The United States’ National Security Commission on Artificial Intelligence (NSCAI) recommends that Congress tighten the chip manufacturing technology bottleneck to prevent China from surpassing it in the next few years. The NSCAI recommends limiting China’s purchase of advanced chip manufacturing equipment.
Tag: China
In-home Tuition in China – An Endless Race for the Future
The first day being an in-home tutor, Chen only felt shocked. She was then majoring in Chinese literature at a prestigious university in Beijing. She saw a message in a Wechat group in need of an in-home tutor teaching both Chinese and English. Wanting to make some pocket money, she took the deal.
Saudi Arabia — US Friend, Conflict, or Crisis?
The Joe Biden administration is planning to review the dealings between the US and Saudi Arabia. In fact, On February 27th, Biden stated there will be a new announcement coming on Monday pertaining the US- Saudi relations, which could lead to the US-Saudi crisis. It is unknown, if there would be sanctions laid against the Saudis.
6G Technology, the Race for Telecommunication Dominance
The battle for 6G is already intensifying, although this communication standard remains purely theoretical, but it highlights how geopolitics is fueling the technological rivalry, especially between the US and China. However, it is highly likely the 6G technology will not be available until 2030.
Chinese Scramble to Dominate Food Market
Alibaba and Pinduoduo are pushing innovation in China’s agriculture industry as they strive to dominate the food distribution market. The current competition was triggered by the food distribution crisis that emerged last year following the onset of the corona virus crisis.
President Xi Restructures Ant Group Due to Alibaba’s Jack Ma Digital Yuan Trial Profits
Alibaba’s operations as well as those of its subsidiaries have come under intense scrutiny in recent months as Chinese authorities seek to rein in their dominance in the country. According to a new report, MYBank, an Ant Group subsidiary is set to take part in a government-backed Yuan digital currency program.
Russia and China to Build Moon Colony
Russia and China are ready to sign an historic deal to build the first lunar base. The two countries will cooperate in creating an international lunar structure that China developed. The information was released on the Russian government’s official site. The lunar base can be seen as part of a second space race against America.
Alibaba — China Deploys Ant Traps
Chinese authorities have, in recent months, clamped down on Alibaba Group, which is arguably the biggest e-commerce B2B platform in the country. The move came after founder Jack Ma’s controversial utterances about Chinese regulators stifling growth by implementing unfavorable rules.
The Poor Kid That Resembles Jack Ma is Home
The kid that looks like Jack Ma is finally back home. On February 19, Fan Xiaoqin’s father, Fan Jiafa, told journalists that his youngest son, after four years of fame, would come back to continue the 4th grade at a local primary school. The man that hired Xiaoqin, Liu Changjiang, terminated the contract earlier this year.
HSBC Exits U.S. Retail Banking Business
HSBC Holdings will announce its 2020 annual results on Tuesday, and the investment community is concerned about the results of its strategic review. The British Financial Times quoted a person familiar with the matter as saying that HSBC will revisit its “pivot to Asia” business strategy and withdraw from retail banking in the United States.
Chinese Internet Troll Arrested for Defaming National Heroes
Since the imprisonment of the provocative Spanish rapper Pablo Hasél on February 16, violent street protests have been going on every night across Spain despite the Covid-19 nightly curfew imposed by the Spanish government. For his “lyrics and tweets that compared Spanish judges to Nazis and called former King Juan Carlos a mafia boss,” among other accusations, Pablo was given a nine-month prison sentence.
Russia — ‘NATO Threat to Whole World’
The Russian Gosduma made a statement pertaining the NATO actions, which pose political and military threats not only to Russia, but also to the whole world. Moscow naturally wants to weaken the alliance. The statement was made by the First Deputy Head of the State Duma Committee on the International Affairs Dmitry Novikov.
Chinese Young People Rush Into National Civil Service Examination in Hope of Stability
Having graduated from one of the best universities in China, Na still hasn’t found a job in six months. “Sometimes I even think about becoming a waitress. But my family wouldn’t allow me. It’s a disgrace for their reputation. But here in Xinjiang, there are barely any good job offers.” Finding no better way out, she signed up for the next National Civil Service Examination (NCSE), which led to a second problem: should she sign up for a training course?
Baidu Climbs 6% on Investor Speculation
When Baidu stocks began to climb high up to 6%, it did so on a lot of investor speculation. Sponsored ADR Class A currently traded at $295.14, up $18.55, or 6.7%. Many Chinese internet-savvy persons saw the potential of this stock and invested in Baidu stock as a long-term investment.
