One-line news
Apr-24-2017 By : fcccadmin
- Lenovo Group said it plans to pour USD1.2 billion into the research and development (R&D) of artificial intelligence (AI), the internet of things (IoT) and big data over the next four years. Chairman Yang Yuanqing said his company aims to find a new growth engine through heavy R&D investment and partnerships with global companies such as Google and Amazon. The company is expected to unveil a new handset that comes with Amazon’s voice recognition technology Alexa. Lenovo controls 20% of the global personal computer market
- The General Office of the State Council and the General Office of the Communist Party of China (CPC) Central Committee have amended regulations on officials’ personal information declarations, requiring that they disclose their families’ overseas assets. More than 9,100 officials have been bypassed for promotion after they were found to have concealed personal information, while 124,800 were punished for making false declarations.
- China Mobile, the world’s largest wireless network operator, will likely face slowing growth this year after it posted lower-than-expected earnings in the three months ended March 31. China Mobile reported a 3.7% increase in first-quarter net profit to CNY24.8 billion. China Mobile’s total first-quarter revenue climbed 3.7% to CNY184 billion. China Mobile signed up 33 million new 4G subscribers in the first quarter.
- Apple may face legal action for allegedly monopolizing iPhone apps in China, the No 1 market for its App Store, after the Beijing Dare & Sure Law Firm called for Chinese app developers to join in a proposed class-action lawsuit. Apple’s iOS operating system does not allow iPhone users to download apps anywhere other than its App Store.
- Consumer goods sales rose 10.9% year-on-year in March, 1.4 percentage points faster than in the first two months. Consumption contributed to 77.2% of GDP in March, up 2.2 percentage points over the same period last year.
One-line news
Apr-18-2017 By : fcccadmin
- Gong Zheng has been named Acting Governor of Shandong province, filling an office left vacant for more than a month since former Governor Guo Shuqing departed for Beijing to head the China Banking Regulatory Commission (CBRC). Tang Renjian, 55, was appointed Governor of Gansu province.
- The Cyberspace Administration of China has released a draft law that would require firms exporting data to undergo an annual security assessment. Any business transferring data of more than 1,000 gigabytes or affecting more than 500,000 users would be assessed on its security measures and on the potential of the data to harm national interests.
- More young Chinese studying abroad are opting to return home, many of them citing better job prospects in China. The government said this month that 82.23% of students who studied abroad returned to China last year, up from 72.38% in 2012.
- Tencent’s 2016 executive pay now surpasses that of global companies such as Apple, IBM and Amazon. As the stock price of Tencent Holdings reached new heights, the company paid an unidentified individual HKD311 million in pay and bonus last year, a 13% increase from the Hong Kong-listed company’s highest 2015 emolument of HKD274 million. At a market capitalization of USD281 billion, Tencent Holdings is Asia’s biggest company.
One-line news
Apr-10-2017 By : fcccadmin
- Foreigners are now allowed to have foreign maids in Shanghai. A woman from the Philippines became the first person to receive a residence permit for foreigners providing housekeeping service in Shanghai’s Pudong district, which houses more than 300 Fortune 500 companies and the location of the China (Shanghai) Pilot Free Trade Zone.
One-line news
Apr-03-2017 By : fcccadmin
- Liu Cigui, 61, was appointed Party Secretary of Hainan province and Lin Duo assumed the post in Gansu. Zhang Qingwei, formerly Hebei provincial Governor, has been named Party Secretary of Heilongjiang province. Xu Qin, 55, is tipped to become Governor of Hebei. Liu Jiayi has been appointed as Party Secretary of Shandong province.
- Fosun International said its latest management reshuffle will have a short-term impact on the company but added that it will grow stronger longer term as it focuses on new technologies and emerging markets. Co-founder and Chief Executive Liang Xinjun has resigned due to health issues and Senior Vice President Ding Guoqi stepped down for family reasons. Wang Qunbin, another Fosun Co-founder, has taken over as CEO.
- Wang Weizhong, Party Secretary of Taiyuan, capital of Shanxi province for only the past six months, has been appointed to the same post in the hi-tech hub of Shenzhen.
- A total of 62 overseas NGOs have registered with public security authorities and set up representative offices in China after a new law regulating overseas NGOs took effect on January 1. Among the 62 NGOs, 27 are from the United States, including the Bill and Melinda Gates Foundation and the U.S.-China Business Council.
- China continued to lead the world in courier delivery volume in 2016 with 40% of the global total, according to the State Post Bureau. The total number of packages delivered surged 51.4% year-on-year in 2016 to more than 31 billion. Last year, couriers delivered over CNY4 trillion worth of retail products that had been bought online or 12.5% of total retail sales.
One-line news
Mar-27-2017 By : fcccadmin
- Some major internet companies in China are appointing mid-ranking public relations and human resources managers to head their Communist Party committees as they try to build closer ties with the government. The approach differs from the state firms, where the Party Secretary usually heads the company. The party committee of a private company usually does not have great significance in business management.
- China plans to carry out environmental spot checks on companies and local governments across the country this year to try to rein in pollution. Inspections teams were sent to 16 cities and provinces in 2016, including Beijing and Shanghai.
- China ranked 79th among 155 countries in happiness between 2014 and 2016, said the World Happiness Report 2017 published by the Sustainable Development Solutions Network (SDSN), a global initiative launched by the United Nations. It beat countries such as Greece (87), Portugal (89) and India (122). Norway came at the top of the list.
- Tencent Holdings, China’s biggest social media and online entertainment company, posted a 47% rise in quarterly profit, helped by strong growth in new revenue streams such as payment and cloud services. Net profit for the three months through December rose to CNY10.53 billion, while full-year profit stood at CNY41.1 billion, up 43%, as revenue rose 48% to CNY151.94 billion.
- Carrie Lam has been elected Chief Executive of Hong Kong for a five-year term. With 777 votes to her name, she beat John Tang with 365, and Woo Kwok-hing with 21 in the Special Administrative Region’s Election Committee.
- China Mobile, the world’s largest wireless network operator, expects the implementation of further tariff cuts ordered by the Chinese government to cost the company at least CNY7 billion in lost revenue and profit this year. Premier Li Keqiang has called on the country’s three telecommunications operators to completely remove domestic long-distance and roaming charges this year, lowering internet access and leased line fees for small and medium-sized enterprises (SMEs), and cut international long-distance voice tariffs.
