Shanghai in 10 minutes. :)



http://www.youtube.com/watch?feature=player_embedded&v=-DOPQrVSHiY

SHANGHAI is set to become a global yuan trade center by 2015, with its financial market transactions almost tripling to 1,000 trillion yuan (US$158 trillion), city authorities said yesterday as a detailed plan for the future international financial center was revealed.

The plan, published by the National Development and Reform Commission, China's top economic planning agency, and the Shanghai government, shows the scale of the country's ambition in creating its own version of New York or London.

It envisages Shanghai becoming a leading international financial hub and global center for yuan trading, clearing and pricing by 2015.

By then, the Shanghai Interbank Offered Rate and the yuan central parity rate will become major benchmarks for yuan asset pricing and transactions both domestically and internationally.

Yesterday's announcement was the first detailed follow-up since the State Council announced in 2009 its aim of making Shanghai an international financial hub by 2020.

To achieve these goals, Shanghai will speed up infrastructure construction to build a cross-border yuan payment and clearing network geared toward global demand, an unidentified Shanghai official said in a statement. A cross-border yuan investment and financing center will also be established, he said.

Shanghai and Hong Kong, as two major financial centers in China, will continue to step up communication and cooperation in areas such as financial markets, institutions, products, businesses and talents, he added.

Economists said the plan coincides with Shanghai's long-term mission to become a leading international financial center, adding that authorities may speed up liberalization of yuan exchange rates and interest rates to meet the goal.

But they also pointed out some shortcomings, such as immature financial institutions, non-transparent operations, and the tight controls on conversion of the yuan and use of foreign exchanges, will limit Shanghai's role in global markets.

"Compared with the long-term targets announced three years ago, the newly released detailed plan has a clearer focus on the yuan deals," said Zhou Hao, an economist at ANZ Bank. "The gradual internationalization of the yuan provides a good foundation for Shanghai to realize its goal. Shanghai, as a top domestic financial center, will be the best place as a yuan center."

He said the city's status would be lifted as China aims to expand yuan settlement in cross-border trading, and the need to develop the city's international appeal will also push authorities to speed up market-oriented reforms of exchange rates and interest rates.

Lu Zhengwei, a chief economist with the Industrial Bank, said the plan is effectively urging the goal to be realized five years earlier than originally planned.

But Zhou said the government's regulatory stance may have a significant impact on the city's attraction to global financial players. "There's no doubt that Shanghai will become a robust international financial center by 2015, but its local importance may still exceed its global one ..."

The authorities are also aiming to boost the transaction value of financial markets in Shanghai, barring foreign exchange markets, to around 1,000 trillion yuan by 2015.

By then, direct financing, such as fundraising from domestic stock and bond markets, will account for around 22 percent of the social financing in Shanghai, while assets under management will reach 30 trillion yuan, the statement said.

The scale of overseas investment in the city's financial markets will be markedly expanded by that time, with major stock indices and commodities futures prices of those markets having a greater global influence.
Source: http://www.shanghaidaily.com/article/?id=493258&type=Business

CHINA is expected to replace Japan as the world's second wealthiest country after the United States with total fortune of nearly US$40 trillion by 2016, Credit Suisse AG said in a report today.

However, the accumulation of wealth will be achieved at the expense of an expanding wealth gap in China where the Gini coefficient, a commonly used measure of income inequality, has already passed an extremely dangerous level.

The country has already surpassed Japan as the world's second biggest economy.

Overall wealth in the hands of mainland Chinese people is projected to reach US$39 trillion in the next five years, a level that the US achieved in 22 years between 1968 and 1990, the Zurich-based firm said in its second annual Global Wealth Report.

China currently holds wealth of US$20 trillion, the third highest in the world only behind the US and Japan but ahead of France, according to the report, which analyzes the wealth distribution of all the 4.5 billion adults in more than 200 countries.

Total fortune in China increased by US$4 trillion from January 2010 to June this year and is the second highest contributor to global wealth growth after the US, the report added.

Wealth per adult in China has more than tripled from US$6,000 in 2000 to US$21,000 this year, while increasing by 21.6 percent in the past year and a half, according to the report.

However, with the increasing wealth of successful entrepreneurs, professionals and investors, wealth inequality has been rising strongly, the report cautioned.

The Gini coefficient in China has reached 0.5 last year after reaching the recognized warning level of 0.4 more than 10 years ago, according to a report by Xinhua news agency in May last year.

Developed European nations and Canada tend to have Gini indices between 0.24 and 0.36.

A low Gini coefficient indicates a more equal distribution, with 0 corresponding to complete equality, while higher Gini coefficients indicate more unequal distribution, with 1 corresponding to complete inequality.


