China Business Briefs 10/12/13

ECONOMY

China to judge local governments by their debt: Xinhua | Reuters China will soon rate the performance of local governments partly by how much debt they incur, as Beijing tries to wean the country off heavy government investment, state media said.

The central organization department, which oversees the appointment of senior party, government, military and state firm officials, said debt will be key when evaluating performances, according to the state news agency Xinhua.

China opens key economic meeting – Chinadaily.com.cn China’s Central Economic Work Conference opened on Tuesday to review the country’s economic work in 2013 and map out economic plans for 2014.

This year’s meeting comes about one month after the the Communist Party of China Central Committee unveiled a landmark plan to comprehensively deepen reforms.

TCM Still Struggling to Find Cure for Its FDA Woes – In November, the traditional Chinese medicine (TCM) Fuzheng Huayu Tablets passed the second phase of the U.S. Food and Drug Administration’s (FDA) clinical testing.

Before this, only one TCM drug had cleared the second of the three phases needed for a medicine to hit the U.S. market. That was Compound Salvia Droplet Pills (CDSP), made by the Tasly Group of Tianjin. CDSP has still not passed FDA’s third phase.

Hong Kong listings revival offers sovereign wealth path to China – FT.com Sovereign wealth funds, led by Norway’s $810bn oil fund, are using Hong Kong’s new listings revival to achieve a long-held goal of ramping up exposure to China.

It was one of the main cornerstone investors ahead of the initial public offering of Cinda, the Chinese former bad bank set up to manage distressed debt in the late 1990s.

PBOC Said to Be Talking to Major Banks about Deposit Insurance – The central bank has been consulting executives of major banks  about creating a deposit insurance mechanism and may announce a draft plan early  next year, a source close to the situation said.

Advocates have called for such a system for years, saying it is the  cornerstone of further financial reform. Without it, they argue, the government  will be held as hostage to banks who may act irresponsibly because they know the  government will not let them fail and hurt tens of millions of depositors.

Smog makes you funnier and smarter, Chinese media claims – Telegraph In a controversial and widely mocked comment piece entitled, “Five unexpected gains the haze has brought”, a journalist from state television channel CCTV argued that while Chinese people might “hate” the pollution, it was not a “completely useless” phenomenon.

For while filthy air was a dangerous “enemy”, it was simultaneously bringing “major   benefits” including making people more united, more sober, more equal, more humorous and better informed.

COMPANIES

Why Not To Get Excited About Apple’s China Mobile Deal – Forbes **It’s almost sad to see how necessary this is for Apple** It is easy to see how a superficial analysis can lead one to conclude that it is a big deal.  After all, China Mobile has over 700 million customers and is the last major telecommunications carrier that has held out in not carrying the iPhone. Take a look at the following and make a judgment for yourself.

Suning makes it easier for Chinese parents to get overseas childcare products **Smart move, but what does this say about Chinese standards enforcement?** When it comes to their kids, many Chinese simply don’t trust domestic brands. After Chinese milk and baby formula was found to be contaminated with melamine in 2008 and toys covered in lead-based paint were traced to China in 2007, their fears are not unfounded. Safety concerns over childcare products led to a massive surge in demand for foreign-made baby goods.

In light of this, Suning today launched a special section specifically for overseas childcare products on Redbaby, which it bought in January this year. It sells everything from Huggies diapers to Fisher Price stuffed animals to Nestle baby formula. The suppliers come from the Netherlands, New Zealand, Korea, Hong Kong, and a few other places.

Google Scraps Plan to Build Hong Kong Data Center – China Real Time Report – WSJ While we see tremendous opportunity and potential in Hong Kong…we will not be moving ahead with this project,” Taj Meadows, Asia-Pacific policy communications manager, told The Wall Street Journal on Tuesday, citing cost and the difficulty in acquiring spacious land in Hong Kong to build a facility.

Mr. Meadows declined to comment when asked whether the decision might be because of Hong Kong’s proximity to China, where Google has faced challenges in expanding its business following its run-ins with the Chinese government over censorship in 2010. Tensions between the U.S. and China have heightened in recent months following revelations by National Security Agency contractor Edward Snowden that the U.S. agency collects sensitive data

Interesting Made-in-China Wearables Manufacturers in China offer a huge variety of such devices. Examples of fashion electronics include USB bracelets and pendants, spy hats, and MP3 and camera sunglasses.

Here is a selection of made-in-China smart watches and other wearable tech.

Posted from Diigo.

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