China making strides in Industry 4.0 revolution as advanced manufacturing outpaces EU, US, Japan
Bosch Automotive Products, Foxconn Technology Group, Midea Shunde, Tsingtao Brewery and Wistron InfoComm Manufacturing added to list of cutting-edge advanced manufacturing facilities. The Fourth Industrial Revolution, also known as Industry 4.0, is the automation of manufacturing and the upgrading of industrial practices, using modern smart technology. The explosion of computing power, combined with connectivity that has led to unprecedented technological change, is taking place amid the unfolding competition between the US and China. While the developed world has been on the top of the global value chain in the past, China is expected to challenge in the coming years as it believes it is well positioned due to superior industrial policies and incentives coupled with its central place in most global supply chains, analysts said.
Coronavirus eroded China’s middle class, but India has fared much worse, new findings reveal
Pandemic has forced about 32 million people out of India’s middle class, accounting for 60 per cent of everyone who retreated from the middle class globally Research shows that most of world’s middle-class drop-off took place in Asia, while middle-class populations in developed economies increased as higher-income groups lost wealth
China Faces Long March to Herd Immunity
The country’s massive population, moderately effective vaccines, and success in controlling outbreaks all strain its national inoculation drive. “Once you’ve reached a high level of population immunity, then there’s no need to be drastic anymore, because (the outbreak) is not going to get bigger and bigger and bigger. It’s going to naturally end, like the flu does,” Cowling said. So far, however, there are few signs that the Chinese government is considering such scenarios. Gao Fu, the head of the Chinese Center for Disease Control and Prevention, said during a recent interview with state media that the country aims to vaccinate 70% to 80% of its population by the middle of next year.
With rising confidence, Xi Jinping wields the internet as a tool of empowerment and control, speeches reveal
A new book reveals Chinese President Xi Jinping raised concerns about the Communist Party losing the battle for public opinion online Over the course of seven years, Xi has transformed China’s internet policies, emphasising cyberspace as a tool for governance and national rejuvenation Since Xi came to power, China’s biggest internet firms have grown to equal the likes of Amazon, Facebook and Google. The number of internet users also ballooned during this period to nearly 1 billion, with online retail sales growing from 1.3 billion yuan (US$200 million) in 2012 to 9.8 trillion yuan in 2020. In recent years, the country has also been investing heavily in cutting-edge technologies, and Xi has increasingly discussed applying technologies such as artificial intelligence and blockchain to improve national development and governance.
Chinese communications firms in the US face more pressure under Biden administration
Commerce Department subpoenas ‘multiple’ information tech companies in US In a unanimous vote, the FCC agrees that China Unicom (Americas), Pacific Networks unit have not proved independence from Beijing
US ratchets up pressure on Chinese telecom firms
The Federal Communications Commission (FCC) is looking to strip three Chinese telecom firms of their US operating licenses.
Pinduoduo founder steps down as chairman as users surpass Alibaba
The billionaire founder and chairman of Pinduoduo, Colin Huang, has stepped down as board chairman and handed responsibilities to company chief executive officer Chen Lei just as the e-commerce giant overtook its rival Alibaba as China’s largest online selling platform. Chinese workplace culture is to a great extent influenced and shaped by founders’ personalities and management styles. The departure of a leader as notoriously driven as Huang is expected to prompt a significant shift at Pinduoduo
Chinese state banks accepting applications for enterprise e-CNY accounts
Two major Chinese state banks in Beijing and Suzhou have started opening up e-CNY merchant and enterprise accounts for businesses, bank employees told TechNode. Chinese banks had only been known to set up personal e-CNY accounts for individuals. Merchant accounts are a step toward widespread retail use of the new currency. Enterprise accounts will significantly widen the scope of use cases to include larger business transactions.
American Rescue Plan: China increasingly concerned by US economic policy after Fed maintains loose stance
The US Federal Reserve reiterated that it would keep its benchmark interest rate near zero and continue sizeable asset purchases to pump liquidity into financial markets Last week, the US$1.9 trillion American Rescue Plan was also signed into law following the previous US$900 billion stimulus plan passed in December
Why Luxury Stores Are More Important Than Ever In China
Online retailing has undoubtedly contributed to the growth of luxury sales in China. Yet, physical retail locations are still a key shopping motivator. The COVID and post-COVID eras in luxury have been defined by the increased importance of online purchases. In fact, some retail experts suggest that the future of sales is moving exclusively online. Digitally-native millennials have been reconsidering the role of physical stores for years since online shopping delivers more interactivity, information sharing, brand awareness, convenience, choices, and suggestions — not to mention safety during a pandemic. The top reason (68 percent of interviewees) Chinese millennials chose to make their purchases in a physical store was that they needed to “see, touch, and try” the product, while another 44 percent mentioned the higher quality of service compared to online.