Coronavirus — WHO Echoes China’s Origin Findings
The World Health Organization (WHO) team investigating the origin of the coronavirus in Wuhan, China, has certified the animal origin of the virus. However, it considers that no sufficiently solid evidence has been found to conclude that it originated from bats or pangolins, which it has identified as “potential candidates.”
Oil Prices Recovered After 5 Year Low
The oil prices continue to climb higher. The price of oil has now recovered after it dropped to a five-year low. In fact, the price of oil is now up over $60 a barrel, which makes many people wonder what will trigger the price of oil to go even higher.
Young People Rush into Financial Market in China
A recent report by Tencent shows that in China, over 84% of post-90s (people born after 1990) are doing some sort of personal financial planning (PFP), especially investing in the stocks and the funds. It’s like suddenly, everyone is talking about “Baijiu” (a Chinese liquor), one of the most speculated funds during the last year along with medical stocks.
Belarus Forum — Belarusian People’s Assembly
The Investigative Committee of Belarus formally sent the documentation for the extradition of the founder of the Telegram channel NEXTA Stepan Putilo and his former editor-in-chief Roman Protasevich from Poland under the International treaty. The Belarusian KGB previously included these individuals on the terrorist list.
Young People Find Construction Sites More Comfortable Than Factories in China
Born in 1999, Yang is the youngest construction worker on his team. He has no regrets about working a blue-collar job. Six years ago, dreaming to shine in a big city, Yang came to Xiamen with some friends after finishing only junior high school.
In the beginning, not knowing what to do, he listened to a friend’s idea and signed up for a training course to become a hairdresser. During a whole month, he did nothing but washing hair. “The final exam was to wash the instructor’s hair. If he felt comfortable, course completed. I didn’t even touch any scissors there.”
Gold Sees Worst Week in Two Months
Gold faces its worst week by a few notches, as it attempts to hold onto its recent gains. There are mixed signals coming from the market, and traders have become divided in their opinion of whether this is a good or a bad week for gold. Gold gained 0.3% to $1796.77 an ounce by 06:22 GMT after slipping more than 2% to the lowest level since last December.
China Resumes Imports of Foreign Scrap Metal
China, which is the biggest steel user in the world, has resumed the import of foreign scrap metal into their country. It is the first such shipment since China outlawed international waste. News sources report that Australian iron ore miners were in attendance at the China-Australia Industry Forum last Friday.
Shanghai Police Arrest Members of China’s Leading Fansub Team
On February 3, Shanghai Municipal Public Security Bureau hosted a special press conference that caused deep sadness all over the internet in China.
“The suspects have created several companies since 2018 with overseas servers. They download videos via illegal foreign torrent websites and hire translators to make Chinese subtitles for $60 per episode.
Alibaba — Ma Omitted from List of Business Leaders
Alibaba Group founder Jack Ma has not been included in a list of Chinese business leaders published Tuesday in a front-page article in the state-run Shanghai Securities News, Reuters reports. The list does include Ren Zhengfei, founder of Huawei Technologies, Lei Jun, CEO of Xiaomi, and Wang Chuanfu, founder of BYD Auto.
Working Overtime Becomes Normal in China
Everyone knows that Chinese white-collars work overtime, but to what extent? Recently, a study by Zhaopin, one of China’s largest online headhunters, has given us a peek at the truth.
About 81.95% employees work overtime every week, 77.61% of whom do it for free. 24.70% of them even work overtime every day without being paid. The average overtime is 6.45h per week. In 2016, Chinese mobile transportation platform DiDi published a ranking of the companies with the most overtime, the top 3 being JD, Tencent and 58Ganji. The average time of leaving the office at JD was 23:16. DiDi has stopped publishing this ranking, possibly due to PR pressures from such companies. But the situation apparently didn’t improve just because the statistics are no longer disclosed.
HNA Group Disclosed Years of Suspicious Money Flow
Recently the HNA Group, which is headquartered in the Cayman Islands, has revealed unusual cash movements in its previous and current accounts. The company made three bankruptcy petition filings by its creditors on behalf of its debtors. There also may be an investigation into whether any of the transactions were improper or incomplete.
