I don't think that qualifies as economic news.
I think if you, in Trump's words, 'Drain the Swamp'there must be some economic benefit.
I think the exposure and subsequent trials is "Poetry In Motion"
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I don't think that qualifies as economic news.
China's bike-sharing company ofo launched its dockless bike system in Sydney, Australia on Thursday.
Already in 180 cities across 17 countries, the pedal-powered Chinese giant generates over 32 million transactions every day with its 10 million bikes.
The company's chief operating officer Zhang Yanqi said ofo was "thrilled" to bring its service to the southern hemisphere for the first time.
"We are dedicated to making Australian cities as green and liveable as possible by providing the ultimate healthy and low-carbon mobility solution," he said.
ofo has deployed 200 bikes in central Sydney with a plan to launch 200 more across the inner west and eastern suburbs in coming months.
Although the phenomenon of bike-sharing has been widely popular for several years across China and a number of other countries, it's only recently that it began to take off down under.
This year oBike and Reddy Go launched their own operations in Australia with success.
Roland Tam, co-founder of Australia's only sharing-economy start up accelerator, the Sharing Hub, told Xinhua that Aussies are beginning to embrace the sharing economy more and more.
In fact, according to a report by Deloitte Access Economics, the sharing economy grew by one billion Australian dollars (771 million US dollars) during the financial year of 2016 in the state of New South Wales alone.
"The sharing economy works because it solves a problem and there is a clear demand for it, because typically it's utilising assets more efficiently," Tam said.
"As people start to understand how it works, the sector grows significantly."
Tam and his business partner Mike Rosenbaum, founded the Sharing Hub along with three other sharing economy startups in order to spawn growth in the industry across Australia.
Although the sector is continuing to expand rapidly, Tam said Aussies still have a way to go if they want to catch up with China.
At his own company Spacer, a peer-to-peer marketplace for storage, "We find we have a high percentage of ethnic users, Chinese users, who very much appreciate making efficient use of assets as well as they can," Tam said.
"I think it is cultural, it has a strong user base in the Chinese community."
McDonald’s, through its official Weibo account, confirmed on Wednesday evening that it has changed its Chinese company name from “Maidanglao” to “Jingongmen,” or “Golden Arches.”
The fast food chain, however, clarified that it "only changed its registered name" but that all stores would continue their service under the familiar Chinese brand name "Maidanglao" (the Chinese pinyin translation of the English word McDonald).
The clarification was made after earlier reports about the change have triggered heated discussion and confusion among Chinese netizens -- many of whom think the new name is old-fashioned or sounding more like a traditional Chinese restaurant, while some wonder whether the old name will still be used in its stores in China.
According to Caixin, McDonald’s name change came after two subsidiaries of state-backed CITIC Group, CITIC Limited and CITIC Capital, bought 52 percent of McDonald's China's shares in July 2017. The deal also saw American investment company Carlyle Investment Group holding 28 percent of the shares and McDonald's owning the remaining 20 percent.
After the acquisition, McDonald's China announced its “Vision 2022” which will help the fast food chain increase its stores from 2,500 to 4,500 on the Chinese mainland in the next five years.
By then, about 45 percent of all McDonald's outlets will be located in third- and fourth-tier cities, and 500 new restaurants are expected to be open on annual basis, much higher than the present expansion speed of 250 new chains per year.
LOL I of course assume me looking at Politburo members is not a political post OK? their pictures are at the bottom ofInteresting appointment of ...
Russia’s visa relaxation shows focus on Far East investment
Authorities say the Vladivostok free trade zone has attracted several hundred companies and about US$6.1 billion in investment pledges.
By INGA VELANSKAYA OCTOBER 25, 2017 10:50 AM (UTC+8)
Russia will expand its simplified visa regime to eight airports in the Far East region of the country by the end of this year, reflecting a drive by Moscow to further open up the resource-rich, vast area facing the Pacific coast to more investors and tourists.
Russian President Vladimir Putin’s backing for the new Far East economic policy created the special economic zone known as the Free Port of Vladivostok in 2015.
It offers low tax rates and other benefits that so far attracted several hundred companies and about US$6.1 billion in investment pledges.
Allowing visa applications online for stamping on arrival has also generated a spike in tourists to Vladivostok, with thousands of visitors from China, which has a land border with the area, South Korea and elsewhere using the system since it was introduced in August.
“The Far East shares a border with some of the most dynamically developing economies in the world,”Alexander Galushka, Russia’s Minister for Development of the Far East, said in July in an interview. “It’s key for us to harness that economic power for the benefit of developing our eastern territories.”
