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Moody’s CEO： no turmoil in China’s financial market
Raymond McDaniel， CEO of the ratings agency Moody’s， said on December 12 that China’s reform is positive and no turmoil will happen to China’s financial market.
“We are quite positive about this，”McDaniel said. The credit rating of China is stable and is not likely to be lowered in 2014.
In November 2013， the 3rd plenum of the 18th CPC Congress of China drew the general blueprint of China’s economic reform. The changes are going to help to solve the problems of excess production capacity， local governmental debts and shadow bank.
McDaniel said that he saw the determination of the Chinese government. The force of the reform made them give out high ratings of the economic outlook of China. “The reform has positive influence over the credit in most economic fields of the Chinese economy， including the central government， local governments and most industries.”
“As for the time of the reform， since China is enjoying fast economic growth and free of the financial crisis， it is wise to initiate the reform at this moment，”McDaniel said. Moody’s is bullish on the reforms to the financial market and the development of Shanghai Free Trade Zone. All these are the positive factors that influence the credit ratings of China.
McDaniel said that Moody’s learned a lesson from the U.S. property bubbles and enhance itself in the forecast through discovering more problems earlier.
Shanghai Disneyland to expand for the good outlook of free trade zone
As the construction of Shanghai Disneyland was fully started， Disney is preparing for the expansion based on the strong demand in the future.
On December 10， Jay Rasulo， CFO of Disney， said the park in Shanghai will not be finished until 2015， and the company believed that it was necessary to expand its size as soon as possible to meet the increasing demand in the future. Both Disney and its Chinese partners are hoping to accelerate the pace of construction.
Wei Changren， CEO of China Travel Consultancy， said that Shanghai Disneyland planned expansion before being opened just because Disney was bullish on the construction of Shanghai Free Trade Zone and its future development.
Rasulo said that the company had expected a large number of tourists when designing the park， but now it expected that the number of tourists could be only smaller than Tokyo Disneyland， which received 28 million tourists， and became the second businest Disneyland in the world. In his opinion， the bubbles cannot be avoided. Since it is the human nature that leads to the bubble and men cannot change their nature. When people are very， very optimistic， the bubbles will come out and finally break out. “What we can think is what shall we do after the burst of the bubble，” he said.
The bubble can bring about positive influence over the technological innova- tion. “The bubbles are not related to the risks brought by the debts. We cannot do anything to keep the bubbles from bursting. Nor should we do anything to avoid the bubbles.
Foreign companies to cut jobs in China
In many Chinese people’s memories， those working for IBM， Johnson & Johnson （J&J） and Hewlett Packard （HP） are those who work in high-end office buildings， wear proper suits， carry a laptop or tablet in hands and speak fluent foreign languages. But now， the elite class is facing the danger of losing their jobs.
As the Chinese economic growth slowed down in 2012， many foreign companies found that the profits of their Chinese branches shrank as well. In order to save the cost， HP， J&J， IBM and Unilever chose to cut jobs in China.
HP， which plans to cut 27，000 jobs around the globe， said that 20% of the lay-offs might happen in China. Cutting jobs is an integral part of HP’s new CEO Meg Whitman’s persistent task of“reducing the cost”.
A former employee of HP said that cutting jobs had become a trend in the PC industry. The Chinese market does not take a big part in the global industry. But Lenovo and some other companies have cut jobs indirectly， meaning that the Chinese PC market has been influenced as well.
Since the financial report is not good， IBM also initiated the plan of cutting jobs. It is expected to lay off 6000-8000 employees worldwide and the Chinese branch is not excluded. In October 2013， IBM said in its financial reporting that the demand in China was slowed. The PR director of IBM China said： “The technologies keep changing and transformation is what IBM must do now. Therefore， the restructuring of the employee structure will be a continuous task for us.”
Unilever saw its sales drop in the third quarter， especially in emerging markets like China. The headquarters of Unilever issued 2，000 notices of lay-offs， some of which were given to Chinese employees. But Unilever has made it clear that it would not reduce the investment in China.
