Friday - August 30

Xiaomi hires top executive away from Google

Chinese smartphone maker Xiaomi Corp hired a top executive away from Google Inc to boost its international expansion.

Hugo Barra, Google's former vice-president of product management for the company's Android operating system, which is used by the vast majority of smartphones in China, will join Xiaomi in October as head of international business development, the company announced.

Barra, who joined Google in March 2008, said on his Google+ Web page that he will join the Xiaomi team in China to help the company expand its product portfolios and business globally.

Xiaomi, which is backed by investors including Temasek Holdings Pte and Qiming Venture Partners, said earlier this month that it had completed its fourth round of funding, giving it a valuation of $10 billion.

Chinese vineyards build more chateaus

Major Chinese vineyards are building chateaus at a furious pace to catch up with imports of world-famous premium wineries.

There are more than 160 chateaus in China, and about 200 more are under construction. But there is a decline in demand for domestic wines, and industry experts said building and running a chateau in China isn't easy.

"Chateau builders may face crucial challenges from domestic and foreign wine heavyweights as they don't have parallel advantages in grape growing, wine-making techniques and marketing," said Li Hua, professor at Northwest Agriculture and Forest University.

Statistics show that sales volume and net profit of domestic wine producers declined in the first half of this year. (Photo 1)

Monday - September 2

Manufacturing sees quick expansion

China's manufacturing industry picked up in August to its highest level since May 2012, suggesting a steady improvement of the overall economic condition.

The manufacturing Purchasing Managers' Index, which reflects factory production activities, jumped to 51 in August from 50.3 in July, indicating the fastest expansion of the industry in 16 months, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

JPMorgan Chase & Co announced a revised forecast of the whole-year GDP growth to 7.6 percent from 7.4 percent.

Deutsche Bank AG upgraded its prediction for third-quarter GDP growth to 7.7 percent from 7.5 percent, and raised the fourth quarter to 7.8 percent from 7.7 percent.

China's growth slowed to 7.5 percent in the second quarter when the central government focused on rebalancing the economic structure while solving the problem of excess industrial production capacity.

Majority oppose increasing retirement age

An overwhelming majority of those questioned in an online survey oppose a proposal pushing back the retirement age.

Nearly 95 percent of some 25,300 polled said they were against the prospect of the retirement age being increased, according to the survey.

The survey was conducted by the Beijing-based China Youth Daily and Sohu, a leading news portal. Most of those surveyed were aged between 24 and 53, according China Youth Daily.

The retirement age in China is 60 for male employees, 55 for female officials and 50 for female workers. Retirees can claim a pension immediately.

Tuesday - September 3

New home prices risae in August

New home prices in 100 major cities increased 8.61 percent year-over-year in August and surged in major cities.

On an annual basis, prices in those 100 cities were on average, 0.67 percentage point higher than in July.

Among the 10 largest cities, Beijing saw the biggest property inflation with a 3.22 percent month-on-month increase in August, trailed by Wuhan, Hubei province, which posted a 2.16 percent month-on-month increase.

Seventy-one cities posted month-on-month increases in new home prices in August among 100 cities on the mainland. The government plans to launch pilot property tax programs in more cities to cool the market.

On a year-on-year basis, new home prices in the 10 top-tier cities grew 12.18 percent in August. (Photo 3)

Fewer Chinese students apply to US grad schools

The number of applications from Chinese students US graduate schools for the 2012/2013 academic year declined 3 percent, while admission offers to prospective Chinese students grew by 5 percent, the eighth consecutive year of increases, and 40 percent of all admission offers from graduate schools went to Chinese students, according to the Council of Graduate Schools.

"The US receives many more applications from highly qualified international students-including those from China-than our graduate institutions can possibly admit," Debra Stewart, the president of the council, told China Daily. "What is important is that we continue to receive strong numbers of applications from highly qualified Chinese students, and we are hopeful this will continue."

Students and parents ask for information at a college fair in Beijing in March. Xinhua

Wednesday

- September 4

Hainan starts Beijing-Chicago direct flights

Hainan Airlines has started nonstop service between Beijing and Chicago's O'Hare airport, making it the first Chinese carrier to enter that direct market.

The only certified Skytrax five-star carrier in China had its maiden flight on Tuesday.

Hainan plans to use a Boeing 787 Dreamliner on the route beginning later this year. Frequency is also expected to increase from two to four flights weekly by the end of 2013 when the Dreamliner is introduced.

The new Hainan air service will generate approximately $85 million a year in business activities for the Chicago metropolitan region, said Rosemarie S. Andolino, commissioner of Chicago's department of aviation.

"Chicago is the third-largest metropolitan area in the US, so the market is very important to us," said Pubin Liang, general manager of Hainan Airlines North America.

Most automakers report profitable first half

Most of China's major listed automakers reported profits in the first half of the year, as the country's automobile market went back to double-digit growth after it stagnated in the last two years.

Of 80 listed automakers that had filed their first-half financial reports to the Shanghai and Shenzhen stock exchanges on Saturday, 55 reported revenue increases.

The Shenzhen-based battery and car maker BYD Co Ltd led the list after its net profit increased 25.24 times to 427 million yuan ($69.76 million) in the first half. The company's net profit slumped 94.15 percent year-on-year to 81 million yuan in 2012, the lowest level in at least four years.

The Warren Buffett-backed company attributed the surging growth to the recovery in all of its three major business areas: vehicles, cell phones and new energy, according to its financial report filed with the Shenzhen Stock Exchange. (Photo 4)

Thursday - September 5

Doubts raised on other possible Smithfield buyers

A claim by a key shareholder in Smithfield Foods Inc that it has lined up buyers willing to pay more for the US pork giant than the $4.7 billion offered by China's Shuanghui International Holdings Ltd is being dismissed by an analyst as "hot air" aimed at getting a better deal for shareholders.

Jim Fink, senior online editor for Investing Daily.com, was skeptical of Starboard Value LP claims. He said Starboard's description of the indications of interest it had received as "non-binding" was "nothing serious".

Michael Swanson, Wells Fargo & Co's chief agricultural economist, said that Starboard's claim to have received indications of interest that imply a value "substantially" above the purchase price offered by Shuanghui raises questions.

Study looks at China's solar-panel making

China dominates the world in solar-panel manufacturing because it has established economy of scale and well-developed supply chains, according to a study by the Massachusetts Institute of Technology and the US Department of Energy.

The study found that those factors were more significant in China's domination of the manufacturing of photovoltaic (PV) modules than low labor costs in China. "The competitive advantage of China is not inherent; it is built and therefore can be equalized," the study said.

As of 2011, 63 percent of all solar-panel production worldwide was done in China.

Crickets kept in cages are seen at Shilihe market in Beijing. Keeping crickets as pets to listen to their chirping is a popular pastime in China during the summer season. Shilihe market, which is known for being one of the most famous pet markets in Beijing, also sells a variety of items such as antiques, gems and kites. Kim Kyung-Hoon / Reuters

(China Daily USA 09/06/2013 page8)