Top Story Xi in Chongqing

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Chinese President xi Jinping visited chongqing， a municipality that straddles the Yangtze River in southwestern China， from January 4 to 6.

This marked the first time Xi chose to travel to a developed city instead of a poverty-stricken one for his customary New Year visit since becoming president in 2013. Analysts attributed the change to China’s entry into the “new normal” state of economic development， characterized by a growth slowdown and industrial upgrading. Chongqing， which stands out for its economic transformation， sets a good example for other Chinese cities. At the same time， given that the city’s Guoyuan port is a key link connecting the Yangtze River to the rest of the planned route of China’s One Belt， One Road initiative， Xi’s visit shines a light on this national endeavor. The city is also known as a terminus of the Chongqing-Xinjiang-Europe International Railway， which stretches from Chongqing to Duisburg， Germany.

On his visit， Xi first went to the Guoyuan port， an inland hub connecting railways， highways and waterways， then stopped by the offices of BOE Technology Group， a global supplier of semiconductor displays that has large manufacturing bases nationwide.

According to Xinhua News Agency， Chongqing has seen significant development in its pillar industries since 2013， including the auto industry and IT equipment manufacturing. Its GDP grew by 10.9 percent year-over-year in 2014 to 1.43 trillion yuan （US$220bn）， while the GDP growth rate in 2015 is estimated to be 11 percent.

Economy

‘Circuit Breakers’ Die Young

China Securities Regulatory Commission （CSRC） suspended the new stock market “circuit breakers” on January 7 after just four days of use by mainland markets.

The circuit breakers were meant to curb market free-fall by automatically pausing trading for 15 minutes if the composite index （the CSI 300） fell by more than 5 percent compared to the closing index of the previous trading day. If it dipped by more than 7 percent， trading would close for the day.

However， the new mechanism did not help control market risk C Ashares suffered a dramatic drop in 2015， inciting further investor panic over falling share prices. During the circuit breakers’ four-day life span， China’s stock markets in Shanghai and Shenzhen triggered them twice， the second occurrence happening just minutes after the market had opened for the day.

Given that the CSRC has set a fluctuation threshold of 10 percent for individual stocks， many experts saw the circuit breakers as unnecessary. Some others attributed their failure to the fact that the circuit breakers triggered at too cautious a limit.

Military

China Inaugurates Two New Armed Services

On December 31， 2015， the Central Military Commission （CMC） of the Communist Party of China officially founded the Rocket Force and the Strategic Support Force as two new branches of the People’s Liberation Army （PLA）， and also formed a new general command headquarters for the PLA.

According to Chinese media reports， the Rocket Force replaced the Second Artillery Corps （SAC） of the PLA， which has commanded China’s strategic missile array since 1966. The SAC answered solely to the CMC in China’s military hierarchy， placing the new Rocket Force on the same level as the PLA Army， Navy and Air Force.

The new Strategic Support Force will focus on col- lecting intelligence and cyber defense， which is playing an increasingly important role in modern warfare.

China is now launching sweeping military reforms that focus on restructuring and stamping out corruption. The latest reforms， including the formation of the PLA Army general headquarters， show that the PLA intends to streamline command by establishing more functional administrations directly under the CMC and replanning military zones to better balance military strength between the ground， navy and air forces.

Policy

‘Two Child Policy’ Goes Nationwide

The Chinese government issued its revised family planning law at the end of 2015， allowing every married Chinese couple to have two children.

To encourage people to have more children more quickly， lawmakers retracted former legislation that rewarded those who marry and have children at a more advanced age with longer leave， a measure that has angered many single people who are in their late 20s or 30s.

The revised policy will continue to give assistance to families who have lost their only children. The article that guaranteed this was originally removed in a previous draft， triggering a round of public criticism.

Easing the ban on second children has been a hotly debated topic for years， as more and more experts warned that China’s rapidly aging population has created a serious demographic problem. However， given the heavy financial burden that comes with raising two children instead of one， many couples feel reluctant to have a second baby， according to media reports. Experts have called for the government to give couples a financial incentive to have second children.

Employment

Chinese Mainland Wage Raises Among Highest in East Asia

Employers on the Chinese mainland plan on giving employees large raises in 2016， according to a report released by global recruiting group Hays on January 14.

The 2016 Hays Asia Salary Guide analyzed salary and recruitment trends based on data from more than 3，000 employers representing six million employees on the Chinese mainland， Hong Kong Special Administrative Region （HKSAR）， Singapore， Malaysia and Japan. The research showed that 29 percent of Chinese mainland employers intend to increase wages by 3-6 percent in 2016， 44 percent plan a 6-10 percent boost， and 16 percent plan to raise salaries by more than 10 percent.

By contrast， 63 percent of employers in Japan plan to increase pay by no more than 3 percent. The majority of employers in HKSAR， Malaysia and Singapore expect to raise salaries by 3-6 percent.

Chinese mainland employers stood out for high increases in salary last year as well C 50 percent of mainland employers raised wages by 6-10 percent in 2015， while 13 percent hiked wages up more than 10 percent.

According to the guide， an insufficient salary and benefits package is the key reason why 41 percent of mainland candidates re-enter the job market， while the most popular reason for remaining with an employer is a healthy work-life balance.

Development

Airport in Nansha（Spratly） Islands Ready for Service

On January 6， two governmentchartered civilian aircraft landed safely on the runway of a new airport on Fiery Cross Reef， located in the Nansha （Spratly） Islands. The planes had taken off two hours prior in Haikou， the capital of Hainan Province. Their successful flights set a milestone for China’s construction projects in disputed areas of the South China Sea.

According to Chinese media reports， the new airstrip was built on land that China has reclaimed and expanded to an area of 2.8 square kilometers， a process that began in late 2013.

The trial flight aroused protest from some of China’s neighbors， including Japan and Vietnam， while China’s foreign ministry responded that China has sovereignty over the islands.

On January 8， retired major general Xu Guangyu revealed to Hong Kong newspaper South China Morning Post that a trial military flight might be conducted in the following months. Experts believe that Fiery Cross Reef will serve as a regional logistical center for China’s civilian and military activities.