Archives 2009

Chinese Car Designers: Lots of Talent, Few Job Prospects

China’s car makers are increasingly ambitious, as illustrated by plans to grow at home and, in some cases, expand abroad. One big impediment they face in taking on their foreign rivals: design.

Big global companies spend years, and millions of dollars, designing new cars. But many home-grown Chinese auto makers actually do very little of that.

A senior executive of one small auto maker in Hebei recently laid it out for us over a cup of tea: the reason his company can sell cars much cheaper than foreign auto makers who also produce cars in China, he said, is that his company does no engineering or design work whatsoever. Instead, they tell an outside engineering consultant which existing model they want to copy, and ask them to come up with a product counterfeited in a way that it won’t attract intellectual property lawsuits. In some cases that means companies combining styling ideas from two separate cars into one.

The problem isn’t a lack of talent — as China Journal found one recent day on a visit to the China Central Academy of Fine Arts in Beijing. There we met Phoenix Wang and Jackie Lin, two students whose edgy car designs have put them near the top of their class. Both Wang, a 22 year old from Sichuan, and Lin, a 23 year old from Guangdong, have long been determined to pursue car design professionally. But they and their peers have dim prospects in a domestic industry that doesn’t value their skills.

Their instructor is trying to change that. Ed Wong is a former General Motors Corp. designer who over the past five years also has worked off and on as an outside design consultant for Beijing Automotive Industry Holding Corp., helping the company come up with uniquely-designed and –styled cars of its own, which it aims to launch over the next few years. Wong — a 1987 graduate of the Art Center College of Design, the Harvard of car design, in Pasadena, Calif. — went to work at GM’s main design studio near Detroit before becoming a car-design instructor in the mid-90s, teaching car design in California and Hong Kong.

Since arriving in Beijing, he has designed, among other cars, the Beijing Warrior, the rugged vehicle China’s army now uses as its main jeep, and the Beijing 800 sedan and several other concept cars Beijing Auto showed at the Beijing auto show in 2008.

Wong joined the Central Academy of Fine Arts last September as director of the school’s transportation design department, and he is helping change the outlook of students like Wang and Lin.

Wang says she was planning to continue her design studies in the U.S., but Wong brought with him a car-styling curriculum similar to that used at Art Center, and now she no longer feels she needs to go abroad to pursue her dream. Initially an industrial design student learning to design cell phones and bicycles, Lin says Wong “changed my life and outlook.”

Wang and Lin have it better than many of their fellow aspiring car designers. They plan, for now, to work with Wong after graduation, consulting for Beijing Auto. But until Chinese auto makers start taking design more seriously, theirs will remain a challenging job market, and a lot of talent will go to waste.

China’s employment situation ‘grave’: minister

BEIJING — Human Resources and Social Security Minister Yin Weimin warned of a “grave” employment situation in China on Tuesday, but said government measures to boost employment have taken “initial effects”.

With the big drop in company posts, a large number of migrant workers who lost their jobs, and the labor-intensive industry falling as major victim amid global financial downturn, “the employment situation in China is very grave,” he said at a press conference on the sidelines of the parliament’s annual full session.

In face of the grave situation, the Chinese government has taken a series of measures, which have shown “initial effect”, he said.

In the first two months of this year, China saw “a reverse on the dropping trend” in new labor posts in cities, he said.

The number of new laborers stood at 690,000 and 930,000 in January and February, compared with 550,000 and 380,000 in November and December last year, according to Yin.

China recorded the first rise in company posts in February after it dropped for four consecutive months from October last year, he said.

“It’s only a moderate increase of 1 percent, but it’s good news,” he said.

“But can we then judge from the two pieces of good news that our employment situation is turning for the good? I think we should keep on observing the overall economic development,” he said.

China’s export continued the downward tendency in February and will face a “grim” situation in the “coming foreseeable months”, said Chen Deming, Minister of Commerce, at the conference .

“Affected by the global economic recession, China has undergone negative growth in both import and export since last November,” said Chen.

