Private sector

How China’s smaller private firms may be paying the price for huge local government debts

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How China’s smaller private firms may be paying the price for huge local government debts

Private firms in China are in a “precarious” situation as debt-ridden local governments increasingly seek to boost earnings through harsh criminal law enforcement, lawyers and observers have warned. The latest such case, involving a businessman based in eastern Shandong province, has sparked fresh worries despite Beijing’s repeated pledges to foster a supportive legal environment for … Read more

Economist urges China to push further to elevate private sector as draft law disappoints

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Economist urges China to push further to elevate private sector as draft law disappoints

The status of the private sector should be raised under China’s private economy promotion law, a leading economist said amid widespread disappointment about a draft of the law that is out for public comment until November 8. The introduction of the first basic law regarding the development of the private sector is a “milestone” event, … Read more

China’s top planner vows to help private firms ‘conquer difficulties’ to boost economy

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China’s top planner vows to help private firms ‘conquer difficulties’ to boost economy

China’s top economic planner has reassured private entrepreneurs it will “spare no effort” to help companies “conquer difficulties”, in Beijing’s latest move to revive the economy. Zheng Shanjie, head of the National Development and Reform Commission (NDRC), hosted a meeting on Friday with representatives from several private companies to learn about business conditions, problems they … Read more

Indian expats top Kuwait’s private sector workforce in 1st half of 2024

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Indian expats top Kuwait’s private sector workforce in 1st half of 2024

The employed individuals in the private sector in Kuwait make up 44 percent of the overall population, with Indian expatriates being the largest group at 24.2 percent. According to the latest statistical reports from the Kuwait’s Public Authority for Civil Information, Kuwaitis came in second at 21.9 percent, followed by Egyptian at 21.7 percent. Other … Read more

‘Millions benefited’: why generations see Deng Xiaoping as the architect of modern China

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‘Millions benefited’: why generations see Deng Xiaoping as the architect of modern China

“Our generation boldly ventured into uncharted waters … we ‘crossed the river by feeling the stones’,” she said, referring to the metaphor Deng used to describe China’s gradual approach to those policies. Guo, who had recently graduated with a major in English translation, started at the company as an assistant earning 8,400 yuan a year. … Read more

Unemployment rate unchanged in July, though jobless rate for young people continued to rise

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Unemployment rate unchanged in July, though jobless rate for young people continued to rise

Canada’s economy shed 2,800 jobs in July while the unemployment rate was unchanged at 6.4 per cent, Statistics Canada said on Friday. Employment fell in wholesale and retail trade, which shed 44,000 jobs, and in finance, insurance, real estate, rental and leasing, which shed 15,000 jobs. Public administration, transportation and warehousing, and utilities saw jobs gains. … Read more

Chinese commentator Hu Xijin silent on social media after third plenum article vanishes

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Chinese commentator Hu Xijin silent on social media after third plenum article vanishes

Hu added that removing the phrase showed that China hoped to “achieve true equality between the private and the state-owned economy”. “Chinese society’s understanding, attitude and narrative of various ownership relations will have a big step forward,” Hu wrote in the article. This interpretation immediately triggered fierce criticism from China’s conservative bloggers, who accused Hu … Read more

Will the AI chatbot wave come for the federal government?

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Will the AI chatbot wave come for the federal government?

Delayed air passengers, disgruntled phone customers and even hungry people craving a slice of pizza increasingly find their pleas to private companies being answered by artificial intelligence. Soon Canadians who need to reach out to the federal government could also find themselves talking to an employee who’s been helped by non-human assistants. Ottawa is working … Read more

Pvt sector needs to step up, match govt’s efforts towards job creation: Anand Mahindra

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Pvt sector needs to step up, match govt’s efforts towards job creation: Anand Mahindra

India’s private sector needs to step up and match the government’s efforts towards job creation and making young people employable, as in the absence of a collective effort, the country’s demographic dividend could become a demographic disaster, Mahindra Group Chairman Anand Mahindra said on Wednesday. In his reaction to the Union Budget for 2024-25, he … Read more

China’s third plenum vows to support ‘capable’ private sector to lead tech innovation

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China’s third plenum vows to support ‘capable’ private sector to lead tech innovation

The document also covered a wide range of reform objectives for the next five years in areas including economic development, science and technology, human capital, defence, social security and ideology. And while the endorsement for the private sector is barely new – similar ones were made in government documents last year or even earlier – … Read more