HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province. Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime
Dan Collins CMR “Gold going to $7,000”, an article today in the Chinese media is going viral and one of the most viewed articles in the financial press. The article references American Jim Rickards and his concept of comparing inflation-adjusted gold prices. Most Chinese economists
It’s not uncommon for the large Wall Street banks to combine in shorting an entire years supply of minded silver in a single day.The same goes for all commodities. Endless paper printing getting funneled to Wall Street has destroyed all real price discovery. Capitalism fails
Dan Collins CMR When I moved to China back in 1998 I was surprised to learn how highly the Chinese thought of America. Of course China was a much poorer place back then but coming from the Detroit area I couldn’t fathom where was all
Chanos is back! His short China thesis is very long in the tooth but as it goes with most ego maniacs he cannot accept failure or that fact that he might be wrong. Being wrong on an entire country where you have never visited and
You have to laugh at the whole “China will collapse crowd” on CNBC and even respected sites like Zero Hedge. Personally, I love the Zerohedge stuff. They understand the ponzi-financial fraud-money printing-welfare state economy that now envelops the West. But China is a real economy,
D.Collins CMR China’s cloud computing market is expected to be worth 37.2 billion yuan (US$6 billion) in 2017 as demand for the service grows, the Chinese-language China Securities Journal reported on Friday. Some American tech companies are watching the largest and fastest I.T. market in
Breaking News today that a Chinese vessel as rammed and sunk a Vietnamese fishing boat. All countries in the South China Sea and East China Sea are using fishing boats in a game of cat-and-mouse to challenge each other on their respective areas. This time
Stockswatch China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five. Beijing-based
Scared of losing the Chinese tourist dollar, France has relented to China and will allow Chinese police on the streets of Paris. More signs of the benefits of third-world immigration into the West to the point where cultural breakdown has occurred and law and order
Gold has been flowing East for a decade. When the West wakes up to the fact that their gold is gone, they will no longer have sound money with which to back a currency. The world has only been off a gold standard since 1971
From the China Daily… BEIJING – China will lower banks’ reserve requirement ratio (RRR) by 0.5 percentage points starting May 18, the country’s central bank announced Saturday. The cut, the second of its kind this year, will drop the RRR for the country’s large financial
Is China tweaking its numbers on GDP? Probably. For twenty years Chinese GDP roughy came in right on the governments target. This would be an almost magical performance record considering economists in the West can predict absolutely nothing. For years, China most likely lowered GDP
Japan will learn the hard way that destroying your currency is not an viable economic strategy. Shanghai Daily JAPAN posted a record 1.63 trillion yen (US$17.4 billion) trade deficit in January as rising exports trailed surging imports of crude oil and gas due to rising
One year after the launch of direct trading between the renminbi and Japanese yen, the daily trading volume between the two currencies has reached 50-100 billion Japanese yen on the Shanghai market and 15 billion yen on the Tokyo market, a combined volume double that
A tax advocacy group on Wednesday revealed that Americans spend
more on taxes than their whole budget for food, clothing and housing.
The Tax Foundation, in its annual report on when the nation as a whole has earned enough to pay its taxes, announced the date as April 24.
“Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” said Tax Foundation Analyst Scott Greenberg. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.”
The report’s key findings include:
— Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.
— Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation’s income.
— Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent.
— If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.
Paul Bedard, the Washington Examiner’s “Washington Secrets” columnist, can be contacted at email@example.com
IMF Paper: China to Become Major Global Banking Hub, Warns on Herding Instinct in $24 Trillion Insurance Market
“The impact of shocks to China’s fundamentals on global financial markets is expected to grow stronger and wider over time,” the Fund said in a pre-released chapter of its Financial Stability report.
Life insurance warning
The Fund issued a separate warning on the $24 trillion life insurance sector. It said herding behaviour created systemic risks that could make firms “too many to fail”.
While the IMF does not expect a hard landing in China, it said “porous” capital controls and “sizable” capital flows linked to Beijing suggested the country’s limited financial integration would change in the coming years.
It described recent growth in cross-border banking as “striking”, and said China was on course to “emerge as a major global banking hub” in the medium term.
Russia is doubling the number of its strategic nuclear warheads on new missiles by deploying multiple reentry vehicles that have put Moscow over the limit set by the New START arms treaty, according to Pentagon officials.
