China shares get MSCI nod in landmark moment for Beijing
Jun 21, 2017
- China’s stocks took a major step toward global acceptance on Wednesday, finally winning a long campaign for inclusion in a leading emerging markets benchmark, in what was seen as a milestone for global investing.
Ford to build the Focus in China instead of Mexico
June 20, 2017
- Ford will shift production of the Focus compact car from the United States to China. And in a first for the automaker, it will ship many of these cars back to the U.S. to sell. Ford will start building its new small pickup, the Ranger, in 2018, after the Focus moves to China. In 2020, it will build the new Bronco, the SUV model it is bringing back, at the Michigan plant. Ford also said Tuesday that it will invest $900 million in its Kentucky truck plant to build the new versions of the Ford Expedition and Lincoln Navigator, there. It said that investment would protect 1,000 jobs at that plant.
China applying for more patents than ever before as companies push to innovate, protect brands
16 June, 2017
- As more and more Chinese companies are relying on technology innovation to fuel their growth and profitability than ever before, it’s important that they possess a clear strategy for managing and protecting their intellectual property rights as they expand overseas. Some successful companies in China, despite already being leaders in their respective markets, are actively pursuing patent protection of their technology as part of their plan to expand outside of the Chinese market. They recognise the importance of IP protection and understand the urgent need to develop an effective patent strategy to protect their core technologies, arming themselves with both a sword and a shield to compete with global companies.
Chinese theme parks dominate top 20 in Asia-Pacific ranking
June 15, 2017
- Amusement/theme parks are booming in China as competition between domestic and international operators provides a wide range of options closer to home than before, according to a report prepared by the Themed Entertainment Association and AECOM consulting and engineering firm. Although Japanese parks took the top three spots, Chinese destinations filled out 11 of the top 20 in the Asia-Pacific ranking. Chimelong Ocean Kingdom, the most popular Chinese attraction, drew 8.47 million visitors in 2016, a 13.2% increase over the previous year.
Chinese students are losing interest in working at international firms
June 15, 2017
- The desire to work for international companies is waning amongst China’s best and brightest. Scoring a job at a big Western firm used to carry serious cache in China, but now just 18% of Chinese college students say they want to work for an international company, according to a new survey conducted by research firm Universum. That’s down from 28% two years ago. Local companies are growing faster and seen as more innovative, according to William Wu, Universum’s country manager for China.
“Daddy, I want something Chinese, not a usual iPhone”
Jun 10, 2017
- The headline that you read above is what I heard from a kid shouting out to his father. It was ironic as the father was offering him an Apple iPhone as his next present and the kid instead said that it was cool to have a black Redmi Note 4. The father must have certainly felt good about the lesser strain on his pockets but weird about the fact that it is no more cool to have an iPhone. If you think that the Chinese only dominate in the mid-range smartphone category, then you must be knowing about the company called OnePlus. Die hard Android fans consider their smartphones to be the best value-for-money products, especially the old OnePlus One and last year’s OnePlus 3. But, OnePlus is from China and is owned by the same parent company that owns OPPO and VIVO. Motorola is also a part of Lenovo these days and their Moto Z range of smartphones have been considered to bring innovation to the category.
More European companies see gains in China, survey says
June 7, 2017
- European companies are offering a rosier view of China, with a five-year high of 71% reporting profitable operations in the country, a business confidence survey found. The 71% of businesses reporting a pretax profit for 2016 represents an increase from 66% the year before, according to the European Union Chamber of Commerce poll of 570 companies. Only 11% reported a pretax loss, down from 14% the prior year. Chinese sales increased for 55% of these European companies in 2016 compared with the prior year. Last year, 51% of the companies cited sales gains.
