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Thousands of Coal Miners Protest Pay Cuts in China

Thousands of Coal Miners Protest Pay Cuts in China

Thousands of coal miners stormed the streets of Heilongjiang, a north-eastern town in China, to protest pay cuts and unpaid wages, according to local media. The protestors rallying over the weekend are employees at the Shuangyashan Mine, which is owned by the Longmay Group. Many carried banners reading “We want to live. We want to […]

Move Over New York: Beijing Declared New ‘Billionaire Capital of the World’

Move Over New York: Beijing Declared New ‘Billionaire Capital of the World’

New York has a long standing as the billionaire capital of the world, serving as home to 95 people with that extreme amount of wealth. For the first time, however, New York has been ousted from the title; Beijing now surpasses that number with an astounding 100 billionaires residing in the Chinese capital.   This […]

China’s Countryside Grows as Economy Slows

China’s Countryside Grows as Economy Slows

As China’s economy slows, millions of migrant workers are flocking back to the countryside raising concern among local governments that they may stay there. Chins is dealing with an overall shrinking labor force in the wake of a growing trend of reverse migration back to the countryside. According to the National Bureau of Statistics, the […]

China’s Income Inequality is One of the World’s Worst

China’s Income Inequality is One of the World’s Worst

China’s income inequality is among the worst in the world, according to a new study by Peking University. According to the report, China’s richest 1 percent owns about one third of the country’s wealth, while the poorest 25 percent own 1 percent of the country’s wealth. The data is part of the university’s Institute of […]

2015 Proves Dismal for Chinese Economy and New Normal Policy

2015 Proves Dismal for Chinese Economy and New Normal Policy

2015 has not been a very bright year for China’s economy and many analysts are pointing the finger at government intervention, which has included a crackdown on some of China’s biggest business leaders. The purge, which some are calling a witch hunt, was sparked by last summer’s stock-market meltdown. Among the targets were some of […]

China will Top the U.S. as World’s Largest Economy by 2031, Report Says

China will Top the U.S. as World’s Largest Economy by 2031, Report Says

The United States is expected to lose its spot as the world’s top economy to China by 2031, according to a new report by the U.K.-based Centre for Economics and Business Research. At the time, the CEBR expects China to rule the world economy with a GDP of $35.26 trillion, while the U.S. stands at […]

I.M.F. Designates Renminbi as One of the World’s Main Currencies

I.M.F. Designates Renminbi as One of the World’s Main Currencies

The International Monetary Fund on Monday anointed China’s renminbi as one of the world’s leading currencies in a historic decision. The designation, an accounting unit called special drawing rights, means the renminbi will become more broadly usable in global trade and finance, while China solidifies its position as a global economic power. Central Banks throughout […]

Chinese Bank Expansion Challenging U.S. Laws

Chinese Bank Expansion Challenging U.S. Laws

As Chinese banks expand in the U.S., they seem to be bringing with them their secrecy laws and challenging how far U.S. judges can go in accessing records stored in China. In case closely being watched by legal experts, Kering SA’s Gucci and its other luxury brands have issued subpoenas demanding information about transactions made […]

Global Stocks Rise After Surprise China Rate Cut

Global Stocks Rise After Surprise China Rate Cut

Worldwide stock markets rose Friday after China increased interest rates for the fourth time this year. The boost comes after stocks across Asia, Europe, and the Americas had already climbed Thursday following the European Central Bank’s signaling that it was ready to increase the scope of its stimulus measures. ECB chief Mario Draghi announced Thursday […]

Report: China Now Has the World’s Largest Middle Class

Report: China Now Has the World’s Largest Middle Class

China’s middle class has reached 109 million, outranking the United States for the No.1 spot for the first time ever, according to the Credit Suisse Report. According to the report released On October 13, the middle class in China has been growing faster than its U.S. counterpart. Since 2000, China has added 43.4 million adults […]

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