A recent intelligence assessment of the Russian strategic warhead buildup shows that the increase is the result of the addition of multiple, independently targetable reentry vehicles, or MIRVs, on recently deployed road-mobile SS-27 and submarine-launched SS-N-32 missiles, said officials familiar with reports of the buildup.
“The Russians are doubling their warhead output,” said one official. “They will be exceeding the New START [arms treaty] levels because of MIRVing these new systems.”
The 2010 treaty requires the United States and Russia to reduce deployed warheads to 1,550 warheads by February 2018.
The United States has cut its warhead stockpiles significantly in recent years. Moscow, however, has increased its numbers of deployed warheads and new weapons.
The State Department revealed in January that Russia currently has exceeded the New START warhead limit by 98 warheads, deploying a total number of 1,648 warheads. The U.S. level currently is below the treaty level at 1,538 warheads.
Officials said that in addition to adding warheads to the new missiles, Russian officials have sought to prevent U.S. weapons inspectors from checking warheads as part of the 2010 treaty.
Wall St for Main St welcomed back Dan Collins, who is the Editor of The China Money Report. We bring on Dan to provide insights on what is going on in China since he lives and owns a business in China unlike some of the pundits on CNN and MSNBC where the closest they have been to China is Panda Express 😉
In this podcast, we discussed the propaganda war going on in the mainstream media on the Chinese economy. Are they blowing things out of proportion? Also, we talked about the volatile Chinese stock market , Trump’s proposal to increase tariff on Chinese imports, China gold buying spree and much more!
Steel is an ugly business in China. Propped up by local governments as
GDP creating machines it has a massive oversupply issue. More blood-letting
to come to in the old world industries in China.
Default in China is very rare and in this case a potential lesson.
Don’t default or you may end up dead.
A Chinese steel company has defaulted on an 852 million yuan ($131 million) bond payment, days after its chairman was found dead in an apparent suicide.
Dongbei Special Steel Group Co. said late Monday it was unable to pay the interest or principal due on a one-year bond, while another 1.01 billion yuan on a shorter-term bill due next week was also “uncertain”.
The company said last week that its chairman and Communist Party chief Yang Hua had been found hanged at his residence in a case now under investigation. The company statement has since been removed from its website.
As China’s growth slows to its weakest level in 25 years, the country has been hit by a series of corporate defaults. The steel sector, already burdened by overcapacity, has been especially hurt as demand slows.
State-owned Dongbei Special Steel, headquartered in the northeastern city of Dalian, makes different types of steel including products for the automotive industry.
China makes more steel than the rest of the world combined, and the government plans cuts of up to 150 million tonnes in production capacity over five years.
One of China’s largest steelmakers, state-owned Wuhan Iron and Steel, plans to shed up to 50,000 jobs, as the government struggles to reduce overcapacity while growth in the world’s second-largest economy slows.
In April last year power equipment maker Baoding Tianwei Group Co. failed to make a coupon payment of 85.5 million yuan, in what was said to be the first bond default by a state-owned firm.
Also last year privately-owned technology firm Cloud Live Tech Group was unable to pay both principal and interest on a five-year, 480 million yuan bond issue sold in 2012.
The price for Starwood Hotels continues to rocket higher, with the latest bid from China’s Anbang and its partners crossing the $15 billion mark.
Starwood Hotels & Resorts Worldwide, whose properties include the St. Regis New York, said Monday that the offer from the Anbang group is “reasonably likely” to be superior than the one made just last week by Marriott International.
The blitz by the Chinese insurer into the U.S. real estate market has repeatedly knocked askew the ambitions of Marriott, which has been attempting to add Starwood’s posh stable of hotels to its portfolio since last year.
Marriott bid $12.2 billion for the Greenwich, Connecticut, hotel in November and most had expected that Marriott would become the biggest hotel in the world when it completed the deal.
But few had realized the ambition, or motivation, of Anbang, even though it had made a big splash in the U.S. real estate market just two years ago when it acquired the famed Waldorf Astoria of York for almost $2 billion.
That became a bit clearer earlier this month, even before it challenged Marriott for control of Starwood, when it laid down $6.5 billion to acquire Strategic Hotels & Resorts Inc., which owns several high-end properties including the JW Marriott Essex House in New York.
