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"Workers at a Chinese factory owned by Foxconn, Apple Inc's main manufacturer, threatened to jump off the roof of a building in a protest over wages just a month after the two firms announced a landmark agreement on improving working conditions."

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"American media hardly noticed it when demonstrators first took up position on Wall Street in early September this year in what later became known as Occupy Wall Street. But most Chinese knew about it. Chinese media covered the event enthusiastically when I could find no mention of it in my usual American news sources on the internet."

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"The next big global financial crisis will emanate from China. That is not a firm prediction. But few countries have avoided crises after financial liberalisation and global integration. Think of the US in the 1930s, Japan and Sweden in the early 1990s, Mexico and South Korea in the later 1990s and the US, UK and much of the eurozone now."

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"In the past few months, major investors including sovereign wealth funds, pension funds and asset managers have applied for quotas which will allow them to invest renminbi in China’s still young financial markets."

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"BEIJING - BP PLC has obtained approval from the Ministry of Commerce to explore in the South China Sea in what will be the company's second deepwater project in China.
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"Unregulated exchanges that mushroomed across the country have seriously disrupted China’s economic order, and heavy flows of private capital into these exchanges has led to serious asset bubbles, said Hong Hao, a research fellow at the Institute of Securities and Futures under Central University of Finance and Economics."

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454:
MR. DAISEY AND THE APPLE FACTORY
TRANSCRIPT

china capitalism globalisation apple Foxconn economics

A January 22, 2012 New York Times story, "The iEconomy: How US Lost Out on iPhone Work", has been getting a lot of coverage. The article makes clear that Apple and other major multinational corporations have moved production to China not only to take advantage of low wages but also to exploit a labour environment that gives maximum flexibility.

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As China gains on the world’s most advanced economies, the country excites fascination as well as fear — particularly in the United States, where many worry that China will supplant America as the 21st century’s superpower.

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The crisis of Western liberal capitalism has coincided with the rise of a powerful new form of state capitalism in emerging markets, says Adrian Wooldridge

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The spread of a new sort of business in the emerging world will cause increasing problems

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The explosion ripped through Building A5 on a Friday evening last May, an eruption of fire and noise that twisted metal pipes as if they were discarded straws.

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Vast new cities of apartments and shops are being built across China at a rate of ten a year, but they remain almost completely uninhabited ghost towns.

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This is just a reflection in light of the reports that last week there was a protest by 300 Chinese workers in Wuhan, who were employed by electronics giant Foxconn, that threatened to commit suicide over unpaid compensation.

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Joining the neo-colonial bandwagon, Indian companies are taking over agricultural land in African nations and exporting produced food at the cost of locals

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ndia’s plans to spend huge amounts on military build up and purchase of sophisticated arsenals from all over the world especially procurement of sophisticated weapons from France, Israel, Russia and the US are reflective of India’s hegemonic designs.

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The Chinese financial system faces “a steady build-up in vulnerabilities” that require the government to relax its grip on banks, the exchange rate and interest rates, the International Monetary Fund said in its inaugural evaluation of China’s financial sector.

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It sounds like something out of an Isaac Asimov novel or a James Cameron film, but the parent company of iPhone maker Foxconn is working to build an “empire of robots” to replace over a million Chinese workers.

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"Riots involving thousands of people broke out in China’s southern Guangdong province last week over the sales of collectively owned land to real estate developers."

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"The latest purchasing manager index of Chinese manufacturing, released by HSBC last week, was 49.9. Below 50 indicates a contraction rather than expansion. It was the third month in a row of manufacturing contraction. The International Monetary Fund last month also scaled back its forecast for China’s gross domestic product growth this year from 9.6 percent to 9.5 percent, and from 9.5 percent to 9 percent for 2012."

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