China Press Review – March 7, 2019

Press review

China ‘exaggerated’ GDP data by 2 percentage points for at least nine years, new study says
Mainland has overestimated its nominal and real growth rates by about 2 full percentage points on average between 2008 to 2016 Calculations suggest that the current nominal size of the economy is about 18 per cent lower than the official level of US$13.4 trillion at the end of 2018

China’s Li Keqiang presents an economy in distress in NPC speech. Is it just growing pains?
The lack of an accurate GDP growth figure means the true state of the Chinese economy, now facing its slowest growth in almost 30 years, remains guesswork, heightening worries over debt and unemployment

Donald Trump on US-China talks: ‘a good deal or it’s not going to be a deal’
US President Donald Trump said on Wednesday that trade talks with China were moving along well and predicted either a “good deal” or no deal between the world’s two largest economies.

China – A Critical Global Growth Engine, Despite Deceleration
Premier Li Keqian’s annual work report, released on Monday, sets the general tone for the 2019 economic policies. Despite U.S. trade wars, China will stick to its growth target and fiscal easing in the short-term, deleveraging in the medium-term and rebalancing in the long-term. Despite deceleration, the size of Chinese economy has tripled in just a decade.

EU’s anti-China ‘backlash’ turned off investors
Europe’s “regulatory backlash” has turned off Chinese investors, who injected just €17.3bn into the EU last year – 40 percent less than in 2017 and almost 100 percent less than in 2016, the Mercator Institute for China Studies, a think-tank in Berlin, has said in a new study. “This shift in attitudes has been remarkably rapid in Europe,” it noted, referring to Western concerns on Chinese strategic acquisitions.

China tells US to mind its own business after Italy is warned not to join Belt and Road Initiative
Foreign ministry in Beijing says US stance is ‘laughable’ after White House warned Italy’s image would suffer abroad if it signed up for the programme

Why can’t Donald Trump cut the trade deficit with China?
And does it make sense that he’s trying?

China’s tech strategy all talk, no action and a waste of taxpayers’ money, says its former finance minister Lou Jiwei
‘Made in China 2025’ was flawed from the start, according to the man who was finance minister from 2013 to 2016 Government should not have chosen which industries to back and should trust the market, Lou says after ‘two sessions’ panel meeting

Has China’s confidence disappeared?
“Now socialism with Chinese characteristics has entered a new era, the hard-working, brave Chinese people have shown more confidence, self-respect and self-improvement.… The path, theory, system and culture of socialism with Chinese characteristics have radiated with great vitality, while miracles keep happening in our land. We have full confidence in our future,” Xi claimed. With such full confidence, he solemnly declared “a new era” or “another Long March,” which would see China realize its great rejuvenation, becoming “a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful” and “a global leader in terms of composite national strength and international influence” by 2050.

Trade war with US is hindering China’s efforts to combat poverty, Beijing admits
The government remains confident of meeting its targets; it has set 2020 as the deadline to eradicate absolute poverty in the country Liu Yongfu, China’s leading anti-poverty official, emphasised the development of industries in poverty-stricken areas

China’s head start in cyberwarfare leaves the US and others playing catch-up
Xi Jinping’s foresight that the future is digital helped China push ahead in the race to harness the power of the internet, much of it in covert operations, to sharpen its military edge and economic competitiveness

There are ‘serious concerns’ over the Meng Wanzhou case due to Donald Trump’s comments, her lawyer tells court
The Huawei CFO faces extradition to the US after she was accused of lying to banks about the company’s alleged dealings with Iran In court on Wednesday, her lawyer raised worries over ‘political character and motivation, comments by the US president’ in the context of the case

Huawei slaps US government with lawsuit in bid to overturn federal ban on its gear
Huawei’s decision to sue the US government comes as the company faces increasing scrutiny from the US and its allies over the security of its telecoms network gear Huawei has been hit with close to two dozen charges from the US, ranging from financial fraud to violating trade sanctions

Huawei accuses US agents of hacking into its servers as it launches lawsuit against federal ban on gear
Huawei ups the pressure on the US over espionage attacks by citing Snowden leaks about NSA activity Firm’s rotating chairman Guo Ping claims the US had stolen emails and source code

China’s tech moguls bet on 5G to help lift economy amid increased security scrutiny in the West
Nationwide 5G capital spending forecast to range from 900 billion yuan and 1.5 trillion yuan between 2020 and 2025

Chinese startups are optimistic despite political, economic uncertainty: report
Despite global economic and political uncertainty, Chinese startups are generally positive about their business prospects and plan to raise capital and further expand their workforce this year, said Silicon Valley Bank in its 2019 Startup Outlook report.
The report, published last month, surveyed 1,377 startup executives from the US, the UK, Canada and China.

