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CAIJING
China Launches Third Party Payment Licenses
June 6
China’s central bank has given third party payment licenses to 27 companies, including China UnionPay (中国银联), Alipay (支付宝) and YeePay (易宝支付). China’s third party payment industry has seen transaction volumes of RMB 1.13 trillion (USD 174.9 billion) in 2010, and posted annual growth of 95%. The companies that were granted the licenses together make up 80% of the Chinese third party payment market. The licenses are expected to help China’s electronic payment companies develop new businesses and also to trigger consolidation and mergers in the country’s third party payment industry.
CHINA ENTREPRENEUR
Yihaodian: An Emerging Enterprisea
June 5
Yihaodian (1号店), a fast-growing B2C e-commerce company based in Shanghai, was ranked first on China Entrepreneur magazine’s list of 21 Rising Stars of 2011. Global retail giant Wal-Mart has taken a minority stake in the Chinese online supermarket and Yihaodian’s revenues have increased from RMB 4 million (USD 0.6 million) in 2008 to RMB 805 million (USD 124 million) in 2010. Its annual growth has been 1,289.41% in the past three years and it is expected to be 300% over the next three years. The company’s fast growth is due to its close attention to customer service, which it considers key to its future.
GLOBAL ENTREPRENEUR
China Develops World-class Pianists
June 5
China is quickly developing a reputation for producing world-renowned pianists, however the musicians most often play works of foreign masters instead of creating original works themselves. Around 60 million Chinese are learning to play the piano is around 60 million, and at least some of them are expected to follow in the footsteps of Lang Lang, currently China’s wealthiest pianist with an annual income of more than RMB 100 million (USD 15.42 million), who commands over 280,000 Euros per performance. Ticket prices for piano concerts are higher in China. For example, the audience in Hong Kong pays at most HKD 400 (USD 51) for a front row seat at a concert while on the Chinese mainland the average price of such a ticket is more than RMB 2,000 (USD 309).
SANLIAN LIFE WEEKLY
China to Regulate the Commercial Prepaid Cards
June 6
The People’s Bank of China (中国人民银行) is leading the Ministry of Supervision (中华人民共和国监察部), the Ministry of Finance (中华人民共和国财政部), the Ministry of Commerce (中华人民共和国商务部), the State Administration of Taxation (国家税务总局), the State Administration for Industry & Commerce (国家工商行政管理总局) and the National Bureau of Corruption Prevention (国家预防腐败局) to regulate the usage of commercial prepaid cards in the country. Non-financial institutions are not allowed to issue commercial prepaid cards without approval and cards with a value greater than RMB 1,000 can only be issued to buyers who register with their real names.
China should promote energy price reform as soon as possible.”
Lin Boqiang (林伯强), Professor at the Center of China Energy Economics Research, Xiamen University
http://blog.sina.com.cn/linboqiang1957
China’s restrictions on house purchases cannot be endless.”
Ye Tan (叶檀), National Business Daily columnist
http://blog.sina.com.cn/yetan
China should issue larger bills, like 500 yuan notes for example.”
Mao Yushi (茅于轼), founder of the Unirule Institute of Economics (北京天则经济研究所)
http://blog.sina.com.cn/maoyushi
China’s A-share markets are becoming bear markets.”
Han Zhiguo (韩志国), Director of the Beijing Banghe Fortune Research Institute (北京邦和财富研究所)
http://blog.sina.com.cn/hanzhiguoblog
CHINA BUSINESS NEWS
Taiwan to Welcome Mainland Tourists
June 9
The Chinese mainland and Taiwan launched a new travel policy in late June that allows residents of Beijing, Shanghai and Xiamen in Fujian Province to visit Taiwan as individuals. Previously Chinese mainland citizens could only make the trip as part of a tour group. The number of flights that cross the Strait each week is expected to increase from 370 to more than 550. In the short term, the move will help boost Taiwan’s tourism and retail industries. Kaohsiung’s local government has invested NTD 6 million (USD 200,000) to rebuild the Liu He Night Market. It is expected that 130 hotels will be built in Taiwan in the next two years, with investments totaling NTD 80 billion (USD 2.77 billion).
THE ECONOMIC OBSERVER
Li Na’s Value
June 13
After becoming the first Chinese singles player to win a Grand Slam title at the French Open last month, tennis player Li Na (李娜) is becoming a new sports idol in China, following in the footsteps of Yao Ming (姚明) and Liu Xiang (刘翔). Li received a USD 1.75 million prize for her French Open victory and has earned a total of USD 3.227 million so far this season, equaling her combined earnings over the past 12 years. Following her Grand Slam win she sealed endorsement contracts with Rolex and Haagen-Dazs. Li is expected to receive RMB 200 million (USD 30.84 million) in endorsements this year. It’s expected that Li’s success will attract more Chinese youths to pick up a tennis racquet and learn the game.
21ST CENTURY BUSINESS HERALD
Foreign Employees to Have Social Security in China
June 2
China’s Ministry of Human Resources and Social Security (中华人民共和国人力资源和社会
保障部) is working on a new Social Security Law which will add about 600,000 foreign employees in China into the country’s Social Security System. The new law is expected to take effect July 1. Companies currently pay commercial insurance premiums for foreign employees instead of social security. The new law is expected to increase the labor costs of companies in China. According to a report by The European Union Chamber of Commerce in China, 66% of the European companies in China consider rising labor costs as their largest challenge and 73% of them feel pessimistic about where labor costs in the country are headed in the next two years.
