Chinese Economics Thread

[hullopilllw]

Please, Log in or Register to view URLs content!

Beijing will build a legal digital currency pilot zone and a digital financial system, relying on the People's Bank of China's trade and finance blockchain platform to form a trade and finance blockchain standard system.
The overall plan for the China (Beijing) Pilot Free Trade Zone announced on September 21 mentions these, and says it supports the PBOC's Digital Currency Institute in setting up a financial technology center.

According to the 21st Century Business Herald, digital RMB has already begun to test "credit card repayment" as a traffic entry-level scenario, in addition to transferring funds and paying bills.
The digital RMB pilot is still being tested internally in Shenzhen, Suzhou, Xiongan New Area, Chengdu and the future Winter Olympics park.

Shenzhen, Suzhou, Xiongan and Chengdu represent the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta, the Beijing-Tianjin-Hebei region, and the central and western regions of China, where the People's Bank of China is conducting pilot tests of digital RMB.

On Sept. 14, PBOC Vice Governor Fan Yifei wrote in an article that digital RMB is a public product provided by the central bank to the public without interest, and that the central bank does not charge for services such as exchange and circulation, according to the fee structure of M0.


According to M0's distribution model, commercial banks are responsible for exchanging digital RMBs with the public.

In order to ensure the safety and stability of the digital RMB system, commercial banks with strong capital and technical capabilities should be prudently selected as the designated operating agency to provide digital RMB exchange services.

On the premise of centralized management by the central bank, we will strike a balance between stability and innovation, and explore cooperation models between the designated operator and other commercial banks and institutions to jointly provide digital RMB circulation services.

 

[PeoplesPoster]

Those factory bosses needs to be disparged more than anyone else, China is rapidly moving beyond a labour intentsive manufacturing country, the future of the country is clearly not it, these rotten boomers literally sound like people only looking to get rich learning the old tricks of their bosses before them.

At the same time this could become a real issue. We all want China to continue it's manufacturing dominance, but there needs to be a way to attract new talent. Low skill manufacturing and assembly jobs may be going away, however if they are to be replaced with high skilled technical specialists there still needs an attraction for the younger generations. I can't blame them since China places so much emphasis on education and economic success, however it would be healthy for China to continue to foster a pool of skilled technicians. Germany's apprenticeship program is a good example.

I work in the manufacturing world in China and right now its becoming increasingly difficult to find skilled workers like electricians, cnc operators, etc.

 

[horse]

Oh wow. What do you think of his argument?

What that post from Reddit in Chinese, that was kind of dumb.

All that poster was saying is that Foxconn could move and that could affect the domestic Chinese companies in the supply chain.

So lets think about that. A major manufacturer should move, and that affects local supply chains. Well, that is not fake news, but that is not even news.

There is actually second part to this.

Suppose Foxconn leaves, what happens to the supply chain?

Probably close to nothing. Guangdong province is a major manufacturing force, it does not rely on one single company doing low end assembly.

The supply chain will not move out following Foxconn. This is where that poster ignorance dumb-dumb shines through.

Furthermore, we are talking about Apple iPhones, who no longer are number #1 more like number #3 or lower, and not that innovative compared to the past and their competitors.

I saw an ad on American TV where some tablet had a split screen which was fold-able, but so what?! Huawei already has an fold-able cell phone!

 

[SimaQian]

At the same time this could become a real issue. We all want China to continue it's manufacturing dominance, but there needs to be a way to attract new talent. Low skill manufacturing and assembly jobs may be going away, however if they are to be replaced with high skilled technical specialists there still needs an attraction for the younger generations. I can't blame them since China places so much emphasis on education and economic success, however it would be healthy for China to continue to foster a pool of skilled technicians. Germany's apprenticeship program is a good example.

I work in the manufacturing world in China and right now its becoming increasingly difficult to find skilled workers like electricians, cnc operators, etc.

Totally agree to this. Follow the German education model. Not all students will be STEM graduates or even a degree holder graduate. And Germany has a strong vocational skilled workforce education. The German education model allows Germany to quickly recover from WW2 ruins. Instead of focusing to Chinese culture intense competition education model, maybe its time to experiment this German education model.

The Chinese education system has improve a lot for the past 40 years. Its improvement should be accelerated more.
Maybe its time to have a free education for all until university levels.

 

[horse]

I work in the manufacturing world in China and right now its becoming increasingly difficult to find skilled workers like electricians, cnc operators, etc.

It is inevitable.

All China can do is what the Germans are doing, which is import Turks foreigners as workers due to the labour shortage.

The Chinese economy is probably close to full employment the past two decades. Companies will not be able to fulfill empty positions.

 

[OppositeDay]

China should make it easy to for domestic factories to hire Vietnamese workers. There are many illegal Vietnamese workers in Guangxi and Guangdong already. Unless it’s a high pollution industry, it’s better to keep it inside the border.

 

[SoupDumplings]

Any news on the unemployment situation in China? I remember in May that there were quite a few articles from SCMP talking about unemployed college graduates. Has things improved since then? Can anyone with relatives in China comment? Thanks.

 

[SimaQian]

Here's a good long read of China's education system review last year.

Please, Log in or Register to view URLs content!

 

[Dolcevita]

China should make it easy to for domestic factories to hire Vietnamese workers. There are many illegal Vietnamese workers in Guangxi and Guangdong already. Unless it’s a high pollution industry, it’s better to keep it inside the border.

In addition, China can tap the 華僑 in the southeast Asia such as Philippines and Indonesia.

 

[Dolcevita]

Any news on the unemployment situation in China? I remember in May that there were quite a few articles from SCMP talking about unemployed college graduates. Has things improved since then? Can anyone with relatives in China comment? Thanks.

I wouldn't place too much weigh on SCMP articles relating to China. I would be very selective on the quality of their journalism.