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Fons Tuinstra
8,863 followers -
President China Speakers Bureau, new media advisor
President China Speakers Bureau, new media advisor

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China unveils plan to become a world leader in AI by 2025 - Reuters

China unveiled a national artificial intelligence (AI) development plan on Thursday, laying out its ambitions to build world-leading technology amid heightened international friction over applications of AI in military technology.

The value of the country's core AI industries will exceed 150 billion yuan ($22.15 billion) by 2020 and 400 billion yuan ($59.07 billion) by 2025, the State Council said in a notice on Thursday.

"The situation with China on national security and international competition is complex... we must take initiative to firmly grasp this new stage of development for artificial intelligence and create a new competitive edge," it said.

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Baidu Cloud User? Your Files May Be Publicly Searchable

Third-party search engines have been found to provide access to files Baidu’s cloud users thought to be private.

On Tuesday, an article published on messaging app WeChat revealed a loophole in the Baidu’s Wangpan cloud storage service: Users who have generated “public” links to share documents, photos, and videos with their friends could have those files accessed by complete strangers using websites specifically designed to search content on Baidu’s cloud.

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U.S. Cardinal Health puts US$1.5 billion China business on block - sources, Reuters

U.S. drug distributor Cardinal Health has put its China business up for sale, drawing keen interest from state-backed Chinese pharmaceutical firms in a deal that may be worth up to $1.5 billion, sources familiar with the matter said.

Shanghai Pharmaceutical Holding Co Ltd, China Resources Pharmaceutical Group Ltd and Sinopharm Group Co Ltd are among those wanting to buy Cardinal Health China, one of the nation's largest drug distributors, said the first source who had direct knowledge of the matter. A second source confirmed the sale process.

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Most Chinese firms not ready for major M&A – Ben Cavender

The sudden US$9.3 bn restructuring of the Dalian Wanda deals left many observers flabbergasted. Most companies in China simply do not have the experience to execute this kind of large deals, says business analyst Ben Cavender to the BBC.

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Beijing targets foreign firms in internet crackdown - AP

China is tightening control over foreign companies’ internet use in a move some worry might disrupt their operations or jeopardise trade secrets as part of a crackdown on technology that allows web surfers to evade Beijing’s online censorship.
In a letter to corporate customers seen by The Associated Press, the biggest Chinese internet service provider says virtual private networks, which create encrypted links between computers and can be used to see sites blocked by Beijing’s web filters, will be permitted only to connect to a company’s headquarters abroad. The letter from state-owned China Telecom said VPN users were barred from linking to other sites outside China – a change that might block access to news, social media or business services that are obscured by its “Great Firewall”.


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Official: China will ease curbs on outbound investment — especially for Belt and Road projects

A Chinese official says the country will relax supervision of outbound investment projects — especially for Belt and Road projects, according to a story in state-owned China Daily.

The expected easing follows tightening measures on outbound investments implemented last year after regulators became concerned about big overseas transactions by players such as Anbang Insurance Group and Dalian Wanda Group.

Official scrutiny will continue to be directed at key industries such as property and entertainment.

“Regulatory authorities will continue to pay close attention to overseas investment in key industries such as property, hotels, entertainment, cinemas and sports clubs,” said Yan Pengcheng, spokesman for the National Development and Reform Commission.

But Yan added: “Projects involved in the Belt and Road Initiative will be encouraged, in particular,” he said.

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Alibaba rewrites its e-commerce playbook - Reuters

China's e-commerce giant is abandoning its unique selling point. Alibaba is trumpeting a push into bricks-and-mortar shopping. It’s not alone but the stakes are particularly high for the $392 billion giant led by Jack Ma as it marks a reversal of the asset-light model which fuelled its extraordinary profitability.

Three years ago, when the Hangzhou-based company went public in New York, investors were drawn to the company's low cost model of matching sellers and buyers online. Ma rejected the direct sales model of Amazon and local rival JD, which relies on holding inventory. Instead, Alibaba charged for advertising, took commissions, and turned to outside partners to take care of warehousing and delivery. That kept the e-commerce group's balance sheet trim.

Now Alibaba’s growth online may be reaching its limits.

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US and China emerge from trade talks without agreement - BBC

The US and China have wrapped up contentious trade talks in Washington without agreement.
The two sides did not issue a joint statement or action plan after the meeting and cancelled scheduled press conferences.
The US was critical of China's trade surplus and demanded "more fair" trade arrangements.
Separately, US President Donald Trump indicated that tariffs on Chinese steel were still a possibility.

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China Is Adding Solar Power at a Record Pace - Bloomberg

China, the world’s biggest investor in clean energy, is on pace to install record amounts of new solar this year after adding 24 gigawatts of capacity in the first half amid a push by policy makers to locate electricity production near the point where it’s used.

Distributed solar-power projects -- the kind of solar found on industrial buildings, malls and schools -- accounted for almost a third of the new installations in the period, or 7 gigawatts, Xing Yiteng, deputy section chief in the new energy division at the National Energy Administration, said Wednesday at a conference in Beijing.

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Dalian Wanda amends Sunac property deal after China curbs funding - Reuters

Chinese commercial property conglomerate Dalian Wanda Group altered a deal with Sunac China (1918.HK) announced a week ago, after banks scrutinized their credit risk, by bringing in another developer Guangzhou R&F Properties (2777.HK).

In a joint announcement, Wanda said it would sell 77 hotels in China to Guangzhou R&F Properties for 19.9 billion yuan ($2.95 billion), and a total of 91 percent equity in 13 tourism projects to Sunac China (1918.HK) for 43.8 billion yuan.
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