Chinese startups are optimistic despite political, economic uncertainty: report

podcast : Comparing AI in China and the US
Tonya Hall sits down with Kai-Fu Lee, CEO of Sinovation Ventures, to talk about what artificial intelligence can and can’t do.

AI engineer the most popular job in China: report
Artificial intelligence (AI) graduates have become the most in-demand talent in China as the central government ramps up efforts to ready its workforce for a technology-driven economy, said Chinese online recruitment platform BossZhipin in a report.

AI engineer the most popular job in China: report

US cabinet makers petition for duties on Chinese imports, saying they are being ‘crushed’
Petitioners say the damage to the US industry from dumping and subsidised imports could be as high as US$4 billion

China to make forced technology transfer illegal as Beijing tries to woo back foreign investors
Issue a key demand made by US President Donald Trump as part of the ongoing US-China trade war China expected to pass new foreign investment law next week during National People’s Congress

Italy to join China’s New Silk Road infrastructure plan
Italy is set to become the first member of the ‘Group of Seven’ most powerful nations to join China’s infrastructure plan “One Belt, One Road” (OBOR), despite the heightened scrutiny of Beijing’s investment in Europe. The ceremony is expected to take place during Chinese president Xi Jinping’s first visit to the country on 22 and 23 March.

Belt and Road Initiative could transform Africa’s economy: expert
The Chinese-proposed Belt and Road Initiative could transform Africa’s economy, economic analyst said on Thursday. James Shikwati, director of Inter Region Economic Network (IREN), a think tank, told Xinhua in Nairobi that Belt and Road Initiative is a game changer because it has made African countries start thinking beyond their national borders.

Greater Bay Area integration the only way for Hong Kong to resolve its long-standing problems, says Beijing’s chief official on city’s affairs
Zhang Xiaoming praises Carrie Lam’s government for proactive approach to other national initiatives, such as Belt and Road plan He calls chief executive courageous and responsible for banning separatist Hong Kong National Party

Hong Kong diplomats visit China’s Greater Bay Area as Pearl River Delta seeks new image
The trip, organised and financed by the Chinese government, came at a time when the Pearl River Delta is stepping its process of transforming The Greater Bay Area, which includes Hong Kong, Macau and nine mainland Chinese cities, is aimed at creating China’s answer to New York Bay or Tokyo Bay

These are the 21 richest billionaires in China
2018 was a bad year for the world’s billionaires, with China losing 49 billionaires over the course of the year. The country’s richest people faced a combination of a slowing economy and a turbulent stock market, which was the worst performing major market in the world over the course of the year. Despite those struggles, China still has 324 people with a net worth of $1 billion or more. In total, 21 Chinese citizens feature in the top 200 richest people in the world, Forbes’ annual billionaires ranking showed

JD expands storefront to US via Google Express
Chinese online retailer JD has started selling goods in the US via a partnership with Google Express. Some 500 items in categories including electronics, home appliances, automotive, and pet supplies are available through Google’s e-commerce site. Most of the products are priced under $100 and come from little-known brands. The shop will likely add more products in the future. The large proportion of consumer electronics in the offerings highlight JD’s reputation as an online marketplace for computer, communications, and consumer electronics (3C) products. Bloomberg reported in October that JD will handle the logistics and Google will take charge of processing orders and payments for the store.

Briefing: JD expands storefront to US via Google Express

Alibaba shuffle pushes Taobao and Tmall closer, strengthens enterprise focus
Chinese tech behemoth Alibaba announced Wednesday another organizational reshuffle aimed at upgrading its customer-facing services and enterprise-focused business lines. The reorganization grants Taobao President Jiang Fan oversight over Tmall operations. Meanwhile, Tmall President Jing Jie (aka Jet Jing) will become special assistant to Alibaba Group CEO Daniel Zhang. Jing will also serve as secretary-general of Alibaba’s enterprise-facing product offerings, which includes the recently launched Alibaba Business Operating System.