US subpoenas Chinese communications firms in probe of national security risks
Beijing has ‘engaged in conduct that blunts our technological edge and threatens our alliances’, says Commerce Secretary Gina Raimondo The subpoenas were served on companies that provide information and communications technology services in the United States
COVID-19 Made China’s Debt Problem Worse
With debt soaring amid the pandemic, the government’s deleveraging struggle slogs on. Economic structural change is extremely difficult due to skill and wage gaps. Employers note that many workers lack sufficient skills, even when they graduate with a higher degree. New professions, especially those requiring highly skilled workers, also often find themselves short of talent. As a result, China may continue to face difficulties in moving up to the next level of development and higher growth. That means the leverage issue may continue for the short to medium run. Since Chinese local governments and state-owned enterprises bear the brunt of carrying out government policy mandates, they are likely to struggle with leverage levels, particularly if the government requires further infrastructure or new technology investment to stimulate a slowing economy. While China has withdrawn pandemic stimulus efforts for the time being, it is likely that the Asian nation will need to prompt growth in the near future. Thus, we can expect the deleveraging campaign to slog on.
Chinese economy: Beijing’s war on the credit boom
The campaign initially focused on P2P platforms and other components of China’s once rampant shadow banking sector — the off-balance sheet activities that financial institutions used to funnel credit to borrowers, especially those in the private sector who found it difficult to borrow directly from banks. It has since been extended to internet finance and property. Some analysts warn that in curbing the credit-fuelled excesses of the past decade, Xi and Liu risk an overcorrection that could stifle innovative areas of financial activity and, ultimately, economic growth. From 2016 to 2019, the average annual increase in China’s corporate bankruptcies exceeded 30 per cent.
China Bans Microlenders From Targeting College Students
Heavily marketed online consumer loans can lure students into excessive consumption and debt traps, top regulators say.
China can meet carbon neutrality goals – by phasing out coal plants, US study says
Researchers recommend taking existing, inefficient coal generators offline and halting all new construction As of last year, China had 1,050 gigawatts of installed coal-fired power capacity, or more than the rest of the world combined A critical part of success is ensuring that the phase out is well structured and continues to ensure air quality, human health, grid stability, and other social and economic goals,” said Ryna Cui, another of the study’s co-authors. The strategies outlined in the study would help to lessen the social impact of closing power plants, such as a loss of jobs, she said. “Stopping all new construction avoids creating jobs that would have to be transitioned later, while setting a lifespan for existing plants avoids massive lay-offs in the future and allows time for preparations to be made,” she said.
China’s carbon neutral ‘transformation’ could cost US$6.4 trillion, but plan has ‘Achilles’ heel’
Solar, wind, storage and nuclear power projects are set to take centre stage, according to a report by energy analysts Wood Mackenzie But China faces challenges in securing certain supplies of critical raw materials, mainly copper, aluminium, nickel, cobalt and lithium Not all action needs to be about countering China. Addressing climate change is a global challenge that can be better addressed by collaborating with China in areas such as carbon pricing and joint investment in resources and technology,” the report advised.”China will need partners to help it decarbonise. The scale of China’s challenge will require the help of others, from green hydrogen production to carbon offsetting. Australia’s cooperation, for instance, looks critical.”
In a report in October, Wood Mackenzie said China’s goal of reaching carbon neutrality by 2060 would require investments of more than US$5 trillion.
China Takes Aim at a Booming $7 Billion Market for Dirty Oil
China may impose an import tax on light-cycle oil as environmental regulators increase scrutiny of high-emission fuels to meet government’s 2060 carbon neutrality target Chinese regulators are considering a tax on imports of so-called light-cycle oil (LCO), and have asked for feedback on a draft plan The levy could take effect as soon as the first half of 2021 if approved, according to people familiar with the plan
FDI inflow rises as investors bet on rebound
Foreign investor confidence in China’s prospects continues to strengthen as the economy maintains restorative growth momentum, which drove up investment inflow in the first two months of the year, a Ministry of Commerce spokesperson said on Thursday. In particular, foreign investment in high-tech industries registered notable growth as China accelerates its construction of a new development paradigm, spokesperson Gao Feng said. The new development paradigm refers to “dual circulation,” in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.
China faces difficulties attracting foreign investment this year, ministry says
China faces a severe and complex situation in attracting foreign investment this year, commerce ministry spokesman Gao Feng told reporters in an online briefing on Thursday. Foreign direct investment (FDI) jumped 31.5% to 176.76 billion yuan ($27.21 billion) in January and February, up from a year earlier, data showed this month.
China Ramps Up Farm Imports to Cover Domestic Food Shortages
China, the world’s biggest importer of farm commodities, ramped up purchases in the first two months of this year to plug growing local shortages and to keep food prices under control. The country shipped in almost 5 million tons of corn in January and February, more than five times the amount unloaded a year earlier, according to customs Thursday. That included an all-time monthly high of 3 million tons in January. China has been scooping up record amounts of corn and soybeans from overseas to feed the world’s largest hog herd, which is recovering from African swine fever. The country faces shortages of farm commodities because of a lack of productive farmland and increasing demand from a more affluent population, and is trying to boost yields and reduce wastage. Asia’s largest economy bought almost six million tons of U.S. corn in one week earlier this year, and the U.S. Department of Agriculture announced a further 2.4 million tons of sales this week. The USDA expects the nation’s imports of the feed grain to more than triple to 24 million tons this marketing year.
