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News from China
Shanghai to have biggest office sector in China
28th April 2017

 SHANGHAI is set to surpass Hong Kong as the largest office market in China when 11 million square meters of Grade A space will be available by 2020, real estate service provider JLL said in a latest report.

Around 1.1 million square meters of prime office space are expected to be available in Shanghai’s central business district by then. An additional 3.3 million square meters of office developments will be completed in the decentralized Pudong, Hongkou and Minhang sub-markets.
“Domestic firms are expected to drive demand for Grade A office space in Shanghai, while more multinationals are likely to vie for prime office space by 2020,” said Joe Zhou, head of research for JLL China. “This high forecast demand for office space is likely to absorb the massive supply pipeline over time.”
Notably, technology firms were the main tenants of Grade A office space in Shanghai, Beijing, Shenzhen, Guangzhou and Chengdu, JLL’s data showed.
“Large volumes of capital funding are enabling more tech companies such as Didi Chuxing and Baidu to upgrade or expand to Grade A office space,” said Megan Walters, head of research for JLL Asia-Pacific.
“This trend is supported by inventories as all four first-tier cities in China’s mainland have rapidly growing CBD markets that offer new Grade A space.”
Source: Shanghai Daily, April 28, 2017
Event to spur awareness of Chinese brands
27th April 2017

 SHANGHAI aims to enhance brand awareness of Chinese producers by showing off industrial brands at the China Industrial Brands Tour, officials said yesterday.

The Top Brand Shanghai exhibition will feature 43 local corporations “covering 68 celebrated local brands selected from more than 200” to highlight the unique advantages of the city’s manufacturing, said Chen Yaohua, vice director at the Shanghai Commission of Economy and Information Technology.
Brand awareness helps highlight the quality of China’s products so that domestic producers are spurred to stay competitive, said Sha Nansheng, vice director of science and technology at the Ministry of Industry and Information Technology.
Shanghai Electric Group presented its latest power equipment and showed off its smart manufacturing prowess at the exhibition.
The three-day exhibition is the first stop of the China Industrial Brands Tour, followed by exhibitions in Guangdong and Shandong provinces, Chen said.
Source: Shanghai Daily, April 27, 2017
Jobless rate falls in Q1 in boost to economy
26th April 2017

 fficial data showed that 3.34 million new jobs were created in the first quarter and the unemployment rate fell to 3.97 percent.

The number of new jobs was 160,000 higher than that in the same period of last year, and the unemployment rate was down 0.07 percentage points from a year earlier and 0.05 percentage points lower compared with the previous quarter.
“China’s job market posted a strong start this year and remained stable in the first quarter,” Lu Aihong, spokesman for the Ministry of Human Resources and Social Security, said at a press conference.
Economists said the lower jobless rate suggested a healthier picture for the Chinese economy.
From January to March, job vacancies rose 7.8 percent year on year while applicants increased 2.1 percent, according to data from the ministry.
“The need for workers is particularly pressing in the manufacturing sector,” said Zhang Yizhen, vice minister of human resources and social security.
China’s manufacturing sector in March stayed above the boom-bust mark for the eighth month in a row, reinforcing the message conveyed by increased industrial business profits and shedding light on economic restructuring progress.
Meanwhile, employment picked up as more people came back for work after the Chinese New Year. According to a poll conducted by the ministry of 3,314 companies, the number of workers in these firms increased 4.6 percent to over 2 million, compared with the 1.93 million before the holiday.
“The string of employment data is in line with macro-economic data released earlier,” said Zhou Tianyong, professor at the Party School of the Communist Party of China Central Committee.
China’s better-than-expected 6.9 percent economic growth in the first quarter has once again proved that the world’s second-largest economy remains an important engine driving global growth.
The reading, the fastest increase in 18 months, was above the full-year target of 6.5 percent and the 6.8 percent increase registered in the fourth quarter of 2016.
“If you look at the structure of the economy, the service industry is creating more jobs,” said Lu.
China’s service sector expanded 7.7 percent year on year in the first quarter, up 0.1 percentage points compared with a year ago. It accounted for 56.5 percent of the country’s GDP.
While the employment data pointed to an optimistic economic outlook, challenges remain, experts said.
There are both quantitative and structural problems. On the one hand, over 15 million people, including nearly 8 million college graduates, will enter the job market this year. However, technical and skilled workers are badly needed.
The government has rolled out an array of pro-employment policies for college graduates, laid-off workers from glutted industries, and migrant workers, while the country’s entrepreneurial wave has also helped job creation.
According to Chen Yu, vice director of the China Association of Employment Promotion, the key lies in the implementation of those policies.
For example, banks sometimes still require a guarantor who works in a government agency for entrepreneurs applying for loans, making the process more complex than needed.
Authorities should step up policy support, including further tax cuts while allocating more subsidies to small and medium enterprises, which provide more than 75 percent of urban jobs, Zhou said.
Additionally, China’s social security system has improved and benefited more people, Lu said.
The population covered under social insurance schemes such as pensions and health insurance continued to expand while insurance fund revenue maintained stable growth, Lu said.
Yesterday’s data also showed that gross revenue of social insurance funds rose 26.9 percent year on year to 1.53 trillion yuan (US$222 billion) at the end of March, while gross expenditures were 1.18 trillion yuan, up 21.7 percent from a year ago.
Source: Shanghai Daily, April 26, 2017
China tightens steel firms scrutiny
25th April 2017

 CHINA removed 29 steel plants from a “normal list” and urged 40 others to reform to help cut overcapacity and enhance the industry’s competitiveness, said the Ministry of Industry and Information Technology yesterday.

Most of the 29 companies were considered inefficient, engaged in illegal production or were heavily debt-laden, while some “stopped operations to echo the national call to cut supply,” the ministry said. Another 40 steel companies were urged to cut pollution and upgrade equipment.
The ministry listed 304 steel companies as normal between 2013 and 2015 based on standards in environmental protection, quality, energy consumption and safety, the ministry said. But it will “keep monitoring the industry and re-select normal companies to ensure competitiveness of the industry,” it said.
The 29 companies will have “to be seriously supervised by local authorities” although they can continue to their operations, the ministry said.
The ministry can close the companies if they fail to meet quality and are not efficient after they have been supervised.
The other 40 firms were given “yellow card” warnings after they failed to meet environmental protection or safety rules. They would be stripped of the normal classification if they don’t improve within one year.
Source: Shanghai Daily, April 25, 2017

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