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US-China trade war to boost Taiwanese gym equipment maker’s quest for global dominance

Taiwan’s Johnson Health Tech says it is poised to be an unexpected winner from the US-China trade war.The world’s third-largest gym equipment maker expects a new factory in Vietnam, which it planned before the ongoing trade war, to allow it to escape tariffs on made-in-China gym equipment sold to American fitness outlets.“We will have a greater advantage over our Chinese rivals because they will be hurt by the latest tariffs,” Chief executive Jason Lo said in a recent interview at the company’s… Source link

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China 

China’s proposed digital currency will help banks bridge gap on mobile payment, curb dominance of Alipay, WeChat

The People’s Bank of China’s “imminent” move to launch the country’s own sovereign digital currency underlines the central bank’s urgency to tighten its grip on the nation’s deposit pool and help banks catch up with their mobile payment business, analysts said.The PBOC set up the project in 2014 to look into launching its own digital currency to cut the costs circulating cash and boost policymakers’ control of money supply. Although the project has been closely guarded, various media reports… Source link

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China 

China’s to showcase 5G dominance in response to US tech war at flagship trade fair

China’s 5G advancements by its biggest technology firms, including Huawei, ZTE, Tencent and Baidu, will be the major attractions at September’s China International Fair for Investment and Trade as a response to the technology conflict with the United States, the organisers said on Wednesday.A summit involving companies from China and the US is also on the agenda for the China International Fair for Investment and Trade although no details have been confirmed for the September 8 and 11 event in… Source link

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China’s internet giants fight for dominance in smart speakers as they target the half a billion users not yet online

Ruan Long works as an internet professional in Beijing but even he was surprised at some of the unexpected uses of the smart speaker he recently brought home.For one, his second child, now an eighteen-month-old toddler, has already been interacting with the gadget, though he is unable to recite the full name of songs, like his grandparents can. “At first, the smart speaker ignored him most of the time, as he would mumble the wake-up word ‘Xiaodu’ as ‘Aodu’,” he said.When it comes to Ruan’s… Source link

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China 

French retail giant Carrefour leads retreat from China as ‘underdog’ hypermarkets lose dominance

Hypermarkets, hailed as game changers in China’s retail industry as recently as two decades ago, have been pushed aside by the popularity of smartphone-enabled payments and online shopping.Carrefour, the French retailer announced on Sunday, is selling an 80 per cent stake in its China operations to Suning, ceding control in a market that it had first entered in 1995.“Foreign hypermarket brands are increasingly facing difficulties in making money from their Chinese businesses,” said Jason Yu,… Source link

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Running scared? Standard Chartered becomes third big lender in Hong Kong to scrap minimum-balance fee as virtual banks get ready to challenge their dominance

Standard Chartered Bank will abolish its minimum-balance fee from August 1, the third major bank in a week to scrap the charge imposed on small depositors as Hong Kong’s traditional lenders prepare to fight off competition from virtual banks.HSBC and Bank of China Hong Kong both announced last week that they would drop the fee, also effective from August 1.Now all three note-issuing banks, the biggest and oldest lenders in the city, will no longer levy charges on their small depositors. HSBC… Source link

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Explainer: Used from iPhones to guided missiles, does China’s dominance in rare earths hold potential leverage in trade war?

Rare earth elements could be a point of leverage that China may deploy against the United States as a trade war between the world’s two largest economies escalates, particularly after Chinese President Xi Jinping visited a production facility this week.The Trump administration has threatened to place tariffs on the imports of Chinese-produced rare earths several times in the past year, but has so far left them off any tariff lists, given their uses from Apple iPhones to hi-tech missile guidance… Source link

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Is US-China trade war starting to erode US dollar dominance?

The contemplation by Asian finance leaders to add the Chinese and Japanese currencies to a regional foreign reserves buffer fund is the latest sign that the trade war is causing countries to slowly move away from dependence on the US dollar.Their consideration, analysts said, could be underpinned by expectations of the shift in world consumption patterns and corporate investments away from globalisation and towards a system centred on the three large regions – the US, the European Union and… Source link

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China and US set for arms race in AI that will lead to respective spheres of dominance, says expert

China and the United States are locked in a new arms race for dominance in artificial intelligence, a contest that may lead to geographical spheres of dominance, according to leading mainland venture capitalist Li Kai-fu. Underscoring the importance of the technology, President Xi Jinping in October said China must control the use of artificial intelligence and called on party members of the National Congress to use the technology to propel the country’s growth. China has lagged behind the US in the invention of disruptive technologies, according to Li, co-founder and…

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Huawei accused of scheme to steal semiconductor technology from US start-up to help China achieve tech dominance

A former Huawei employee has accused the company of tying to steal intellectual property in order to help China achieve technological dominance over the US by using a lawsuit against his Silicon Valley start-up. In a court filing, the former employee, Yiren “Ronnie” Huang, said the litigation was “the latest in a long line of underhanded tactics” by China’s biggest maker of telecommunications equipment. Huawei and its FutureWei unit sued Huang and his start-up CNEX Labs last December, accusing Huang of making off with sensitive trade secrets related to semiconductor…

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