CX Daily: Solving China’s Soaring Youth Unemployment
Bohai Bank is slapped with $2.5 million fine for 12 violations. China and Canada mining giants book bumper profits on an African copper project
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Graduates look for work opportunities Sunday at a recruitment fair in Nanjing, East China’s Jiangsu province. Photo: Yang Bo/China News Service, VCG
Unemployment /
In Depth: Solving China’s soaring youth unemployment
“I’ve submitted almost 100 resumes but have gotten zero offers so far,” job seeker Yang Yang said. Despite almost five months of looking for a job and having graduated from the prestigious Chinese University of Hong Kong, she is one of millions of students entering a fierce job hunting race this year.
Like Yang, the class of 2023 enters the job market amid an economic slump following three years of strict Covid control measures and regulatory crackdowns on the tech, property and private tutoring industries, which are normally eager to hire young talent.
Politics /
Communist Party rejigs human resources body leadership
The Communist Party of China’s (CPC) human resources branch made several leadership position changes within its department after the country’s central government completed a reshuffle last week.
Huang Jianfa, deputy party secretary of East China’s Zhejiang province, has been named deputy head of the Organization Department of the party’s Central Committee. The news was revealed in a Tuesday article published by the party-run Hunan Daily, which addressed Huang using his new title.
FINANCE & ECONOMY
Fine /
Bohai Bank slapped with $2.5 million fine for 12 violations
Tianjin-based regional lender China Bohai Bank was fined 17 million yuan ($2.5 million) by the central bank for 12 violations, the financial institution’s third penalty this year.
The People’s Bank of China published the penalty on its website Monday, accusing the bank of multiple counts of misconduct including breaking rules on deposit reserves, credit scoring and anti-money laundering.
Quick hits /
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BUSINESS & TECH
The shakeup of the Ministry of Science and Technology — the second since 2018 — is part of a massive government revamp approved at this year’s national legislative meetings.
Sci-Tech /
In Depth: The remaking of China’s Science and Technology Ministry
China will restructure its top science and technology supervisory body as the country pushes for technology breakthroughs and self-reliance.
The shakeup of the Ministry of Science and Technology — the second since 2018 — is part of a massive government revamp approved at this year’s national legislative meetings. The overhaul includes the creation of a new financial watchdog and a national data regulator.
Solar /
LONGi Green Energy to build $600 million solar panel plant in U.S.
Chinese solar wafer giant LONGi Green Energy Technology Co. Ltd. will partner with U.S. solar developer Invenergy to build a $600 million, 5-gigawatt solar panel assembly factory in Ohio, the local government said.
The project will be LONGi’s first entrance into the U.S. manufacturing market. What will eventually be the largest crystalline silicon solar panel factory in the U.S. will create 850 jobs, and operations are expected to start by the end of 2023. Construction is scheduled to begin in April.
Mining /
China, Canada mining giants book bumper profits on African copper project
An African copper mine co-operated by Chinese mining giant Zijin Mining Group Co. Ltd. and its Canadian peer Ivanhoe Mines Ltd. posted a bumper profit in 2022 after raking in close to $3 billion of revenue in its first 18 months of commercial production, a boon to operators’ annual earnings.
Last year, the Kamoa-Kakula mine, which is located in the Democratic Republic of Congo (DRC) and began commercial operation in July 2021, recorded revenue of $2.15 billion and operating profit of $1.27 billion, according to an earnings report released Monday by Ivanhoe.
Quick hits /
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Long Read /
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GALLERY
