rongsheng tang economics made in china

The China Rongsheng Heavy Industries (RSHI) Group Holdings is a leading large-scale heavy industry conglomerate with operations covering shipbuilding, marine engineering, power engineering, construction machinery and other related fields. The China RSHI Group was successfully listed on the Main Board of The Stock Exchange of Hong Kong on 19th November 2010.

Liang studied for a Master’s in Corporate Management at Tongji University and undertook a period of work experience at Berlin Technical University. He is Deputy Treasurer at China Rongsheng Heavy Industries Group Holdings.

Rongsheng has a vertically centralised treasury structure. We have two production bases located respectively in Rugao, Nantong and Hefei, Anhui Province. The group headquarters are in Hong Kong and Shanghai, with treasury department composed of seven employees, responsible for FX and interest rate risk management, financing, cash management and bank relationship management.

Glutinous rice can be consumed by fermenting it to make rice wine. Also, it can be made into Jiuniang - fermented sweet rice serving as a critical ingredient and flavour for many famous Chinese dishes as a supplement or as a sugar alternative. Milled rice can be ground and processed into rice noodles, dumplings such as Tangyuan, Zongzi, and Yuanxiao, glutinous rice cakes such as Niangao, Maqiu, puddings, crackers, bread, and fermented food. Ground rice can range in colour when made out of red, purple, and brown types of rice.

Zhi-peng LI, Yu-qiao LONG, Peng-qin TANG, Jie-yang TAN, Zheng-guo LI, Wen-bin WU, Ya-nan HU, Peng YANG, Spatio-temporal changes in rice area at the northern limits of the rice cropping system in China from 1984 to 2013, Journal of Integrative Agriculture, Volume 16, Issue 2, February 2017, Pages 360-367.

Liu, Zhenhuan; Li, Zhengguo; Tang, Pengqin; Li, Zhipeng; Wu, Wenbin; Yang, Peng; You, Liangzhi; Tang, Huajun (2013-12-01). "Change analysis of rice area and production in China during the past three decades". Journal of Geographical Sciences. 23 (6): 1005–1018. doi:10.1007/s11442-013-1059-x. ISSN 1861-9568. S2CID 128872044.

Peng, Shaobing; Tang, Qiyuan; Zou, Yingbin (2009-01-01). "Current Status and Challenges of Rice Production in China". Plant Production Science. 12 (1): 3–8. doi:ISSN 1343-943X.

Among the first things that the Tang dynasty did was to put forth a new legal code. The first Tang emperor, Gaozu, revised the previous dynasty"s ideas and implemented the new changes as his own. The Tang legal system would become the model for its successors. Vietnam, Korea and even Japan would also use the policies of the Tang code to adjust their own systems of laws.

Another innovation that allowed the Golden Age to blossom during the Tang dynasty was its new emphasis on Confucian studies as preparation for the Imperial Examination, a test which selected government officials. It had been a tradition since the Han dynasty for civil service candidates to read the rules and orders that had been crafted from Confucian philosophy. The Tang dynasty used the examination method to bring balance in the government between those who were of the noble houses, and those who were not. They broadened their selection system to ensure that no one noble house gained too much power, thus avoiding the possibility of a warlord who could take power from the Tang.

The Tang dynasty prospered because of its open trade with the neighboring countries, both by sea and overland along the Silk Road, a route that was originally formed during the Han dynasty. The Tang dynasty reopened the Silk Road in 639 after securing the stability and safety of the route through conquest of hostile neighboring states along the route.

But while great steps forward in trade initially helped to make the Tang economy strong, a downfall came with the An Lushan rebellion of 755-763. An Lushan was a military leader who briefly seized power and created a small empire for himself. The Tang were forced to enlist help from foreign armies to put down the insurrection and recapture their lands, in return for vast sums of money. Many areas under Tang control were invaded during this period, resulting in some loss of land and tax revenue.

