1. Sino-US financial symposium held yesterday
The fifth Sino-US financial symposium entitled "construction of 21st financial system" is held in Shanghai on Sept. 6. Shanghai Mayor Han Zheng addresses the symposium. He says that Shanghai will try to provide the best development environment for financial institutions at home and abroad; and sincerely hopes financial institutions around the world would help Shanghai build itself into an international financial center. [Wenhui News (Shanghai), 2008.09.08]
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2. Release of mechanism for salary growth postponed
It's reported that the State Council will postpone the promulgation of the mechanism for salary growth and regulations on corporate salary. A large number of small and medium-sized enterprises are in trouble because of the rising cost of materials, rising labor costs, rising costs of environmental protection, renminbi appreciation, decreasing export rebates, rising interest rates and decreasing foreign demands affected by the US subprime crisis. It is not a good time for the Chinese government to release such strict policies. [Tencent, 2008.09.08]
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3. 480 of global top 500 companies have invested in China
Sept. 6, Yao Shenhong, a spokesperson for the Ministry of Commerce, says at the 12th China International Fair for Investment & Trade that by the end of June, 480 of the world's top 500 companies had already set up branch offices and investment institutions in China, including more than 1,200 research and development centers and nearly 500 regional headquarters. [Sina, 2008.09.08]
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4. India, Vietnam become new favorites for American buyers
The growth rate of China's textile and garment exports is slowing down due to renminbi appreciation, reduction of export rebates and rising prices of raw materials. American buyers begin to adjust their market strategy. They are turning their focus on India and Vietnam. [People, 2008.09.08]
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5. "China's road to improvement" for multinational manufacturers
The American Chamber of Commerce in Shanghai and Booz & Company jointly conduct a study entitled China Manufacturing Competitiveness 2007-2008. Booz & Company and the American Chamber of Commerce Shanghai surveyed 66 members of the American Chamber of Commerce Shanghai. The study shows that traditional procurement and sales patterns for multinational manufacturing enterprises in China are facing great pressure. A total of 54% of them agreed or very much agreed that the manufacturing sector in China was losing its advantages due to rising costs and the appreciation of the renminbi; only 17% of them have mapped out concrete plans to move their manufacturing facilities to neighboring countries. [People, 2008.09.08]
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6. Domestic enterprises plan to submit a joint letter opposing Coca-Cola's takeover of Huiyuan Juice
It is reported that several domestic enterprises are preparing to submit a joint letter to the Ministry of Commerce opposing Coca-Cola's takeover of Huiyuan Juice. They believe if Coca-Cola completes the acquisition of Huiyuan Juice, Coca-Cola will hold a monopoly of more than half of domestic sales channels, adding to Coca-Cola's financial strength, and leaving little room for other domestic enterprises to survive. [Net Ease, 2008.09.08]
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7. Ministry of Commerce has not yet received application from Coca-Cola
Yao Shenhong, a spokesperson for the Ministry of Commerce, says that the Ministry of Commerce has not yet received an anti-monopoly examination and approval application from Coca-Cola regarding its acquisition of Huiyuan Juice. If Coca-Cola submits an application, the Ministry of Commerce will deal with the matter according to the related rules of the Anti-Monopoly Law. Sept. 3, Coca-Cola announces that it has offered $2.4b to buy Huiyuan Juice. On the same day, Coca-Cola Vice President Li Xiaojun says that the company is preparing to submit an application to Chinese related anti-monopoly government departments for approval of its takeover of Huiyuan Juice. [JRJ, 2008.09.08]
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8. During transitional periods it is acceptable for the number of personnel at some government departments or institutions to exceed set limits
An official from the Office of Central Institutional Organization Commission says during transitional periods that it is acceptable for the number of personnel at some government departments or institutions to exceed set limits. The State Council's 46 departments recently released plans for major functions, international organizations and personnel. [Hexun, 2008.09.08]
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9. Sony is Asia's favorite brand
Japanese electronic giant Sony is Asia's favorite brand, according to a survey of Asian shoppers released on Sunday about dominating consumer technology firms. Sony replaced Finnish phone maker Nokia as the region's top brand, ahead of another Japanese electronics firm Canon and US sportswear firm Nike, according to the survey by Media magazine and TNS market researchers. A total of 3,600 consumers in 10 different markets, including in Australia and in China, were interviewed for the survey. [CCID, 2008.09.08]
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10. List of "top 100 Chinese software enterprises in income for 2008" released; Huawei, ZTE and Haier included
Sept. 5, the Ministry of Industry and Information and National Bureau of Statistics jointly release the list of "top 100 Chinese software enterprises in income for 2008." Huawei, ZTE and Haier are included on the list. Among those 100 software enterprises, 24 of them are from Beijing, 15 from Guangdong, 11 from Shandong, 10 from Zhejiang and nine from Jiangsu. Huawei Technologies, with software sales of RMB41.67b in 2007, has ranked first on the list for seven consecutive years. Shanghai Ideal Information Industry Co., Ltd. ranks 100th with sales of RMB270m. [CCID, 2008.09.08]
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