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Morning Wrap: Top Stories in the Chinese Press - Sept 10

Sept 10, 2013
Translated by Tian Shaohui Pang Lei

Keep reading below for translated digests of some of the stories being reported by mainland Chinese media outlets today.

China's Richest Man: Wang Jianlin
Beijing Times
Wang Jianlin (王健林), chairman of Wanda Group (万达集团), is currently the richest man in China, according to a report that's about to be published by Forbes magazine. Forbes estimated that Wang controls $14 billion of assets. Wang owes most of his fortune to commercial property investments, his company owns 72 shopping centers and 40 five-star hotels around China. Wanda Group recently acquired a majority stake in the Hong Kong-listed Hengli Commercial Properties Group (恒力商业地产集团), to help it expand its international property holdings.
Original article: [Chinese]

Coal Mines in Inner Mongolia Halt Production Following 25% Drop in Price
China Business News
Under pressure from falling coal prices, nearly half of Inner Mongolia's coal mines have either suspended production or are restricting output. According to a report from the autonomous regions's coal industry office, as of the end of June, 67 coal mines had halted production, accounting for just over 20 percent of all coal mines in the region. The report is backed up by data from the National Development and Reform Commission which shows that both coal production and sales have fallen by around 8 perent over the first seven months of the year. The price of a ton of thermal coal from Inner Mongolia with a calorific value of 5,500 kilocalories per kilogram has fallen from around 405 yuan at the start of the year, to 310 yuan on Sept 9.
Original article: [Chinese]

Justin Yifu Lin: China Will be a High-Income Country by 2020
China Business News
Chinese economist Justin Yifu Lin (林毅夫) thinks that China will probably have per capita income of $12,700 by 2020 and thus qualify as a "high income country" according to standards set by the United Nations and Word Bank. Lin, who is a former vice president of World Bank and now honorary director of Peking University's National School of Development, made the prediction at a forum in Xiamen last weekend. Lin also argued that China has the potential to maintain a 7.5 percent growth rate for an extended period of time and also encouraged Chinese enterprises to invest in Africa.
Original article: [Chinese]


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