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Country risk, from the local press

China · Country watch

China's Gig Economy Rules, Rubber Price Surge

China introduces new gig economy regulations, while rubber prices hit a nine-year high, affecting automotive and manufacturing sectors.

· · 5 sources

The picture Mixed

Business conditions in China are mixed today. New regulations improve gig economy worker protections, while a surge in rubber prices raises costs for automotive and manufacturing sectors. The PBOC's commitment to a market-driven exchange rate provides some stability in financial markets.

In this briefing China · Shanghai Futures Exchange · People's Bank of China

Regulation

  • logistics
  • retail

China introduces new gig economy regulations

man in blue helmet and blue jacket standing beside cars during daytime
Joshua Fernandez / Unsplash

China has introduced new regulations aimed at protecting workers in the gig economy, according to ChinaNews.com. The rules address issues such as withheld wages, excessive working hours, and insufficient safety protections for workers like ride-hailing drivers and food delivery personnel. The move comes as the gig economy continues to expand rapidly in China, raising concerns over labor rights and safety. The new regulations are expected to improve conditions for millions of workers in this sector.

Impact Gig economy workers, including ride-hailing drivers and food delivery personnel, gain improved labor rights and safety protections.

Sources: ChinaNews.com ↗

Disruption

Nothing significant reported today.

Internal tension

Nothing significant reported today.

Safety & health

Nothing significant reported today.

Companies

Nothing significant reported today.

Markets

  • automotive
  • manufacturing

Rubber prices surge to nine-year high in China

Rubber prices in China have surged to a nine-year high, with the main contract on the Shanghai Futures Exchange closing at 20,145 yuan per ton, according to ChinaNews.com. The price has increased by over 28% this year. The rise is attributed to supply constraints and increased demand, impacting the cost of important automotive components and manufacturing inputs. Over 60 companies have issued price increase notices due to the rising raw material costs.

Impact Automotive and manufacturing firms face higher costs due to a 28% rise in rubber prices this year.

Sources: ChinaNews.com ↗

  • finance

PBOC reaffirms commitment to market-driven exchange rate

Head office building of the People's Bank of China, Financial Street, Beijing
Head office building of the People's Bank of China, Financial Street, Beijing Boubloub, CC0 via Wikimedia Commons

The People's Bank of China (PBOC) reiterated its commitment to a market-driven exchange rate, according to CGTN Business. The PBOC emphasized that the RMB operates under a managed floating exchange rate regime, influenced by market supply and demand with reference to a basket of currencies. This statement comes amid ongoing discussions about currency stability and economic policy.

Impact Financial institutions and currency traders are assured of China's continued adherence to a market-driven exchange rate policy.

Sources: CGTN Business ↗

Trade

Nothing significant reported today.

Politics

Nothing significant reported today.

Also today in China

Sources in this briefing

Sources: each headline links to the original article on the publisher's site.

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