| China
this week |
|
The
spying game and a fistful of Alibaba
While "don't be evil" is a laudable aim, and
transparency is something to be admired, attempting
to preserve both these noble virtues in China does
not seem to be paying off that well for Google. Back
in March, they more-or-less accused the Chinese
government of disrupting its Gmail service, drawing
the ire of Beijing, which publicly deemed the claims
"unacceptable" - the more eagle-eyed among you
noting the absence of a denial. This was followed by
a still ongoing wrangle over an online mapping license. And
now, in a move that will be sure to endear them
further to their reluctant hosts, the internet giant
has stuck their heads above the parapet again and
leveled a now over-familiar accusation at the Middle
Kingdom. Google has detected and disrupted a "cyber
spying campaign" that originated in eastern
China. The campaign seemingly had the goal of
monitoring the email communications of intelligence
targets, including senior US State Department
officials, along with the requisite journalists and
political activists. In a move that will surprise
absolutely nobody, Chinese state media have managed
to omit the origin of the hackers
from their reports.
Another tech firm whose previously good name is
now being dragged through the dirt is the Alibaba
Group. Following the rather sudden resignations of
both CEO David Wei and COO Elvis Lee, who fell on
their own swords following a sales fraud scandal in February,
came last week's rather public spat with Yahoo.
The (allegedly) secret spin-off of Alipay into the
hands of group CEO Jack Ma last summer
unsurprisingly riled the US firm, which owns
around 40% of the Chinese group, which has ridden into town to call Alibaba
out and demand redress for its grievance.
Thankfully from Ma's perspective, a few promises and a fistful of
dollars seem to have resolved the dispute
without any need for bloodshed.
|
Power
fail
A collection of worrisome economic indicators and
swooning markets in Shanghai and New York has some
worrying that China is looking at a hard landing
from years of easy money. Worrisome economic
indicator of the week: Industrial profit growth slowed in
the second quarter down to 29.7% after posting a
solid 32% in the first quarter. While some of the
slowdown may be due to the wider slowdown in Chinese
markets, fingers are being pointed at
increases in electricity costs. The National
Reform and Development Commission has admitted
defeat, once again, in its efforts to persuade
Chinese power producers to sell energy at a loss,
and raised power prices to keep
them from letting the country go dark when the air
conditioners are turned on. Of course, the price
rise is being applied exclusively to industry, not
consumers - but this time Beijing is preventing
local governments from providing offsetting
discounts to their favorite local factories. How
will this policy be enforced? Excellent question.
Power producers are still under pressure in other
ways. The China Three Gorges dam company is overhauling its finances
following a government audit, which found 31
"financial issues" in the company's books. This news
followed a statement by the State Council that the
dam had caused social and environmental challenges.
In the same statement, the council announced
findings that the sun does not, in fact, orbit the
earth, and that Elvis has left the building. |
| China to introduce social
security tax on foreigners |
| China said to lead surge in
Japanese bond buys |
| Yangtze River drought
affecting 35m |
| China shutters battery plants
in lead poisoning crackdown |
| Beijing to cover billions of
dollars of local government debt |
| China's PMI slows in May |
| Authorities move to dampen
Inner Mongolia unrest |
| China widens telecom industry
probe |
| China
Economic Review this month |
|
Reverse course
Auditors that operated beyond the reach of US
regulators are being found out as accounting
scandals pile up |
Street value
The wide amplitude of Chinese IPO performance has
produced extravagant gains – and losses – for
investors. Are the underwriters to blame? |
| Recently
in sector news and opinion |
|
Not-com
The surge in Chinese dot-com listings may be a
bubble, but it has little in common with its
American predecessor, argues tech pundit Frank Yu |
Short and sweet
Blessed are the short-sellers, for they shall heal
the market, writes famed shorter Alfred Little |
| Upcoming
conferences |
|
CER Breakfast: Laurent
Estachy, Associate Professor in International
Finance, Euromed Management
The European Union is now the largest trade partner
of China: 426 billion US dollars in 2008 vs. 334
billion for the Chinese trade with the USA. One of
the aftermaths of the"subprime" financial crisis has
been the development of a public debt crisis in
Europe. After rating agencies recently downgraded
Greece's credit rating, German Chancellor Angela
Merkel refused to commit to more aid to Greece on
May 10: "We can offer solidarity only if Greece's
stability and eagerness to reform is proven".
Merkel's position in the euro-region's debt crisis
is a rerun of her stance a year ago. Again, major
risks of spillover effects to Portugal, Ireland or
even Spain are being scrutinized by financial
markets. The presentation will deal with the German,
British and French past institutional and monetary
strategies in Europe and, as regards to the current
global imbalances within the Euro zone, will try to
assess the risks of breakdown of the euro zone and
potential consequences for the Chinese economy.