Chinese Giants Are Taking Over Hong Kong
June 6, 2017
- Chinese developers, including HNA Group Co. and Logan Property Holdings Co., have outbid local contenders for expensive land for development, snapping up all HK$37 billion worth of government land sold for residential development this year. Local developers? Zero. Hong Kong developers, such as Henderson Land Development Co., have stuck to bidding for commercial real estate instead. They’re increasingly seen in the phone market, too, with a unit of China Telecom Corp. planning to launch mobile services this month. And in media ownership—with the city’s premier English-language newspaper, the South China Morning Post, purchased last year by Chinese billionaire Jack Ma with the stated intent of presenting a view of China that’s more Chinese-influenced than Western.
Two SIM Cards and Better Selfies: How China’s Smartphones Are Taking On Apple
June 8, 2017
- Chinese manufacturers add locally targeted features, helping to double their market share in five years SHENZHEN, China—The top player in Africa’s fast-growing smartphone market isn’t Apple Inc. or Samsung Electronics Co. It is Transsion Holdings Ltd., an obscure Chinese manufacturer that won customers by offering handsets with features targeted to local markets.
China’s $17 Trillion Debt Mountain Isn’t as Scary as It Looks
June 5, 2017
- Thanks to a combination of economic stimulus and state-owned enterprise reform, debt-to-equity ratios at China’s largest non-financial firms have dropped to the lowest levels since 2010. Gauges of profitability and interest payment capacity are the strongest in at least five years, while free cash flows have never been bigger.
Asian flagship carriers sink as Chinese airlines expand
June 5, 2017
- Major Asian airlines find themselves increasingly squeezed due to the advent of low-cost carriers, rising fuel prices and intense price competition stemming from a sharp expansion of international operations by Chinese air carriers.
Morgan Stanley stays bullish on China after Moody’s downgrade
02 June, 2017
- A big Wall Street investment bank is voicing optimism over China’s economic and financial prospects, days after Moody’s Investor Service downgraded the country’s credit ratings. China will continue to clean up its interbank activities and curb credit expansion to bring financial risks under control, applying good “counter cyclical” measures that are unlikely to derail growth, Morgan Stanley said in a research report released during its China Summit in Beijing. “Growth has peaked and will moderate in coming quarters due to higher base and reduced policy support,” the report said. “Nonetheless, the slowdown will be modest due to strong external demand and better private capital expenditure.”
China Just Became the Games Industry Capital of the World
June 1, 2017
- Revenue from computer games exceeded $100 billion globally in a single year for the first time, while China has overtaken the U.S. as the “gamer capital of the world” in terms of market size, according to a report published by London-based venture capital firm Atomico. The 600 million gamers in China generated $24.6 billion of the industry’s $101.1 billion global market value over 2016, just ahead of the U.S.’s $24.1 billion. In 2015, the global games industry was worth $91.8 billion according to data from research house Newzoo. A notable contributor to the growth has been Apple’s mobile app store in China. In 2016, China accounted for 31 percent of the total $18 billion generated by games on iOS, compared with just 3 percent of the $2.4 billion total in 2012.
China is rapidly closing the innovation gap, European firms say
30 May 2017
- Forget the “copycat China” stereotype: The world’s second-largest economy is quickly shedding that image as domestic firms innovate rapidly. By 2020, 60 percent of European companies in China expect Chinese firms to have closed the innovation gap, according to the EU Chamber of Commerce in China’s annual business confidence survey. “This should serve as a wake-up call for European companies,” the report said. “While this catching up is most likely to occur in services, with breakthroughs in industrial goods taking longer, European business needs to plan accordingly.”
Esports – next frontier in video gaming
- There are 170 million players and fans in China, surpassing any other regular sports, reports Ouyang Shijia When Liu Zhenyan commentates live from the Jeunesse Arena in Rio de Janeiro, tens of millions of Chinese viewers tune in to watch the 2017 Mid-Season Invitational, one of the most important annual League of Legends gaming tournaments in the world. With hundreds of millions of players and viewers in China, the esports industry is booming, fueled by prize money from local tournaments, and supported by investors seeing it as the future trend.
