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Why China needs to accelerate industrial internet efforts amid economic slowdown, trade tensions

China’s transformation into a services-driven economy is likely to accelerate as industrial internet developments gather pace across the country, according to a senior executive at venture capital firm Gobi Partners.Michael Zhu Lin, a managing partner at the firm, predicted that about 85 per cent of Chinese companies will establish cloud computing-based activities over time and that enterprise data generated would expand on par with the amount of information gathered from consumer-based… Source link

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Huawei steps up lobbying efforts in Washington as US-China trade war escalates

Huawei Technologies has hired the law firm Sidley Austin to lobby on trade as the US pressures allies to join it in blacklisting the Chinese telecommunications giant, which finds itself increasingly mired in President Donald Trump’s trade war with Beijing.The lobbying, which began in July, will focus on export controls, trade sanctions “and other national security-related topics”, according to a disclosure filed with the US Senate. The document shows that Huawei, the world’s largest telecoms… Source link

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China’s bank lending weakened in July, suggesting Beijing’s stimulus efforts not working

Chinese monetary data for July was weak across the board, suggesting that Beijing’s efforts to galvanise new lending are not having the intended effect.Chinese banks extended 1.06 trillion yuan (US$150.17 billion) in net new loans last month, down from 1.66 trillion yuan (US$235.17 billion) in June, according to the data released by the People’s Bank of China on Monday.July’s lending was well below the 1.25 trillion added bank credit predicted by a Bloomberg survey of economists, and was the… Source link

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Vietnam 

Libra: a push for Việt Nam’s disruptive policy building efforts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Võ Trí Thành* The world was astonished when Facebook in June announced its future launch of its digital currency Libra, a blockchain-based token that is designed to let you make instant transfers via Facebook’s services like Messenger, WhatsApp and Instagram. With about 2.4 billion users, if this plan is put into practice, Facebook’s new cryptocurrency could become a game changer for the world’s banking system. Let’s set aside the skeptical attitude as well as critics of lawmakers in many countries and talk about the boom of disruptive technology and…

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Vietnam 

Japan provides $4.2m grant to support Việt Nam’s tax reforms efforts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Signing ceremony of the grant agreement to support revenue administration reform support project. — Photo courtesy of World Bank HÀ NỘI — A grant of US$4.2 million from the Japanese Government to help support Việt Nam’s tax policy reforms was signed yesterday between the World Bank and the State Bank of Việt Nam. The Revenue Administration Reform Support Project aims to improve the effectiveness of tax administration through the implementation of a comprehensive risk management system and a redesign of business processes and information technology. It will also support the…

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China 

China’s purchases of US agricultural products ‘efforts to show goodwill’ ahead of Shanghai trade talks

China’s purchases of agricultural products from the United States are part of “unremitting efforts to show goodwill” ahead of the resumption of trade talks in Shanghai this week, as well as a bid to shift the focus away from controversial issues of forced technology transfer and enforcement, according to state media.State television reported over the weekend that “millions of tonnes” of US soybeans have been loaded onto ships destined for Chinese ports since the G20 summit meeting between… Source link

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Ecommerce 

US e-commerce platforms “far behind” Alibaba on anti-counterfeiting efforts, US subcommittee hears

E-commerce platforms in the US have much catching up to do when it comes to preventing counterfeit activities, compared to platforms such as Alibaba, according to a US congressional hearing on counterfeiting and trademarks.At a recent round table with brand owners and platforms, “we learned Alibaba’s anti-counterfeiting policies and programs are significantly more effective than any of their US counterparts,” said Doug Collins, a Republican congressman and ranking member of the House Judiciary… Source link

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Vietnam 

PM asks for more efforts to boost trade ties with key partners – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Prime Minister Nguyễn Xuân Phúc chairs the meeting between the Government and representatives of relevant ministries and sectors on Saturday. — VNA/VNS Photo Thống Nhất   HÀ NỘI Prime Minister Nguyen Xuân Phúc has ordered ministries and sectors to devise plans to promote domestic production, create more jobs and ensure harmonious trade relations with key partners.  Speaking at a meeting between members of the Government and representatives of ministries and sectors in Hà Nội on Saturday to discuss measures to expand trade co-operation between Việt Nam and its big partners, the…

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Vietnam 

Vietnamese Ambassador to Japan supports Bamboo Airways’ expansion efforts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Speakers at the FLC’s investment promotion seminar in Tokyo on Tuesday. — Photo courtesy of FLC TOKYO — Vietnamese ambassador to Japan Vũ Hồng Nam has endorsed FLC Group’s efforts to open an air route between Việt Nam and Japan. The diplomat was speaking at the investment promotion seminar on ‘Airline – Golf resort – Real estate Ecosystem – Business outlook and Investment Opportunity’, held by FLC in Tokyo early this week. At the event, Nam said the relationship between Việt Nam and Japan had reached a new peak and continued to…

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Didi invests in Tencent-backed ride-hailing start-up amid efforts to expand strategic alliances

Didi Chuxing has invested an undisclosed amount in OnTime, a new ride-hailing service provider backed by Tencent Holdings, in a move that widens its strategic alliances as competition in the domestic market heats up.Beijing-based Didi, operator of China’s largest ride-hailing platform, announced that deal as part of an agreement with Guangzhou Automobile Group Co (GAC Group) to expand their partnership into areas such as ride-hailing operations, fleet management, autonomous driving and other… Source link

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