Industry analysts say this may be a fight Marriott can’t win, or shouldn’t, because Anbang is being driven by the desire to get its money out of China and into U.S. assets.
The newest offer is from Anbang is for $88.66 per Starwood share, or $15.03 billion. That tops the latest bid of $14.41 billion that Marriott International Inc. offered last week.
News Analysis: Japan’s plutonium stockpiles raise specter of nuclear security,
de facto deterrence
Source: Xinhua 2016-03-28 20:46:08
by Jon Day
TOKYO, March 28 (Xinhua) — Pressure is mounting on Japan to explain itself regarding its considerable stockpiles of nuclear materials that could be weaponized and threaten the safety of the global community, against a backdrop of rising tensions in the region and a worldwide threat of increasing terrorism.
Ahead of the fourth Nuclear Security Summit slated to be held in Washington, the United States, from March 31 to April 1, at which global powers will convene to discuss issues and mechanisms to prevent, among other potential calamities, nuclear terrorism, additional points that have been tabled include those designed specifically to prevent nuclear material production and smuggling and to thus lessen the inherent global threats.
The Center of Excellence on Nuclear Security in China, has been hailed as a successful collaboration between the U.S and China which will see the latter’s capacity building to detect illicit smuggling of nuclear materials increase in the best interests of global security, but, with such successes currently under the spotlight, analysts here are suggesting it’s high time that some of the ongoing failings are also brought to the fore.
While some countries are following through with commitments towards non-nuclear proliferation, anti-terrorism measures and devising lasting solutions to ensure nuclear materials will not fall into the hands of terrorists, or be in other ways misused, Japan, over the years and more so recently, is being called into question over its own adherence, or lack thereof, to the global movement, as regards its own policy and contrary activities.
“It has been highly-publicized that a cargo of 331 kg of highly rich plutonium, enough to make up to 50 nuclear bombs, is currently on its way from Japan to the United States under armed escort, following a bilateral deal struck between Japan and the U.S. (in 2014),” David McLellan, a professor emeritus of postgraduate Asian Studies told Xinhua.
“Ostensibly, this is a good thing as there, under the guidance of global superpowers, has been a dynamic shift since the cold war towards non-nuclear proliferation and, more recently, anti-terrorist operations, and the return of the substances originally provided to Japan by Britain, France and the U.S. in the 1970s for neutronic testing falls under this remit and more recent deals made between Japan and the U.S.,” McLellan said.
He went on to explain however, that Japan still continues to have one of the largest stockpiles of separated plutonium and highly-enriched uranium in the world and that concerns are growing as Japan is being equivocal as to why it deems it necessary to accumulate such vast amounts of deadly substances, and that calls for the government to fully explain itself were particularly valid considering the current global climate.
Japan itself is a committed signatory of the Treaty on the Non-Proliferation of Nuclear Weapons, also known as the Non-Proliferation Treaty (NPT), with nations supporting the treaty dedicated to preventing the spread of nuclear weapons and related technology, with an ultimate aim of seeing global nuclear disarmament, whilst striving to promote cooperation in the peaceful use of nuclear energy.
Japan, as recently as Monday, has reiterated its stance that it has no intention of shifting its nuclear stance and will adhere to its three non-nuclear principles of not producing, possessing or allowing nuclear weapons on Japanese territory.
But with Japan’s ever-shifting security dynamic, including the recent actualization of a reinterpretation of key constitutional clause last year that paved the way for war related bills to be forced through parliament and into law by the government of Prime Minister Shinzo Abe, who is, henceforth, setting about to see the constitution amended further to allow his military to be reinstated beyond the constraints of defense and operate borderlessly, questions are being asked of Japan’s intended adherence to its own nuclear principles.
Japan’s Three Non-Nuclear Principles have been a guide for the nation’s nuclear policy since their inception in the late 1960s and were formerly adopted in the the early 1970s, explained McLellan, “but what we have to understand is that these policies were made under the unshakable faith in a nuclear deterrent provided to Japan by the United States, a notion that according to ‘chatter’ in parliament and more importantly among Abe’s ministers and members of the Legislation Bureau recently, is again being questioned.”
