Even by China’s standards, Wuhan Iron & Steel is enormous. As we drive along the four-lane highway beside the 22 square-kilometre site – with its eight blast furnaces, hot and cold rolling mills, port on the Yangtze River and Red Steel City workers’ town where 300,000 people live – the scale of Mao Zedong’s favourite steelworks is staggering.
Spend one-and-a-half days at a Founders Forum event and it’s impossible not to get infected by the techie-enthusiast bug. The day after last week’s big get-together I found myself beginning a Bob the Builder story with my two-year-old: “It was a busy time in Silicon Valley.”*
The Financial Times is media partner with the event, and this year sponsored two prizes. Founder of the year was won by Ilkka Paananen, chief executive and co-founder of Supercell, the Finnish gaming company behind Clash of the Clans and Hay Day, while Eben Upton, founder of Raspberry Pi, the credit card-sized microcomputer, was awarded the One to Watch prize. Read more
The western image of Chinese higher education is of relentless self-improvement and of hundreds of thousands of students graduating from universities with degrees in science and engineering. From China’s perspective, it looks a little different.
The slowing of growth and the fact that most new job creation is now taking place in the private sector, rather than in the public sector and state-owned enterprises, has led to a glut of new graduates. The unemployment rate among 21 to 25-years olds is now highest for university graduates.
But some Chinese analysts think it is not simply a demand problem – there is also a supply issue. Victor Yuan, chairman of Horizon Research, a Shanghai-based research group, argues that many universities are offering poor quality vocational education. Read more
“Fashionable management school theory appears to have lent undeserved credibility to some chaotic systems.”
This line leapt out from the 571-page UK parliamentary review of banking published on Wednesday. It’s in the conclusion to the passage criticising the way in which banks applied the “three lines of defence” risk control framework – line managers, risk controllers and compliance staff, and internal audit. Read more