An Apple Inc store in Xuchang, Henan province. At the end of the third quarter of last year, Apple held 18.1 percent of smartphone market share in China. Gen Guoqing / China Daily

Mobile tech spurring innovation in China

Mobile technologies account for about 4 percent of China's gross domestic product, an industry report said on Jan 16.

The nation is now home to more inventors in mobile technologies than any other countries except the United States and South Korea, according to the Boston Consulting Group, a research firm. The country is also seeing the rise of a vibrant application developer community, with about 1 million people working in the high-growth field - more than twice as many as in the United States.

"China has become a highly competitive place to import and assemble components into finished products, allowing the country to tap into its strong manufacturing base," the report said, adding the mobile sector now represents 3.7 percent of the GDP, with a 17.7 percent compound annual growth rate from 2009 through 2014.

Chinese firms' success fuels race for top jobs

The growth of Chinese multinational corporations will intensify competition for top-level jobs in China this year, says the Global recruitment consultancy Robert Walters in its latest Global Survey Salary.

This is because professionals view Chinese companies as an attractive employment option due to their promising prospects and competitive salary packages, Robert Walters says.

Figures in the survey suggest that job-movers received on average 15-25 percent pay rises last year, while those who stayed at their current companies received rises ranging of 6-8 percent. These trends look set to continue this year, and companies are likely to invest more in benefits, training and development to attract and retain the best talent.

BYD to launch plug-in hybrid SUVs

BYD Co, the Chinese electric vehicle maker partially owned by Warren Buffett's Berkshire Hathaway Inc, said it will focus on introducing plug-in hybrid sport utility vehicles this year to cater to demand for roomier and high-riding vehicles. The Shenzhen-based carmaker began taking orders for the 300,000-yuan ($48,000) Tang SUV, named after the seventh-century dynasty that ruled China for almost 300 years. The company plans to add another two plug-in sport utility vehicles this year, named after the successive Song and Yuan dynasties, while a third, the Ming, will be introduced later.

Tougher rules for loans to reduce leverage

The China Banking Regulatory Commission has issued draft rules to tighten supervision of entrusted loans, a shadow-banking product, in a move seen as targeting excessive leverage used to speculate on stocks.

Entrusted loans, a form of intercompany loan in which one company serves as the ultimate lender and records the loan asset on its balance sheet while banks act as intermediaries and collect a fee, have become an alternative channel for margin lending from brokerages. Such loans are considered a potential risk to banks given the revolving nature of bank credit and borrowers.

New electricity pricing system launched

The National Development and Reform Commission, the country's top economic planner, has unveiled a new electricity distribution pricing system as it looks to reform the sector. The new system will be launched in the southern city of Shenzhen, said the commission.

China Daily

(China Daily European Weekly 01/23/2015 page18)