Other analysts elucidated, and while explaining that the situation was far from elementary, said that there were a number of key factors to be considered that primarily revolved around Japan’s ongoing security shift and the notion that Japan’s Constitution may not necessarily ban the use of nuclear weapons; the current U.S. presidential race; Japan’s commercial nuclear operations, and geopolitical tensions in the area.
“It’s largely conjecture at this point, but the facts remain thus: Japan has just less than 47,000 kg of plutonium, both in and outside the country, with as much as 9,600 kg stored here. That is a sizable amount, so the return of a mere 331 kg to the U.S. for disposal or reprocessing for commercial use is largely insignificant, if not a ‘gesture’,” suggested Asian affairs commentator Kaoru Imori.
He added that Japan’s claims of producing and storing plutonium for the future of its fast-breeder nuclear reactor program – reactors that feed off plutonium – may be a valid one, but the fact that such reactors are largely in a developmental phase and thus far have seen one forced shutdown of a reactor unit owned by Kansai Electric that uses plutonium MOX fuel, due to a fault, and another forcibly taken offline by a court order, owing to safety concerns, detracts hugely from this argument.
“The fast-breeder nuclear reactor argument is flawed as the program is years, if not decades from being viable, which begs the question, why has Japan been stockpiling plutonium for so many years? 331 kg being returned to the U.S. is a drop in the ocean compared to the amount Japan has, and this, quite rightly, should be questioned by the international community and explained in detail by the government,” Imori said.
There has also been widespread condemnation from some groups who have blasted Japan’s nuclear ambitions over the past 25-years, as well as its plans to continue production of plutonium over the coming decades, as not just being a commercial security risk, but a loosely-veiled nuclear deterrent from a military standpoint.
“Hailing a shipment of hundreds of kilograms of plutonium as a triumph for nuclear security, while ignoring over 9 tons of the weapons material stockpiled in Japan and in a region of rising tensions, is not just a failure of nuclear non-proliferation and security policy but a dangerous delusion,” Shaun Burnie, a senior nuclear specialist at Greenpeace Germany, was quoted as saying in Japan recently.
Burnie pretty much hit the nail on the head. Skeptics have long-since maintained that Japan’s stockpiles have served as a tacit nuclear deterrent and in the event that the “United States’ deterrent was scaled back, was withdrawn and Japan granted more nuclear autonomy, as has been suggested during U.S. Presidential campaigning, or Japan amended its constitution to allow it to rewrite its own Three Non-Nuclear Principles, within the NPT framework, to ‘better suit the current geopolitical landscape,’ we could, theoretically, see a fully-nuclear Japan,” Imori said.
He concluded, however, that this is the exact opposite of what is essential for the region in light of current tensions and broader terrorist-related activities in the world. “As we’ve seen in the past and as we’re continuing to see, weapons proliferation, nuclear or otherwise, leads to arms races, which exacerbates tensions.”
“When a situation reaches tipping point, powerful countries need to lead by example with non-proliferation moves, pledges and substantial action to denuclearize the world and, above all, while maintaining the inalienable right to defend ones’ country, to always hold dialogue and diplomacy as the ultimate means of achieving sustainable peace,” said Imori, adding that Japan’s dubious moves and nebulous communication on such matters were creating further problems rather than much-needed solutions.
Something that we predicted in the China Money Report over two years ago.
A showdown will be imminent in the coming years.
These are the new U.S. military bases near the South China Sea. China isn’t impressed.
The disputed South China Sea will soon see increased U.S. military activity from five Philippine bases, following the signing of a deal between Manila and Washington that will allow the Pentagon to deploy conventional forces to the Philippines for the first time in decades.
The deal — called an Enhanced Defense Cooperation Agreement — was reached Friday between State Department officials and the government of the Philippines, and will allow the Pentagon to use parts of five military installations: Antonio Bautista Air Base, Basa Air Base, Fort Magsaysay, Lumbia Air Base, and Mactan-Benito Ebuen Air Base. It comes at a time when the United States and its allies in the region have expressed concern about China increasingly deploying military assets to man-made islands in the South China Sea.
State Department spokesman John Kirby, a retired two-star Navy admiral, said that the United States has “made absolutely no bones about the fact that we take the rebalance to the Asia Pacific region very seriously.” But he added that there is “nothing offensive or provocative” about any of the Pentagon’s deployment of troops to the region.
