News » Politics » Wealth of China's richest families fell by US$91bn in 2011: report

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• Wealth of China's richest families fell by US$91bn in 2011: report
• Indian youth delegation harasses women while on trip to China
• Top China Stories from WSJ: Beijing’s Big Buy, Typhoon Vicente, Baidu Profits
• Olympic mascots made for Locog in Chinese 'sweatshop' factories – report
• China struggles with flood recovery as death toll mounts
• Foreign banks double profits from China in 2011: PwC
• Cargo handled by Chinese ports to grow later this year
• Chinese carmakers fail to meet sales goals
• Chinese ruling jeopardizes Vale plan to ship Brazilian iron ore
• An Inside Look at China's Most Famous Political Prisoner
• Burma Eyes Overtaking Cambodia, Laos
• Chinese women go gaga over fashion magazines
• Beijing showcases Gujarat carnage in art exhibition
• China finds toxin in baby food
• More Foxconn Suicides, Workers Report Little Change in Conditions
• Taiwan's defense ministry denies being lax during war games
• Asian-American crew of the Nimitz tell of life in the US Navy
• Pinyin quefa biaozhun: The inscrutability of Chinese romanization
• Drogba sets up equaliser in impressive Shanghai debut
• Chinese e-commerce site Tmall to introduce more US products

Wealth of China's richest families fell by US$91bn in 2011: report Posted: 24 Jul 2012 04:40 AM PDT The net worth of the 3,000 wealthiest families in China shrunk by over 586 billion yuan (US$91 billion) over the past year as China's stock market has slid amid economic uncertainty and government eff...

Indian youth delegation harasses women while on trip to China Posted: 24 Jul 2012 04:20 AM PDT Boys from a delegation of Indian youths harassed their female counterparts and Chinese women during a 10-day trip to China, making biting remarks on their dress and ethnicity. It has developed into an...

Top China Stories from WSJ: Beijing’s Big Buy, Typhoon Vicente, Baidu Profits Posted: 23 Jul 2012 08:08 PM PDT Business in Hong Kong started to reopen Tuesday morning as Typhoon Vicente moved past the city; China's Cnooc unveiled what would be Beijing's biggest move yet to acquire a foreign company; Baidu reported a 70% profit increase.

Olympic mascots made for Locog in Chinese 'sweatshop' factories – report Posted: 23 Jul 2012 04:01 PM PDT Staff making Wenlock and Mandeville toys say they were paid as little as £6 a day and forced to work illegal overtime hours Olympics merchandise for London 2012 is being produced in sweatshop conditions with staff earning as little as £6 a day, despite organisers promising to clean up its supply chain, according to a new report. Activists in China spoke to dozens of factory workers and discovered staff were forced to work up to 120 hours overtime a month, nearly three times the legal limit. At one factory, staff had to buy their own safety masks and were fined half a day's salary if they were five minutes late to work. One of the factories investigated was the Xinda facility in the Guangdong district, where 25m plastic figures of Olympics mascots Wenlock and Mandeville were made for Locog (London organising committee of the Olympic Games). The report has been issued by Students and Scholars Against Corporate Misbehaviour (Sacom), a Hong Kong workers' rights group. Sacom also says staff were exposed to hazardous conditions in the paint spraying department, with a "fine mist of paint hanging in the air". New masks were provided once or twice a month, with workers often buying their own. Some of the 50 workers interviewed said they left the factory constantly covered in paint and even their saliva had changed colour, while others were left feeling sick. During the busiest period of production for the Olympics, between last December and April this year, staff worked six day weeks for 11 to 12 hours a day, clocking up 120 hours a month in overtime – despite Chinese labour laws stating overtime should be no longer than 36 hours a month, the report said. At the Shiwei factory in Shenzhen City, which also produced plastic toys for London 2012, 40 workers were interviewed and revealed they were working similarly long hours, not finishing until midnight, before starting work at 8am the next day. They also revealed managers would fine them half a day's wages if they were five minutes late. If they were more than five minutes late they would be fined one-and-a-half day's salary for causing a "work stoppage". Two work stoppages led to a six-day salary deduction. Delivering their report, the authors called on the International Olympic Committee (IOC) to ensure higher standards on merchandise is in place for future games. The report added that a sustainable and ethical sourcing code issued by Locog in 2008 was inadequate. It said: "The rampant rights violations reveal that Locog codes are really no more than lip service with no commitment to the enforcement of labour rights standards. "The IOC should establish a policy and action plan for future Olympic Games … adopt a code of conduct for the suppliers which should include terms like living wages, freedom of association and the right to remedy." The report follows similar claims made in January about another factory that was producing cuddly toys for Locog, the Yancheng Rainbow arts and crafts company in Jiangsu province. At the time, Locog said it would carry out an urgent investigation. A Locog spokesman said: "We place a high priority on environmental, social and ethical issues when securing goods and services. Both factories that the report references have been reviewed by Locog. "Locog recently instructed an independent audit of the Xinda factory and no such issues were found. "Regarding the Shiwei factory, Locog has undertaken a full review of Golden Bear's [official supplier of Olympic merchandise for London 2012] ethical trade management systems. "Golden Bear has now fully committed to implementing all recommendations of that review and is in process of reviewing all factories in its supply chain." China Asia Pacific London Organising Committee of the Olympic and Paralympic Games (Locog) International Olympic Committee Olympic Games 2012 Human rights Simon Neville guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