15 June 2011, Shanghai, China |
Investment Opportunities in
Emerging Cities around Shanghai
Those attending the cocktail reception will have the
opportunity to network with representatives from the
local Taicang government and chambers of commerce,
as well key decision-makers in the city’s financial,
automotive, consulting, hospitality, exhibition, IT
and media industries.
16 June 2011, Shanghai, China |
Overseas Investment Seminar -
Chongqing, Chengdu, and Shenzhen
As China becomes more integrated with the global
economy, a growing number of domestic companies are
looking for ways to expand their businesses out of
China. China Economic Review Overseas Investment
conference has invited leading financial experts to
talk about issues and solutions from the unique
perspective of wealth management and offshore
planning for companies on the mainland. This
half-day interactive and case study-oriented seminar
will provide valuable information and practical
advices on how to maximize one's company value
through overseas investments and to effectively
control risks at the same time.
24 June 2011, Chengdu, China
28 June 2011, Chongqing, China
30 June 2011, Shenzhen, China |
7th Asia OFFICE SPACE
Congress
Following on from its roaring success in Hong Kong
and Singapore the region's leading event for
corporate real estate, facilities and workplace
projects is ready to hit another of Asia's key
markets.
The Corporate Real Estate Roadshow Comes to China -
As China strides ahead, leading Asia as the new
engine of world growth, the impact on commercial
real estate will be profound. How will the new rules
of the corporate workplace be translated in the
world's most populous nation in 2011?
To register & download the programme please go
to: http://www.asiaofficecongress.com/
9 June 2011, Shanghai, China |
Habitat For Humanity China
Presents Brick-olage
On Saturday June 11th Habitat for Humanity China is
trading in its bricks for brushes and is getting
creative with its first Shanghai art event
Brick-olage. In partnership with three of Shanghai's
leading art galleries, Art + Shanghai, O/V, and Plum
Studio, as well as the River South Art Center and
fashion boutique The Thing, Habitat for Humanity
China gives the Shanghai community a chance to roll
up its sleeves, get creative and help other
communities in China. Brick-olage will be held at
River South Art Center (1247 Nan Su Zhou Lu) on
Saturday, June 11, 2011 from 3:00 PM - 7:00 PM.
Admission of 100 RMB includes a Brick-olage canvas
bag and free drink.
11 June 2011, Shanghai, China |
2011 Social Network
Recruitment Forum
This forum is programmed to share understanding of
both perception of social media and its role in
today's employment branding and recruitment
strategy. Great opportunity for HR professionals to
meet up forward-looking ideas of employer branding,
also learn more best practices of social recruitment
campaign.
To participate China Social Network Recruitment
Survey 2011, for complimentary forum delegate seat
and survey finding report.
Venue: Shanghai World Financial Center-Forum
Contact Jill.XU at +86 21 52305321, or email to jill.xu@mxmm.cn
15 June 2011, Shanghai, China |
The 6th China Luxury Summit
China Luxury Summit, as the most significant and
influential trail-blazer in Asia, has been covering
the extensive participation of LVMH Group, Richemont
Group, Prada, Gucci, Burberry, Ermenegildo Zegna,
Salvatore Ferragamo, Calvin Klein etc by means of
distinct event theme and high-level quality.
Therefore, China Luxury Summit plays an essential
role in contributing to the mature and solid
development of China's luxury industry.
For more details please go to www.chinaluxurysummit.com/
23-24 June 2011, Shanghai, China |
Distribution Management Forum
2011
The forum is the largest logistics and distribution
event in 2011. With China's transformation from
world manufacturer to major consuming power, an
increasing number of companies expand their
distribution network in this flourishing market.
Meanwhile, China is growing to the global logistics
center due to the improved trade facilitation. How
to optimize distribution cost and enhance customer
service level are what logistics and supply chain
professionals facing up with. Distribution
Management Forum 2011 brings together industry
experts, practitioners, regulators and solution
providers to learn industry trend, share best
practices and successful case studies, and receive
inspirational insights from your peers through
extensive exchanging opportunities.
14-15 July 2011, Shanghai, China |
CHINA MINING Congress &
Expo 2011
Hosted by the China Ministry of Land & Resources
and the Tianjin Municipal Government, the 13th
annual CHINA MINING Congress & Expo will be held
at Tianjin on November 6th-8th, 2011. Over the years
China Mining has evolved into one of the most
influential mineral exploration/extraction trade
events in the world, and has come to play a critical
role in bringing together top policy makers and
leading industry figures. China Mining Congress
& Expo 2010 attracted more than 5,000 delegates
from 60 countries and featured over 600 booths.
Venue: Tianjin Meijiang Convention Center, Tianjin,
China Contact: Tel: +86-10-64466855 Fax:
+86-10-58857006 Email: info@china-mining.org
6-8 November 2011, Tianjin, China |
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