China Economic ReviewA total of 74 Chinese companies raised Yn46.1bn in initial public offerings on domestic and foreign markets in 2001, a fall of per cent on the previous year, according to the China Securities Regulatory Commission. Mainland companies, including those already listed, raised a total Yn116.8bn in selling new shares in 2001, reported Xinhua. The downturn […]
Multinationals in China are beginning to appreciate that social responsibility means more than just writing the occasional cheque to a good cause, argues Nick Young. Corporate social responsibility is a term that means different things to different companies. For some, it seems to imply little more than a variant on public relations – a matter […]
The UN Development Programme’s representative in China, Kirstin Leitner, estimates that China’s membership of the World Trade Organisation will cost the country 40m jobs and double its unemployment rate. He said that this would cause growing social unrest, which was being taken to the streets because there was no dispute-resolution mechanism in place.
PetroChina, the country’s largest oil and gas producer, announced that it laid off about 16,600 employees in 2001 to cut costs. This followed a workforce reduction of 38,400 in the previous year. At the end of 2000, the company had 441,000 employees. Sinopec, China’s largest oil refinery company, intends to cut 20,000 jobs this year, […]
A quarterly survey of employment conducted by the Ministry of Labour and Social Security showed that China’s 62 major cities had 1.45m registered unemployed in the last quarter of 2001 and 1.09m jobs available for them. Xinhua said that unemployment was highest in north-east China and that most of the unemployed who found jobs were […]