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Overdoing it: the cost of China’s long-hours culture | Financial Times $$
A survey in Shanghai last year of patients with cardiovascular disease found a significant incidence of arrhythmia — an irregular heartbeat that can be a prelude to more serious disease — in patients aged 21 to 30. Sun Baogui, executive vice-chairman of the Chinese Heart Failure Society, says this finding was consistent with their reported lifestyle of long working hours and getting little sleep. Some 85 per cent of white-collar workers in China have to work overtime, with more than 45 per cent reporting overtime of more than 10 hours a week, according to a survey last year by job recruitment website Zhaopin
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4 days ago by bbishop
Wave of Selling Hits Hong Kong Stocks as Some Plunge 70% - Bloomberg
Jiayuan International Group Ltd., Sunshine 100 China Holdings Ltd. and Rentian Technology Holdings Ltd. fell over 75 percent in a matter of minutes and at least 10 companies were 20 percent lower or more by the close, wiping out HK$37.4 billion ($4.8 billion) in market value. Most of that came from Jiayuan, which lost HK$26.3 billion on record volume.
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4 days ago by bbishop
Central Banker Frowns on Outflow of ‘Panda Bond’ Proceeds - Caixin
At the end of last year, the total amount of panda bonds issued reached nearly 200 billion yuan ($29.6 billion), said Pan Gongsheng, a deputy governor of the People’s Bank of China, the nation’s central bank. “We have some preference. If an institution issues panda bonds and then immediately transfers the proceeds abroad and changes them into U.S. dollars, I don’t think it makes much sense to the issuer,” he said Thursday at a bond forum in Beijing. “It doesn’t make much sense to China, either.”
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4 days ago by bbishop
More Officials Call for Crackdown on Financial Corruption - Caixin
CBIRC Chairman Guo Shuqing called for the industry to learn from the case of Lai Xiaomin, the fallen head of one China’s largest bad-asset managers, according to the statement. Lai, the former head of Huarong Asset Management Co. Ltd., was arrested in November on a range of charges including embezzlement of public assets. In one of the highest-profile corruption cases of 2018, Lai reportedly had three metric tons of cash stashed at home and a 300 million yuan ($44.3 million) bank account under his mother’s name, Caixin earlier reported. // 银保监会召开全系统党风廉政建设暨纪检监察工作会议 http://www.cbrc.gov.cn/chinese/newShouDoc/0D815EA80C6248E4A04A5EF89DCE397D.html
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4 days ago by bbishop
China’s New-Energy Vehicle Quotas Rattle European Automakers - Caixin
Under the current auto policy issued in September 2017, foreign automakers have to ensure that new-energy vehicles, or NEVs, make up a specific proportion of the cars they produce. The requirement takes effect this month. The quota policy is widely seen as a more market-based way for the Chinese government to continue to promote new-energy vehicles — or those that run on electric, hybrid-electric and fuel-cell technologies. The government has also employed financial incentives to promote the industry, but the current subsidy program, which helped China become the world’s largest market for electric cars, will end in 2020.
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4 days ago by bbishop
NPCSC Adds Special Session for Second Review of Foreign Investment Law – NPC Observer
The NPC Standing Committee (NPCSC) conducted an initial review of the draft Foreign Investment Law [外商投资法] last December but took no further action. Readers may recall that we then explained what we saw as the (only) two potential legislative timetables for the Law: It will be adopted by the NPC either this March (after another NPCSC review in late February) or in March 2020 (after a few more readings in 2019). The longer process would not help show China’s willingness to comply with certain demands the United States made during trade negotiations, while the shorter one faces procedural hurdles under Chinese law. Faced with two imperfect choices, the NPCSC has decided to take an unexpected third approach. It will convene for a special session from January 29 to 30 to conduct a second review of the draft Foreign Investment Law, the Council of Chairmen announced on Wednesday. At the end of the two-day session, the NPCSC will most certainly submit the Law to the NPC, which will then most certainly approve it at its annual session in March.
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4 days ago by bbishop
Bonds Backed by Home Loans Surged in 2018 - Caixin
Chinese banks and financial institutions issued 584.3 billion yuan ($86.5 billion) of residential mortgage-backed securities (RMBS) in 2018, up 242% from the previous year, according to China Central Depository & Clearing Co. (CCDC), a state-owned operator of the national bond depository system.

RMBS accounted for 63% of China’s total asset-backed securities (ABS) that had debt obligations as underlying assets last year, CCDC said in a report released Wednesday. ABS backed by other consumer loans also grew quickly last year, rising 75% from the previous year. But such products still accounted for just 3% of total debt-backed ABS issuances.
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5 days ago by bbishop
EU competition chief urges higher defences against China threat | Financial Times $$
Europe’s antitrust chief has urged the EU to ramp up its defences against the economic threat posed by Chinese state-owned enterprises while defending the competition rules that would allow her to block a rail merger that Paris sees as essential to countering Beijing’s ambitions.

According to documents seen by the Financial Times, Margrethe Vestager warned fellow members of the European Commission on Tuesday that the bloc’s antitrust rules should not be ignored to allow the planned merger of France’s Alstom with Germany’s Siemens railway division, despite warnings from Paris and Berlin that the tie-up is needed to build a rival to Chinese trainmaker CRRC.
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5 days ago by bbishop

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