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
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
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
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,
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
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
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
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
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
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
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
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
By Fred Hiatt Editorial Page Editor
China is bent on world domination — not with its missiles and aircraft carriers,
but by controlling solar energy, cloud computing and other industries of the
That is an only slightly exaggerated version of a warning coming from the American
chamber of commerce in China. It sent a delegation to Washington last week to
warn that “China’s aggressive mercantilist policies are one of the most serious
threats facing the future of U.S. advanced technology sectors,” as their policy
paper says — and that the U.S. government isn’t doing enough to counter the threat.
The warning is especially startling coming from AmCham China, as it calls itself,
which for years flexed its advocacy muscle persuading the United States to let
China into the world trading system and rebutting Americans who it felt were too
hard on China.
“Now we’re saying that things are really lopsided, and the government needs to wake
up and take action,” James McGregor, chairman of APCO Worldwide in China and part
of last week’s delegation, told me during a visit to The Post. “This is aimed at
domination of the industries of the future. We’re talking about artificial intelligence
and all the things that are important to the American economy.”
Given President Trump’s anti-China rhetoric during the campaign, you might expect U.S. executives in Beijing and Shanghai to feel optimistic about the prospects for a U.S.
response. They are hopeful — but they are also nervous, for reasons I’ll get to in a
minute, that the administration may miss this opportunity to course-correct.
First, though: Why has AmCham changed its tune so dramatically since the upbeat days
of China’s entry into the World Trade Organization? The chamber’s answer: China has
changed, not us. Its policy has shifted, McGregor said, from “reform and opening” to
“reform and closing.” The Communist regime still wants economic growth and market
mechanisms, in other words, but without subjecting its economy to open competition
from outside. In fact, a recent survey showed that more than 80 percent of the chamber’s
members “feel less welcome than before,” another delegation member, Lester Ross of the WilmerHale law firm, told me.
China has a well-developed, long-term industrial strategy, the chamber says. It limits
U.S. firms’ access to its market; demands that American companies share their advanced technology to get even that limited access; buys foreign companies that possess
technology it needs while preventing U.S. firms from investing in China; shovels
resources to Chinese companies as they ramp up; and then, once those Chinese firms have
fattened on the vast and protected Chinese market, sends them out to compete in the world.
“The economic relationship is critical to both the United States and China,” said
William M. Zarit, a former U.S. diplomat and now senior counselor at the Cohen Group and chairman of AmCham China. “But as strong as it might be, we have an investment and trade relationship that is out of whack. . . . We need to address this.”
During the campaign, Trump maintained that China was “ripping us left and right.”
“There are people who wish I wouldn’t refer to China as our enemy,” he wrote in 2015.
“But that’s exactly what they are.”But will his earlier skepticism translate into smart
Apple posts fifth quarter of sales drop in greater China, hurt by Huawei, Oppo and Vivo
iPhone maker’s combined revenue in Hong Kong, Taiwan and mainland fell 14 per cent in the March quarter to US$10.7 billion
Apple reported its fifth consecutive quarter of revenue decline for its greater China business, buffeted by the strong US dollar and intense competition from Chinese smartphone brands led by Huawei Technologies, Oppo and Vivo.
The world’s most valuable company reported a 14 per cent decrease in combined first-quarter revenue from mainland China, Hong Kong and Taiwan to US$10.7 billion, compared with US$12.5 billion a year ago.
By Xie Zhenqi
Scientists around the world are striving for effective detection of
cancer in the early stages, and a Chinese scientist may have found
a quick way of knowing whether malignant tumors exist in a patient’s
body, with just one drop of blood.
Luo Yongzhang and his team in Tsinghua University’s School of Life
Sciences in Beijing have successfully invented a reagent test kit of
Hsp90α for clinical use, which can diagnose multiple kinds of cancer
by analyzing a drop of human blood.
Malignant tumors in early phases can be cured but once they have spread
all over the patient’s body there is no way to save the person’s life.
However, it’s extremely difficult to be aware of cancer in its early stages,
as patients don’t show obvious symptoms and thus it can only be found in
its later stages, which is already too late, so to detect cancer early
remains a global challenge for scientists.Back in 1989, scientists have
found a kind of heat shock proteins (HSP), named Hsp90α, which existed in
human bodies and can be used as a cancer biomarker detection kit.