China struggles with flood recovery as death toll mounts Posted: 23 Jul 2012 10:26 AM PDT Worst rains in 60 years leaves country asking questions of its basic infrastructure as 37 die in and around Beijing The waters that surged through the village of Louzishui on the outskirts of Beijing fell almost as abruptly as they had arrived. Under the blazing sun, the rubble left behind was dry enough to allow a cluster of crouching mourners to burn offerings of paper money for the dead. "My husband was washed away while he was driving," said one middle-aged woman. A few feet away, five cars lay crushed, half-filled with mud, windscreens smashed and doors twisted by the force of the torrent that swept through the village on Beijing's south-western outskirts on Saturday night. At least 37 died in the capital when the heaviest rains for over six decades inundated it, causing 10bn yuan (£1bn) of damage. Officials said 25 drowned in the city, six were killed in house collapses, one was hit by lightning and five were electrocuted by toppled power lines. Fifteen more were killed and 19 are missing in neighbouring Hebei province, according to the state news agency Xinhua, and at least 24 have died in storms elsewhere across the country. While deep floods claimed lives even in the centre of Beijing, the rural Fangshan district bore the brunt of the disaster, with 18.4in (46.7cm) of rain falling overnight. "I saw an empty car sweep by – then five [more] with people inside," said He Ping in Louzishui. "You could hear people shouting out but we couldn't do anything because the current was so fast." The first one, he said, contained a young woman. "She was looking up, saying 'Help!' But in a few seconds she was swept past." He's father had told him of a great disaster in 1939, he said; but he had never seen floods approaching the scale of these in his 51 years in the village. He and others said a 10-year-old boy had also been drowned as the waters surged to a depth of two metres. A young neighbour showed the grazes covering her arms and legs as she recounted her escape. The water had been just above ankle deep when she reached her car and grabbed the door handle. "Then a huge wave came. People grabbed me but they could only grab my head and the water almost washed me away. I was terrified," she said. The devastation in some areas suggests that the final death toll could grow. At least three stretches of an expressway were clogged with cars still submerged in water and mud; in Zhaoxindian, three dozen vehicles could be seen and more were thought to be entirely covered. As night fell, hundreds of soldiers armed with shovels were adding their labour to that of the water pumps. But one man, pointing to a taxi rooflight that was all that could be seen of his vehicle, said he and others had fled the road as waters rose on Saturday night; he had heard of only six who were missing. In villages, residents said they had escaped to higher ground or clambered onto rooftops as the waters rose. In the worst hit areas, the downpour and flash floods flattened crops, uprooted trees, toppled walls, tore up iron fences and crumbled roads. In one spot, railway tracks floated over empty space, their sleepers and beds washed away. Other areas seemed entirely unscathed by the waters that had immersed them. Some residents were even taking advantage of the floods: on what had been a roadside verge, men in sodden trousers fished with nets, sharpened sticks and plastic beer crates for the foot-long fish that had escaped nearby farms. Despite their cheer, there was widespread anger. Some said the government should have alerted residents to the danger earlier while others asked whether a city that has invested billions in flashy additions to its infrastructure had neglected more basic concerns. While some suggested any drainage system would have struggled to cope with such heavy rain, even articles in state media acknowledged that Beijing's sewers were in dire need of an overhaul. "If so much chaos can be triggered in Beijing, the capital of the nation, problems in urban infrastructure of many other places can only be worse," said a commentary in Monday's Global Times newspaper. "In terms of drainage technology, China is decades behind developed societies." Wang Hui, a spokeswoman for Beijing city government, told the Wall Street Journal internet users were right to suggest the sewer system was not equipped for the storm, adding: "We need to strengthen this area." Those already hit, like Yang Fengzhuan, had other priorities. While relatives hosed down her yard, inches of mud still coated the floors of her home. Yang said the flood – which stopped just short of her fish tank and Mao poster – had left her family without running water or electricity, but that they had nowhere else to go. "They say it's going to rain again this week," she added anxiously. China Asia Pacific Flooding Tania Branigan guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