Russian — Space Program Launches 2021
The 2020 was not a good year for the Russian space program. Even though, Russia continues to be in the top 3 nations pertaining the space launches. Roscosmos is showing a negative trend. The US remains at the number 1 spot, followed by China. Chinese launches in majority were not successful. Last year, Russia only had 4 out of 11 flights to the International Space Station (ISS).
Xi and China at the World Economic Forum
Chinese president Xi Jinping spoke at the Davos Economic Forum. President Xi’s speech touched on the equality of the international relations. However, due to the Coronavirus pandemic, the forum was held in the online format. Earlier this week, Russian President Vladimir Putin spoke at the forum as well.
Coronavirus — WHO Team Begins Investigation
On Friday, the World Health Organization (WHO)’s team will visit laboratories and markets in Wuhan, China, as part of an investigation into the origin of the emerging virus, which infected and killed millions around the world within about a year of its discovery. More than 2 million people have died as a result of more than 101 million infections worldwide.
Fraud and AliExpress — Buyer Beware
Fraudulent activity by online sellers continues to increase. Even though AliExpress claims there is a buyer protection, it is rarely in the buyer’s favor. There are multiple ways the buyer can be scammed on the platform. The Russian populous claims the increase in fraudulent activity on AliExpress has risen since the beginning of 2021.
AliExpress Fakes and Russia
AliExpress, which is popular in Russia, is known to sell fake products. In the case of AliExpress, the counterfeit products sold on the platform are not removed. Amazon also has a lot of fake items listed. However, Amazon at least puts up an effort to remove such listings and has a task force dedicated to identifying fraudulent sellers.
Regulator: Ant Group Probe Won’t Undermine Growth
Liang Tao, the vice president of the China Banking and Insurance Regulatory Commission (CBIRC), has underlined that the recent probe into Ant Group’s workings won’t undermine its growth and development. He said this during a press conference in which he quelled fears that the government was targeting private firms.
B2B — SAP Hong Kong, Deloitte Team Up
SAP Hong Kong and Deloitte have teamed up to bring an enhanced product solution to their customers. The union deal allows Deloitte to extend SAP products to clients, including SAP GTS which is ideal for global companies that have to deal with international B2B trading compliance issues.
Chinese Couples Get Poorer After Marriage
Recently, a new opinion thread opened on Douban, a Chinese social website where people discuss anything: “How much does a wedding cost? My boyfriend and I are getting married as soon as we’ve saved enough money.” The answers, however, are a bit intimidating.
Even people from small cities or towns claim that a wedding could easily cost them over $30,000, three times the annual GDP per capita in China. Are Doubaners being extravagant or is that the reality nowadays?
The Most Dangerous Items to Buy on AliExpress
The e-commerce market continues to grow around the the globe. This year, it is expected that e-commerce retail sales worldwide will reach $4.9 trillion. It should be noted that in 2019, American consumers spent $601.75 billion shopping online. However, there are certain items that should never be bought, particularly on Alibaba’s AliExpress.
UNCTAD — Global FDI Plummets
Foreign direct investment, affected by the COVID-19 pandemic, plummeted 42% globally in 2020, the United Nations Conference for Trade and Development (UNCTAD) said on Sunday. UNCTAD indicated that the recovery from this indicator would be likely be delayed until 2022.
Creator of WeChat Blames Keyboard Apps for Stealing User Data
Allen Zhang, known for leading the developments of WeChat, QQMail and FoxMail, three major products of Tencent, announced on this year’s Night of WeChat that WeChat will soon have its own virtual keyboard app. Why? ‘To keep other keyboard apps from stealing user information and chat history.’
“On a daily basis, there are 1.09 billion users texting on WeChat, 330 million of them use it to have a video call. 670 million photos are uploaded on WeChat Moments and over 100 million short videos every day.” Since its first version in 2011, WeChat has now become a must-have for the Chinese people. It’s an app for everything: messaging, social media, mobile payment, food ordering, train and flight tickets booking… Many companies even use it as their main communication tool.
Chinese Firms have Been Buying Venezuelan Crude Oil Despite Sanctions
Some unscrupulous Chinese oil-dealing companies have been buying Venezuelan crude oil and mixing it with additives to disguise its true origin. This is according to a new Bloomberg report. It reveals a range of crafty methods used by guileful dealers to skirt US sanctions imposed on the Venezuelan oil industry.
