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China to Boost Minimum Wage China to Boost Minimum Wage(0)

The government wants to increase domestic demand to ease China?s dependence on exports and narrow the gap between rich and poor, the Hong Kong-based English-language newspaper said, citing Huang, vice-chairman of the National Council of Chinese People?s Political Consultative Conference and chairman of the All-China Federation of Industry and Commerce.
The government will propose reducing fees and charges on factories in exchange for higher wages, the Post said.

Source : Konaxis

China may choose wages over yuan China may choose wages over yuan(0)

Higher labor costs would cut Chinese export competitiveness while boosting domestic spending power and sustaining economic growth, according to the bank. Premier Wen Jiabao?s government has been pressed by U.S. and European officials to end a 19-month yuan peg to the dollar to help diminish trade and investment imbalances that contributed to the credit crisis.

The strategy may limit gains in the yuan to 3 percent this year, according to Tao. This month?s 13 percent increase in minimum wage in eastern China?s Jiangsu province indicates that higher pay will play an important role in officials? efforts to rebalance growth in the fastest-growing major economy, Tao said.

In Jiangsu, which was the nation?s third-largest exporting province in 2008, the government raised the minimum wage to attract workers, the local labor department said. Shanghai, the No. 2 exporter, is following suit from April 1, Mayor Han Zheng said. Beijing, Zhejiang and cities in the southern Guangdong province also plan increases, the China Business News reported Jan. 27, citing labor officials.

Source : Konaxis

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