Beside expanding the visa system to more regions of Russia’s Far East, such as Sakhalin, Kamchatka and Chukotka, and for more nationalities, Putin has authorised funding for construction of new border crossing points in the Far East.
Procedures for hiring foreign personnel in the Vladivostok Free Port have also been simplified, authorities say.
For investors, the port offers a zero-tax rate for five years on land and property, income tax is set at a maximum 5%, and it claims to streamline administrative procedures, such as obtaining permits for construction projects.
Chinese make up the largest number of foreign investors, overseeing projects estimated at $1.3 billion, followed by Japanese and South Koreans, according to local authorities.
One project is a truck assembly plant joint venture between Russia’s Sumotori Group and Chinese automaker First Automobile Works. Using parts from China it will assemble and sell Chinese FAW model trucks.
“Of the announced projects, a few dozen are at the construction phase and a few have started the first phase of operations, so the real benefits of the Free Port regime will be evident in about three years times and we can assess it then,” said Pavel Volkov, Deputy Minister for the Development of the Far East.
Investment took off in Russia’s Far East from 2000 to 2005 when oil and gas projects in the Sakhalin Oblast territory attracted about 96% of foreign direct investment.
Since then, mining, infrastructure and agriculture has attracted more attention.
In total, the region attracted $37 billion of private investment, but the goal is to reach $67 billion by the end of 2017, said Development Minister Galushka in July.
One lesson from the Vladivostok Free Port is that smaller can be better.
The port zone regulations were written with grandiose construction projects in mind, but no one was interested in such large-scale developments, said Maxim Krivelevich, a financial consultant and expert on the port zone.
“But, the zone has worked for small and medium-sized businesses and hundreds have started to turn a significant profit in the second year of operation,” he said.
Success depends on adapting business models to Russia and learning to work with local officials and complicated financial legislation, said Krivelevich.
“Foreign investors need to study Russian legislation, everything depends on how you understand and fill out documentation,” he said, adding this is especially true in determining tax exposure.
To deal with disputes, Russia will set up specialized financial courts for investors in the Vladivostok Free Port, using a model developed in China.
“It’s very important to introduce special institutions in the Far East that can help improve legal conditions,” Boris Titov, a former business ombudsman, said. “We can use the experience of China. There they have used such commercial courts in special economic zones.”
According to financial consultant Krivelevich, the Free Port of Vladivostok is the first truly successful example of major social and economic development in post-Soviet Russia.
“The free port has massive potential. Once its framework includes measures that ease draconian currency regulations and the prohibitive entry rules for foreign investors in so-called strategic sectors of the economy – financial industries such as insurance and banking – then the free port will become a true locomotive for the nation’s economy,” said Krivelevich.
“So, we have a unique opportunity. It’s already being seized upon and things are already rolling.”
China's elderly population has been increasing rapidly and is estimated to hit around 400 million by the end of 2035, according to experts.
Since China became an "aging society" in 2000, the elderly population has seen an annual increase of about 10 million people, Zheng Gongcheng, head of the China Association of Social Security (CAOSS), said at a forum held at the weekend in Guiyang, capital of Guizhou Province.
By the end of 2035, the elderly population could reach about 400 million, making China a "super aging society."
By international standards, a country or region is considered to be an "aging society" when those aged 65 or over account for 7 to 14 percent of the total population. Once that amount goes over 14 percent, the country is considered a "super aging society."
Zheng said that China faces a grim condition in how to cope with the aging population, with 240 million Chinese currently aged above 60 according to official data. Elderly care services are developing rapidly but also unevenly, he said.
Elderly care services are already not enough to satisfy the nationwide demand, while unbalanced supply has also become a problem, he said.
These services lack social participation and professional nursing staff. There is also a battle between styles of nursing, such as modern and traditional methods.
Zheng recommended an industry-wide plan on elderly care services be formulated, which should be considered a new growth point for a sustainable national economy. Training of professional elderly care staff should be enhanced and the legal system should be improved to protect the rights of the elderly.
CAOSS is a non-governmental organization focusing on social security studies, vocational education and training, and international exchanges on social security issues.
Remember Obama was outraged that China landed a search and rescue team on Haiti after the earthquake before the US did. Would the US allow such a thing to happen?
This is what happens when you try to one up mother nature even if done under good intentions. It ultimately bites you in the back. Hopefully automation and advancement in technology can mitigate some of these aging population issue.now I read
China's elderly population to hit 400 mln by 2035: expert Xinhua| 2017-10-29 17:06:30