Russian foreign minister to visit China hard on heels of Alaska talks
US policy expected to feature when Sergey Lavrov touches down in the Chinese capital Meeting could yield agreement between the two neighbours, analyst says
China And The Perils Of Bipartisanship – OpEd
Although Washington should maintain its forward presence, it also needs to work with other states to disperse U.S. forces across Southeast Asia and the Indian Ocean. This would reduce American reliance on a small number of vulnerable facilities in East Asia. Finally, the United States should encourage new military and intelligence partnerships between regional states, while still deepening those relationships in which the United States plays a major role—placing a “tire” on the familiar regional alliance system with a U.S. hub and allied spokes.
What the U.S. Must Do to Beat China
The United States’ Cold War with China will determine the course of the next century. To sweep Chinese Communism into the ash heap of history, we must wage an economic long war through targeted decoupling and rigorous economic competition. Last month, I released a report detailing exactly how to achieve this objective.
US efforts to rally allies against China are not useful or effective, says Beijing on eve of Alaska talks
Chinese diplomats say they do not have high expectations for high-level talks in Anchorage, which follow US meetings with South Korea and the Quad Ambassador predicts Beijing will not yield on American concerns about Hong Kong and Xinjiang
Exclusive | Mr ‘Indispensable’: China’s top diplomat to US Cui Tiankai to stay on in Biden era
Cui is already well over the usual retirement age for a Chinese official of his rank but his connections and knowledge are highly valued, sources say Beijing ‘has no plan to replace him any time soon’ as it grapples with a longer-term rivalry with the United States
Xinjiang’s leaders must ‘optimise’ governance of region, Communist Party’s No 4 says
Party ‘must scientifically grasp the situation of the Xinjiang work, focus on the ultimate goal of long-term stability’, Wang Yang says after four-day trip to region European Union on Wednesday agreed to blacklist four Chinese officials for human rights abuses in Xinjiang
Xinjiang: EU ready to ‘cross a threshold’ with China sanctions, but unlikely to match hardline US approach
Human rights sanctions on Chinese officials accused of human rights abuses will be first of their kind since Tiananmen Square crackdown in 1989 But the bloc is wary of following Washington’s tougher approach and is keen to continue to exercise ‘strategic autonomy’ regarding Beijing
EU barking up the wrong tree: China Daily editorial
It is reported that the European Union is considering imposing sanctions against Chinese officials for so-called human rights abuses in China’s Xinjiang Uygur autonomous region. If it presses ahead with the sanctions, then it can expect countermeasures.
Pakistan promotes Belt and Road port for Central Asian trade
Move expected to increase volume of goods moving through Gwadar Pakistan is offering access to Gwadar port, a strategic component in China’s Belt and Road Initiative (BRI), to landlocked Central Asian countries in the hope of stimulating activity at the idle facility. Garlick believes Gwadar can succeed if it is repositioned as a regional port. “Use of Gwadar for transit trade with Afghanistan and Central Asia is more realistic than with Xinjiang,” he said, noting that the need for substantial investment in transport, infrastructure and security. The question now is how much Pakistan can persuade China to invest in connecting Gwadar with Central Asia. The Afghan corridor linking Gwadar with Central Asia will impinge on the economic interests of Iran, which is already burdened by Western sanctions. Experts believe, however, that Iran will retain its importance for trade. BRI will develop many routes and logistics hubs, including Chabahar, a seaport 200 km east of Gwadar in southeastern Iran that connects to the North-South Transport Corridor. The 7,200 km corridor is a ship, rail and road network for moving freight between India, Russia and Europe through Iran and the Caucasus between the Black and Caspian seas. “Iran’s rail track in the North-South Transportation Corridor will gradually supplement the BRI if completed,” said Przybyszewski. Dorsey notes that Uzbekistan is not bound to use the Gwadar route exclusively — if it gets built: “Uzbeks can use both Bandar Abbas and Gwadar depending on the needs and choices of shippers involved in Uzbekistan’s economy.”
Pakistan on horns of a US or China dilemma
Biden administration has overlooked Pakistan in building alliance against China but Islamabad would welcome the geo-economic hedge
China Hopes More Day Care Will Reduce Cost of Having Kids
Couples say lack of access to affordable and convenient child care options is one reason they aren’t having more children.
The Unbearable Likeness of Being: The Story of ‘Little Jack Ma’
Fan Xiaoqin became an instant online child star for looking like Jack Ma. Now, that fame has faded and so has the wealth it once promised. What’s left is an innocence lost and a childhood compromised
Six years ago, 7-year-old Fan Xiaoqin shot to fame online simply because of his uncanny resemblance to Jack Ma — the founder of Alibaba, China’s tech giant. From his poverty-stricken village deep in the eastern Jiangxi province, Xiaoqin, dubbed “Little Jack Ma,” was whisked away to the big city by China’s hungry online entertainment industry, and offered fame, wealth, and success.
Service Asie Pacifique
Place Sainctelette 2
Tél 02 421 85 09 – Fax 02 421 87 75
Copyright © 2020 awex, All rights reserved