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Society

China's Billionaire Boom, but transparency problems are a threat

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By Forbes
Forbes
31 October 2010
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"The streets are paved with gold; there's paradise on Earth." So said Marco Polo after he visited China seven centuries ago and came away awed by a land enjoying prosperity. The explosion of wealth apparent on our new Forbes China Rich List suggests that the nation is once again enjoying another golden age.

The number of billionaires on the list has ballooned to 128, from 79 last year. Only the U.S. has more--400 on our latest U.S. Rich List--but China is closing the gap. The total wealth of the 400 people on the new China list rose to $423 billion, from $314 billion a year earlier. Illustrating the amount of flux in China's wealth landscape, this year's 400 list has more than 100 people who were not members last year. Many of those debuted in connection with China's world-leading IPO fundraising this year. The minimum amount of wealth needed to make this year's 400 list is $425 million, up from $300 million last year.

Read more: China's Billionaire Boom, but transparency problems are a threat

Hot Potato in China's Rising Food Costs

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By David Cao
David Cao
30 October 2010
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China's hunger is cascading across global markets, pushing prices of food commodities sharply higher lately. Back home, this boom is becoming a source of worry.

Over the next decade, China's annual grain demand is likely to reach 573 million tons, which is above its current production levels. With marginal increases in crop yield shrinking and arable land harder to find, the bet is on that Beijing may swiftly become more reliant than ever on global markets for an essential class of commodities it is desperate to keep mostly home-grown.

Soybeans traded in Chicago are at their highest price in 14 months, largely because of the strength of Chinese demand. Palm oil on the Malaysia Derivatives Exchange breached a 27-month peak this week. Thai rice prices are nearing a six-month high.

Inside China, this has already gone from just market play to a matter of public interest. In October, the price of staples such as cooking oil and sugar sold in China's supermarkets jumped 10% to 13%. News of food shortages—in corn, wheat, garlic, mung beans and sugar—have dominated local headlines this year.

Read more: Hot Potato in China's Rising Food Costs

Chinese Treatment for Anti-China Ad Parody?

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By David Cao
David Cao
27 October 2010
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Can a political campaign ad be hoist by its own petard?

We wrote last week about how “Chinese Professor,” a Hollywood-quality U.S. campaign ad depicting a dystopian future in which China rules the global economy, had raised the bar for China-bashing political messages. Now, after attempting to stifle a parody of the ad, the group that funded it, Citizens Against Government Waste, stands accused of taking a page out of Beijing’s own political handbook.

For those who missed it, the original ad – apparently inspired by a similar Reagan-era spot directed by Ridley Scott – shows a group of Chinese economics students in the year 2030 laughing victoriously as their professor explains how deficit spending and health-care reform doomed the U.S.

In the parody, produced by the liberal group Campus Progress, the subtitles have been altered to deliver a different message.

Read more: Chinese Treatment for Anti-China Ad Parody?

Moral Decay Among Chinese Officials

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By Yiyi Lu
Yiyi Lu
27 October 2010
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Chinese media recently reported an alleged conversation between Wang Yinfeng, the Party Secretary of Jiangjin District in Chongqing, and a local property developer. Wang allegedly told the developer to stop the construction of a high-rise residential compound that would tower above the building of the Jiangjin Party Committee once completed. With the new building overshadowing the Party Committee building, Wang said, the latter’s feng shui would be damaged.

The Chinese Communist Party has long dismissed feng shui — the traditional Chinese belief in the connection between the orientation of buildings, interiors and gardens and the fortunes of people living in them — as “feudal superstition,” but in recent years many officials seem to have begun to embrace it. In a number of scandals, local officials have demolished or rebuilt perfectly functioning buildings perceived to have bad feng shui, or constructed useless bridges to create good feng shui.

Read more: Moral Decay Among Chinese Officials

Beijing Plans to Boost Product-Safety Rules

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By David Cao
David Cao
27 October 2010
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product safty

China's consumer-safety agency, at the urging of U.S. and European officials, plans to tighten product-safety regulations in an effort to stamp out defective and dangerous exports and to ease trade tensions between China and the U.S.

Chinese manufacturers will be held accountable for the safety of their products, said Zhi Shuping, head of the Administration of Quality Supervision, Inspection and Quarantine, in a meeting Tuesday with European and U.S. counterparts. The government aims to provide them with safety and testing standards created in cooperation with the U.S. and the European Union. Regulators are particularly eager to rid products of materials containing high levels of caustic metal, such as lead and cadmium.

Read more: Beijing Plans to Boost Product-Safety Rules

More Articles …

  1. Beijing, Fighting Traffic, Considers Car Limits
  2. China Bashing is for Losers
  3. China Needs To Hit The Brakes; U.S. Needs To Step On The Gas
  4. Creating A Scandal For A Fee: The Dark Arts of Chinese PR
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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

Manufacturing

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  • Cargo drone TP1000 undergoes debut test in Qingdao
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