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Society

Ma Huateng - China’s Billionaire Welfare Scandal

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By David Cao
David Cao
03 November 2010
Hits: 1230

Ma huatengChina’s southern boom town of Shenzhen is seen as the embodiment of late Chinese leader Deng Xiaoping’s exhortation to “let some people get rich first.” Now the city finds itself at the center of a heated debate about whether the country has taken Deng’s suggestion too far.

Late last week, not long after Chinese Communist Party leaders conceded the need for fairer economic development, some of China’s richest men were found on a list of people due to receive housing subsidies from the Shenzhen municipal government.

With many in China already frustrated over skyrocketing real estate prices, the news exploded across Chinese blogsites and newspapers, drawing harsh complaints from pundits and regular people alike.

Read more: Ma Huateng - China’s Billionaire Welfare Scandal

Kosmos Energy of U.S. Rejects $5 Billion Offer From Cnooc and GNPC

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By RAKESH SHARMA And ISABEL ORDóñEZ
RAKESH SHARMA And ISABEL ORDóñEZ
03 November 2010
Hits: 726

Ghana's state-owned oil company and China's Cnooc Ltd. made an unsuccessful joint bid of $5 billion for a U.S. company's stake in one of Africa's most promising oil regions, an official of the Ghanaian company said Monday.

The offer was for a 23.5% stake in Ghana's Jubilee field, one of the continent's largest oil deposits, and other nearby assets. The field, thought to contain 1.5 billion barrels of crude, is scheduled to start producing oil in December, heralding Ghana's entry into the ranks of Africa's major oil producers.

The stake is owned by Dallas-based Kosmos Energy LLC, which previously held talks with Exxon Mobil Corp. about the oil-field stake.

Kosmos Energy, majority owned by private-equity firms Blackstone Group LP and Warburg Pincus LLC, "has now decided to remain [in Ghana]. That is for sure," said Gabriel Q.A. Osatey, chief geophysicist of Ghana National Petroleum Corp., or GNPC, on the sidelines of an oil conference in New Delhi.

Read more: Kosmos Energy of U.S. Rejects $5 Billion Offer From Cnooc and GNPC

Beijing Sees Resistance to Census

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By David Cao
David Cao
03 November 2010
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China national census

China's national census, which aims to update the official count for the world's largest population, will also illustrate the increasingly mobile society's growing sense of privacy—and distrust of their government.

Communist Party leaders hope the ten-yearly survey, set to begin Monday, will provide an unprecedented amount of information about the lives of its citizens, who numbered 1.3 billion in 2000. In particular, the government will try to calculate exact figures for the tens of millions of migrant workers who have flooded into cities from the countryside, and for the millions of children who have been born in violation of China's one-child policy.

Read more: Beijing Sees Resistance to Census

Free subway service in Guangzhou attracts 2m new passengers: gallery

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By David Cao
David Cao
02 November 2010
Hits: 789

Guangzhou Subway free

People stand in queue outside of Guangzhou subway station.

The Guangzhou subway system saw a historic passenger flow on November 1, the first day of free rides during the 30 working days of the Asian Games. The Guangzhou Metro Corporation said over 6 million people chose to take subway on Monday, 2 million more than on regular days.

One passenger said it took her nearly half an hour to get into the station in the morning as people waiting to board lined up outside.

Some migrant workers who usual ride their bicycles to work joined subway passengers, and those who normally walk to work also took the free ride on Monday, Guangzhou Daily reported.

Read more: Free subway service in Guangzhou attracts 2m new passengers: gallery

Foreign workers to get equal social insurance benefits

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By David Cao
David Cao
31 October 2010
Hits: 819

Foreign employees in China will be entitled to the same social insurance benefits as Chinese nationals after the top legislature adopted a law on Thursday that is being seen as a major sign of the country's wider economic and social openness.

The Social Insurance Law, which was adopted by the Standing Committee of the National People's Congress (NPC), will take effect in July 2011.

"China's economy and society are opening up more and more. Such a regulation follows international practice and gives equal national treatment to foreigners working in the country," Hu Xiaoyi, vice-minister for human resources and social security, said during a news conference held by the NPC Standing Committee on Thursday.

Read more: Foreign workers to get equal social insurance benefits

More Articles …

  1. Chinese Policemen sentenced for attempted rape of girls
  2. China strides forward cutting CO₂emissions
  3. Chinese parents learn to accept gay children
  4. Closing ceremony for Shanghai Expo
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Banking

  • China T-bond move seen safeguarding financial stability
  • RMB expected to stay stable
  • China's policy bank provides 197.3 bln yuan in green loans in Q1
  • China central bank conducts reverse repos to maintain liquidity
  • Former president of China Merchants Bank under investigation

Business China

  • China Space Pioneer apologizes after test rocket crashes
  • China's rail freight volume hits record high in April 2022
  • China domestic travel bounces back to health
  • CES Asia 2020 canceled amid COVID-19 concerns
  • Danke Announces Updates to its Board and Senior Management

Real Estate

  • 21 Chinese cities tighten Real Estate Policy
  • LANZHOU NEW AREA new ghost town in China
  • Chinese invest $110 billion in US real estate
  • China's listed real estate companies post $461b of inventories for 2015
  • Beijing eases restrictions on foreigners buying apartments

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