Diego Costa can surely forget China move after shock new 100 per cent ‘tax’ doubles price of foreign stars and likely bursts football bubble
25 May, 2017
- Chinese football’s transfer boom looks over after the China Football Association announced a shock new ‘tax’ on foreign players – meaning Diego Costa’s mooted big-money move from Chelsea is surely dead in the water. Under the new rule, peremptorily announced on the CFA website late on Wednesday night, “loss-making” clubs will have to pay the same amount they spend on signing an overseas player into a player development fund. Since all Chinese Super League clubs are believed to be loss-making, the rule effectively doubles the price for foreign players.
New wave of digital entrepreneurs rises in China
May 18, 2017
- The time when tech unicorns, digital disruptors and celebrity entrepreneurs came exclusively from Silicon Valley is long gone. A new generation Chinese entrepreneurs is quickly gaining strength. These new change-makers are digital natives, disrupting the world of industry incumbents, creating hero-entrepreneur identities and relentlessly pursuing growth. Cheng Wei’s Didi Chuxing car-hailing service is younger than Uber but has three times the daily orders of its U.S. rival. Zhang Yiming’s Jinri Toutiao has become China’s largest news service, besting traditional media and internet giants within just five years of its launch. Zhang Xuhao founded food delivery service Ele.me from his university dorm room. After multibillion-dollar investments, it has grown into China’s largest online marketplace for food delivery and is taking in 5 million orders a day.
The Rise of China’s New Economy Titans in Seven Simple Charts
May 17, 2017
- Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have become China’s largest corporations in just the past year, displacing the state-run banks and oil-gas behemoths that sat atop the charts for a decade or more. Their rapid ascent encapsulates a fundamental change gripping the world’s second largest economy. China is shifting away from a reliance on debt-fueled smokestack industries toward services and consumption. Policy-makers have vowed to prioritize creating jobs, as employment and income growth sustain that transition and help a growing middle class pursue pricier products. Nimbler technology businesses are now propelling China’s expansion. Output from information technology services jumped 19.1 percent from a year earlier in the first quarter, almost triple the 6.9 percent pace of gross domestic product growth.
Three Wharton Dealmakers Bet Their Future on Chinese Trucking
May 14, 2017
- In 2001, three Chinese men named Richard enrolled in the University of Pennsylvania’s Wharton School before heading to high-flying careers as bankers and dealmakers. More than 15 years later they’ve teamed up to stake their future on building an Uber-like service for the country’s convoluted trucking industry. Their company Truck Alliance Inc., known as Huochebang or truck gang in Chinese, is trying to bring the smartphone age to a trillion-dollar industry that carries 80 percent of the country’s cargo, yet has haulers standing empty almost half the time. Founded little more than three years ago, the company has joined the billion-dollar valuation club and raised $270 million.
Korean consumers keep buying Chinese cars
11 May, 2017
- The Kenbo 600 SUV, the first Chinese passenger car on sale in South Korea, is enjoying major popularity, a stark contrast to Korean carmakers’ struggles in China due to the soured relationship between the two nations caused by a U.S. anti-missile shield. After Korea decided to deploy a Terminal High Altitude Area Defense (THAAD) battery, China came up with various economic retaliatory measures. Along the same line, Chinese consumers have virtually boycotted Korean automotive brands like Hyundai and Kia. However, Korean motorists seemingly decided not to reciprocate as amply demonstrated by the rising sales of the Chinese SUV.
China’s April forex reserves rise, beating market expectations
May 7, 2017
- China’s foreign exchange reserves rose in April for a third straight month, beating market expectations, as capital controls and a pause in the dollar’s rally helped staunch capital outflows. The April rise is reassuring news for policymakers after the yuan steadied as U.S. President Donald Trump backed away from labelling China a currency manipulator, saying the dollar was “getting too strong” and would eventually hurt the U.S. economy. Reserves rose $21 billion (£16.17 billion) in April to $3.03 trillion, compared with an increase of $3.96 billion in March to $3.009 trillion.
