Friday_____________________ June 28

Hiring expected to continue decline

Hiring intentions by employers on the Chinese mainland in the third quarter will be at their lowest level since the beginning of 2010, according to a report.

Among all the 816 Chinese employers interviewed by the Hudson Report, a global talent solutions company, 13.2 percent said they would decrease headcount in the next three months, 6.2 percentage points more than in the second quarter.

"The government's support of quality growth has resulted in a slightly slower rate of growth and many organizations are focusing on achieving internal efficiency and productivity gains in the first instance, rather than adding headcount," said Bi Lin, joint general manager of Hudson Shanghai.

Highly qualified and specialized workers, especially those in research and development, chemicals health care, scientific and laboratory roles and digital marketing and e-commerce, are highly sought after, the Hudson Report said. (Photo 3)

Silicon Valley gets closer to China

China Silicon Valley has been launched to promote investment, business communication and cooperation between China and the Silicon Valley.

About 300 people, including local officials and entrepreneurs, attended the launch celebration at San Jose City Hall on June 25. The organization's headquarters is in the city with offices slated to open in Shanghai and Beijing.

Kim Walesh, director of economic development for the city, said China Silicon Valley "will help Chinese companies and investors become better oriented with the region". "It's an interesting trend that Chinese companies are finding their way to San Jose," she said, mentioning NQ Mobile, Tencent, China Unicom and Hanhai as examples.

Monday______________________ July 1

China-US media deals expected to grow

Deals between Chinese and US investors in entertainment, advertising and digital media sectors will rise in the next 12 months and beyond, according to a new survey.

The survey was of 100 corporate executives, investment bankers and private equity practitioners based in both countries with operations or experience with mergers and acquisitions transactions in entertainment, advertising and digital media industries. It was commissioned by the Los Angeles-based law firm Manatt, Phelps & Phillips LLP.

The US market attracts Chinese investors in media and entertainment industries because of its advanced technology and storytelling techniques.

US sets renewed duties on honey

The United States has set $2.63 per kilogram as its preliminary rate for renewed duties against Chinese-made honey, seven months after concluding that removal of decade-old anti-dumping tariffs would likely hurt American producers.

This was the second renewal of the tariffs, the first coming in 2008 at a rate of $2.06 per kilogram.

The Commerce Department's International Trade Administration said in a notice late last week that the duty covers imports from China in four product categories: natural honey, flavored honey, artificial honey containing over 50 percent natural honey by weight, and preparations of natural honey containing over 50 percent natural honey by weight.

Tuesday_____________________ July 2

Factory orders drop to four-month low

Factory activity in China declined to a four-month low in June, indicating a lack of new orders.

The Purchasing Managers' Index (PMI), a gauge that mainly indicates operating conditions in the manufacturing sector, fell to 50.1 percent in June from 50.8 percent in May, data from the China Federation of Logistics and Purchasing showed.

A separate PMI survey conducted by HSBC Holdings showed a lower decline for June: 48.2 from 49.2 in May and 50.4 in April. A reading below 50 for both indexes indicates contraction.

Wal-Mart to open more Sam's Club stores

Wal-Mart Stores Inc, the world's largest retailer by revenue, will open seven more Sam's Club stores in the next two or three years to cope with the slowdown of its hypermarket business.

Sam's Club opened its first store in China in Shenzhen in 1996, has 10 stores in the country. The company provides memberships for individual shoppers and business customers, but the majority of its clients are individual shoppers. Customers have to pay 150 yuan ($24.23) per year for shopping at the stores.

There are 620 Sam's Club stores in the United States, generating $49 billion in sales annually. On Saturday, a store which opened in Suzhou - a third-tier city in affluent Jiangsu province - became the 799th Sam's Club in the world. The company has international sales of $58 billion annually.

The rapid development of Sam's Club is in sharp contrast with Wal-Mart's decision to close some stores in recent months, resulting in questions and doubts over foreign retailers' plans in the Chinese market.

France's Carrefour SA closed six stores in China from 2010 to 2012, while the United Kingdom's Tesco Plc shut four stores last year.

Former NBA star Yao Ming teaches basketball skills to a student from the Huilei School in Beijing's Changping district. The former Houston Rockets' all-star center launched the 2013 Yao Foundation Charity Game on Saturday. Yao established the foundation in 2008 after the devastating Sichuan earthquake. It has helped build 16 Hope Schools in China's rural areas. Photos Provided to China Daily

Wednesday

____________ July 3

China may join US-launched trade pact

China says is it may join the US-led Trans-Pacific Partnership, but it will take time to do so, according to sources at the Ministry of Commerce.

"China is still doing its research (on the TPP)," said a source close to the issue.

Consensus has been reached on the importance of the free trade pact, a step forward from some time ago, when many people were opposed to the proposal, an official told China Daily on condition of anonymity.

China has repeatedly said it will follow and observe the progress of the TPP, without making its position clear. But with some government officials recently saying they are willing to research the TPP, China's attitude seems to be changing.

The US launched the TPP in 2010 to strengthen trade relations with the Asia-Pacific region. Experts said the US sees the proposed pact as part of its economic rebalancing toward Asia, and also as a response to the growing power of China in Asia and the world.

Milk formula companies face price investigation

Several infant milk formula producers, mostly foreign, are under an anti-trust investigation by China's top economic planner for allegedly fixing prices, the official People's Daily reported on Tuesday.

The National Development and Reform Commission is investigating baby formula companies including Nestle SA, Abbott Laboratories, Mead Johnson Nutrition Co, Danone's Dumex brand and Wyeth Nutrition. Also under investigation is a local company, Biostime International Holdings Ltd.

Concerns about the safety of domestic milk powder, especially after a melamine-tainted milk powder scandal in 2008 that killed at least six children and sickened about 300,000 others, have fueled Chinese demand for foreign infant formula.

Imports of infant formula milk totaled 38,900 tons in the first four months of this year, up 37.2 percent, according to the China Dairy Industry Association. (Photo 5)

Thursday___________________ July 4

US trade deficit with China grows

US exports and imports in May showed further widening of America's trade deficit with China.

The US in May imported $45 billion more in goods and services than it exported, the Commerce Department said.

Weak global demand, including from China, pushed US exports down. The bigger-than-expected monthly jump in the trade deficit was also fueled by higher imports, mostly from China.

The US trade imbalance with China expanded to $27.9 billion, from $24.1 billion in April. The more recent month saw a $200 million decrease, to $8.8 billion, in exports to China and an increase in imports of $3.5 billion, or 10.7 percent, to $36.6 billion.

Frankfurt may sign currency swap

Frankfurt, German's financial capital, may enter into a currency swap between the European Central Bank and the People's Bank of China to become a major offshore yuan trading hub in Europe.

Frankfurt Main Finance, a financial association that represents major German banks, is expecting the ECB to sign an 800 billion yuan ($130 billion) currency swap with Beijing, according to a Bloomberg report.

The ECB and the PBOC declined to comment on the currency swap when contacted by China Daily.

The husband and wife team of David and Victoria Beckham tour China to talk soccer, fashion and promote their personal brand. David Beckham, who became Chinese soccer's global ambassador in March, was in Beijing and visited Tongji University in Shanghai. Victoria Beckham was at the Beijing Institute of Fashion Technology, speaking about her designs and her career as a fashion designer. Photos Provided to China Daily

(China Daily USA 07/05/2013 page8)