China's estimated 94 million migrant workers are owed as much as RMB 100 billion (US$12 billion) in unpaid wages, according to government trade union figures. Up to 70% of the unpaid wages are in the building industry, with a large proportion of the remainder in the service industry, especially restaurant and food businesses. Fearing the […]
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China Telecom, the country's principal fixed-line operator, has launched a successful mobile telephone service in the southern city of Shenzhen, despite not yet being granted a mobile licence by its owner, the Ministry of Information Industry. The Financial Times reported that the CDMA service had attracted 70,000 subscribers in its initial months of operation. Although […]
China will have no trouble reaching its GDP growth target of 7 per cent in 2001 and looks set to reach a similar level in 2002, said Qui Xiaohua, vice-director of the National Bureau of Statistics reported by China Securities News. Qui said that China's expansionary fiscal policies would offset any world slump and that […]
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Slowdown in money supply growth
The broad M2 money supply was up 12.9 per cent year-on-year at the end of October, according to People's Bank figures. At the end of September it was 13.6 per cent higher than at the same time in 2000. The narrower measure of money supply, M1, was up 12.3 per cent and M0, or currency […]
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Inflation returns in October
The consumer price index (CPI) rose in October 2001, reversing a decline in the previous month. Prices were 0.2 per cent higher than a year previously, said the National Bureau of Statistics. In September, prices fell 0.1 per cent, the first drop in 18 months. The October rise was attributed to higher food prices during […]