China now has a $300 billion company
May 3, 2017
- Tencent shares closed at a record high of 248.40 Hong Kong dollars (just under $32) on Tuesday, valuing the company at more than $302 billion. (Hong Kong markets are closed Wednesday for a holiday.) It’s the only firm outside the U.S. among the world’s top 10 most valuable companies, and is now nipping at the heels of JPMorgan (JPM), which is currently worth $309 billion. Tencent isn’t the first Chinese company to achieve the eye-popping number. Alibaba’s (BABA, Tech30) value briefly went above $300 billion in November 2014, soon after its New York IPO, according to Chinese financial news publication Caixin. Alibaba is currently worth about $295 billion.
Kuroda: China-led lender’s help needed to support growth
May. 02, 2017
- Asia needs all the help it can get in fighting poverty as both wealthy and poor nations grapple with widening inequality, Bank of Japan Gov. Haruhiko Kuroda said Tuesday. Kuroda welcomed China’s push to support regional growth through the Beijing-backed Asia Infrastructure Investment Bank, which has been viewed as a rival to traditional lenders like the Asian Development Bank.
Chinese Internet Leaders Will Shake The World
30 April 2017
- A decade ago, Chinese internet companies were still marginal internationally. Today, they are world-class industry innovators. In the internet economy, the leadership is shifting from the advanced West to the emerging East. Today, China’s leading internet companies rival their counterparts in the West in terms of scale, value and innovation. Yet, their impact outside of China is still relatively limited. Even the international leader Alibaba generates less than 10% of its revenue outside China.Chinese internet players are already expanding in other emerging economies particularly in Asia but also in Brazil and Latin America, as well as Africa. And as Chinese foreign investment has recently taken off, it is the internet companies that are pushing outbound investment and mergers and acquisitions. Third, these companies are exporting their disruptive business models.
Survey: Over Half Net Entrepreneurs Are Female in NW China Province
April 26, 2017
- The government in northwest China’s Shaanxi Province published two white papers on the development status of gender equality, women and children on April 24 at a dedicated press conference. The report includes relevant data and specific details about health, education, social insurance, the environment, law, women’s political engagement, employment, international communication and cooperation, and other aspects. The white papers also outlines introductions to related policies and the significant achievements already made in terms of boosting women and children’s development in the province.
Cash withdrawals fall in China as mobile payments grow
- Cash withdrawals using bank cards fell in volume for the first time in China, as the country enters a cashless society with mobile payments growing in popularity. About 65.5 trillion yuan (9.51 trillion U.S. dollars) was withdrawn using bank cards last year, down 10.46 percent year on year, a report from the Payment & Clearing Association of China (PCAC) showed Wednesday.
China’s Jobless Rate Drops Below 4% for First Time Since 2002
April 25, 2017
- China’s official registered unemployment rate fell to a 14-year low of 3.97 percent in the first quarter, even as policy makers pledge to cut jobs in industries with excess capacity. The Ministry of Human Resources and Social Securities released the data at a briefing Tuesday in Beijing. Another jobless rate, based on surveys in major cities to give it greater accuracy, fell below 5 percent in March, the National Bureau of Statistics said last week.
Chinese Smartphone Makers Are Catching Up With Apple
Apr 26, 2017
- Of the 3 billion people in the world who actively use smartphones and tablets in the world today, more than a third are using a product made by Apple. That won’t come as a huge surprise to most, but what’s intriguing about the future is how the top five Chinese smartphone vendors by active users are catching up. According to its research, five smartphone makers from China are among the top 10 vendors by active users globally. They include Huawei at number 3 with 5.4% of global market share, Xiaomi with its Mi series of smartphone and tablets, Lenovo, Oppo and Vivo.