Scientists around the globe have been working on it since then, and more
than 10,000 journals have been published on accredited magazines, yet no
one has actually turned their research results into medical products.
However, Luo and his team seemed to have cracked the code, after working
on theproblem since 2009. The team has produced an artificial Hsp90α protein
that gains structural stability by regrouping proteins. This means they are
able to “create” the protein, in any quantity, and at any time they wish to.
The kit has since been used in clinical trials involving 2,347 patients at
eight hospitals in China. It was the first clinical trial in the world to
test if the protein could be a useful tumor biomarker for lung cancer, and
Now, the kit has been certified to enter the Chinese and European markets,
24 years after Hsp90α was discovered.Cancer is a group of diseases involving
abnormal cell growth with the potential to invade or spread to other parts
of the body.
In 2015, about 90.5 million people had cancer in the world, with roughly
14.1 million new cases occurring each year. Approximately 8.8 million human
deaths, or 15.7 percent of all deaths in the world, are caused by cancer.
In China alone, 4.29 million people were detected as having cancer in 2015,
and 2.8 million of them died in that year.
Max interviews Dan Collins of TheChinaMoneyReport.com about China’s tech sector coming up with all the innovations while drawing in all the investment. While Silicon Valley wastes capital on complex juicers, China attracts 50% of global fintech investment and its digital payments market is 50 times larger than America’s.
CHENGDU – Chinese e-commerce giant JD.com said Thursday it will build
150 operation sites for unmanned aerial vehicle delivery in southwestern
province of Sichuan.
JD.com CEO Richard Liu said the operation sites are expected to open
in three years and the drone delivery will help reduce the freight costs
by 70 percent.
The drone service will deliver Sichuan’s products to shoppers nationwide
within 24 hours and will improve delivery efficiency in remote mountainous
areas in Sichuan, Liu added.
JD.com has been developing drone delivery to meet the rising retail demand
in China’s rural areas, where complex terrain and underdeveloped infrastructure
have compromised timely human courier delivery.
JD.com said its drones, which can carry 50 kilograms of parcels, have been put
into use and drones that can carry 500 kilograms are in the pipeline.
The company’s drone delivery project has received approvals in some provinces,
and planning of air routes began in May.
Corrupt Tycoon Goes Rogue and Threatens to Drop a “Nuclear Bomb of Corruption Allegations” on Top Communist Party Officials
Never a dull day in the Chinese fight against corruption. Property developer
and multi-billionare tycoon Guo Wengui has gone into hiding overseas and has
now been put on Interpol’s red notice. Mainland officials have launched an
unusually savvy media and cyberspace campaign at home and abroad to discredit
the tycoon. It’s another case of a corrupt tycoon losing his “umbrella” or
protection and then going down the drain with the disgraced official. What
makes this case special is the extremely sensitive nature that Guo may posses
as in his case his protection was former deputy spy chief Ma Jian who has now
been taken down for corruption.
Guo is expected to be hiding in the U.S. and one would assume most likely
now under the protection of American intelligence services.
Mainland media earlier reported that Guo allegedly plotted the fall of former
Beijing vice-mayor Liu Zhihua after Liu refused to help him recover the
development rights to the Pangu Plaza project next to the “Bird’s Nest”
National Stadium in Beijing. The reports also said that Ma or his aide had a
role in a 2006 sex-tape scandal that brought down Liu.
Guo, who has also shown himself to be adept at using overseas media to make
strong allegations of corruption against many high-ranking Chinese officials,
was scheduled to give a three-hour interview with the US-government funded
public broadcaster Voice of America (VOA) on Wednesday night.
He claimed beforehand that he would “drop a nuclear bomb of corruption allegations”
against the families of top communist officials.
China building world’s largest multifunctional nano research facility
NANJING, March 28 (Xinhua) — Chinese scientists are building the world’s
largest multifunctional research platform for nano-science and nano-technology
that could help develop more powerful computers and more intelligent robots.
The Vacuum Interconnected Nano-X Research Facility in Suzhou, Jiangsu Province,
integrates the state-of-art capabilities of material growth, device fabrication
and testing in one ultra-high vacuum environment, said Ding Sunan, deputy
director of the project.
