Worthy News: China Stories Trending in the International Media

Worthy News: China Stories Trending in the International Media
Jul 13, 2015 By Elaine Pang , eChinacities.com

A number of China-related stories have been grabbing international headlines in recent weeks. For example, right now, the world is preoccupied with the state of the Chinese stock market. Or, those planning on making the Middle Kingdom their second home may be pleased to learn about Shanghai's relaxation of criteria for permanent residence. From tornadoes to zombie meat, here are a few recent trending stories in China that have also appeared on news sites around the world.

1) China's Stock Market Spiral

Markets are cyclical and self-correction happens from time to time. Yet the recent dismal performance of the Chinese stock market continues to dominate headlines. A lot has happened since the Shanghai composite fell a hefty 30% from mid-June. According to Xinhua, "vicious short selling" was going on, warranting a police "crackdown" on whoever had broken trading laws. Then half the listed companies suspended trading of their shares in an effort to contain the fallout, followed by government linked investment brokerages pumping money into shoring up share prices. The latest measures involve banning investors with holdings of more than five percent equity from selling, and relaxing lending rules so people will buy more shares.

These policies somewhat lifted market sentiment after initial efforts failed to quell investor cold feet, proving once again that the government can control virtually everything. Unlike elsewhere in the world, the Chinese stock markets is largely comprised of small-time mom and pop investors who jump on the bandwagon because they are afraid to miss out on what their peers are into, which could prove to be an impetus for all that official intervention.

2) Tornado on the Yangtze

Going on a cruise of the Three Gorges is hardly considered a risky escapade, therefore the capsize of a ferry on the Yangtze attracted worldwide media coverage. The accident, attributed to a sudden tornado, claimed more than 400 lives, a large proportion of whom were retirees traveling with grandchildren. This makes it the most serious maritime incident in 60 years.

The government was swift to vow not to withhold information or falsify numbers. Yet relatives are still unappeased by the lack of transparency. Today, more questions exist than answers. Was there really a tornado? Why were there no other vessels affected? Why were most of those who were rescued crew members? How did the captain and chief engineer know to abandon ship?

3) Wanted: High Earners for Chinese Green Cards

The Chinese equivalent of a green card used to be an elusive quest. China News Service reports that the PSB disclosed that only around 4,700 green cards were issued between 2004 to 2011 since the inception of this scheme. The most populous nation in the world, China used to believe it had no need for additional residents.

However, China faces a brain drain at a faster rate than most countries. Now, it seems, an annual income of 600,000 Yuan can get you a long term stay in Shanghai. Also, the approval period has been halved from 180 days to 90 days. For a salary of just 50,000 Yuan a month, you can be on your way to achieving your Chinese dream of permanent residency.

4) Tax Refunds for Tourists

If you haven't the requisite level of income for a Chinese green card, stretch your RMB further by remaining a tourist. Beijing and Shanghai join Hainan in implementing a scheme where tourists enjoy an 11% tax refund in a bid to attract tourist dollars. Those still outside China should consider a trip to Beijing where tourists will get tax refunds starting in July. Just remember not to stay more than 183 days!

Several other restrictions apply: a minimum purchase of 500 Yuan is required for each claim, only purchases at designated department stores qualify and refunds are denominated in Yuan either in cash or paid to a bank account.

5) Zombie Meat from WWII

Expired frozen meat scandals are hardly news in China anymore... until meat from WWII turns up. Dubbed "zombie meat" by Netizens, cheap meat is smuggled into China from countries like Vietnam. Consumers are often unable to tell they are buying zombie meat if the color still looks normal and the meat has been repackaged. Police say that some of the seized frozen meat is leftover from WWII stockpiles. Aged steak, anyone?

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Keywords: Trending in China China in the international media

2 Comments

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Guest2650392

Nah, short sellers aren't the culprits, it is the zombie meat chinese eat that crashes the stock market. Foreigners with zombie card can now permanently consume zombie meat too, huge face! lol

Jul 13, 2015 08:57 Report Abuse

Guest2781358

You could re-brand that as "aged steak, authentic WWII hero's rations" and mark the price up

Jul 13, 2015 02:39 Report Abuse