China’s Rising Middle Class Drives Chinese E-Commerce Growth
Apr 21, 2017
- China has just surpassed the United States as the world’s largest e-commerce or online commercial retail market based on value. The growth of the market is attributed mainly to China’s rising middle class. According to McKinsey data, the Chinese market is predicted to have a worth of $840 billion in 2010, almost twice than the estimated values for the U.S. for the same period. The growth rate of China’s e-commerce market is about four times than that of the U.S.
Chinese Investors Are Embracing Everything Xiongan
April 19, 2017
- As Jiang Yunhai sees it, a random investment 14 years ago could be the most fortuitous decision he’s ever made. The Beijing resident bought the Internet domain xiongan.com in 2003 before forgetting all about it — until two weeks ago. That’s when China unveiled plans to create a new economic zone two hours drive southwest of the capital. The area, hyped as an innovation-driven heir to Shenzhen, is called Xiongan, an amalgam of the names of the three counties that now fall within its borders.
Trade between China and Portuguese-speaking countries grows 32.64% in January/February
18 April 2017
- Trade between China and the Portuguese-speaking countries reached US$14.844 million in January February, an increase of 32.64% compared to the same period of 2016, according to official Chinese figures issued by Forum Macau. In the first two months of 2017, China sold goods worth US$4.561 billion (+12.97% year-on-year) to the eight Portuguese-speaking countries and bought goods worth US$10.283 billion (+43.74 %).
China’s start-ups usher in new phase of ‘Going Out’ movement
16 Apr 2017
- While companies the world over compete for a slice of China’s populous consumer market, start-ups headquartered in Asia’s largest economy want to conquer not just the domestic field, but also to come out on top worldwide. The trend comes as an increasing number of private companies, such as Alibaba and Tencent, are taking the lead in the latest phase of China’s “Going Out” — a policy initiated at the turn of the century to increase the country’s outbound investment by encouraging companies to go abroad. That is a shift from the earlier stages of the policy where state-owned enterprises and large Chinese firms extended their sales networks overseas or expanded their footprints through mergers and acquisitions. Those spending sprees included ChemChina’s takeover of Italian tire maker Pirelli and Lenovo’s purchase of an IBM unit.
China’s first quarter growth beats expectations at 6.9%
17 April 2017
- China’s economy grew by 6.9% in the first quarter of 2017, according to official figures. The growth rate, which compares expansion with the same three months in the previous year, was slightly higher than many economists had forecast. State-led infrastructure spending and demand for new property helped drive the world’s second-largest economy.
Korea, China, Japan to hold new round of free trade talks
- South Korea, China and Japan will hold a new round of talks on a three-way free trade agreement in Tokyo next week, South Korea’s trade ministry said Sunday. South Korea’s top negotiator Lee Sang-jin is set to meet with his Chinese and Japanese counterparts from Monday through Thursday, according to the Ministry of Trade, Industry and Energy. The 12th round of talks come amid growing US protectionism and Chinese economic retaliations against South Korea over the ongoing deployment of an advanced US missile defense system in South Korea.
Beijing thinking big on switch to a big data economy
09 April, 2017
- China pulled out all the stops for the 2017 Big Data Industrial Summit that took place in Beijing last week, led by the Ministry of Industry and Information Technology (MIIT). The main goal was to explain to the IT industry China’s 2016-2020 big data development programme, which MIIT came up with as part of the nation’s 13th five-year plan. The target is for the big data industry, including related goods and services, to exceed 1 trillion yuan (US$144 billion) in revenue by 2020.
China’s forex reserves rise for second month in a row
- China’s forex reserves rose for the second month in a row in March, signaling eased capital flight pressure, central bank data showed Friday. Forex reserves climbed to 3.0091 trillion U.S. dollars at the end of March from 3.0051 trillion dollars a month earlier, according to statistics from the People’s Bank of China. This was the first time the reserves expanded for two months consecutively since April 2016.
