Chinese Economics Thread

[Overbom]

What concrete meausures can by achieved by this?

In general, an enterprise with 100 or more employees shall convene an assembly of employee representatives; an enterprise with fewer than 100 employees should convene an assembly of all employees. An assembly of employee representatives (or an assembly of all employees, the “Employee Assembly”) is an organ for employees to exercise their power of democratic governance of the enterprise.

The trade union of an enterprise is the executive organ of its Employee Assembly and is responsible for the daily work of the Employee Assembly. Higher-level trade unions provide guidance and assistance to enterprises (especially those without their own trade unions) in establishing and improving the Employee Assembly system. An Employee Assembly shall be convened at least once a year, and more than two-thirds of the employee representatives must be present at the plenary session of an Employee Assembly. Elections and votes on relevant matters at an Employee Assembly require a majority of all employee representatives.

Most notably, the Revised Company Law stipulates that a company with 300 employees or more shall have employee representatives on its board of directors, unless it already has a board of supervisors with employee supervisor(s) elected by the Employee Assembly.​

 

[tphuang]

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This is a rather interesting article about Foxconn and reduced production at Henan is having effect on local economy. Possibly filled in by BYD coming in.

 

[siegecrossbow]

He has started pressing the button! Will come into effect after July 2024

https://twitter.com/i/web/status/1784091660185702855

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I hope that applies to foreign companies operating in China as well. There will be much seething and cramming for XJP thoughts.

 

[FairAndUnbiased]

What concrete meausures can by achieved by this?

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Starting July 1, 2024, companies with over 300 employees must include employee representatives in their management teams. This is a departure from the old rule, which mainly applied to state-owned companies. Now this will impact not only local companies but also foreign enterprises, including those from the DACH region (Germany, Austria, and Switzerland).

 

[Maikeru]

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Not a big change for German companies then, they've had a similar requirement for decades!

 

[zbb]

 

[didklmyself]

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Wtf are they going to do with all that gold?

 

[FairAndUnbiased]

Not a big change for German companies then, they've had a similar requirement for decades!

Same for SOEs and cooperatives. The big change will be at fully private, US, Japanese and Korean companies.

 

[tphuang]

View attachment 128728

keep in mind that the major gold trading exchange in China should be SGE, not SHFE. So, it would be helpful to actually include that in the discussion

 

[Han Patriot]

Not a big change for German companies then, they've had a similar requirement for decades!

The same in Nordic countries, one of their board member is always from the workers.