Foreign banks double profits from China in 2011: PwC Posted: 24 Jul 2012 03:56 AM PDT The 181 foreign banks with operations in China reported post-tax profits last year that were double those of 2010, a growth far outpacing Chinese banks, according to global consultancy Pricewaterhouse...

Cargo handled by Chinese ports to grow later this year Posted: 24 Jul 2012 03:44 AM PDT China's economic stimulus measures are expected to bear fruit in the second half of this year, driving up the amount of cargo handled by Chinese ports rapidly in the fourth quarter of this year after ...

Chinese carmakers fail to meet sales goals Posted: 24 Jul 2012 03:44 AM PDT Only three of the 24 leading Chinese producers of passenger cars — Dongfeng, Shanghai GM and FAW-Volkswagen — attained at least half of their annual goals as of the end of June; all others failed to...

Chinese ruling jeopardizes Vale plan to ship Brazilian iron ore Posted: 24 Jul 2012 03:44 AM PDT Beijing has dealt a blow to Brazilian mining giant Vale's plan to ferry iron ore from Brazil to China on its fleet of massive carriers, reports the 21st Century Business Herald, a Chinese-language new...

An Inside Look at China's Most Famous Political Prisoner Posted: 22 Jul 2012 10:00 PM PDT A friend of the Nobel laureate Liu Xiaobo has just published a new biography of Mr. Liu, China's most famous political prisoner. Yu Jie said he has tried to cast Mr. Liu as a profound and important thinker, as well as a flawed human being. He also has some sharp and dismissive words for the dissident artist Ai Weiwei.