US firms cashing in on China’s shift to consumer economy
Apr 8, 2017
- While China is shifting its growth engine from the industrial to the service sector, US companies are exploring new growth points. Statistics show China-US service trade exceeded US$100 million (S$140 million) last year. While China is developing a consumption-driven economy, many sectors such as logistic services will improve to better serve Chinese consumers, business professor David Bell from the Wharton School of the University of Pennsylvania said while visiting Shanghai Jiaotong University last month.
China Tech Investment Flying Under the Radar, Pentagon Warns
APRIL 7, 2017
- China is investing in Silicon Valley start-ups with military applications at such a rapid rate that the United States government needs tougher controls to stem the transfer of some of America’s most promising technologies, a Pentagon report says. There are few restrictions on investing in American start-ups that focus on artificial intelligence, self-driving vehicles and robotics, the report contends, and China has taken advantage. Beijing, the report says, is encouraging its companies to invest for the purpose of pushing the country ahead in its strategic competition with the United States.
US, EU clear Chinese takeover of Syngenta
Apr. 5, 2017
- U.S. and European regulators have cleared a Chinese conglomerate’s proposed $43 billion acquisition of Swiss agribusiness giant Syngenta on condition it sells some businesses to satisfy anti-monopoly objections.
The bulls are back after China kicks off 2017 with strength
4 Apr 2017
- Looks like the bulls are back in the China shop, pushing stocks up for the first quarter of the year on the back of stronger economic data and better-than-expected corporate earnings. The benchmark MSCI China Index gained 13 percent in the first three months of 2017, while the Shanghai Composite added 3.8 percent. Over the last year, mainland-traded stocks have posted a pretty steady ascent — markets in Shanghai and Shenzhen have added 7 percent and 4.5 percent, respectively. “This past quarter was a great one for China stocks,” said Larry Hu, China economist at Macquarie, attributing the rise to solid earnings growth, a strengthening property market and a stable yuan.
China factory index hits 5-year high as economy gains steam
Mar. 31, 2017
- China’s factory activity ticked up again last month to its highest level in five years, according to an official survey released Friday, in a fresh sign that the world’s No. 2 economy is picking up steam. The index based on a survey of purchasing managers climbed for a second straight month in March to 51.8, its strongest level since April 2012, from 51.6 in the previous month. The PMI by the Chinese Federation of Logistics and Purchasing is based on a 100-point scale, with numbers above 50 indicating expansion.
Tesla deal boosts Chinese presence in U.S. auto tech
Mar 29, 2017
- China’s Tencent Holdings Ltd (0700.HK) has bought a 5 percent stake in U.S. electric car maker Tesla Inc (TSLA.O) for $1.78 billion (1.43 billion pounds), the latest investment by a Chinese internet company in the potentially lucrative market for self-driving vehicles and related services. Tencent also could help the U.S. company sell – or even build – cars in China, the world’s largest auto market, analysts said.
NHL poised to skate into China, hockey’s next frontier
Mar. 27, 2017
- When Andong Song started playing hockey in China at age 6, he wore figure skates on his feet and had to use the straight parts of short-track speedskating rinks for practice. That could be coming soon with the NHL looking at China as hockey’s next great frontier. With the 2022 Winter Olympics in Beijing, China is eager to step up its game and the league is intrigued by the potential of a new nontraditional market with 1.4 billion people that might take to hockey like it did basketball.
China’s ‘unicorns’ nearly double to 131: official
- China had 131 billion dollars worth of private start-ups by the end of 2016, nearly doubling the figure of the year before, said an official with Ministry of Science and Technology. He used the term “unicorn,” rarely used by Chinese officials, which refers young, unlisted companies with a market value of over 1 billion U.S. dollars, based on private funding sources.
