda, it will trigger massive clashes with other major powers and negatively affect the global market.

From the perspective of economic ethics, if the four major powers attempt to abandon their commitment to promote globalization, as agreed to during the 2016 G20 Hangzhou Summit, the global economy will suffer a setback. The so-call passive economic policies include protectionist measures which may superficially boost growth but in fact hinder development.

In contrast, China has followed a very different policy line. The country has been seeking to shift to a more sustainable growth model driven by domestic consumption, which contributed 64.6 percent to GDP growth in 2016.

Meanwhile, the four powers will face stiff competition in the capital market. Since the Chinese currency was included in the IMF's basket of reserve currencies in October 2016 the international monetary market has reacted positively to the yuan's new status. The Fed announced a rate hike at the end of last year, which pushed the dollar higher and weakened other currencies, including the yuan. The performance of the stock and securities markets showed investors' confidence in China. In 2016 foreign direct investment to China rose 4.1 percent from a year ago to 813.22 billion yuan ($118.5 billion). But in 2017 that trend could possibly change given President Trump's protectionist stance on bringing capital back to the US. Under such circumstances, it would be difficult for China to aggressively push for the internationalization of the yuan.

During the election campaign, Trump pledged to put "America First" to attract support from voters. The best way to respond to his "America First" policy is to "make China the best." China should continue to push ahead with its supply side structural reforms to promote growth and to realize the Chinese dream. Over the past 30 years, China has achieved a lot of firsts. Now is the right time for China to be the best.

When attending the World Economic Forum in Davos last month, Chinese President Xi Jinping announced that over the next 10 years China would import $8 trillion of goods from the global market, which demonstrated that China will become more open and inclusive to the world. China will provide a wide range of opportunities to help with the recovery of the world economy.

We hope the four powers will compete fairly, peacefully and cooperate on all fronts. While the US is seeking to "Make America Great Again," China is committed to achieving national rejuvenation. The ambitions of the two powers should by no means conflict with one another. Only through cooperation and benign competition can the two countries achieve their goals.

 

[TaiShang]

Numbers of the Week January 26-February 2, 2017

NO. 5-6 FEBRUARY 2, 2017

107.5 bln yuan

Value of exported farm products from east China's Shandong Province in 2016, accounting for nearly a quarter of the nation's total and up 13.1 percent year on year

10.9%

Year-on-year growth of total retail sales of consumer goods in December 2016

16%

Growth of outstanding loans by financial institutions in China to small and micro businesses, which amounted to 20.84 trillion yuan, by the end of December 2016

3 mln

Number of people from the Chinese mainland who visited the United States in 2016, with over 20 percent of them choosing Philadelphia as their destination

6%

Year-on-year growth of China's industrial output in 2016, largely due to strong performance in hi-tech industries

6.9%

Year-on-year growth rate of investment in the real estate sector in 2016, 5.9 percentage points higher than a year earlier

23,821 yuan

China's per-capita disposable income in 2016, up 6.3 percent year on year in real terms

10.9%

Growth rate of services sector investment in 2016, which amounted to 34.6 trillion yuan

 

[TaiShang]

China’s economy developing with quality and efficiency: NDRC
(People's Daily Online) February 15, 2017

(Photo/Chinanews.com)

China’s economic growth ranked first among major economies in the world in 2016, and the country's economy is running in a reasonable range, with constant improvement of development quality and efficiency, said an official on Feb. 15, Chinanews.com reported.

Zhao Chenxin, spokesperson for the National Development and Reform Commission (NDRC), made the remarks at a news briefing in response to doubts raised by some media outlets that China’s fast-paced economic growth has come at the expense of quality.

According to Zhao, China’s economy developed slowly but steadily in 2016. In addition, China's economic structure was optimized, and supply-side structural reform advanced in an orderly fashion.

Consumption contributed 64.6 percent of the total economic growth. Strategic emerging industries and high-tech manufacturing enjoyed good development momentum; the service industry played a leading role, while the tertiary industry added value accounting for 51.6 percent of the GDP, an increase of 1.4 percent from the previous year.

Relevant measures have been taken to further stimulate the market’s vitality and encourage entrepreneurs to start their own innovative businesses. In addition, a number of international cooperative projects have been agreed upon, and the Belt and Road Initiative made prominent achievements, along with other development strategies.

What’s more, people's livelihoods and quality of life measured progress. More than 10 million people in rural areas emerged from poverty, and social security coverage was further expanded.

 

[Jlaw]

Numbers of the Week January 26-February 2, 2017

NO. 5-6 FEBRUARY 2, 2017

107.5 bln yuan

Value of exported farm products from east China's Shandong Province in 2016, accounting for nearly a quarter of the nation's total and up 13.1 percent year on year

10.9%

Year-on-year growth of total retail sales of consumer goods in December 2016

16%

Growth of outstanding loans by financial institutions in China to small and micro businesses, which amounted to 20.84 trillion yuan, by the end of December 2016

3 mln

Number of people from the Chinese mainland who visited the United States in 2016, with over 20 percent of them choosing Philadelphia as their destination

6%

Year-on-year growth of China's industrial output in 2016, largely due to strong performance in hi-tech industries

6.9%

Year-on-year growth rate of investment in the real estate sector in 2016, 5.9 percentage points higher than a year earlier

23,821 yuan

China's per-capita disposable income in 2016, up 6.3 percent year on year in real terms

10.9%

Growth rate of services sector investment in 2016, which amounted to 34.6 trillion yuan

Why do Chinese like Philadelphia so much ? Philly is pretty ghetto. The city of brotherly love is high in crime

 

[shadows888]

Why do Chinese like Philadelphia so much ? Philly is pretty ghetto. The city of brotherly love is high in crime

there's a big Chinatown in Philadelphia, mostly from fuzhou.

