Quotes from around China this week

“Consumption demand unleashed by increased urbanization is expected to guarantee that China’s economy keeps a growth rate ranging from 7 to 8 percent in the coming decade.”

Chi Fulin, president of the Hainan-based China Institute for Reform and Development, says approximately 400 million Chinese rural workers are expected to become city dwellers in the next decade, a change that will create considerable consumption demand. China Daily

“The China congress and change in leadership will probably mean continuation of a policy for stable growth, so that won’t affect stocks too much. Eyes will be on U.S. elections today.”

Zhang Yangbin, an analyst with Zheshang Securities Co. in Shanghai, says stocks will fluctuate because investors need time to digest the U.S. election results. Bloomberg

“It’s a vicious circle. You cannot find a job so you go back to school. Then you know less about the job market and still can’t get a job when you graduate for a second time.”

Wu Ying, a graduate of Beijing Foreign Studies University, comments on a report that indicates that one in eleven college graduates has been jobless for a year. Wu returned this September to pursue a master’s degree after being NEET (Not in Education, Employment or Training) for one year. People’s Daily

"The launch of the cooperation in Beijing marks an important turning point in the global film industry.”

Zhong Lifang, vice president of Galloping Horse, a Chinese entertainment enterprise, says the agreement with globally leading special effects maker Digital Domain will up the level of China’s film production and cultivate domestic experts. Crucial parts of Hollywood blockbusters will be produced in Beijing in the future, according to the agreement reached between the two companies. China Daily

“It is counterproductive for bilateral relations that are far more extensive than just economic issues.”

Jon Taylor, a political science professor at the University of St. Thomas in Houston, Texas, argues that a continuation of China-bashing may be “good politics” but it is “bad economics.” Additionally, the worst thing for the American economy would be China’s economy faltering. China Daily

“China’s outstanding non-performing loans (NPLs) as well as the average NPL ratio are likely to rise.”

Financial News, a newspaper run by China’s central bank, cited a report by Orient Asset Management Corp., which said that bad debts could soar in the steel, shipbuilding and solar sectors, as well as among exporters, local governments and property developers. China’s top banks may see their bad loan ratios triple in size by the end of 2012 as the effects of the economic slowdown are felt. Reuters

“I would be willing to say, 100% sure, that all the big [Internet] companies are under notice like every other lead organization that no trouble is to emerge on their platform for the next couple of weeks.”

Jeremy Goldkorn, founder of Danwei.com and a longtime observer of Chinese media. Wall Street Journal