China Expected to Import $8 Trillion Worth of Goods in 2016-2020
- China’s imports in the current five-year period (ending in 2020) are expected to amount to $8 trillion, China’s Vice Premier Zhang Gaoli announced on Saturday. In 2016, the first year of China’s 13th five-year-plan, the country’s imports fell by 5.5 percent, amounting to about $1.5 trillion.
This Chinese Company Is Now SeaWorld’s Largest Shareholder
March 24, 2017
- China’s Zhonghong Zhuoye Group Co. agreed to acquire a 21 percent stake in SeaWorld Entertainment Inc. from Blackstone Group LP, becoming the embattled U.S. theme-park operator’s largest shareholder. The Asian leisure and tourism holding company will pay Blackstone $23 a share, or about $448.5 million based on shares held at the end of December. That represents a 33 percent premium to SeaWorld’s closing price Thursday. The announcement sent the stock soaring.
Pentagon worried about Chinese investment in US startups: report
- Chinese firms are sending money to U.S. startups, include rocket engine manufacturers, companies that design sensors for autonomous naval ships and printers that make flexible screens that could be used in fighter jets. Many of the Chinese firms making the investments are owned by state-owned companies or have connections to Chinese officials, according to the Times.
China May Set New Rules to Curb ‘Irrational’ Outbound Investment This Year
Mar 20, 2017
- China this year may publish rules on outbound investment by Chinese firms that would spell out the sectors in which investing is encouraged and those where it is restricted, state media reported on Tuesday. Chinese Commerce Minister Zhong Shan said on March 11 that a small number of Chinese companies had invested overseas “blindly and irrationally” in investments China does not encourage. The state foreign exchange regulator has said the government will more closely monitor “irrational” investment in property, entertainment, sports, and other sectors.
WIPO chief calls China’s patent application growth “extraordinary”
- The World Intellectual Property Organization (WIPO) Director General Francis Gurry on Wednesday lauded China’s strong performance in international patent and trademark filing. WIPO revealed that China filed 43,168 applications under the organization’s patent cooperation treaty (PCT) in 2016, up from 29,839 two years ago. This compares to the 56,595 and 45,239 applications filed by the United States and Japan respectively.
UN agency: China has explosive growth in patent applications
March 15, 2017
- The U.N.’s intellectual property agency says China is showing “quite extraordinary” growth in international patent applications, putting Chinese applicants on track to outpace their U.S. counterparts within two to three years. Francis Gurry, director-general of the World Intellectual Property Organization, says China posted nearly 45-percent growth in such patent applications last year, saying “the country continues its journey from ‘Made in China’ to ‘Created in China.'”
Chinese firms hire 1.5M foreign staff overseas
March 12, 2017
- Chinese enterprises hired some 1.5 million foreigners overseas in 2016 amid their rapid global expansion, China’s commerce minister said Saturday. Overseas Chinese enterprises recorded 1.5 trillion U.S. dollars in sales volume last year, bringing 40 billion U.S. dollars of taxes to host countries, Commerce Minister Zhong Shan told a press conference on the sidelines of the annual parliamentary session.
China’s Didi launches Silicon Valley research hub
March 9, 2017
- Chinese ridesharing leader Didi Chuxing has opened a Silicon Valley research hub, where it will join the race with other tech companies for autonomous driving. The Didi Labs center in Mountain View—which is also the home of Google—will focus on “intelligent driving technologies,” according to a statement Wednesday. Building on rich data and fast-evolving AI (artificial intelligence) analytics, we will be working with cities and towns to build intelligent transportation ecosystems for the future,” said Didi founder and chairman Cheng Wei.
China’s foreign reserves rise following capital controls
Mar. 7, 2017
- China’s foreign exchange reserves rebounded unexpectedly from a six-year low in February after Beijing imposed controls to stop a flood of capital leaving the world’s second-largest economy. The reserves rose by a relatively modest $6.9 billion to just over $3 trillion, according to official data Tuesday, while private sector analysts had expected them to shrink.