Russia — AliExpress Future is Bleak
The e-commerce wholesale platforms continue to grow. In 2020, online retailers saw a sharp increase in sales. The Coronavirus pandemic that spread around the world contributed to a change in shopping preferences for consumers. However, China has been one of the largest contributors of counterfeit products’ sales and manufacturing.
AliExpress Review
AliExpress is popular in Russia and the bordering nations of the former Soviet Bloc. A lot of drop shoppers source the products from the AliExpress. Russia has its own online marketplace, Wildberries. Last week, Wildberries marketplace announced expansion into Germany.
Antitrust Investigation Against Alibaba – Bluff or Just a Start?
In late December 2020, China’s State Administration for Market Regulation announced that they have launched an antitrust investigation against Chinese tech giant Alibaba, whose “pick one” policy has received multiple complaints from its competitors over the years.
The “Pick one” policy dates back to 2013 when Alibaba forced online-shop owners to choose only one place to run their business: either they close their shops on Tmall and Taobao, Alibaba’s own platforms, or they exit all other platforms, especially JD, the second biggest platform at that time. Since 2017, JD has been suing Alibaba for its unreasonable policy.
Citigroup – Major Investors Fled Alibaba After Probe
A report by Citigroup reveals that a significant number of ultra-rich Alibaba investors, who are also clients of its firm, rushed to sell its shares in the aftermath of the recent monopoly probe by the Chinese authorities. Shares of the e-commerce giant are weltering due to an anti-trust probe arising from some of its alleged exclusivity requirements.
Chinese Celebrity Accused of Abandoning Her 2 Surrogate Kids
Zheng Shuang got famous in China thanks to her leading role in the phenomenal TV series Let’s Watch the Meteor Shower in 2009. She has remained one of the top female celebrities for over a decade without other noticeable works. Her pretty face and bold personality have gained her a rather radical fan base, who always defend her all over the internet whenever there is any negative news about Zheng. But things are different this time.
China Reports 2.3% Economic Growth in 2020
China’s GDP increased by 6.5% in the last quarter of 2020, completing the year with an annual mark of 2.3%. The figures are courtesy of the official data published on Monday by the National Bureau of Statistics. By recording a positive outturn, China succeeded in turning around a year that began with the coronavirus threatening to become a thorn in its flesh.
Knowledge Anxiety – Paid Study Rooms Thrive in China
Unlike traditional cafés, Paid Study Rooms (PSRs), the name already gives away how it works: people pay to self-study here. Many of them bear the word “dream” in it, like Dream Runner, Dream Seeker or Dream Builder. In this society where competition and hardworking are extensively encouraged, PSR has just started its journey.
North Korea Nuclear Weapons Announcement
The North Korean leader Kim Jong-un announced the completion of the national nuclear forces. The disclosure occurred during the VIII Congress of the Workers Party Of Korea. The 8th Congress also elected Kim Jong-un as the General Secretary of the Workers Party of Korea. The Congress of the Workers’ Party of Korea (WPK) is the top organ of the party.
China New Civil Code
China rolled out the new Civil Code. It should be noted, the Civil Code never previously existed in China. The New Code is available here. Furthermore, the Civil Code consists of the 7 chapters and 1260 articles. These chapters include provisions for the property rights, the individual rights, marriage, family the inheritance and the every day offenses.
Founder of Alibaba Becomes the Symbol of Capitalism in China
Where is Jack Ma? The whole world is wondering what has happened to one of the richest men in China, who used to have a very high profile and now has disappeared for over two months. The founder of Alibaba didn’t even show up in Africa’s Business Heroes as scheduled, a TV show funded by Jack Ma Foundation. Concerns and speculations over his current situation have been circulating in China.
Chinese Internet Users Indignant at Another Young Karoshi
Right before the new year, on December 29, Zhang didn’t leave work until 01:30 a.m. While walking home with her colleagues, she suddenly fainted. Even though she was immediately sent to a local hospital in Urumchi, she still passed away six hours later.
The tragedy had been circulating unperceivably on the internet, until it trended on January 3. One day later, on Zhihu, people started to spread a screenshot of a post by the official account of tech giant Pinduoduo:
China — US Relations at New Crossroads
In an interview with official media, Chinese Foreign Minister Wang Yi condemned the Trump administration’s actions to contain China and provoke a new Cold War, saying that this has brought harm to the world. He also hoped that the new administration led by Biden would “regain rationality and reopen dialogue.”
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