Labor unrest surges in China
Business & Technology
Top business and technology news for February 2, 2017. Part of the daily The China Project news roundup "Unrest along the New Silk Road."
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China labor unrest spreads to ‘new economy’ couriers and sales staff at ecommerce companies / Financial Times (paywall)
2016 saw a record high of 2,663 labor strikes and protests in China. As fewer young people are willing to join the low-wage, migrant workforce which the country’s manufacturing, construction, and booming new economy have heavily relied upon, China’s labor supply is shrinking significantly. The imbalance has led to a series of problems such as rising wages, increasing salary arrears, and threats to old workers’ social insurance payments that, together, have forced many shops and factories to close. -
Citic, Baidu get green light to open online bank / Caixin
A partnership between Chinese internet giant Baidu and state-owned Citic Bank to launch an online bank has received regulatory approval from the Chinese banking authority. In the deal, Citic Bank will hold a 70 percent stake in Baixin Bank, while Fujian Baidu Bo Rui Netcom Science and Technology, a subsidiary of Baidu, will own the remaining 30 percent. The move is Baidu’s attempt to stake a claim to the online banking territory that is currently dominated by its main competitors, Tencent and Alibaba.
- Green bonds take root in China – growing investor interest in environmentally friendly projects / Caixin
- Market for instant noodles goes limp / Caixin
- Why foreign companies are shutting shop in China / SCMP
- Cadillac is huge in China / Bloomberg
- Across the globe, a golden year for China’s smartphone brands / Tech in Asia
