HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province. Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime
Dan Collins CMR “Gold going to $7,000”, an article today in the Chinese media is going viral and one of the most viewed articles in the financial press. The article references American Jim Rickards and his concept of comparing inflation-adjusted gold prices. Most Chinese economists
It’s not uncommon for the large Wall Street banks to combine in shorting an entire years supply of minded silver in a single day.The same goes for all commodities. Endless paper printing getting funneled to Wall Street has destroyed all real price discovery. Capitalism fails
Dan Collins CMR When I moved to China back in 1998 I was surprised to learn how highly the Chinese thought of America. Of course China was a much poorer place back then but coming from the Detroit area I couldn’t fathom where was all
Chanos is back! His short China thesis is very long in the tooth but as it goes with most ego maniacs he cannot accept failure or that fact that he might be wrong. Being wrong on an entire country where you have never visited and
You have to laugh at the whole “China will collapse crowd” on CNBC and even respected sites like Zero Hedge. Personally, I love the Zerohedge stuff. They understand the ponzi-financial fraud-money printing-welfare state economy that now envelops the West. But China is a real economy,
D.Collins CMR China’s cloud computing market is expected to be worth 37.2 billion yuan (US$6 billion) in 2017 as demand for the service grows, the Chinese-language China Securities Journal reported on Friday. Some American tech companies are watching the largest and fastest I.T. market in
Stockswatch China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five. Beijing-based
Scared of losing the Chinese tourist dollar, France has relented to China and will allow Chinese police on the streets of Paris. More signs of the benefits of third-world immigration into the West to the point where cultural breakdown has occurred and law and order
Breaking News today that a Chinese vessel as rammed and sunk a Vietnamese fishing boat. All countries in the South China Sea and East China Sea are using fishing boats in a game of cat-and-mouse to challenge each other on their respective areas. This time
Gold has been flowing East for a decade. When the West wakes up to the fact that their gold is gone, they will no longer have sound money with which to back a currency. The world has only been off a gold standard since 1971
From the China Daily… BEIJING – China will lower banks’ reserve requirement ratio (RRR) by 0.5 percentage points starting May 18, the country’s central bank announced Saturday. The cut, the second of its kind this year, will drop the RRR for the country’s large financial
Japan will learn the hard way that destroying your currency is not an viable economic strategy. Shanghai Daily JAPAN posted a record 1.63 trillion yen (US$17.4 billion) trade deficit in January as rising exports trailed surging imports of crude oil and gas due to rising
One year after the launch of direct trading between the renminbi and Japanese yen, the daily trading volume between the two currencies has reached 50-100 billion Japanese yen on the Shanghai market and 15 billion yen on the Tokyo market, a combined volume double that
Is China tweaking its numbers on GDP? Probably. For twenty years Chinese GDP roughy came in right on the governments target. This would be an almost magical performance record considering economists in the West can predict absolutely nothing. For years, China most likely lowered GDP
Tencent Pictures, the film unit of China’s biggest internet company, is looking for acquisitions that can accelerate plans to make its own blockbusters instead of just writing checks for them.
The potential targets could be in Hollywood and include companies on both the creative and production sides of movie making, Chief Executive Officer Edward Cheng said in an interview. He wouldn’t elaborate except to say Tencent Pictures considers whether a target complements its own abilities and resources.
“Investment is one of many ways to drive our business,” Cheng, 42, said. “We expedite our business development via suitable mergers and acquisitions. If it helps our growth at the right time, we are very open in that regard.”
The company is clashing with fellow titans Alibaba Pictures Group Ltd. and Dalian Wanda Group Co., both of which are spending big to gain an even larger share of China’s projected $10.4 billion in box-office receipts.
Alibaba Pictures, part of the online emporium that made Jack Ma the richest person in China, invested in “Mission: Impossible – Rogue Nation” and acquired a stake in Steven Spielberg’s production company, Amblin Partners.
Dalian Wanda, run by billionaire Wang Jianlin, paid $3.5 billion for Legendary Entertainment and $1 billion for Dick Clark Productions Inc. this year alone. It’s releasing “Great Wall,” a big-budget action fantasy starring Matt Damon, in China this month.
