Employers in Neijiang city, Sichuan province, have expanded hiring opportunities this year. More companies expect to boost headcount during the second half of the year, thanks to the renewed business optimism in the country. Lan Zitao / China Daily

Employment

Hiring prospects set for rebound

Employment prospects remain robust in China, with more companies expected to boost headcount during the second half of the year, thanks to the rapidly stabilizing economy and renewed business optimism, a global talent solutions company said on July 2.

Though Chinese employers added fewer employees during the first six months of the year than in the same period of last year, their confidence in the country's economy still remains high, Hudson said in its Employment Trend Report. Hudson said 53.2 percent of the 1,057 Chinese employers it polled for the report indicated that they would increase employee intake in the second half of this year.

The report said three sectors -property and construction, banking and financial services, as well as information technology and telecommunications - will generate the much-needed momentum for hiring, fueled by the rapid development of the e-commerce industry in China.

Retail

Foreign brands losing ground to home firms

Amid a sluggish consumer goods market in China, foreign brands are facing pressure, with six out of 10 losing market share to their domestic rivals last year, an industry survey has found.

China's market for soft drinks, packaged foods, personal care products and other consumer staples has contracted by two-thirds since 2011, according to China Shopper Report 2014, the third annual study jointly conducted by Bain & Co and Kantar Worldpanel.

Market growth for non-durable consumer goods slowed to 4.6 percent in the first quarter of 2014, down from 10 percent growth in 2012 and 15 percent three years ago. The rate of decline was consistent across all cities regardless of size.

Volume growth was mostly stable as price increases declined, in large part due to fewer new premium products entering the market.

Finance

Banks planning IPOs in Shanghai, Shenzhen

Eleven Chinese banks plan initial public offerings, their draft prospectuses showed, the first lenders to push ahead with listing plans since China Everbright Bank Co Ltd debuted in 2010. In the draft documents posted on the China Securities Regulatory Commission website on June 30, nine banks said they plan to list on the Shanghai Stock Exchange, while two are seeking to list on the smaller Shenzhen exchange.

Auto

GM looks to 'transform' growth

General Motors Co hopes the latest installment of the alien-robot movie franchise Transformers will help jump-start its Chevrolet sales in China.

Transformers: Age of Extinction features battling robots that convert into cars and trucks. It opened in China and the United States on June 27 and includes vehicles such as the Chevrolet Camaro sports car and the Trax small sport-utility vehicle.

Tim Mahoney, Chevrolet's global chief marketing officer, said the fourth movie in the series provides GM with the perfect springboard on which to introduce six Chevrolets in China this year.

Technology

China Mobile to face 4G challenge

Competition in China's fourth-generation telecommunications market is set to heat up after the regulator awarded trial permits to local carriers on June 27.

The long-awaited permits will help the country's two smaller carriers to challenge China Mobile Corp, the world's biggest telecom operator by subscriber numbers.

The Ministry of Industry and Information Technology said it will allow China Telecom Corp Ltd and China United Network Communications Group Co Ltd, also known as China Unicom, to test a joint 4G network in 16 cities. The cities were not identified.

Trade

Gold imports fall as yuan weakens

Mainland gold imports from Hong Kong dropped in May to their lowest level since January last year as a weaker yuan curbed demand for gold in the world's largest consumer.

Hong Kong has been the main conduit for gold into the Chinese mainland, but imports are increasingly being shipped directly to Shanghai and Beijing, helping conceal the actual amount of gold that enters the country. The central government does not report gold trade data.

Free trade with Iceland and Switzerland begins

China's free trade agreements with Switzerland and Iceland took effect on July 1, the Ministry of Commerce has confirmed.

The free trade agreement with Switzerland marks China's first with a world's top 20 economy.

Tencent expands e-finance capability

Tencent Holdings Ltd has launched securities and wealth management services on its giant live chat tool QQ, as its dips further into Internet finance.

The Shenzhen-based company has teamed up with five securities firms to offer one-stop financial services online, including setting up securities accounts, customer services and stock trading.

The five - Zhongshan Securities Co Ltd, Tongxin Securities Co Ltd, China Dragon Securities Co Ltd, Chinalion Securities Co Ltd and Guangzhou Securities Co Ltd - are the first group of securities firms to set up online finance businesses on QQ, and Tencent said more agreements with others are expected.

Technology

Satellite navigation agreement signed

China and Russia have agreed to increase collaboration over each other's satellite navigation systems to compete with Galileo of Europe and Global Positioning System the United States.

A memorandum of understanding between the two has agreed to find synergies in space by making their respective national systems, Beidou and Glonass, more compatible and practical.

Vice-Premier Wang Yang said technology cooperation has become the main engine driving trade and investment growth between China and Russia, as well as improving their economic development.

Companies

Xbox One readies for national debut

Though Microsoft Corp's Xbox One gaming console has negotiated the final hurdle for its entry into China, the road ahead may not be that smooth, industry experts say.

According to the official website of the China Quality Certification Center, Microsoft's Xbox One gained the China Compulsory Certification, a security requirement for products sold in the Chinese market, on June 27. The 3C rating for Xbox One is valid untill June 3, 2019.

The 3C mark also clears Xbox One's entry into the lucrative gaming market after gaming consoles were banned by the Chinese government 14 years ago amid concerns that they may damage the mental health of young people in the country due to the violent and inappropriate content in the video games.

Sugar firm to alter sales channel

The Australian unit of Chinese agribusiness Cofco Corp will stop selling sugar through an industry-owned marketing body from 2017.

The move by Tully Sugar Ltd comes after Wilmar International Ltd and MSF Sugar Ltd announced they would terminate agreements with industry-owned marketing body Queensland Sugar Ltd.

China Daily-Agencies

(China Daily European Weekly 07/04/2014 page18)