How to become a billionaire in China

Courtesy of the Think Billions blog:


How to become a billionaire in China

WSJ: Canada is starting to ask questions and say no to Chinese Oil Deals

Japan Trade Suffers with China

TOKYO — Japanese exports tumbled 10.3 percent in the year to September, data showed Monday, the sharpest decline since the aftermath of the 2011 earthquake and tsunami, and the Bank of Japan cut its outlook for the country’s regional economies amid a dispute with China and weak global demand.

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Foxconn underage worker scandal intensifies

Foxconn Technology Group, in breach of Chinese law, has admitted to hiring teenagers as young as 14.

Foxconn is the world's largest contract electronics maker and supplier of Apple Computer.

China experiencing flight capital

Economists call it "flight capital."

The Wall Street Journal (October 16, 2012) says "China ... is now watching cash stream out."

Where is it going? "Luxury goods in Singapore ... beachfront condos in Cyprus .... U.S. tuition bills...."

"A Wall Street Journal analysis of that data suggests that in the 12 months through September, about $225 billion flowed out of China ... "

WSJ: China's growth plunges and so does Aussie Dollar

Coal, iron-ore and a soaring economy can no longer support the Aussie Dollar on the foreign currency markets according to the Wall Street Journal (October 16, 2012).

Chinese billionaire rescues failed Massachusetts battery maker

Chinese billionaire rescues failed Massachusetts battery maker

Sales plunge as Chinese buyers avoid Japanese cars

Chinese auto buyers avoided buying Japanese car brands last month, plunging auto sales down as much as 41 percent as the political protests over the territorial dispute of the Diaoyu Islands continue to heat up.

China: A major perpetrator of cyber-espionage

"China is known to be the major perpetrator of cyber-espionage, and Huawei and ZTE failed to alleviate serious concerns throughout this important investigation. American businesses should use other vendors."
     --- committee chairman, Rep. Mike Rogers, R-Mich



Congressional Report:

"Huawei and ZTE cannot be trusted to be free of foreign state influence and thus pose a security threat to the United States and to our systems."

China backs away from the Euro poker table

From Reuters:

"China would be interested in buying into a Eurobond backed by core euro zone countries and considers investment in bonds issued by heavily indebted European countries unrealistic, a senior official with China's $480 billion sovereign wealth fund said. Jin Liqun, chairman of the supervisory board of the China Investment Corporation (CIC), said until fundamental problems of fiscal, social and monetary policies in euro zone countries burdened by debt are solved, there could be no investment."

China and The Traffic Jam Economy

The South China Morning Post reports, millions of Chinese commuters stuck in the longest traffic jam ever as a result of making toll roads free for the week to stimulate the weakened Chinese macroeconomic economy.

"A bid by authorities to stimulate the economy by suspending road tolls for the "golden week" holiday brought huge tailbacks across the mainland yesterday as almost 86 million travelers took to the roads. That's 13.3 per cent more than on the first day of the National Day holiday last year." 

"One traveller blogged that he could only move 200 metres in an hour on the Zhengzhou to Shijiazhuang expressway in Henan province. Others said the queue of cars on the Guangzhou to Shenzhen expressway was 40 kilometres long. All roads leading out of Guangdong were jammed, with cars moving at about a kilometre an hour in front of some toll gates. Provincial traffic-management authorities estimated traffic on expressways would increase by 40 to 80 per cent compared with the same period last year, the Shenzhen Special Zone Daily reported. The People's Daily reported dozens of accidents on 24 highways across the mainland, further aggravating the congestion."