“In the future, we will work with Hollywood, which has professional expertise, and better explore the global market,” Cheng said. “We will also actively look for opportunities.”
Potential targets for Tencent Pictures could range from a Hollywood studio to a computer-animation company, said Billy Leung, a Hong Kong-based analyst at Haitong International Securities Co.
“All these Chinese players, including Alibaba and Tencent, are trying to ramp up their self-production content,” Leung said. “It’s just a competition of who spends more.”
The Hollywood buying spree comes at a tense time in U.S.-China relations, with President-elect Donald Trump criticizing China’s currency and tradepolicies, and some U.S. lawmakers calling for increased scrutiny of Chinese takeovers of American companies. The Chinese Communist Party’s official newspaper responded Dec. 6 by urging the nation’s leaders to stay calm amid the “waves” of criticism.
Shenzhen-based Tencent Holdings Ltd., whose online games and WeChat messaging service fueled its growth into Asia’s biggest technology company, has been involved in $20.8 billion of acquisitions and investments announced this year, according to data compiled by Bloomberg.
Subsidiary Tencent Pictures is best known for investing in this year’s “Warcraft,” one of the most-popular movies in China, and the upcoming “Kong: Skull Island.” It recently announced 21 of its own projects as part of a $295 million spree that includes adapting Chinese-centric content for movie and TV screens around the world.
“We will provide more of our input when we work with Hollywood partners,” Cheng said. “There are many elements of Chinese culture that can be developed into films for the whole world and not just a Chinese audience.”
TECH IN ASIA
Chinese companies have historically found it tricky to enter the US market. The American market is a different beast, which means a change in marketing and communication tactics is needed. Flash sales may curry excitement in Tianjin, but Texans won’t blink an eye. Add language and cultural barriers on top of that, and you get some disappointing expansion efforts.
Baidu seems to have found its own solution to tackling the US market that not only involves AI, but also intelligent apps and a machine learning-powered ad platform.
A push towards AI
Baidu has been vocal about recognizing AI as the next stage of the internet, and their efforts in the Baidu Silicon Valley AI Lab show their commitment to research in the field, specifically: image recognition, speech recognition, natural language processing, robotics, and big data.
Over a year since establishing its lab, Baidu has created technologies like Deep Speech 2, a machine learning voice-recognition system that can recognize Chinese and English at an accuracy rate of 97 percent. The system uses deep learning to recognize words and patterns by listening to thousands of hours of transcribed audio. In October this year, Baidu also launched Melody, an AI-powered conversational chatbot that uses advanced deep learning and natural language processing technologies to assist doctors with diagnosis.
To support the AI community in Silicon Valley and beyond, the research team released PaddlePaddle (codenamed after Parallel Distributed Deep Learning), an open source machine learning tool for developers to build their own data learning applications. They also created DeepBench, an open-source benchmarking technology for evaluating the performance of deep learning operations on different hardware platforms.
Making a mark in advertising
Advertising technology may be struggling in the US, but Chinese companies are still powering ahead. China’s online advertising restrictions means that there is greater growth potential in foreign markets such as the US. With US adtech companies being undervalued, 2016 has seen an influx of Chinese companies acquiring players like Smaato, Opera, and NativeX.
This opens the door wide for companies like Baidu to get a bigger piece of the adtech pie, especially since the US and China were predicted to account for nearly 62 percent of global mobile ad spending in 2016.
Baidu’s answer to adtech comes in the form of its recently launched mobile ad platform DU Ad Platform. The platform accurately predicts ad performance to maximize Android developers’ revenues.
Baidu will be rolling out its DU Ad Platform to developers in Silicon Valley through an unofficial San Francisco tour, including stops at the Open Mobile Summit, Mobile Monday, and Growth Stack.
ools on tools
While Baidu is already a known entity in China, they have yet to become a household name in the rest of the world. Their answer to this predicament is – in part – utility apps.
Utility apps are a secret weapon of China’s tech giants when staking out markets overseas. According to Junde Yu, VP of APAC at App Annie, these kinds of useful apps are a “blind spot” for Western internet companies. This gives companies like Baidu a chance to win a spot on American smartphone screens, not to mention hundreds of millions of screens in emerging markets around the world.