“We are exploring a new technology route of nano-scale devices production on
the platform, which simulates the ultra-high vacuum environment of space,”
said Ding, a researcher at the Suzhou Institute of Nano-Tech and Nano-Bionics
under the Chinese Academy of Sciences.Nano-X has received initial funding of
320 million yuan (about 46.5 million U.S. dollars), and will eventually have
a budget of 1.5 billion yuan.
Construction on the first stage began in 2014 and is expected to be completed
in 2018. It comprises 100-meter-long ultra-high vacuum pipelines connecting
30 pieces of equipment. Ultimately the facility will have ultra-high vacuum
pipelines of about 500 meters, connecting more than 100 large pieces of
equipment, Ding said.
Nano-X is designed as a complete system for materials growth, device fabrication
and testing. All samples can be transferred accurately, quickly and smoothly
among all tools in an ultra-high vacuum environment.
The facility can prevent surface contamination from the air, keeping a material’s
intrinsic properties unchanged and realizing quantum manipulation and control,
said Ding.Experts say it will help make breakthroughs in common and critical
problems in materials science and device technology, and develop new manufacturing
technologies of nano-materials and core devices in the fields of energy and
Nano-X is expected to be incorporated into China’s national research infrastructure
system, and become a world-class open platform for research and development in
nano-science and nano-technology, providing advanced technical support for the
national strategy of high technologies.
The Chinese mainland overtook the United States as the No 1
investment destination in financial technology or fintech,
according to Citi GPS, a research team under Citigroup.
According to a Citi GPS research report, in the first three
quarters of 2016 the mainland accounted for over 50 percent
of the world’s total fintech investments.
In fact, the Chinese mainland was the only major place where
fintech investments showed a major increase last year doubling
in the first nine months versus the same period in 2015, whilst
investments in the US and Europe declined 38 percent and 27 percent
In a separate report by consultancy firm Accenture, global fintech
business venture firms grew 10 percent last year to $23.2 billion,
fueled by huge investor appetite in the Chinese mainland and Japan.
Experts attributed the skyrocketing Chinese fintech investments
to a unique combination of factors including a rapid spread in
digital technologies with a simultaneous rise in its mass middle
classes, along with the fact that the old banking industry was
poorly prepared for the new technologies.
“To push the development of fintech, you need entrepreneurs and
funding,” said Ronit Ghose, head of the Citi GPS research team.
The Chinese mainland has a much larger base of entrepreneurism
than Hong Kong, Singapore or Europe, even though its venture
capital system is yet to become well-developed, he noted
For years, mainland banks focused only on large corporate clients,
such as State-owned enterprises and property developers, with the
growing digitally-enabled middle classes being underserved.
Fintech has now grabbed that client base, he said.
But Ghose also pointed out that investments from the mainland
fintech industry last year seemed still to be concentrated on only
big companies, such as JD Finance and Lu.com, squeezing out
opportunities for small and medium-sized enterprises.
Since November, the Bank of China (Hong Kong) has been working on
the utilization of blockchain, artificial intelligence, big data
analysis and vein recognition technology in its banking business.
Rocky Cheng Chung Ngam, general manager at the information technology
department at the bank, said there was big competition between the
banks and third party payment companies.
He said internet companies, such as third-party payment companies,
had developed a very large client base because they were more closely
linked with the clients in their daily life. Some third-party payment
companies have grown into financial empires, such as Tencent’s online
banking affiliate WeBank.
Social Justice Warriors Head explodes as they realize they are now poorer than Chinese and Mexican counterparts.
While young people around the world are struggling to get on the property ladder, an HSBC study found that 70% of Chinese millennials have achieved the milestone.
A sizeable 91% also plan to buy a house in the next five years, according to the survey.
The mortgage lender spoke to around 9,000 people based in nine countries.
While China came out top of the pack, Mexico was next with 46% of millennials owning property, followed by France with 41%.
– China’s Digital Payments Markets is now 50 times larger than the U.S.
I have often jested that the main difference between the United States and China is not that one is capitalist and the other communist. Rather, it is that one is run by lawyers and the other by engineers.