Burma Eyes Overtaking Cambodia, Laos Posted: 23 Jul 2012 06:10 PM PDT Burma hopes to overtake neighbors Laos and Cambodia in terms of average income per person within two to three years, as the country embraces political and economic reforms, Burmese Industry Minister Soe Thein said Monday. "I hope we will have higher average income per person than Laos and Cambodia by 2014-15. It is possible," he said in an interview with RFA's Burmese service. Soe Thein was answering a question on his expectations for the Burmese economy in the next five years. Burma is languishing with a gross national income per capita of U.S. $379.60, based on U.N. figures in 2009, the lowest among its fellow member states in the Association of Southeast Asian Nations (ASEAN)—Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Laos has a per capita income of U.S. $1,130 while Cambodia has U.S. $830, based on 2011 figures by the World Bank. The gross national income per capita is the dollar value of a country's final income in a year, divided by its population. It reflects the average income of a country's citizens. A nominally civilian government that took over power in Burma in March last year after decades of harsh military rule and financial mismanagement is implementing democratic and economic reforms that have led the international community to ease sanctions on the country. As part of economic reforms, President Thein Sein's government, with the help of the International Monetary Fund, launched a managed float of its kyat currency in April to help normalize and unify its multiple exchange rates. Foreign investment law The country's parliament is also discussing a foreign investment law, which reports say will spell out new tax exemptions, land-use terms, legal structures, and incentives for foreign companies. "Our existing law [on trade] are already good. But to be able to compete with [neighboring] ASEAN [countries] and to protect the people, to protect our environment, we are drafting the new law," Soe Thein said. "Actually it was already discussed at the parliament in the first session, and now this is going to be discussed again," he said. When asked when the much awaited law will be approved, he said, "It doesn't matter, it will be done at some point." "Even if this is not done yet, the existing foreign direct investment law is not bad at all. We can apply it for now. When the new law is approved, we can enjoy better benefits." Soe Thein said Burmese authorities will treat foreign companies on an equal basis based on market forces even though Burma has been close to China for decades especially under military rule. "This is a market economy. Local partners will choose. If we consider efficiency, let's say if you buy something, you choose a good product. In business, you have to choose the best partner," he said. Asked whether foreign investments are flowing into Burma rapidly in line with reforms, he said there could be a significant rise early next year. "We are going to have it. For now, we are still in the process of discussing. I myself have been discussing many times already. It will be a lot more progress by the beginning of next year, I think. Meanwhile, there is some increase." Jobs On potential employment benefits, the minister said some 110,000 jobs had been created over the last year with a potential for one million jobs when the government enters into peace with ethnic armed rebel groups. "When the peace process is done, we will have more job opportunities in the [ethnic] regions [through the efforts of] international donors. Creating jobs is considered the number one criteria. We choose factories that can provide more jobs. Eventually we will have up to a million [jobs]." The government has struck ceasefire agreements with several ethnic armed groups but their leaders said that the ceasefire is just the first step of a process that must include political solutions. Clashes have been reported regularly in Shan state, Karenni state, Karen state and most notably in Kachin state, where rebels have not reached a truce despite several rounds of negotiations. Reported by Kyaw Kyaw Aung. Translated by Khim May Zaw. Written in English by Parameswaran Ponnudurai.

Chinese women go gaga over fashion magazines Posted: 23 Jul 2012 04:58 PM PDT Zena Hao, a 24-yearold publicist, avid follower of fashion trends and proud owner of four Prada handbags , has a new passion: fashion magazines.

Beijing showcases Gujarat carnage in art exhibition Posted: 23 Jul 2012 04:53 PM PDT Even as an Indian delegation from Gujarat is exploring trade and business opportunities in China, an art exhibition in Beijing is showcasing atrocities on Muslims during the Godhra riots through a video presentation.

China finds toxin in baby food Posted: 23 Jul 2012 04:52 PM PDT A cancer-causing toxin linked to mildewed cattle feed has been found in baby formula in China, an official said on Monday, the latest quality problem to plague the nation's dairy industry since a 2008 tainted formula scandal that caused six babies' deaths.