HR: Legislation drafted to put ceiling on executive salaries

The salaries of executives in China’s State-owned enterprises (SOEs) could soon be limited.

A drafted regulation reportedly caps the salary of senior executives at no more than 10-12 times the average of regular SOE staff salaries. The plan also limits the growth of executive pay to no faster than the expansion rate of corporate profits.

According to the National Bureau of Statistics, in the first three quarters of 2008, the average income of SOE employees was 20,576 yuan.

“The salaries of executives in SOEs should be controlled because they are appointed by the government, not chosen by their market value and SOEs enjoy more favorable policies and resources than their private counterparts,” said Liu Junsheng, a researcher with the Ministry of Human Resources and Social Security.

The financial sector will be the first regulated, with a reported ceiling of 2.8 million yuan on executives’ annual pretax salary.

Executive pays came under the spotlight after Guotai Jun’an Securities Co, one of China’s leading State-sector brokerages, revealed a package of 3.2 billion yuan for executive “compensation and welfare” in 2008.

If the 3-billion-yuan total compensation was equally shared by the company’s 3,200 employees, each would receive about 1 million yuan, or 88 times an average urban worker’s annual income.

The financial services industry suffered major losses so the financial companies’ hefty payout deals drew widespread public ire.

An online survey conducted by ifeng.com showed that over 96 percent of netizens said the performance of the executives in SOEs did not match their high salaries.

The salaries of many high-level executives in SOEs are also not transparent to the public. Human resources consulting firm Mercer conducted studies on executives compensation for China’s CSI 300 Index companies traded in Shanghai and Shenzhen stock exchanges since 2005, using publicly disclosed information and found the disclosed compensation information for executives is limited compared to those listed in countries such as the US.

“People have a right to know about executive salaries, including the specific amount, their performance evaluation method and performance results. But this kind of information is not available for companies on the Chinese mainland,” said Zheng Wei, managing director for Asia executive remuneration business with Mercer.

According to the Mercer report, in 2007, most bank presidents’ compensation was about 10-20 times that of an average staff salary. The report also said the salaries of senior executives in State banks have little connection to the banks’ performance.

The highest pay package in financial industry in 2007 was as much as 66 million yuan for Ma Mingzhe, chairman of Ping An Insurance (Group) Co, which garnered criticism on Internet forums.

A draft of a general regulation to cap salaries of high-level executives in SOEs will be submitted to the State Council for approval soon, said Liu.

Cramer’s ‘Stop Trading!’: China’s Red Hot

“China is red hot and staying hot,” said Jim Cramer on CNBC’s “Stop Trading!” segment on Tuesday.

Vehicle sales are up in China, led by General Motors(GM Quote – Cramer on GM – Stock Picks). “People have to understand that the Chinese stimulus plan is really rooted in people’s spending,” Cramer said. It’s “enough to be able to change spending habits, buy more, drive more cars.”

He called China “the best market in the world” and predicted that it still has “far to go.”

But there’s a tradeoff, Cramer said, because China’s stimulus plan isn’t regulated by the rules of a democracy. “A democracy has a lot of different considerations to make it more difficult,” he said. “I’ll take the freedom over what they’ve got.”

Cramer said that Verizon(VZ Quote – Cramer on VZ – Stock Picks) is going higher, and he recommended ag stocks such as Terra Nitrogen(TNH Quote – Cramer on TNH – Stock Picks) and Monsanto(MON Quote – Cramer on MON – Stock Picks).

“Monsanto’s back,” he said, adding that it had a “good” quarter, unlike Deere(DE Quote – Cramer on DE – Stock Picks).

He likes Terra Nitrogen for its dividend. “TNH is a great fertilizer play,” he said.

HR: Top brass may get no pay hikes

Senior executives at nearly a quarter of Chinese companies would see no increase in their compensation packages this year, a survey by human resources consulting firm, Mercer, has found.

In all, 59 companies in China were included in the survey, of which 76 percent were listed companies and 39 percent, multinationals.

Around 34 percent of the surveyed companies said executive bonuses for 2008 would decrease. The average bonus level in Asia was 40 percent for 2008.