Nowhere is this truer than in the astonishing “catch-up” occurring on the mainland in the explosion of digital technologies and their application to the daily lives of hundreds of millions of ordinary Chinese consumers.
Ask people in the US or Europe about Chinese technology and most will still cast a dismissive smile and say China remains home of the cheap and cheerful copycat stuff that fills Walmart shelves. The dangerous naivity of this view was brought home forcefully at our APEC Business Advisory Council (ABAC) meetings last year – the first in San Francisco and the second in Shenzhen. The first thing we noticed was that our internet worked noticeably faster in Shenzhen than around San Francisco. The second was that our Chinese colleagues were paying for everything via AliPay on their smartphones.
In awe of the smart technologies on display at PayPal, Google and Dolby sound studios, we were blown away by Huawei, where 40 per cent of its 170,000 staff are working on pure research, and the foundations being are being laid for roll-out of 5G across the whole of China by 2020.
Hardly a week goes by without fresh reminders of extraordinary technological developments occurring on the mainland – many unique to China. Take the bike-sharing boom that has gripped Shanghai and other mainland cities over the past year. Many cities worldwide have bike-sharing operations, but none like those offered by Mobike and Ofo in Shanghai: find your brightly-coloured bike (there are an estimated 450,000 of them parked around Shanghai), open the Mobike app on your phone, scan the QR code on the bike, and you are away. AliPay charges you a security deposit, and user charges of RMB1-2 an hour. The bikes are GPS-tracked. This e-payment revolution has left the rest of the world in the dust. China’s digital payments market is today 50 times larger than that in the US.
More seriously, look at the 500-metre-wide radio telescope in Guizhou province that has joined the global search for extraterritorial life. Or the Sunway TaihuLight supercomputer which is by far the fastest in the world. Or lithium battery development. Or 3D-printed blood vessels made from stem cells…the list goes on.
I even noticed this recently when a tech publication compared the specs of the pride of America’s drone market – the GoPro Karma – with the Mavic Pro drone made by DJI in the Pearl River Delta. By every measure the Mavic was superior – it flew faster, flew twice as high, weighed 25 per cent less, could fly 30 per cent longer time, and cost US$749 compared with the GoPro’s US$799. Where do the GoPro team go to slit their wrists? This extraordinary transition from cheap and cheerful to world-matching high tech is not an accident, and in many governments around the world it is triggering alarm and protest. Back in the early 2000s, China’s engineers – whoops, party cadres – realised that as “manufacturer to the world” its companies were playing a mug’s game. They had captured the low-cost assembly parts of the global supply chains of companies worldwide, but this kept their millions of migrant workers in virtual poverty, while they were importing high-value-adding components from manufacturers in the US, Japan, Germany and Korea.
These engineers quickly worked out that if they were ever going to build a middle-class consumer economy, China’s workers would need to earn much higher wages – which meant higher productivity, and the technological capacity to make the high-value-adding sophisticated components inside China. From this, the Made in China 2025 scheme was conceived, attracting billions of dollars into research at home, and the acquisition of foreign companies, and foreign talent, wherever possible.
Within two years high-tech experts, particularly in the US, were pressing panic buttons. Robert Atkinson, president of the Information Technology and Innovation Foundation, told the US Congress in January that China had plunged into “an aggressive by-hook-or-by-crook strategy that involves serially manipulating the marketplace and wantonly stealing and coercing transfer of American know-how”.
In truth, China’s government was not doing anything unique or even novel. The Made in China 2025 initiative was based on Germany’s Industrie 4.0 blueprint for technology development. What is awesome is the speed and effectiveness with which they have built this technology self-reliance initiative from scratch. A total of 19 data labs have been established in universities across the country. STEM education (science, technology, engineering and maths) is being prioritised countrywide. A “Qianren Jihua” (Thousand Talents) scheme is trawling the world to attract brilliant scientists.
And for a US official who has for decades had first-hand experience of how US government-funded defence industry research has been carefully used to fuel the US’s technology leadership worldwide, complaints about Chinese government support for high-tech research sounds a tad hypocritical.