In 2016, Baidu launched two new international apps. The first is DU Caller, a privacy/utility app for filtering out potential spam calls and identify unknown numbers. According to Josh Fenn, senior marketing manager at Baidu, DU Caller was created with India and the US in mind. In fact, data from DU Caller found that one in every seven calls in the US are spam calls, and ZDnet reports that small businesses in the US lose nearly half a billion dollars a year in lost productivity thanks to telemarketing.
The second app is Facemoji Keyboard, an app that does predictive emoji combinations.
Less than a week before President-elect Donald Trump spoke with Taiwan’s president over the phone, China flew a pair of long-range nuclear-capable bombers around Taiwan for the first time, two U.S. officials revealed to Fox News.
TRUMP REMAINS ON DEFENSIVE AFTER CALL WITH TAIWAN PRESIDENT
On Nov. 26, two Chinese Xian H-6 bombers, along with two escort planes, a Tupolev Tu-154 and Shaanxi Y-8, flew around the island of Taiwan from mainland China, taking off and landing from two separate Chinese military bases.
The escort jets were used to collect radar information and conduct other surveillance on American allies such as Japan, Fox News is told. The Chinese bombers stayed in international airspace, according to officials.
CONWAY: TRUMP’S TALK WITH TAIWAN LEADER ‘JUST A CALL,’ NOT A SIGN OF POLICY SHIFT
At different points of the flight, Chinese J-10 and Su-30 fighter jets performed escort duties for the Chinese strategic bombers.
Japan scrambled eight F-15 fighter jets to intercept the Chinese flight at one point in the skies somewhere northeast of Taiwan, according to the officials.
A high-ranking official from Taiwan’s defense ministry commented on the Chinese military flight Monday.
“This was the first time that Chinese aircraft circled around Taiwan,” Deputy National Defense Minister Lee Hsi-ming said, adding that China has said similar flights would occur in the future according to Focus Taiwan News Channel.
“China has steadily built up a massive military capability in the area around Taiwan. This isn’t simply a matter of flying bombers. Understand that technically, we can’t object to flying bombers near Taiwan if we are flying combat aircraft and reconnaissance aircraft near China. This is simply legal under international law,” Anthony H. Cordesman, the Arleigh A. Burke Chair in Strategy at the Center for Strategic and International Studies, said. “Taiwan faces a much more serious Chinese challenge than it has ever faced before.”
Clearly China was taken aback recently by Trumps comments on China.
They are not used to American leadership negotiating from a position
By Shaun Rein
Shaun Rein is the founder of the China Market Research Group (CMR)
and author of “The End of Cheap China” and “The End of Copycat China.”
The views expressed here are his own.
(CNN)Donald Trump’s call with Taiwan President Tsai Ing-wen upended
40 years of US foreign policy. Ever since 1979, America has acknowledged
a One-China policy and terminated formal diplomatic relations with Taiwan.
No American president, cautious of provoking China, has spoken with the
island’s president since then.
Even President Ronald Reagan, stalwart defender of democracy and opponent
of communism, refused to cross any red line by speaking with the president
Concerns by foreign policy experts are that the call indicates Trump is a
bumbling, rank amateur when it comes to foreign policy, who hasn’t consulted
with the State Department prior to calls with foreign leaders, and will hurt
American prestige at best, or, at worst, is a loose cannon that is leading
America to war with China.
In response to critics of his call, Trump has forcefully and quickly pushed
back, with a series of tweets Sunday singling out China’s currency policy
and military posturing in the South China Sea.
Brilliant move with little downside
The reality is that Trump’s move to speak on the phone with President Tsai
is brilliant and has little downside.
With a simple 10-minute phone call, rather than selling billions of arms to
Taiwan, Trump shows American strength in the Asia-Pacific region and may well
actually making the region safer.
Unlike President Barack Obama and his Asia pivot policy, which the Chinese
have generally ignored — as evidenced by their continued reclamation of land
in the South China Sea — they are now going to pause and rethink all of their
strategies to take Trump seriously.
Nothing is more sacred to Beijing than one-party rule and sovereignty over land
and ocean that China considers its own. Everything else is open to negotiation.