The global financial crisis has pushed companies to review executive compensation mechanisms. This is being done to tighten the relationship between executive pay and company strategy.

Around 49 percent of companies in China may adjust their performance evaluation standards in the next 12 months. Nearly 33 percent said they would adjust long-term evaluation standards, the survey revealed.

About 71 percent of the companies surveyed said they had a long-term incentive plan designed to retain talent. Due to the sluggish market, around 14 percent of the companies said the value of their long-term incentive plan (that will be met this year) would be lowered.

Mercer conducted similar surveys in other Asian nations, including India, South Korea, Japan and Singapore.

“In Asia, one-third of the companies surveyed said their senior executives’ salaries wouldn’t increase in 2009. The proportion in China is a little smaller than the average, indicating that the country is less impacted by the financial crisis,” said Zheng Wei, managing director for the Asia executive remuneration business at Mercer.

“Considering the deferred impact on China’s market, we expect more companies in China to take similar measures to limit senior executives’ pay this year,” Zheng added.

Ma Mingzhe, the chairman of Ping An Insurance (Group) Co, received the highest pay package for 2007 in the financial industry, at 66 million yuan. This was a nearly four-fold jump from his 2006 salary and was widely criticized.

About two thirds of Ma’s salary in 2007 came from the long-term incentive plan. “Because of the financial crisis, companies should pay much more attention to the validity and rationality of the salary mechanism and make it palatable to staff and public supervisors,” said Zheng.

Wanda to offer 60,000 new jobs in 2009

Wanda Group, one of the country’s largest private property developers, will offer 60,000 new jobs this year, a company executive said on Wednesday.

“Most of the jobs are created by our rapid expansion this year,” Wang Jianlin, Wanda’s chairman, told China Daily on the sidelines of the annual sessions of the Chinese People’s Political Consultative Conference (CPPCC).

Wanda plans to build eight shopping malls and two five-star hotels this year. The company has spent 11 billion yuan in grabbing five pieces of land in Shijiazhuang, Tangshan, Tianjin, Hefei and Hohhot since the fourth quarter of last year, despite the sluggish property market.

Xinjiang vows job offers to fresh graduates

Unemployed graduates will get a job offer within 12 hours of an application in the capital of the Xinjiang Uygur autonomous region, officials said Monday.

A record 58,000 graduates are expected to enter the job market in the region this year, up 9 percent from last year, prompting Xinjiang to roll out a slew of measures to help them find jobs amid the financial crisis.

“We can ensure that a graduate student can get at least one offer within 12 hours in Urumqi,” said Li Zhi, party head of Urumqi. Li is in Beijing to attend the ongoing session of the National People’s Congress.

Although he didn’t say what kind of positions would be offered to students, he said that priority would be given to ethnic minority students.

“We will encourage employers to hire ethnic minority students and the government at all levels will arrange positions for them,” Li said.

The efforts are part of a package for all Xinjiang graduates as the region aims to maintain an employment rate of over 70 percent among fresh graduates, said Tian Wen, party chief of Xinjiang personnel bureau.

Xinjiang’s relatively small economy, however, means that there will be fewer urban jobs than the number of new graduates. As a result, they will be urged to go to the countryside to teach or practice as medical workers. Five percent college graduates in the region have been working in rural areas since last year.

“We offer tailored positions to students to support medical and educational developments in rural Xinjiang,” Tian said.

She did not specify how many such positions are offered but said that 80 percent positions are reserved for ethnic minority students.

Both officials called for graduates to take frontline jobs, with Tian saying multiple vacancies exist in the public welfare sector.

Besides, the region has also established five job-training bases in Ili Kazak autonomous prefecture, Urumqi and Aksu. Among the other measures to boost employment among new graduates are subsidizing companies that employ graduates, offering small loans to graduates starting their own businesses, employment guidance to students and organizing specialized job fairs.