Source: http://www.shanghaidaily.com/nsp/Business/2011/10/19/China%2Bto%2Bovertake%2BJapan%2Bas%2B2nd%2Brichest%2Bnation/

Frustrated by repeated and frequent metro malfunctions around town? Angry and stressed because Shanghai isn't the happiest town in China? Well, via its new alternative advertising campaign, Adidas is now encouraging you to beat the crap out of the Shanghai subway system! Or a few well-padded columns in the Xujiahui Line 1 metro stop, at least.

With the slogan "The first advertisement in history that you can kick punch and trample at will" (史上第一个可以随便打砸踹撞的广告), Adidas's new ad campaign is charming, and fits in well with a general increase in concern over stress and fitness in China. We've seen before, for example, entire padded rooms designed to "relax" students in Anhui.

So far metro attendants report little or no use of the pads, but we can imagine more than a few of you wouldn't mind punching something the next time you ride the metro at rush hour. Get out there and show 'em how it's done!

Source: http://shanghaiist.com/2011/08/08/adidas_turns_xujiahui_metro_station.php

Whoah!!! Look what I stumbled across... This is how BIG the China Market is!




ANGRY Birds, one of the most popular games played by users of mobile devices, is flying into China with new games specially designed for the country and branded products that will include themed mooncakes.

Chinese fans will be able to buy various products in stores or online within "coming months," Rovio Entertainment, the game's developer, said during Chinajoy, the games expo which ended in Shanghai yesterday.

"Angry Birds will continue its magic in China. We recognize the uniqueness of China and our Chinese fans," Peter Vesterbacka, Rovio's chief marketing officer, said at a forum during the event.

Angry Birds downloads have reached more than 300 million globally and Finland-based Rovio expects 100 million downloads in China by the end of the year, Vesterbacka said.

Among its plans for China, Rovio is developing a new "Moon Festival" episode for Angry Birds Seasons to be available by the Chinese Mid-Autumn Festival.

Rovio is also to partner with Shanghai-based firm Madhouse which will provide mobile advertising content.

Mobile games have become more and more popular with the increased use of smart phones and the 3G network, industry insiders said, and the Angry Birds series of games has been among the top 3 paid applications in Apple's App Store for several months.

Rovio is hoping to expand the Angry Birds brand beyond the games sector, especially in China. It plans to open 100 stores on the Chinese mainland to sell franchised products and a line of Angry Birds shoes is to be sold at Letao, an online shoe company.

Mooncakes with an Angry Birds theme will also be available in China, the company said.

In the digital entertainment sector, Angry Birds as a brand ranks No. 3 in China behind Disney and Hello Kitty, Vesterbacka said, and the company envisaged a Disney-like expansion with Angry Birds films and books.

Rovio has opened an office in Shanghai and it is "recruiting people all the time," the company said.

Source: http://www.shanghaidaily.com/nsp/National/2011/08/01/Birds%2Bto%2Bget%2Bangry%2Bin%2BChina/

CHINA, which powered strong growth of Ferrari SpA in the first half of this year, has become the second biggest market for the iconic sports car maker.

Ferrari boosted global sales by 11.8 percent year on year to a record 3,577 units between January and June, according to its statement released yesterday. Sales revenue jumped 19.6 percent to 1.08 billion euros (US$1.5 billion).

Deliveries to Chinese mainland, Taiwan and Hong Kong totaled 378 units in the first six months, a significant surge of 116 percent from the same period of last year, the statement added.

The rally enabled China to replace Germany as Ferrari's second biggest market, trailing only the United States, which moved 939 units.

Ferrari Chairman Luca di Montezemolo attributed the car maker's buoyant sales worldwide to expanded presence in new markets and inspiring new products.

He estimated the growth momentum would extend to the second half as the company recently began delivering its first 4-seat, 4-wheel-drive sports sedan Ferrari FF.

Ferrari is among the world's super luxury car brands that enjoyed hefty growth in China. Hurun Report Inc, which publishes the China Rich List, said in April that the mainland is now home to 960,000 people with personal wealth over 10 million yuan (US$1.5 million), up almost 10 percent from a year ago.

Edwin Fenech, president and chief executive officer of Ferrari China, said earlier that their sales in China won't be affected by the nation's slower economic growth or Beijing's new car restrictions.

"There is growing interest for our brand because all our effort to bring value and understanding of our brand is working," he said.

According to Fenech, Ferrari will participate in 25 motor shows in China this year, more than double from last year. The car maker also signed an agreement to set up a Ferrari Museum in the Italian Pavilion of Shanghai Expo -- the largest investment made by Ferrari outside Italy.

Source: http://www.shanghaidaily.com/article/?id=478329&type=Business