[China testing Obama as it expands its influence in Southeast Asia]
“It’s not about selling it to the Chinese or to anybody,” Kirby said, under questioning during a media briefing. “It’s about meeting our security commitments in a serious alliance with the Philippines. That’s what this is about.”
The map above shows where the bases are. Antonio Bautista Air Base, on the island of Palawan, is a few dozen miles east of the disputed Spratly Islands, where China’s military buildup is underway. Basa Air Base is also near the South China Sea, and is in a rural area outside Manila. Bautista Air Base is the closest installation the Philippines has to the Spratlys, according to Philippine air force. Other bases were considered, according to Philippine media reports, but ultimately not included in the agreement.
China raised questions about the plan Monday, saying that cooperation between the United States and the Philippines should not harm the sovereignty or security interests of any other country.
“The U.S. has talked about militarization in the South China Sea. But can it explain whether its own increased military deployment in the region is equivalent to militarization?” said Chinese Foreign Ministry spokesperson Hua Chunying said at a media briefing, according to Xinhua, a state-run news agency.
The United States had a conventional military presence in the Philippines for nearly a century until 1991, when the country ordered the U.S. military to leave its naval base in Subic Bay after the countries could not reach an agreement on the extension of a lease. A U.S. Special Operations task force was based in the Philippines for 13 years after the Sept. 11, 2001 attacks, but was phased out last year in favor of keeping a small amount of U.S. troops nearby to assist Philippine forces in their fight against Islamist militants.
Hillary Clinton herself is on record as offering nuclear support to Vietnam.
So its no surprise that real politic will rule the day in Asia.
If the U.S. Dollar holds up we can expect more U.S. military bases to ring
around the region. That will most likely not happen, however, as I expect
the U.S. to fall into chaos before that can happen as debt, negative interest
rates, and ignorant populace take the country towards some sort of Soft
US: Yes, China, we want to stockpile military supplies in countries around the
South China Sea
In a strong political signal to China and the nations throughout the South
China Sea, the US Army has announced that it plans to stockpile supplies throughout
The supplies, Breaking Defense reports, would be placed in such Pacific and
Southeast Asian countries as Vietnam, Cambodia, and other unnamed nations —
although the Philippines is a likely option.
The basing of such permanent supplies would form a basis for potential temporary
rotational troop deployments throughout the region.
Such deployments would send a sharp signal to China that its continued militarization
“Throughout the Pacific Rim, these will be humanitarian assistance/disaster
relief-type equipment and material, so that when you have typhoons and other types
of natural disaster US Army Pacific Command can respond more quickly,” Army Material
Command chief Gen. Dennis Via said at the Association of the US Army winter conference.
“We are looking, for example, at in Cambodia placing a combat support hospital.”
Even so, the placement of such supplies throughout the region — particularly in a
country such as Vietnam — would send a strong signal of US interest and dedication
to the South China Sea.
The US decision to place supplies in the region comes as Beijing continues its push
to dominate the South China Sea. China has so far dredged islands, established runways,
and installed radars throughout the region, over the protests of its neighboring nations.
Jo-Ann was a child prodigy who went to college at age 14. She graduated and landed a coveted job at Citigroup.
Soon she was flying around the world leading meetings. Then she jumped to a management role at a financial printer. She was middle class, maybe even on her way to the upper middle class … until the tech bubble burst. And September 11th hit.
The U.S. fell into a recession and companies cut back. In 2002, Jo-Ann was forced to train the Indian workers that would replace her.
After she was laid off, she struggled to find a good paying job. She melted down her savings and 401k. She got into the trap of working “dead-end crap jobs with crap wages,” including a stint at Walmart.
Her life went from American Dream to Bust. Today she’s in her mid-40s and makes $11 an hour processing payments at a financial firm despite being college educated.
Her story is exactly what so many Americans fear — that they are one step away from financial ruin. It’s why they are drawn to Donald Trump and Bernie Sanders in the 2016 election.
The anger is boiling over
“The anger is boiling over. Enough of the American people have got it through their heads that the American Dream is dead for us,” says Jo-Ann, who lives in Pennsylvania. She requested that her last name be withheld for this article so it wouldn’t impact her ongoing search for a better job.
The economy is the No. 1 issue on voters’ minds even though America is growing, unemployment is incredibly low (4.9%) and gas is cheap.