Customer Manager ?Credit Marketing?(mkt273sh)

Job Title: Customer Manager ?Credit Marketing?
Location: Shanghai
The largest independent local bank in Hong Kong, with total consolidated assets of HK$415.3 billion (US$53.58 billion) as at 31st December, 2008. The Bank is listed on the Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index.
They have long been known for the comprehensive range of retail and commercial banking services that it provides to a wide array of customers. Retail and wholesale banking services are delivered through the Bank’s Personal Banking, Corporate Banking, Wealth Management, Investment Banking, China, and International divisions.
Job Description:
Responsibilities:
1. The development of high quality customers, potential customers to promote the bank’s credit products and services
2. Keep good relationship with customers, the local regulatory authorities
3. Actively expanding in Shanghai and surrounding cities, or new business to collect, update customer information, prepare related reports;
4. Able to work under pressure and complete set of business indicators.
5. Make the mid and long strategy development of business development

Requirement:
1. More than five years working experience in marketing credit and commercial banking firm (Shanghai Area)
2. A strong credit business analysis capability and market development capabilities
3. Positive, be patient and careful and have team spirit
4. Have good customer resources
5. Bachelor degree or above
6. Fluent in English.
* Please send us your complete resume (in Chinese and in English) to: ‘topjob_mkt273sh@dacare.com'(Please replace “#” with “@”)
* In the email subject please include the position name and job #

Branch Manager (mkt274sh)

Job Title: Branch Manager
Location: Shanghai
The largest independent local bank in Hong Kong, with total consolidated assets of HK$415.3 billion (US$53.58 billion) as at 31st December, 2008. The Bank is listed on the Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index.
They have long been known for the comprehensive range of retail and commercial banking services that it provides to a wide array of customers. Retail and wholesale banking services are delivered through the Bank’s Personal Banking, Corporate Banking, Wealth Management, Investment Banking, China, and International divisions.
Job Description:
Responsibilities:
1. Lead the branch team to complete the allocated sales targets and to establish good customer relationship;
2. Ensure that the branch to reach the people trading banks, the CBRC and the State Administration of the standards of Foreign Exchange and other regulatory bodies;
3. Effective development and management of branch-wide marketing activities and channels to expand activities;
4. Monitoring internal processes and branch staff training;
5. Manage the implementation of internal organizational discipline in order to protect the branch daily operations and business development.

Requirement:
1. Over 8 year’s branch operations or retail management experience (Shanghai Area) with solid performance records;
2. Solid knowledge based in banking and market development capabilities;
3. Strong ability of analysis, decision-making adaptability and execution;
4. Gained solid customer resources;
5. Bachelor degree or above, MBA background in well-known institutions is A-plus
* Please send us your complete resume (in Chinese and in English) to: ‘topjob_mkt274sh@dacare.com'(Please replace “#” with “@”)
* In the email subject please include the position name and job #

Customer Manager ?Personal Finance & Wealth Management?(fi202sh)

Job Title: Customer Manager ?Personal Finance & Wealth Management?
Location: Shanghai
The largest independent local bank in Hong Kong, with total consolidated assets of HK$415.3 billion (US$53.58 billion) as at 31st December, 2008. The Bank is listed on the Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index.
They have long been known for the comprehensive range of retail and commercial banking services that it provides to a wide array of customers. Retail and wholesale banking services are delivered through the Bank’s Personal Banking, Corporate Banking, Wealth Management, Investment Banking, China, and International divisions.
Job Description:
Responsibilities:
1. The development of high quality clients, and actively promote the banking business;
2. To promote various types of personal financial products;
3. To provide customers with personal financial business training;
4. Able to work under pressure and complete the company target
5. To evaluate financial & wealth management markets to recommend mega investment themes and wealth management services trend
6. To monitor and analyze customer/branch’s feedback to improve overall customer experience.

Requirement:
1. Commercial banks more than Six years of personal financial products sales experience (Shanghai Area) ;
2. A strong marketing capability;
3. Have good customer resources;
4. Positive, be patient and careful and have team spirit;
5. Bachelor degree or above
6. Fluent in English.
* Please send us your complete resume (in Chinese and in English) to: ‘topjob_fi202sh@dacare.com'(Please replace “#” with “@”)
* In the email subject please include the position name and job #