Alibaba shuffle pushes Taobao and Tmall closer, strengthens enterprise focus

Tmall brings beauty brands to China as demand booms
As China’s appetite for beauty products grows, Tmall is expanding its related offerings by adding another 1,000 beauty-focused virtual stores to the platform this year, the Alibaba Group-owned B2C online marketplace said Monday.

Tech Thursday: Can Tesla electrify China?
In spite of the boost from China’s special green license plate, Tesla hits a roadblock

Tech Thursday: Can Tesla electrify China?

Piling Up: How China’s Ban on Importing Waste Has Stalled Global Recycling
China’s decision to no longer be the dumping ground for the world’s recycled waste has left municipalities and waste companies from Australia to the U.S. scrambling for alternatives. But experts say it offers an opportunity to develop better solutions for a growing throwaway culture.

China’s rushed foreign investment law gains lukewarm response from local and international businesses
Draft legislation, set to be debated at the National People’s Congress, covers items on the wish list of US President Donald Trump to end the US-China trade war Slimmed down version of law first drafted in 2015 raises concerns that enforcement and implementation have been sacrificed

The Green New Deal will fail without China’s support
The GND needs a China policy to address climate change and implement social and economic policy goals. In developing this China plan, proponents of the GND can take a leadership role in building a more harmonious relationship between the US, China, and the world.

China will become world’s biggest insurance market by mid-2030s, speeding past US on the way, says analyst
China’s ageing population will mean more sales of annuity products and health insurance China’s insurance premiums will reach US$2.36 trillion in 2032, says Swiss Re Institute

China Road to begin €450m Serbian motorway next month
China Road and Bridge Corporation (CRBC) yesterday announced plans to begin work in April on a 31km stretch of motorway between the central Serbian towns of Preljina and Pozega.

Is Hong Kong’s most expensive property ever to go up for sale too costly for any single developer?
Site atop the West Kowloon high-speed rail terminus is expected to sell for about HK$100 billion Developers may join consortiums to come up with enough cash and spread risk – and that may put a lid on final sales price

KFC turns to the image of a Communist hero to support its massive China expansion
In an unlikely crossover of American capitalism with Communist propaganda, fast-food chain KFC has opened a restaurant in China that memorializes a party hero.

Chinese travel bookings to the EU for the first four months of 2019 grew by 16.7%
Chinese tourists to the European Union (EU) grew slightly by 5.1% year-on-year for the whole year of 2018, greatly promoted by the EU-China Tourism Year, according to a report from ETC and ForwardKeys. There were 17 million daily flight bookings to Europe

China says Tibet access is restricted because some foreigners get altitude sickness
Communist Party chief insists foreign tourists and media are welcome in the remote, mountainous region Wu Yingjie also lashes out at the US Reciprocal Access to Tibet Act, saying it ‘totally does not tally with the facts’

Chinese women earn a fifth less than men and the gap is widening fast, survey by online recruiter Boss Zhipin finds
An average Chinese working woman earns 78.2 cents for every dollar paid to a man, the study found That is better than the global average and on par with the US and UK, but the gap has widened by 8.7 percentage point in a year

China’s gender pay gap widens in 2018: Report
In 2018, the average monthly salary of Chinese women was 6,497 yuan, which was 78.3 percent of that of men, an increase of 8.7 percentage points over the previous year, according to a report on China’s gender gap in workplaces, released by online recruitment website on Wednesday. The report said that jobs, industries and seniority were the top three contributing factors of the gender pay gap, while education could help narrow it.

China’s women’s movement has not only survived an intense crackdown, it’s grown
The clampdown is ironic given the central importance of gender equality during the communist revolution

More Shanghai babies given mother’s surname as China’s old patriarchal traditions start to fade
Official figures from city suggest almost 10 per cent of newborns took their mother’s name as women start to enjoy more independence and higher status

podcast : Childcare in China is truly a family affair

With Streaks of Gray Hair, Xi Jinping of China Breaks with Tradition
Chinese leaders have long sported unnaturally black heads of hair. Mr. Xi is going gray as he builds his image as a man of the people.

Chinese boy returns from dead as doctors restart heart after 30 minutes
Five physicians fight for 30 minutes and apply pressure to chest 3,600 times Toddler who choked on fruit snack in shop is in coma at Guangdong hospital

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