Daily Archives: April 13, 2011

Fast growth of economy fuels rise in wealthiest

According to an annual wealth report released on Tuesday, the mainland has 960,000 millionaires with personal wealth of 10 million yuan ($1.5 million) or more.

That is up 9.7 percent year-on-year, said the GroupM Knowledge – Hurun Wealth Report 2011.

Rising property prices and a fast-growing GDP have been the key drivers for the rising number of Chinese millionaires, according to the report.

It found that 55 percent of Chinese millionaires derived their wealth from private businesses, and 20 percent are property speculators who have ridden the fast hike in home prices. About 15 percent are stock gurus, while the remaining 10 percent are high-earning salaried executives.

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Mainland tourists big spenders overseas

More mainland tourists are expected to spend money on overseas travel this year, according to a report released to the national tourism authority on Tuesday.

The Annual Report of China Outbound Tourism Development 2011, released by the China Tourism Academy, estimates that mainland tourists will make 65 million trips to foreign countries as well as Hong Kong, Macao and Taiwan this year, up from 57.39 million in 2010.

They are expected to spend $55 billion overseas, up from $48 billion a year earlier, the report said.

Since 2009, mainland travelers have been the fourth-biggest spenders among tourists in the world. They follow just behind travelers from Germany, the United States and the United Kingdom, said Ma Yiliang, a researcher at the academy’s international tourism development institute and a compiler of the report.

“The main reason for this (ranking) is that mainland tourists prefer to shop during their trips,” he said.

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Space race over parking fees

You drive to work in Beijing and return to your car in the late afternoon to find a white piece of paper stuck on it. A note from a passing friend?

Not likely, not this month. It’s probably a parking citation and it comes at a cost; 200 yuan ($30.60) to be precise. Parking fines were increased in Beijing on April 1 but that was not all that changed at the beginning of the month.

Parking fees also shot up as part of the capital’s continuing efforts to relieve chronic traffic congestion. Roadside parking within the city’s Third Ring Road now costs 10 yuan for the first hour and 15 yuan for each additional hour.

Drivers were previously charged only 2 yuan per hour in most areas of the city except for downtown business and shopping areas, where the cost was already 10 yuan per hour.

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