But Mr. Atkinson is right to be unnerved, and wary of the massive global implications of what is now occurring across the mainland. From a horse-and-cart economy just three decades ago, China is not only being transformed: its lack of legacy technology infrastructure, and a ruthlessly hypercompetitive private sector, are leapfrogging in ways most of the rest of the world can barely imagine. China’s Huawei in 2015 became the world’s biggest issuer of new international patents. According to the World Intellectual Property Organisation, domestic patent applications inside China have soared from nothing at the start of the century to 928,000 in 2014 – 40 per cent more than the US’s 579,000 and almost three times Japan’s 326,000.
China’s engineers – whoops, party officials – have not simply been driven by the quest for technology leadership, or fear of reliance on technology from overseas. They hate its gigantic deficit in royalty and licence fees to foreign technology-holders. From zero payments for intellectual property in 2000, China today pays royalty and licence fees of almost US$20bn. Since its companies currently earn a meagre US$1 billion a year in such payments from foreign companies, that means an intellectual property deficit of over US$18bn.
As long as China is governed by engineers, I reckon this breakneck transformation will shock, intimidate and challenge us for decades to come. And I suspect Americans will respond the way they know best – as lawyers.
David Dodwell researches and writes about global, regional and Hong Kong challenges from a Hong Kong point of view
Bien Perez email@example.com
Annual spending on robotics in mainland China is forecast to continue its rapid expansion and exceed US$59 billion by 2020, as demand ramps up in the country’s manufacturing industry.
The mainland will remain the single largest and fastest-growing robotics market in the world, accounting for more than 30 per cent of global spending during that period, according to a report released Tuesday by technology research firm IDC.
“China continues to lead the growth of worldwide robotics adoption, primarily driven by strong spending growth in process manufacturing and cross-industry applications,” said Zhang Jing Bing, IDC’s research director for worldwide robotics and Asia-Pacific manufacturing.
Robotics expenditure on the mainland is projected to hit US$59.4 billion in 2020, more than double the estimated spending of US$24.6 billion last year. That would make up about half of the Asia-Pacific’s US$133 billion in forecast robotic spending in 2020.
Those numbers are based on robotics spending across 13 industries on the mainland. The categories included are commercial and consumer purchases of drones, robotics systems, and related hardware, software and services.
IDC estimated that more than 50 per cent of annual robotics spending on the mainland is for so-called discrete manufacturing, which is the assembly-line production of distinct products like cars and smartphones, and so-called process manufacturing, which is the production of goods in bulk quantities like food, beverages and semiconductors.
“In China, we are also seeing an accelerated growth in the adoption of commercial service robots, especially for automated material handling in factories, warehouses and logistics facilities,” Zhang said.
Services-related robotics spending – encompassing application management, education and training, hardware deployment, systems integration and consulting across various domestic industries – is expected to grow to more than US$15.8 billion in 2020, according to IDC.
The strong market for robotics on the mainland has been reinforced by the central government’s announcement in 2015 of its “Made in China 2025” initiative, which promotes the fast-paced automation of major industries.
“The country aims to become a leader in automation globally,” Joe Gemma, president of the International Federation of Robotics, said in February.
Robotics expenditure on the mainland is projected to hit US$59.4 billion in 2020, more than double the estimated spending of US$24.6 billion last year. Photo: AP
Mainland Chinese installations of industrial robots reached about 90,000 units last year, up from 68,556 in 2015, according to the federation.
Rising interest in robotics has also fuelled investments in Chinese start-ups which deliver home-grown innovation in the field.
Worldwide investments in robotics start-ups grew to a record 174 deals last year, up from 147 in 2015, according to venture capital database service CB Insights.
In September, home service robot start-up Roobo from Beijing raised US$100 million in funding led by Shenzhen-listed software company iFlytek.
Humanoid robot maker Ubtech, headquartered in Shenzhen, obtained US$100 million in its Series B funding round from CDH Investments, Qiming Venture Partners and Citic Securities.
Drone manufacturer Da-Jiang Innovations Science and Technology, widely known as DJI, raised a US$75 million Series B funding round in 2015 from US venture capital firm Accel. That helped raise DJI’s valuation to about US$10 billion.
While Shenzhen-based DJI builds popular consumer drones like the Mavic and Phantom, it also makes drones for industrial applications like the Matrice series, CB Insights said.