Trump has not said that he doesn’t acknowledge the One-China policy, nor is he
the actual president yet.
By having a call now before he is sworn in, he will have additional leverage to
negotiate with China on more core American interests than the matter of Taiwan –
for instance, open shipping lanes in the South China Sea, reduced cybersecurity
risks emanating from China, and less protectionism and unfair competition for
American business interests in China.
China’s muted response to the phone call shows Trump’s strategy.
Instead of launching military maneuvers as many American foreign policy experts
feared, the Chinese Foreign Ministry simply lodged a complaint with the US.
Chinese Foreign Minister Wang Yi said the US must not disrupt “the One-China
policy [which] is the cornerstone of a healthy China-US relationship.”
Many China watchers thought China would react militarily. But China does not want
to risk war.In many ways China is like a paper tiger.
It is very good at bullying and shouting to get what it wants and to see how far it
can push other nations, but it is not likely to risk a full-out war at this stage.
It will react militarily only if forced — such as if Trump actually stops acknowledging
the One-China policy.
Chinese state media downplayed the call and said that Trump is not yet president.
Instead, state media unleashed their fury on President Tsai, whom they argue is
intentionally trying to create war.
Rather than launching serious military exercises aimed at America, it is more likely
that China would implement severe economic sanctions and cause trade problems with
Taiwan to punish them economically.
China is currently doing the same thing with South Korea ever since it announced
that it will place THAAD missile defense system on its shores.
The Chinese government is reducing the number of tour groups to South Korea; movie
stars from that country have been banned from performing in China; and, recently,
the giant conglomerate Lotte has had unprecedented mass audits across the country.
China previously banned Norwegian salmon after the Nobel Peace Prize was given to
dissident Liu Xiaobo, and reduced trade with Mongolia after it met with the Dalai
Lama.Status quo no more?
Other countries in the region only have to see the wrath of China if they oppose
its strategic interests, and see the benefits if they get closer to Beijing politically.
The recent warming of ties between China, the Philippines, and Malaysia, which are
getting billions of low interest loans and infrastructure investment, show Asian
nations the benefits of allying with Beijing over Washington.
Trump’s call with President Tsai is a simple and cheap way to let other nations
know that American power is back and that Trump will look after US interests,
even if that means changing the status quo.
And frankly, the status quo has not made the world a safer place in recent decades.
Ant Financial, the Alibaba affiliate which runs the Alipay payments service, announced partnerships with European banks on Tuesday as it continues to expand in the region.
The deals with BNP Paribas, Barclays, UniCredit, and SIX Payment Services will allow an additional 930,000 merchants to start accepting Alipay if they wish to do so, the company claimed.
Ant Financial runs China’s biggest payments service, Alipay, which has a total of 450 million active users and processes 170 million transactions per day. The expansion into Europe is aimed at Chinese users traveling abroad. Alipay is deeply ingrained in the lives of Chinese consumers and is used to pay for items in-store and online, for goods and services ranging from taxis to restaurants and clothing.
The partnership with BNP Paribas will allow Alipay payments to be facilitated via the bank’s merchant network in France and later in Europe. With Barclays, Alipay will be able to tap the U.K. market. SIX is a payment service provider that will help Alipay expand onto e-commerce platforms and in-store across Europe. And UniCredit will aid Alipay in launching the payment service in Italy next year.
Alipay first expanded into Europe in October 2015 in Germany and has since been working on getting merchants using its platform. The payments service is now available to use in locations such as famous London department store Harrods and Munich airport. Users can also process tax refunds via the app in 23 European countries.
Ant Financial said that at the end of the third quarter of 2016, excluding mainland China, it had a network of close to 100,000 retailers in 70 countries and regions.
Apple Pay rival?
Capturing Chinese travelers abroad is key to locking users into the Alibaba ecosystem, particularly when there are many payment rivals outside of China such as Apple Pay. Chinese tourists spent $215 billion abroad last year, a 53 percent rise from 2014, according to the World Travel & Tourism Council. Alipay is hoping that much of this spending will be through its app.While Alipay doesn’t directly compete with the likes of Apple Pay or Google’s Android Pay in Europe, because it’s aimed at Chinese users, Douglas Feagin, head of international operations at Ant Financial, hinted that the company could offer the service to international users in the future.
