Swap your Mercedes for a Hongqi

The People’s Liberation Army would like Chinese to start buying Chinese-made Hongqi autos instead of foreign  brands.  Hongqis start at approx. $48,000 and had been the wheels of choice during the Mao era.  

Terracotta Warrior Mausoleum workers’ tombs found

Chinese archaeologists at the Shaanxi Provincial Institute of Archaeology have discovered what may be 45 tombs of the workers who built the terracotta warriors and horses buried with the first Chinese emperor Qin Shi Huang. The tombs are approximately 5 km from the Xian mausoleum.  Approximately 300 pottery items also were found in the tombs.

One Chinese bitcoin exchange closed

FXBTC, founded on Nov. 26, 2013, with a registered capital of 1 million yuan (US$160,000) closed May 10. It announced its closing on May 2, days ahead of China’s Global Bitcoin Summit, which took place in Beijing on May 10 & 11.  FXBTC had an average 20,000 BTC daily trading volume, but with recent pressure from the central bank, could not sustain long-term losses. Bitcoin was trading at US$438 as of 3 p.m. on May 13, down 60 percent from its peak in December 2013.

24,000 sign up for matchmaking event

Shanghai’s Fifth Matchmaking Expo took place the weekend of May 24-25.  It drew registrant from the under-30 set (65 percent) to approximate 600 parents with unmarried adult children to 500 returning overseas Chinese.  Women in their late-20s who are still unmarried are regarded as being “old maids” while the same applies to men in their mid-30s.  Their parents will go all out to help them find a partner.  It’s free admission for those under 40 and US$8 for parents.

American expat delivers burritos in Fuzhou

An American expat makes approximately US$169/day delivering California-style burritos to high school students and businessmen in Fuzhou.  H gets around on a used electric bike and posts his route online via WeChat and Weibo, food truck style.

Chinese gaining in wealth

It is expected that China’s middle- and higher-income market will be “larger than the entire population of the United States.”  The report by the Economist Intelligence Unit predicts that the number of households in China with an income of US$150,000-plus will rise from a current 384,000 to 10.3 million by 2030. Furthermore, Chinese private consumption and disposable income are expected to reach an average of US$16,000 and $18,000, respectively. 

In 2012, only Beijing and Shanghai had more than 100,000 residents with an income higher than US$24,500 p.a., 61 cities will gain this status by 2020.

 

 

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