News

New Chinese Visa Policy

On 30 June 2012，the 11th Standing Committee of the National People’s Congress, China’s top legislature, concluded its 27th meeting and passed a new Exit-Entry Administration Law. Chinese President signed the presidential decree No. 57 to promulgate the decision, and it will be put into effect on 1 July 2013.  The new law includes targeted provisions concerning new situations and problems facing exit-entry administration. It is a distinct improvement on the old one, and has four highlights. 

Sichuan Raises Minimum Wage

On January 1,2012, Southwest China's Sichuan province raised the minimum monthly wage by about 23.4 percent to help attract laborers facing rapidly rising living costs.

The minimum monthly wage was raised to 1,050 yuan ($166), 960 yuan, 880 yuan and 800 yuan in regions at different levels of development, the provincial human resources and social security office said in a statement.

Sichuan, with a population of 89 million, is a major source of migrant workers for major cities around China, especially in the eastern coastal manufacturing hubs.

Chengdu: China's Next Expo Capital?

It is hard to talk about China's rapid economic development without mentioning the city of Chengdu. The city has been named one of the "Next Decade's Fastest-Growing Cities Globally", "World's Best Emerging Business Cities", and the "Benchmark City for Investment Environment in Inland China" by the magazines of Forbes and Fortune and World Bank respectively. Its rapid economic lift-off has attracted many technology and software firms who are calling it the next Silicon Valley of China.

Chengdu-US Direct Flights Could Start This Year

Chengdu will hold the Tenth Asia-Pacific Air Route Development Forum in April this year. Airlines including American Airlines, Delta Air Lines and United Airlines will be invited to discuss the opening of the passenger and cargo routes from Chengdu to the US.

RBS Starts UK-Based China Office

The Royal Bank of Scotland has set up a dedicated office in London to help EU and Chinese firms do business, a reflection of the UK's ambition to become a major offshore RMB trading hub.

RBS says the office will offer advice and assistance to companies engaged in CHina business, including information on regulatory standards. The team will be led by Janet Ming, head of corporate sales in Shanghai for the UK in China. HSBC also have a similar strategy, which is introducing offshore RMB services with Paul Gooding in the lead, their former head of  credit trading in Europe.

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