“In terms of focus on Europe, we like to initially expand Alipay to be much more of a global product with global users. And we’re going to do that step by step. Right now we are focused a lot on Asia with a partnership with PayTm in India … we’ll look to expand that across Asia, then we’ll look to Europe and the United States for future growth,” Feagin told CNBC in an interview on Tuesday.
Last year, Alibaba and Ant Financial invested $680 million in PayTm, an Indian payments start-up.
Alipay raised $4.5 billion earlier this year to fuel its expansion in a round that valued the company at around $60 billion, people familiar with the matter told CNBC at the time. This makes it the second most valuable private technology company in the world, behind Uber which is worth over $62 billion.
Ant Financial is slated to go public next year. A source close to the situation told CNBC in October that while the firm is “closer to an initial public offering (IPO)”, there is no timeline set.
“We don’t have any current plans in terms of timeline or venue for the IPO. We certainly see the benefits of being a public company and I think the transparency of being able to communicate more regularly with investors more broadly we see is a benefit, as well as having the currency to do things more strategically could be an advantage to us,” Feagin said.
The Dollar is cracking before our eyes. Don’t be fooled by short-term strength.
“I proposed Putin the following: Let’s do our trade in local currencies. Whatever I buy [from you] I shall pay you in Russian ruble, and whatever you buy from me make the payment in Turkish Liras,” said Erdogan on December 3, quoted by Hurriyet.
He added that he had made the same offer to China and Iran and his offer was found reasonable. “We have given the necessary instructions to our central banks and we will try to conduct such [trade] relationships between us through this way,” Erdogan said.
Erdogan again reiterated his call to Turkish citizens to convert their foreign exchange into gold or the Turkish Lira. “Those who keep foreign currency under their mattress should come and turn them into lira or gold,” he said.
Stating that one should convert their foreign currencies to liras or gold against the ones who want to “destroy us,” Erdogan also answered the question of ‘what if we lose money,’ with this currency conversion.
“Look, this is national, there is fruitfulness in this, you will not make a loss from this, do not worry,” said Erdogan, adding that it was actually the “other,” a reference to foreign currencies, that would make the Turkish people lose because “the other is a representative of the imperial logic.” “You look after your money that is local and national; the money will stay here,” he said.
We expect another sharp move lower in the TRY following these overtures by what increasingly sounds like a desperate regime, one in which Erdogan is likely set to soon take over the central bank next,in his quest to both lower rates and boost the currency.
China’s government has announced plans to build a USD 2 billion film studio as part of a national push to expand its cultural influence. The studio in the southwest municipality of Chongqing will include a theme park and tourist attractions, state media reported late Sunday. Construction will begin early next year and is expected to cost 15 billion yuan (USD 2.18 billion).
Officials say they have operating agreements already with several foreign partners. The official Xinhua News Agency said the park would include tie-ins with gaming and online entertainment.
The park will be named after President Xi Jinping’s signature “One Belt, One Road” program, a multibillion-dollar effort to deepen China’s economic and cultural ties with its western and southern neighbors reaching as far as east Africa.
China is already the world’s second-largest film market and home to the world’s largest theater operator, Dalian Wanda, which has purchased American media companies AMC Theatres and Legendary Entertainment. Its signature film studio, Hengdian World Studios, spans almost 3,000 hectares (7,000 acres).
Facing growing domestic demand, Chinese officials and companies have sought to fend off Western film imports by producing more competitive films locally. A national quota permits just 34 Hollywood films to be shown each year in domestic theaters.
Turkish president responds angrily to parliament vote to suspend membership talks
Turkey’s president Recep Tayyip Erdogan ramped up his dispute with Brussels warning he would allow 3m refugees into Europe at a time of mounting political anxiety over the advance of rightwing populists in Austria, Germany and France.
As tension escalates with Mr Erdogan over his clampdown on opponents after a failed military coup in July, officials in Brussels are examining the allocation of €600m in annual financial aid to Ankara as a result of the purge.