In addition， many foreign companies have reduced the recruitment in China.
According to a well-established employment website in China， the total number of new posts increased by 30% but the jobs offered by foreign companies reduced by 5%.
Internet employees ranked No. 1 in the salary increase
China-based HR consultancy company Towers Watson made a research into the salary and bonus of all industries in China. After collecting and analyzing 240，000 questionnaires， they found out that the employees in the IT industry had the largest increase in their salaries. Their average salary increased by 10.2%. The industries ranking from the 2nd place to the tenth place were respectively： automobile financing （10.0%）， consumer goods （9.55%）， semi-conductor （9.1%）， hi-tech （9.0%）， real estate （9.0%）， foreign banks （7.9%）， general insurance （6.8%） and life insurance （6.5%）.
The research also found that the salaries in different positions in the same industry had different increase. After ten years of “globalization”， the average income of Chinese senior executives is quite close to the “international level”and thus has limited growth now. The middle executives， low-income earners and frontline workers are the ones to enjoy the dramatic increase in their salaries. The volatility of frontline employees’salaries in the hi-tech enterprises and semi-conductor companies is the greatest among all employees. The Chinese companies are loosing their advantages in the HR cost.
Another highlight revealed by the report showed that the average increase of Chinese enterprises’ salaries had slowed down for three years after hitting the peak of 11.6% in 2011.
As for the college graduates， the starting salaries also got a fast increase. The fixed annual income of graduates with the bachelor degree amounted to 53 thousand yuan. In 2012 the figure was 42 thousand yuan， up 25%. The annual income of graduates with master degree was 78 thousand yuan， up 50% compared with 2012.
“The salaries of senior executive， middle-level managers and ordinary workers are in different levels in the world，” said Xu Wenzong， general manager of Towers Watson China. “In the past 5-10 years， many Chinese enterprises were devoted to the globalization and contending for the talents from the world. During that process， the salaries of senior executives got fast increase. In recent years， the lack of skilled workers and the high turnover rate made the salaries of ordinary employees increase very fast as well.”
Raymond McDaniel， CEO of the ratings agency Moody’s， said on December 12 that China’s reform is positive and no turmoil will happen to China’s financial market.
“We are quite positive about this，”McDaniel said. The credit rating of China is stable and is not likely to be lowered in 2014.
In November 2013， the 3rd plenum of the 18th CPC Congress of China drew the general blueprint of China’s economic reform. The changes are going to help to solve the problems of excess production capacity， local governmental debts and shadow bank.
McDaniel said that he saw the determination of the Chinese government. The force of the reform made them give out high ratings of the economic outlook of China. “The reform has positive influence over the credit in most economic fields of the Chinese economy， including the central government， local governments and most industries.”
“As for the time of the reform， since China is enjoying fast economic growth and free of the financial crisis， it is wise to initiate the reform at this moment，”McDaniel said. Moody’s is bullish on the reforms to the financial market and the development of Shanghai Free Trade Zone. All these are the positive factors that influence the credit ratings of China.
McDaniel said that Moody’s learned a lesson from the U.S. property bubbles and enhance itself in the forecast through discovering more problems earlier.
Shanghai Disneyland to expand for the good outlook of free trade zone
As the construction of Shanghai Disneyland was fully started， Disney is preparing for the expansion based on the strong demand in the future.
On December 10， Jay Rasulo， CFO of Disney， said the park in Shanghai will not be finished until 2015， and the company believed that it was necessary to expand its size as soon as possible to meet the increasing demand in the future. Both Disney and its Chinese partners are hoping to accelerate the pace of construction.
Wei Changren， CEO of China Travel Consultancy， said that Shanghai Disneyland planned expansion before being opened just because Disney was bullish on the construction of Shanghai Free Trade Zone and its future development.
Rasulo said that the company had expected a large number of tourists when designing the park， but now it expected that the number of tourists could be only smaller than Tokyo Disneyland， which received 28 million tourists， and became the second businest Disneyland in the world. In his opinion， the bubbles cannot be avoided. Since it is the human nature that leads to the bubble and men cannot change their nature. When people are very， very optimistic， the bubbles will come out and finally break out. “What we can think is what shall we do after the burst of the bubble，” he said.