Interestingly, the An Lushan rebellion had the unexpected outcome of increasing trade in the Tang economy. The rebellion forced the central government to loosen its control of trade and allowed more markets to open with fewer bureaucratic regulations.

Unfortunately, this economic growth was undermined in 858 when a massive flood occurred and again in 873 with a catastrophic harvest that caused widespread starvation. The now-decentralized government was not able to address the problem by providing relief to those who suffered, because it lacked the financial means to do so. These natural disasters caused the people to question whether the Chinese deities were angry, thus making the Tang emperor unfit to rule.

The Tang dynasty represents a high point in Chinese history. It is remembered as an age of advancements, stability, expansion, and just rule that became a model for governance in China. The Tang dynasty allowed China to prosper and expand its commerce and global influence, and facilitated the growth of its population in a way that would strengthen the country far into the future. The expansion of trade through the reopened Silk Road and the growth of overseas trade allowed both resources and ideas to strengthen the country.

Rows of dilapidated five-story dormitories in the city of Nantong, previously housing China Rongsheng Heavy Industries Group Holdings Ltd.’s 38,000 employees, were abandoned after the shipbuilder teetering on collapse cut almost 80 percent of its workers over the past two years. Most video arcades, restaurants and shops serving them have closed.

Rongsheng, which is seeking a government bailout after accumulating 25 billion yuan ($4.1 billion) in unpaid loans as of June, including to Bank of China Ltd., is a casualty of over- investment gone bust. In Nantong, the only remaining market is selling past-its-shelf-life bread, woolly shoe pads and other dusty items at a discount as shopkeeper Qiu Aibing prepares to wind down before winter. There’s no sign of a single customer.

Rongsheng, whose assets jumped sevenfold between 2007 and 2012 when government-directed lending led to a shipbuilding boom, also has loans outstanding to Export-Import Bank of China and China Development Bank Corp., state-owned policy banks set up to provide financial support at a cheaper cost to companies and industries endorsed by the government. Rongsheng may post a second consecutive loss of 2 billion yuan this year and a 1.1 billion yuan loss in 2014, according to a median estimate of analysts in a Bloomberg survey.

Rongsheng now relies on its remaining 8,000 workers to build the world’s biggest cargo ships for Brazil’s iron-ore producer Vale SA and Oman Shipping Co., as well as smaller vessels and oil tankers. Workers in its shipyards, mostly from other parts of China, and local staff in its Shanghai office have had their salaries delayed, sometimes by two months, a person with knowledge of the matter said.

Rongsheng declined in an e-mail to answer questions about its operations. Spokesmen for ICBC and China Construction Bank Corp. declined to comment on the prospect of rising bad loans, while those at Bank of China, Agricultural Bank of China Ltd. and China Development Bank didn’t respond to requests.

The pain is being experienced by Rongsheng’s peers nationwide. A third of the country’s 1,600 shipyards may shut down within five years amid a global vessel glut, Wang Jinlian, secretary general of the China Association of the National Shipbuilding Industry, said in July.

“The real situation is much worse than the data showed” after talking to chief financial officers at industrial manufacturers, said Wendy Tang, a Shanghai-based analyst at Northeast Securities Co., who estimates the actual nonperforming-loan ratio to be as high as 3 percent. “It will take at least one year or longer for these NPLs to appear on banks’ books, and I haven’t seen the bottom of deterioration in Jiangsu and Zhejiang yet.”

In Nantong, handmade-noodle-shop owner Ma Shuntian said he’s still a believer, even after losing 50,000 yuan this year. Ma and his wife pumped almost 1 million yuan into the restaurant five years ago after selling everything they had in Qinghai province and moving to the area where Rongsheng’s workers reside. In a good year, selling noodles brought in more than 100,000 yuan in profit.

“I hope Rongsheng can come through this crisis and the town comes back to life,” said Ma, a father of three. “If they earn big money, I can earn small.”