Mr Erdogan has previously warned that he could put refugees “on buses” to Europe
WUHAN, Nov. 28 (Xinhua) — China’s 2016 box office sales are expected to exceed the 2015 total of 44 billion yuan (6.38 billion U.S. dollars), the country’s film watchdog said.
By the end of October, box office takings had exceeded 38 billion yuan.
Box office sales in the world’s second largest film market have posted average growth of 35 percent year on year since 2003, said Tong Gang, deputy head of the State Administration of Press, Publication, Radio, Film and Television (SARFT).
In 2015 alone, it grew a whopping 48.7 percent, according to the SARFT.
Tong said that although this year’s growth will be slightly lower than 35 percent due to the Chinese currency’s depreciation, the film market will still see growth.
The country’s film output ranks third in the global market and is expected to exceed 700 by the end of 2016. Sales of film rights to online video sites have raked in 4 billion yuan (560 million U.S. dollars) so far this year.
China’s box office sales have increased from 1 billion yuan to 40 billion yuan in the past decade as the industry has adopted more market-oriented reform measures.
By 2020, annual box office sales are expected to reach 100 billion yuan, according to industry estimates.
Western and NATO allies are falling like domino’s across the world.
First came the Philippines, then Malaysia, and Indonesia and now the
contagion has spread to Turkey with the Turks now looking East and
being drawn into the most dominant economic sphere on the planet.
Fed up with EU, Erdogan says Turkey could join Shanghai bloc
President Tayyip Erdogan was quoted on Sunday as saying that Turkey did not
need to join the European Union “at all costs” and could instead become
part of a security bloc dominated by China, Russia and Central Asian nations.
NATO member Turkey’s prospects of joining the EU look more remote than ever
after 11 years of negotiations. European leaders have been critical of its
record on democratic freedoms, while Ankara has grown increasingly exasperated
by what it sees as Western condescension.
“Turkey must feel at ease. It mustn’t say ‘for me it’s the European Union at
all costs’. That’s my view,” Erdogan was quoted by the Hurriyet newspaper as
telling reporters on his plane on the way back from a visit to Pakistan and
Uzbekistan. “Why shouldn’t Turkey be in the Shanghai Five? I said this to
(Russian President) Mr Putin, to (Kazakh President) Nazarbayev, to those who
are in the Shanghai Five now,” he said.
“I hope that if there is a positive development there, I think if Turkey were
to join the Shanghai Five, it will enable it to act with much greater ease.”
China, Russia and four Central Asian nations — Kazakhstan, Kyrgyzstan,
Tajikistan and Uzbekistan — formed the Shanghai Cooperation Organisation
(SCO) in 2001 as a regional security bloc to fight threats posed by radical
Islam and drug trafficking from neighboring Afghanistan.
Turkish membership of the SCO, which had initially not included Uzbekistan
and been known as the Shanghai Five, would be likely to alarm Western allies
and fellow NATO members.
Kazakhstan, Kyrgyzstan and Uzbekistan speak Turkic languages, and Ankara
signed up in 2013 as a “dialogue partner” saying it shared “the same destiny”
as members of the bloc.
Mongolia, India, Iran, Pakistan and Afghanistan are SCO observers, while
Belarus, like Turkey, is a dialogue partner.
Dialogue partners are entitled to take part in ministerial-level and some
other meetings of the SCO, but do not have voting rights.
Erdogan last week urged Turks to be patient until the end of the year over
relations with Europe and said a referendum could be held on EU membership
AFTER three years of construction, a 712-kilometer quantum communication line has opened in east China, making it the world’s longest secure quantum telecommunications network.
The new quantum communication line links Hefei, capital of Anhui Province, to Shanghai. It is part of a 2,000km quantum communication line connecting Beijing and Shanghai, according to Chen Yu’ao, professor at the University of Science and Technology of China in Hefei and chief engineer of the Beijing-Shanghai quantum communication line. The 712km line has 11 stations.
Quantum communication lines boast ultra-high security. It is impossible to wiretap, intercept or crack the information transmitted through them.