More Foxconn Suicides, Workers Report Little Change in Conditions Posted: 23 Jul 2012 05:34 PM PDT Foxconn factory in Chengdu, Sichuan Province. (Weibo.com) On June 13, another employee of Foxconn, the electronics giant and primary manufacturer of Apple consumer electronics, jumped to his death. Local residents and other Foxconn employees say workers frequently jump off buildings and most believe it is due to the harsh and repetitive working conditions. Since Jan. 23, 2010, 19 Foxconn employee suicides have been reported. Shocking allegations on the Internet state that not all of these cases were suicides, saying some were murders. An Epoch Times reporter interviewed employees and a resident about the working conditions at Foxconn. Mrs. Yang, a Foxconn Chengdu employee, said the workers are not allowed to talk about anything bad that happens at the factory. "The news is completely censored here," she said. Another employee , Mr. Xu, told The Epoch Times that a lot of co-workers jumped to their deaths because of poor working conditions, but Foxconn attributes the suicides to personal issues. "I have been working here for a while. Changes are all superficial; the exterior seems to have been renovated, but that's just to show the outside. The factory environment stays the same. The work environment, benefits haven't been improved at all," Mr. Xu said. McClatchy Newspapers, a U.S. newspaper company, recently interviewed several Foxconn employees including Wu Zeyun and Huang Li. Wu said, "Some people come for a few days and then leave." His friend Huang Li said, "It happens every day. The feeling here is not good." The Epoch Times reporter also spoke to Wu and Huang, who both agreed that after deductions from their paychecks, including housing, they each pocketed about 1,100 yuan (US$173) in the month of May for 50-hour working weeks putting together iPads, including overtime. A Chengdu resident named Mr. Liu, who has a friend working at Foxconn, told The Epoch Times the workers are 18 to 25 years old and the work environment is dangerous. According to Mr. Liu, it is very common to see people being assaulted. The Epoch Times spoke to Mr. Sun, who lives near the Foxconn facility in Chengdu. According to Mr. Sun, a young man died after jumping from the 18th floor of a North West Apartment Building. The reporter noted that the building he jumped from does not have a Foxconn logo, but is probably a apartment building near the Foxconn factory. Police and fire trucks arrived a half-hour before the man actually jumped, but did not immediately set up an air mat. A Foxconn worker in Chengdu factory found sitting on top of a building at 4 p.m. on June 13. He then jumped off the building at 4:40 p.m. (Weibo.com) That evening, Chengdu Gaoxin Police Station issued an official microblog post saying, "Around 4:40 p.m. today, a Foxconn employee fell off the apartment building. The employee's last name was Xie and he died. Specific reasons are still under investigation." Mr. Sun told The Epoch Times reporter that Xie's parents brought a wreath to the factory, but guards employed by Foxconn destroyed it. "Not only that, even the stores near the factory didn't dare to sell anything to the parents, fearing retaliation from Foxconn," Sun said. Foxconn worker Mrs. Yang, said a second young man jumped off the building not long after Xie did. An online blogger said there were two more jumpers. Someone with the screen name Zhang Yi Chuang posted on June 28: "Last night, in Chengdu Pi County Hongguang Town, Foxconn Northwest factory, two others jumped off the building. Four people have jumped off just this month." When the reporter tried calling the Foxconn facility in Chengdu, a receptionist whose last name was Li redirected the call to her superior, but no one answered the phone. The Foxconn facility in Chengdu manufactures LCD displays for Apple's iPhone and iPad. Located in Sichuan Pi County Hong Guang Town, the majority of the workers are aged 16 to 36 and come from remote villages in Sichuan. Related Articles Thousands Riot at Foxconn Plant in Southwest China; Dozens Arrested chinareports@epochtimes.com The Epoch Times publishes in 35 countries and in 19 languages. Subscribe to our e-newsletter.

Taiwan's defense ministry denies being lax during war games Posted: 24 Jul 2012 01:56 AM PDT Taiwan's Ministry of National Defense denied Monday that it failed to detect spy ships from China when the military was conducting computer war games earlier this month. Media reports said China's...

Asian-American crew of the Nimitz tell of life in the US Navy Posted: 24 Jul 2012 01:40 AM PDT Stories and experiences of Chinese-American and Taiwanese-American crewmembers aboard the aircraft carrier USS Nimitz were shared with reporters from our sister newspaper China Times during the RIMPAC...

Pinyin quefa biaozhun: The inscrutability of Chinese romanization Posted: 24 Jul 2012 01:40 AM PDT The pinyin (spelling) system for romanizing Chinese characters used by mainland China can create confusion for non-Chinese speakers living in the country, reports our sister newspaper China Times. ...

Drogba sets up equaliser in impressive Shanghai debut Posted: 24 Jul 2012 01:40 AM PDT Despite playing only 45 minutes on his debut appearance in the Chinese Super League, former Chelsea striker Didier Drogba still won over the fans with his astonishing prowess. "I am happy that ever...

Chinese e-commerce site Tmall to introduce more US products Posted: 24 Jul 2012 01:40 AM PDT Tmall, China's number one business-to-consumer online retail website, is looking to introduce more overseas retailers to meet the growing demand for American brands and products. Executives from Tm...

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