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☆ China economy: Beijing will ‘significantly’ increase spending
▼ + stars: | 2024-10-11 | by ( ) edition.cnn.com time to read: +4 min

Beijing Reuters —China will “significantly increase” government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks’ capital as it pushes to revive sputtering economic growth. “There is still relatively big room for China to issue debt,” he said. Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh fiscal stimulus. Separately, Bloomberg News reported that China is also considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the economy, primarily by issuing new sovereign bonds. Swedish furniture retailer Ikea, whose 39 stores in China have felt the spillovers from the property crisis, urged Beijing on Thursday to deploy further stimulus.

Persons: Lan Foan, ”, Zheng Shanjie, “, Lan Organizations: Beijing Reuters, Finance, National Development, Reform Commission, Communist Party’s, Reuters, Bloomberg News, Local, Investment, Ikea Locations: Beijing, China, China’s, Swedish

☆ China economy and employment: People who used to work for major tech giants are now doing manual labor
▼ + stars: | 2024-07-20 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +8 min

Li, 27, is part of a growing base of Chinese workers swapping high-pressure office jobs for flexible blue-collar work. But these firms are slowly losing their appeal as China’s economy faces headwinds including a property crisis, declining foreign investment and slumping consumption. The trend to move from professional to manual jobs comes amid surging demand for blue-collar workers, according to Chinese recruitment platform Zhaopin. And blue-collar workers’ pay has also gone up, attracting more people to jobs they might have previously avoided. Pressure of another kindBut some wonder if blue-collar work is truly the stress-free refuge people like Li and Wang imagine it to be.

Persons: Hong Kong CNN — Leon Li, ”, Li, “, Alice Wang, Wang, –, Larry Hu, Zhang Yuxiao, David Goodman, commenter Organizations: Hong Kong CNN, CNN, National Bureau of Statistics, Workers, NBS, University of Sydney’s China Studies Centre Locations: China, Hong Kong, Hangzhou, Chengdu, –, Macquarie, Shanghai

Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector. "Wage cuts will intensify deflationary risks and reduce willingness to spend," said Zhaopeng Xing, ANZ's senior China strategist. Reuters GraphicsWEAK BARGAINING POWERUnilateral wage cuts are illegal in China, but complex salary structures offer ways around that. Shao, who sold make-up in the eastern city of Suzhou and only gave her surname for privacy reasons, had a choice to leave her company or accept a 50% wage cut. Their bargaining power ... is weakened so they tend to accept wage cuts," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin.

Persons: Yao, Zhaopeng Xing, ANZ's, Unit's Xu Tianchen, Zhaopin, Shao, Aidan Chau, Xu, he's, Xiangrong Yu, Ellen Zhang, Marius Zaharia, Liangping Gao, Kripa Jayaram, Kim Coghill Organizations: Communist Party, Financial, Economist, Reuters, Workers, China Labour Bulletin, Reuters Graphics Reuters, Citi, Graphics, Thomson Locations: China, BEIJING, HONG KONG, Hefei, Suzhou, Hong Kong, Shanghai, Beijing

☆ LinkedIn lays off 716 employees, kills China jobs app
▼ + stars: | 2023-05-09 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

LinkedIn, the popular business social networking platform owned by Microsoft , will discontinue its China-specific jobs app InCareer and lay off 716 employees worldwide, the company said in a message to employees. LinkedIn launched InCareer in Dec. 2021 after sunsetting its localized LinkedIn product in China. Shares of parent company Microsoft were largely flat in pre-market trading Tuesday morning. LinkedIn will continue to operate other businesses in China, including its LinkedIn Learning product. The total number of InCareer and LinkedIn users in China was over 57 million, according to an InCareer page.

Starbucks (SBUX.O) warned of a "cautious" recovery in its China sales. "Consumers have become more meticulous in their spending," its chief executive, Xu Lei, said in an earnings call on Thursday. "Now the Chinese tourists are either super rich or very poor," said the owner, who spoke on condition of anonymity. "This suggests that once the initial reopening rebound has happened, we shouldn't expect a further surge in consumer spending," he wrote in a note to clients. ($1 = 6.8780 Chinese yuan renminbi)Editing by Marius Zaharia and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

In a country of 1.4 billion people, job fairs are one of the most efficient ways for employers and workers to connect. There will be more job seekers battling for offers this year." About 60% cited the "uncertain economic environment" as the main factor affecting their confidence, up from 48.4% in 2022. Policymakers are expected to aim for growth of about 5%, which would still be below the blistering pre-pandemic pace. ($1 = 6.8767 Chinese yuan renminbi)Additional reporting by Xiaoyu Yin Editing by Marius Zaharia and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

China's 'zero-COVID' policy – including stringent lockdowns, travel restrictions and mass testing - has taken a heavy toll on the country's economy. The government's crackdown on big technology companies has also had an outsized effect on the young workforce. Chinese households overall added 10.8 trillion yuan ($1.54 trillion) in new bank savings in the first eight months of the year, up from 6.4 trillion yuan in the same period last year. China is the only leading economy that cut interest rates this year, in an effort to spur growth. Fu said she switched her makeup powder brand from Givenchy to a Chinese brand called Florasis, which is about 60% cheaper.

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