China Launches Third Party Payment Licenses
June 6
China’s central bank has given third party payment licenses to 27 companies, including China UnionPay (中国银联), Alipay (支付宝) and YeePay (易宝支付). China’s third party payment industry has seen transaction volumes of RMB 1.13 trillion (USD 174.9 billion) in 2010, and posted annual growth of 95%. The companies that were granted the licenses together make up 80% of the Chinese third party payment market. The licenses are expected to help China’s electronic payment companies develop new businesses and also to trigger consolidation and mergers in the country’s third party payment industry.
CHINA ENTREPRENEUR
Yihaodian: An Emerging Enterprisea
June 5
Yihaodian (1号店), a fast-growing B2C e-commerce company based in Shanghai, was ranked first on China Entrepreneur magazine’s list of 21 Rising Stars of 2011. Global retail giant Wal-Mart has taken a minority stake in the Chinese online supermarket and Yihaodian’s revenues have increased from RMB 4 million (USD 0.6 million) in 2008 to RMB 805 million (USD 124 million) in 2010. Its annual growth has been 1,289.41% in the past three years and it is expected to be 300% over the next three years. The company’s fast growth is due to its close attention to customer service, which it considers key to its future.
GLOBAL ENTREPRENEUR
China Develops World-class Pianists
June 5
China is quickly developing a reputation for producing world-renowned pianists, however the musicians most often play works of foreign masters instead of creating original works themselves. Around 60 million Chinese are learning to play the piano is around 60 million, and at least some of them are expected to follow in the footsteps of Lang Lang, currently China’s wealthiest pianist with an annual income of more than RMB 100 million (USD 15.42 million), who commands over 280,000 Euros per performance. Ticket prices for piano concerts are higher in China. For example, the audience in Hong Kong pays at most HKD 400 (USD 51) for a front row seat at a concert while on the Chinese mainland the average price of such a ticket is more than RMB 2,000 (USD 309).
SANLIAN LIFE WEEKLY
China to Regulate the Commercial Prepaid Cards
June 6
The People’s Bank of China (中国人民银行) is leading the Ministry of Supervision (中华人民共和国监察部), the Ministry of Finance (中华人民共和国财政部), the Ministry of Commerce (中华人民共和国商务部), the State Administration of Taxation (国家税务总局), the State Administration for Industry & Commerce (国家工商行政管理总局) and the National Bureau of Corruption Prevention (国家预防腐败局) to regulate the usage of commercial prepaid cards in the country. Non-financial institutions are not allowed to issue commercial prepaid cards without approval and cards with a value greater than RMB 1,000 can only be issued to buyers who register with their real names.
China should promote energy price reform as soon as possible.”
Lin Boqiang (林伯强), Professor at the Center of China Energy Economics Research, Xiamen University
http://blog.sina.com.cn/linboqiang1957
China’s restrictions on house purchases cannot be endless.”
Ye Tan (叶檀), National Business Daily columnist
http://blog.sina.com.cn/yetan
China should issue larger bills, like 500 yuan notes for example.”
Mao Yushi (茅于轼), founder of the Unirule Institute of Economics (北京天则经济研究所)
http://blog.sina.com.cn/maoyushi
China’s A-share markets are becoming bear markets.”
Han Zhiguo (韩志国), Director of the Beijing Banghe Fortune Research Institute (北京邦和财富研究所)
http://blog.sina.com.cn/hanzhiguoblog
CHINA BUSINESS NEWS
Taiwan to Welcome Mainland Tourists
June 9
The Chinese mainland and Taiwan launched a new travel policy in late June that allows residents of Beijing, Shanghai and Xiamen in Fujian Province to visit Taiwan as individuals. Previously Chinese mainland citizens could only make the trip as part of a tour group. The number of flights that cross the Strait each week is expected to increase from 370 to more than 550. In the short term, the move will help boost Taiwan’s tourism and retail industries. Kaohsiung’s local government has invested NTD 6 million (USD 200,000) to rebuild the Liu He Night Market. It is expected that 130 hotels will be built in Taiwan in the next two years, with investments totaling NTD 80 billion (USD 2.77 billion).
THE ECONOMIC OBSERVER
Li Na’s Value
June 13
After becoming the first Chinese singles player to win a Grand Slam title at the French Open last month, tennis player Li Na (李娜) is becoming a new sports idol in China, following in the footsteps of Yao Ming (姚明) and Liu Xiang (刘翔). Li received a USD 1.75 million prize for her French Open victory and has earned a total of USD 3.227 million so far this season, equaling her combined earnings over the past 12 years. Following her Grand Slam win she sealed endorsement contracts with Rolex and Haagen-Dazs. Li is expected to receive RMB 200 million (USD 30.84 million) in endorsements this year. It’s expected that Li’s success will attract more Chinese youths to pick up a tennis racquet and learn the game.
21ST CENTURY BUSINESS HERALD
Foreign Employees to Have Social Security in China
June 2
China’s Ministry of Human Resources and Social Security (中华人民共和国人力资源和社会
保障部) is working on a new Social Security Law which will add about 600,000 foreign employees in China into the country’s Social Security System. The new law is expected to take effect July 1. Companies currently pay commercial insurance premiums for foreign employees instead of social security. The new law is expected to increase the labor costs of companies in China. According to a report by The European Union Chamber of Commerce in China, 66% of the European companies in China consider rising labor costs as their largest challenge and 73% of them feel pessimistic about where labor costs in the country are headed in the next two years.