Chinese goods flex more muscle in S. Korea
- Chinese products are fast expanding their presence in South Korea in a graphic indication of their ever-growing brand power in Asia’s fourth-largest economy, local analysts said. China has long been a major exporter of consumer goods and tech items to South Korea, but Chinese manufacturers, armed with lower prices and improved quality, are now venturing into new South Korean markets such as home appliances and even autos.
Xinhua Insight: China’s booming “sheconomy”
- On Wednesday, the International Women’s Day, department stores, shopping malls and online shopping sites in China are readying themselves for the holiday to attract women and get them to spend on various gifts, clothing, and cosmetics. Female consumers have become a key driver in China’s consumption market in recent years. According to data released by Guotai Junan Securities, female consumption in China reached 2.5 trillion yuan (about 362 billion U.S. dollars) in 2015 and is expected to hit 4.5 trillion yuan in 2019.
EPO Sees Highest Patent Filings Ever; Chinese Applications Still Rising
- The European Patent Office published its 2016 annual report today, showing an “unprecedented level of patent filings,” and underlining the growing number of patent applications from China. The top technical fields for applications included medical technology, digital communication, and pharmaceuticals. According to the 2016 report, almost half of all European patent applications came from the EPO member states, followed by the United States, Japan, China, and South Korea. Europe’s “growth champions” were Belgium and Italy, while Germany remains Europe’s biggest patent applicant. Meanwhile, applications from China grew 24.8 percent and exceeded applications from South Korea for the first time, the press release said.
China Now World’s Biggest Banking System, Unseats Eurozone
Mar 07, 2017
- New analysis by the Financial Times, a leading business news and information organization, shows that China’s banking system has already overtaken the eurozone to become the world’s biggest in terms of assets. This reflects the country’s increasing global influence as well as reliance on growth driven by debt.
China’s Richest Win, Mexican Billionaires Lose With Trump Effect
March 1, 2017
- The 36 Chinese billionaires on the Bloomberg Billionaires Index have increased their wealth by 13.2 percent since the real estate mogul was elected U.S. president on Nov. 8, a $39.2 billion increase that’s pushed their combined net worth to $336 billion. The gains top those seen by billionaires in any other country outside the U.S., even as Trump has called China a currency manipulator whose trade policies have led to the loss of American jobs.
China creates over 13 million new urban jobs for 4 consecutive years
- The latest figures from the Ministry of Human Resources and Social Security (MHRSS) show that China managed to create jobs more than 13 million urban jobs for four consecutive years, despite downward pressure and industrial restructuring in the Chinese economy.
China February official manufacturing PMI rises to 51.6, beats forecasts
Feb 28, 2017
- Activity in China’s manufacturing sector expanded faster than expected in February, an official survey showed on Wednesday. The official Purchasing Managers’ Index (PMI) rose to a three-month high of 51.6 in February, compared with the previous month’s 51.3, and above the 50-point mark that separates growth from contraction on a monthly basis.
PBoC is going digital as mobile payments boom
February 25 2017
- After assembling a research team in 2014, the People’s Bank of China has done trial runs of its prototype cryptocurrency. That’s taking it a step closer to becoming one of the first major central banks to issue digital money that can be used for anything from buying noodles to purchasing a car. For users transacting over their smartphones or laptops, a PBoC-backed cryptocurrency probably wouldn’t seem much different to existing payment methods such as Alipay or WeChat. But for sellers, they would get digital payments directly from the buyer, lowering transaction costs as the middleman is cut out of the process.
Chinese and American Consumers Have Different Ideas About What Makes a Product Creative
February 23, 2017
- Jeffrey Loewenstein and I recently published a study examining the features that indicate whether a product is creative in the world’s two largest economies, the U.S. and China. We found that the two countries had different views of what made a product creative. For example, the kind of product that an American loves and finds highly creative might seem trivial to a Chinese person. In contrast, the kind of product that a Chinese person finds creative might lack distinctiveness to an American.