The Beijing-Shanghai quantum communication line is expected to be completed at the end of this year. In August, China launched the world’s first quantum satellite. It was nicknamed “Micius” after a fifth century BC Chinese philosopher and scientist. That line will be connected to the satellite through a station in Beijing, enabling the space-to-Earth quantum communication network.
A Chinese team on Friday won the 2016 ACM Gordon Bell prize, a top honor in high-performance computing, for an application running on China’s fastest supercomputer.
It is the first time a Chinese team has won the award.
The project, named “10M-Core Scalable Fully-Implicit Solver for Nonhydrostatic Atmospheric Dynamics,” presents a method for calculating atmospheric dynamics, according to the Association for Computing Machinery, which presented the award at the International Supercomputing Conference in Salt Lake City in the United States.
“The application can help improve global climate simulation and weather prediction,” said Yang Guangwen, director of the National Supercomputing Center in Wuxi.
The center, also one of the application developers, is home to Sunway Taihulight, the supercomputer that runs the application.
The award shows that Taihulight not only excels in terms of speed, but can also be a powerful platform for a wide range of applications, said Yang.
Since its launch on June 20, Sunway Taihulight has helped research teams in both China and abroad make over 100 achievements in 19 different fields, including meteorology, oceanography, aerospace and biology, Yang said.
According to the International Supercomputing Conference, China has 171 of the world’s top 500 supercomputers, tied for first place with the United States.
Established in 1987, the Gordon Bell Prize is awarded each year at the annual supercomputing conference. It recognizes outstanding achievements in high-performance computing applications.
INVESTMENT bank CICC believes there is limited room for China’s central bank to use further monetary easing, saying focus would shift to curbing asset bubbles and guarding against financial risks.
Room for further monetary easing is limited because real interest rates have fallen significantly on the back of continued economic reflation, while ample policy tools and accumulated monetary and fiscal loosening since 2015 would ensure stable economic growth this year, a CICC report said.
To stabilize growth, which fell to 6.9 percent in 2015, China cut the benchmark interest rate five times last year. However, it has cautiously refrained from doing so this year over concerns about asset bubbles and the depreciation of the yuan.
China’s economy expanded 6.7 percent in the third quarter of 2016, holding steady with the first and second quarters and boosting sentiment that this year’s annual GDP target of 6.5 percent to 7 percent is achievable.
CICC forecast that the central bank would not cut benchmark interest rates in 2017 and it may also leave the commercial banks’ reserve requirement ratio unchanged in the first half of 2017.
Chinese Central Bank to Develop Digital Currency
CHINA’S central bank is recruiting blockchain experts to step up efforts to develop an official digital currency.
The People’s Bank of China’s institute of printing science is offering six positions for the design and development of digital currency-related software and hardware framework, a recruitment notice said, adding that candidates with experience in blockchain and Big Data technologies will be preferred.
The candidates must hold master’s or doctoral degree in computer science, information security and cryptography, according to the notice.
PBOC set up a special team in 2014 to look into digital currencies, research the legal, monetary and technological framework, and study the impact of digital currency on the economy and financial systems.
However, PBOC Governor Zhou Xiaochuan said in a previous interview with Caixin magazine that there’s no timetable for the launch of the digital currency.
Central banks in UK, Russia, Canada and Australia have also showed interests in developing blockchain-based digital currencies.
Blockchain technology is not just useful for creating digital currencies or developing new financial technologies. They can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.
Alibaba’s gigantic online shopping holiday saw another record-smashing year in China, with mobile continuing to become an even more dominant shopping platform.
For the November 11 Singles’ Day shopping event, sales reached US$17.8 billion (RMB120.7 billion) on Alibaba platforms alone, rising from last year’s $14.3 billion. This marked a growth rate of 32 percent, down from over 60 percent last year. The total number of transactions hit the 1 billion mark this year (1.04 billion to be exact), up from 710 million last year.
While the day is known as a significant discount holiday, luxury brands also got in on the action after Tmall held a special live-streamed fashion show to promote its Singles’ Day luxury sales. Beauty brands were especially active, as Clarins sold face masks at discounts of 59 percent and Lancôme had the largest total number of beauty product promotions, according to analysis by Clavis Insight. Other premium and luxury brands with promotions for the event included Sephora, Burberry, Apple, and Maserati.