“I thank God I don’t have a kid. I don’t know what I would tell them,” she says. Her advice to young people is to skip college and learn a trade like plumbing that probably won’t be shipped overseas. She supports Sanders. She agrees with him (and Trump) that trade deals like NAFTA are part of the problem.
Great Recession fears linger
Americans are on edge. Many CNN readers responded to a recent survey about their economic worries. Over and over, people said they were fearful of losing a job, of a health problem that would drain their savings, of wages that aren’t growing and of diminished prospects for their children.
Billionaire investor Warren Buffett argues people are way too pessimistic about the economy. He says babies born in America today are “the luckiest crop in history.”
But Americans fear life could derail quickly, much as it did for many during the Great Recession.
“The job market is tough. People are scared. They aren’t leaving their jobs,” says Ashley Brinkman, 28, of Anchorage, Alaska. She and her husband have jobs they enjoy, but they look around and see mass layoffs in Alaska’s energy sector and cuts to education.
“We are living the middle class dream. We vacation once a year and own a camper,” says Brinkman, who recently received an $11,000 raise as she moved up the ranks from being a bank teller to a management job. But life hinges on staying employed.
There are nearly 700 million internet users in China, and they don’t let their connections go to waste. The country is a downloading, WeChatting, ecommercing powerhouse, and it has the statistics to prove it.
We sorted through the numbers put out by some of China’s biggest internet companies, and brought them down to scale. This is an internet minute in China. The country does in 60 seconds what some would only do over a day, week, or more. Not too shabby.
Singapore Straight Times
In Shanghai, lines of prospective buyers outside property agents’ offices clogged roads and forced the police in the suburban Baoshan district to curb traffic as they sought to maintain order, Caixin reported on Monday (Feb 29). The frenzy prompted China’s official Xinhua News Agency to warn against “panic” buying, while Shanghai’s government issued a call for calm on its official Weibo microblog account.
“There is no need to rush, the trading centres are open seven days a week,” the city’s government said in a posting on Feb 28. “The service centres will also deploy more people and add desks for buyers.”
The clamour to buy is reminiscent of the Chinese property market boom that peaked in 2013, before regulators instituted a series of measures to cool the market.
They began rolling back those curbs in November 2014, accelerating efforts to support demand last month by cutting down-payment requirements and reducing real estate transaction taxes. The measures – intended to ease a glut of unsold homes in smaller cities – have instead lifted prices in the country’s biggest population centres.
“The bubble has been growing big” since the government rolled out easing measures last year, UOB Kay Hian analysts led by Edison Bian wrote in a March 2 note to clients.
Demand is also getting a boost from monetary stimulus after the People’s Bank of China cut benchmark lending rates six times since 2014, lowered banks’ reserve requirements and flooded the financial system with cash to keep borrowing costs low. With local stocks in a bear market and yields on the nation’s fixed-income securities near all-time lows, investors see few appealing alternatives outside real estate to park their savings.
“Property prices continued to soar in cities like Shenzhen and Shanghai for the past month, driven by the sharp surge of credit expansion, which appears to be endorsed by the central bank and local governments as a way to reinvigorate sales and digest inventory in third- and fourth-tier cities,” analysts at HSBC Holdings wrote in a March 1 report.
The boom is most extreme in Shenzhen, where prices jumped 4 per cent in January from a month earlier and have gained 52 per cent over the past year. Values in the financial hub of Shanghai have increased 18 per cent in the last 12 months, while those in Beijing advanced about 10 per cent.
Prices in many smaller cities have continued falling, though at a slower pace. In the north-eastern city of Shenyang, for example, new-home prices slipped 0.5 per cent in January.
Home prices in Shanghai jumped to a record high of 35,911 yuan per square metre, according to realtor China Real Estate Information Corp, or the equivalent of S$714 per square foot. Those in Shenzhen have surged to the equivalent of S$924 psf.
More than 13.12 million new jobs were generated for urban residents in China in 2015,
a senior government official said on Monday.
Yin Weimin, Minister of Human Resources and Social Security, told a press conference
that China had created more than 13 million new jobs for urban residents annually
since 2013, though the reading for 2015 was down 0.8 percent from the year before.
Notice how these numbers will never make the Western press but a restructuring in the
over-built steel sector which will see a loss of 2 million jobs will be splashed all
over the front pages.