 

[AndrewJin]

A report released by Boston Consulting Group in January shows that by the end of 2035, China's digital economy will reach about $16 trillion, with a total employment capacity of 415 million, almost double that of 2020.

That means job candidates need to improve specialized skills, with strong capabilities in interpersonal communications, creativity, flexibility and fast learning, the report said.

GET READY!

 

[Jlaw]

GET READY!

Some haters going to cry

 

[AndrewJin]

Some haters going to cry

They will become mostly jobless in the ongoing technological revolution.

 

[TaiShang]

Why do Chinese like Philadelphia so much ? Philly is pretty ghetto. The city of brotherly love is high in crime

I guess the tourists like the early Industrial Revolution look and feel of the city. Not much progress, apparently, so, it is sort of a relic of early industrialization.

Some haters going to cry

They have so many abstract arguments.

They will become mostly jobless in the ongoing technological revolution.

Demographic time bomb.

 

[TaiShang]

China expected to reach high-income status within decade: Morgan Stanley
(People's Daily Online) 13:41, February 16, 2017

China is on its way to becoming a high-income nation by 2027, and is unlikely to linger in the middle-income trap, U.S. investment bank Morgan Stanley said in a report issued on Feb. 15.

Though many barriers and pitfalls lie along China’s path to the rarefied ranks of high-income society, analysts have forecast that China’s shift toward higher value-added manufacturing and its rising domestic consumption will boost the country’s per capita GNI from its current $8,100 to above $12,500 by 2027, lifting it over the line of high-income economies as defined by the World Bank.

The report said China may become the third country with a population of more than 20 million to achieve this defining goal over the past three decades, coming only after Poland and South Korea.

In response to some Western media predictions of China being struck by a bank crisis, Morgan Stanley pointed out that China can likely avoid this problem and hold fast to economic stability, as strong external factors including high levels of foreign currency reserves leave the country with plenty of leeway to manage domestic liquidity.

Despite analysts’ bullish attitudes toward China’s future economy, the country’s economic development still must contend with many risks, including a debt cycle that could spin out and recent concerns over protectionism.

***

China overdelivers expectations and deadlines, but, nothing is for certain. Still lots of unfinished business and lots of things we have yet to start.

 

[AndrewJin]

The key lies in Western China, a 2 trillion dollar economy growing at 8-9% annually.

The poorest province Guizhou only has 4500 dollars per capita in 2015 (non-PPP real GDP).
Without the progress of China's poorest region, such status is meaningless and hollow.

Panxian County, Guizhou Province

Xifeng County, Guizhou Province

 

[艹艹艹]

http://www.chinadaily.com.cn/business/2017-02/21/content_28285844.htm
Nine provincial regions see GDP surpass $435b in 2016
chinadaily.com.cn | Updated: 2017-02-21 13:49

Three more provincial regions in China witnessed their GDP exceed more than three trillion yuan ($435.9 billion) in the year 2016, compared with the year 2015, reported Chongqing Moring Post.

Central China's Hubei and Hunan provinces and North China's Hebei province were the three new comers to the three-trillion-yuan GDP club, previously comprising of Guangdong, Jiangsu, Shandong, Zhejiang, Henan, Sichuan provinces.

Hubei province recorded 3.23 trillion yuan in its GDP, growing at 8.1 percent year-on-year, higher than the national average growth rate of 6.7 percent. Hunan province recorded 3.12 trillion yuan in its GDP, growing at 7.9 percent year-on-year, while Hebei province, plagued by capacity-cutting, recorded 3.18 trillion yuan, growing only at 6.8 percent, the same with the previous year.

Guangdong retained its first-place slot with its GDP almost touching the level of eight trillion yuan. The province's GDP, after growing at 7.5 percent over a whole year, stood at 7.95 trillion yuan.

China's western regions, although still lagging in economy scale, led in growth rate.

Northwest China's Tibet autonomous region's GDP amounted to 115.01 billion yuan, the smallest among all 31 provincial regions, but grew at 11.5 percent, the fastest nationwide.

Southwest China's Chongqing municipality's GDP reached 1.76 trillion yuan, up by 10.7 percent year-on-year.

Guizhou province, also located in Southwest China, saw its GDP grow at 10.5 percent to 1.17 trillion yuan.

 

[TaiShang]

Chinese companies to fuel hiring growth in 2017: Survey
Xinhua | Updated: 2017-02-24

Job hunters check employment information at a job fair held in Guiyang, Guizhou province,Feb 14, 2017. [Photo/Xinhua]

SHANGHAI - More than half of firms on the Chinese mainland are expected to take on staff this year, according to a recruitment survey released Thursday.

The report by global recruiters, Michael Page, surveyed nearly 1,000 employers and found that 55 percent of domestic firms set to recruit more staff this year, compared to 41 percent of multinational corporations.

Peter Smith, managing director of Michael Page East China, said, "The reason for the gap is that domestic companies are more optimistic about the economic outlook while the multinational corporations are struggling to achieve a better performance and to reduce the labor costs in China."

According to the 2017 China Salary and Employment Outlook from Michael Page, 44 percent of local companies will be offering salary increases of six percent to ten percent.

"As domestic companies mature, they are turning their efforts to employee retention and building a strong portfolio of business leaders. They continue to invest in recruiting and retaining quality professionals across all departments and levels of seniority," Smith added.

In 2017, key sectors in China set to hire aggressively include renewable energy, financial technology and financial payment processing, digital media and consumer electronics.

Primary manufacturing and industrial sectors will continue to struggle as demand weakens.

"We also notice that the establishment of Shanghai Free Trade Zone has had an impact on the recruitment market, especially in logistics, real estate, digital marketing, e-commerce and healthcare," said Xu Weiwei, director of Michael Page China.

@Shotgunner51