No. 393 Nov 10

Black President in Hard Times
Cover
As Barack Obama celebrated his presidential victory on the night of November 4,he was preparing to juggle his campaign promises, a war, extremely tight national finances, and the worst economic crisis in a century. EO reporters Cheng Mingxia and Lam Li reporting from Washington D.C. and Chicago recounted Obama's victory and looked into what the new presidency may bring.
Original article: [Chinese]

Report on Foreign Capital in an Uncertain Era
Cover
Different forms of international capital in China were making divergent choices in an era of uncertainty. As the financial crisis spread, hot money that sought benefits from the yuan's appreciation has begun to withdraw from China, while many multinational companies that have invested in the Chinese real economy took the country as a safe haven and planned to raise their stakes there.
Original article: [Chinese]

China to Save its Scathed SMEs
News, page 2
Amid fear of potential social unrest, China's top-level officials were busy drafting a relief plan to save small-and-medium enterprises (SME) in its coastal manufacturing bases which have been scathed by weaker global demands. The first half of 2008 saw the collapse of up to 67,000 SMEs across China, throwing countless migrant workers into unemployment. Most of these companies have yet to pay compensations for their workers.
Original article: [Chinese]

China to Nationalize Agricultural Wholesale Markets
News, page 3
At an attempt to increase its agriculture exports and strengthen quality supervision, China's Commerce Ministry was planning to streamline and nationalize 4,300 private agricultural product wholesale markets, where 70% of its agricultural products were traded. While the country enjoyed its biggest harvest in a decade this autumn, food safety scandals over tainted milk, eggs and maggot-infested oranges hurt agriculture exports in October.
Original article: [Chinese]

The Kinmen-Xiamen Community: a Folk Edition of Cross-Strait Communication
Nation, page 9
After over half a century's separation, Xiamen, an island city in southeast China that looks out to the Taiwan Strait, and Kinmen, a group of islands just two kilometers east of Xiamen that were transferred to the jurisdiction of the Republic of China following the retreat to Taiwan in 1949, have been linked together again as more Kinmen people live, invest and start businesses in Xiamen. The latest available statistics showed that of the 80,000 registered population in Kinmen, around 8,000 owned properties in Xiamen.
Orginal article: [Chinese]

Taxi Drivers Strike in Chongqing
Nation, page 13
Angered by high licensing fees paid to taxi company bosses, taxi drivers in Chongqing called a strike on the morning of November 3. However, the strike was immediately and temporarily dissolved after local government announced five commitments to solving the drivers' issues, including the adjusting of contract fees. The promises would be difficult to realize because, unlike their state-run counterparts in Beijing and Shanghai, the taxi industry in Chongqing was made up of 200 private companies and 800 contract operators.
Original article: [Chinese]

Chinese Banking Watchdogs Advised to Launch an RMB 800-bln Stabilization Fund
Market, page 17
Policy advice on establishing a Stock Market Stabilization Fund involving RMB 600 to 800 billion has been submitted to top Chinese banking authorities. The drafter, the Research Center of International Finance under the Chinese Academy of Social Sciences, suggested in its report that the government buy the top 50 heavyweight shares in the Shanghai and Shenzhen stock exchanges without conditions before the Shanghai index hit 1,500 points.
Original article: [Chinese]

International Food Magnates in China: Moving Forward or Back
Corporation, page 30
Despite China's bad reputation for food safety, several international food giants including Coca Cola, Pepsi and Nestle have made new investment in China within the past two months. However, there were still others wondering whether to retreat or continue their cooperation with China, like French Danone, which had withdrawn from Bright Dairy and Huiyuan Beverage and Food, and Australian Fonterra, which was still trying to pull itself out of the tainted milk scandal.
Original article: [Chinese]