The bubble can bring about positive influence over the technological innova- tion. “The bubbles are not related to the risks brought by the debts. We cannot do anything to keep the bubbles from bursting. Nor should we do anything to avoid the bubbles.
Foreign companies to cut jobs in China
In many Chinese people’s memories， those working for IBM， Johnson & Johnson （J&J） and Hewlett Packard （HP） are those who work in high-end office buildings， wear proper suits， carry a laptop or tablet in hands and speak fluent foreign languages. But now， the elite class is facing the danger of losing their jobs.
As the Chinese economic growth slowed down in 2012， many foreign companies found that the profits of their Chinese branches shrank as well. In order to save the cost， HP， J&J， IBM and Unilever chose to cut jobs in China.
HP， which plans to cut 27，000 jobs around the globe， said that 20% of the lay-offs might happen in China. Cutting jobs is an integral part of HP’s new CEO Meg Whitman’s persistent task of“reducing the cost”.
A former employee of HP said that cutting jobs had become a trend in the PC industry. The Chinese market does not take a big part in the global industry. But Lenovo and some other companies have cut jobs indirectly， meaning that the Chinese PC market has been influenced as well.
Since the financial report is not good， IBM also initiated the plan of cutting jobs. It is expected to lay off 6000-8000 employees worldwide and the Chinese branch is not excluded. In October 2013， IBM said in its financial reporting that the demand in China was slowed. The PR director of IBM China said： “The technologies keep changing and transformation is what IBM must do now. Therefore， the restructuring of the employee structure will be a continuous task for us.”
Unilever saw its sales drop in the third quarter， especially in emerging markets like China. The headquarters of Unilever issued 2，000 notices of lay-offs， some of which were given to Chinese employees. But Unilever has made it clear that it would not reduce the investment in China.
In addition， many foreign companies have reduced the recruitment in China.
According to a well-established employment website in China， the total number of new posts increased by 30% but the jobs offered by foreign companies reduced by 5%.
Internet employees ranked No. 1 in the salary increase
China-based HR consultancy company Towers Watson made a research into the salary and bonus of all industries in China. After collecting and analyzing 240，000 questionnaires， they found out that the employees in the IT industry had the largest increase in their salaries. Their average salary increased by 10.2%. The industries ranking from the 2nd place to the tenth place were respectively： automobile financing （10.0%）， consumer goods （9.55%）， semi-conductor （9.1%）， hi-tech （9.0%）， real estate （9.0%）， foreign banks （7.9%）， general insurance （6.8%） and life insurance （6.5%）.
The research also found that the salaries in different positions in the same industry had different increase. After ten years of “globalization”， the average income of Chinese senior executives is quite close to the “international level”and thus has limited growth now. The middle executives， low-income earners and frontline workers are the ones to enjoy the dramatic increase in their salaries. The volatility of frontline employees’salaries in the hi-tech enterprises and semi-conductor companies is the greatest among all employees. The Chinese companies are loosing their advantages in the HR cost.
Another highlight revealed by the report showed that the average increase of Chinese enterprises’ salaries had slowed down for three years after hitting the peak of 11.6% in 2011.
As for the college graduates， the starting salaries also got a fast increase. The fixed annual income of graduates with the bachelor degree amounted to 53 thousand yuan. In 2012 the figure was 42 thousand yuan， up 25%. The annual income of graduates with master degree was 78 thousand yuan， up 50% compared with 2012.
“The salaries of senior executive， middle-level managers and ordinary workers are in different levels in the world，” said Xu Wenzong， general manager of Towers Watson China. “In the past 5-10 years， many Chinese enterprises were devoted to the globalization and contending for the talents from the world. During that process， the salaries of senior executives got fast increase. In recent years， the lack of skilled workers and the high turnover rate made the salaries of ordinary employees increase very fast as well.”