Shanghai, China’s financial center and most populous city, will raise the minimum monthly wage by 14 percent to 1,280 yuan (US$195) next month, the city said yesterday.
The minimum hourly wage will be raised by 22 percent to 11 yuan, a statement from Shanghai’s municipal government said.
Shanghai’s mayor said in January that minimum wage would be raised by more than 10 percent this year given the fast pace of development and soaring food prices.
The Chinese government is encouraging wage hikes as it wants to boost consumer spending and reduce the economy’s reliance on exports.
A China Daily report in late January said the wealthy coastal province of Jiangsu was to hike minimum wages by at least 12 percent last month, with its capital, Nanjing, raising the minimum wage to 960 yuan from 850 yuan.
Media have also reported that Beijing might raise the minimum wage by 10 percent from the current 800 yuan per month as early as April 1, and that Zhejiang Province, as well as Guangdong Province’s Dongguan and Guangzhou were also planning increases.
According to official statistics, per capita disposable income of urban residents nationwide was 19,109 yuan last year, up 7.8 percent from 2009 in real terms; per capita income in rural areas was 5,919 yuan, up 10.9 percent.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
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