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Middle-aged Chinese tourists lead use of mobile payments abroad during Lunar New Year holiday

Middle-aged Chinese travellers were the country’s biggest spenders abroad during the recent Lunar New Year holiday, as these older tourists led the use of mobile payments to go shopping overseas, according to an Alipay study. That finding, drawn from the more than 40 markets where Alipay is accepted, covered two groups who used the popular mobile payments platform: those born in the period 1960 to 1969 and 1970 to 1979. They were “the main driving force in outbound tourism and overseas consumption”, according to the report from Alipay, a unit…

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US tech supremacy and millions of jobs at stake if China gains 5G lead, congressional hearing told

The United States stands to lose millions of jobs and its competitiveness if it does not check the ambitions of China to gain leadership in 5G mobile technology, a congressional hearing was told this week. China has a coordinated state-led strategy for developing its science and technology that is not matched by the US federal government, Michael Wessel, the commissioner for the US-China Economic & Security Review Commission, said on Wednesday. The measures employed by China involve both legal and illegal means, ranging from state subsidies to procurement protectionism to…

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Reddit said to land China’s Tencent as lead investor in funding round that may value website at US$3 billion

Reddit, the self-billed “front page of the internet”, may be following the footsteps of messaging app Snap in getting China’s social media and gaming giant Tencent Holdings as an investor. The San Francisco-based discussion website is seeking to raise as much as US$300 million in a new funding round and has landed Tencent as a lead investor, according to TechCrunch. Depending on how successful it is in raising money from other investors, Reddit could be valued at US$3 billion, according to the report. Tencent is best known in China as…

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China 

Chinese people relax while Beijing calls on consumer to spend and lead economy out of trouble, survey says

As China demanded its population spend more to help stabilise the economy, a survey by the country’s statistics bureau showed that an average Chinese person slept longer and ate more slowly than they did a decade ago. A typical citizen slept nine hours and 19 minutes a day in 2018 – 17 minutes longer than they did in 2008, the survey by the National Bureau of Statistics on how Chinese spend their time found. While the average man slept nine hours and 16 minutes, the average woman slept six minutes…

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Hong Kong looks to hire an executive director to lead a team for FSDC’s expanded advisory role in city’s financial services

Hong Kong’s Financial Services Development Council, the brain child of the city’s previous chief executive, is looking to hire an executive director to lead a team from a rented office in Central as it expands its advisory role, according to two people familiar with the situation. The FSDC, funded by an annual budget of HK$32 million (US$4 million), will rent an office in Central in April, and hire about a dozen staff to assume its role, the people said, declining to be named for speaking about a policy matter that…

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Guangzhou (Nansha) port, bigger, smarter, more connected ahead to lead ports in the Greater Bay Area

The vision of a “Greater Bay Area” (GBA), China’s economic hub encompassing 11 urban southern Chinese cities, has caught the imagination of regional governments, corporations and investors. The plan to integrate the cities in fields of manufacturing, services, financing and high-tech  is going to offer the bay area container port market a wealth of new opportunities. Guangzhou (Nansha) port, located at the mouth of the Pearl River Estuary and the geographical center of the GBA, has been a major commercial and trading port in China over the past thousand years,…

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Vietnam 

Youngsters lead VN’s start-up scene – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI –– Việt Nam is among the most dynamic start-up hubs in the world and well-educated, young entrepreneurs are expected to improve the country’s position on the global start-up map. There are no official statistics on start-ups in Việt Nam, but according to some regional tech sources, as many as 3,000 are operating in the country, making it the third largest start-up ecosystem in Asia. The country jumped 12 places to 47th among 127 economies on the World Intellectual Property Organisation’s 2017 Global…

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China 

Chinese Vice-President Wang Qishan to lead Davos delegation

China’s Vice-President Wang Qishan will lead the Chinese delegation at the World Economic Forum’s annual meeting from January 22-25 in Davos, Switzerland, according to two separate sources familiar with the arrangements. It is not known if Wang will have an official meeting with US President Donald Trump, who will be making his second appearance at the annual gathering of global elites. Wang, who has a reputation as China’s “firefighter” for his track record of handling Beijing’s most difficult tasks, has been cautiously stepping up on the diplomatic front. He attended…

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Battered Apple poised to lead FAANGs in 2019, Munster says

Move over, Netflix: Apple will be the best performing FAANG stock in 2019, according to veteran analyst Gene Munster. Apple will be rewarded in the coming year as investors focus more on revenue and earnings growth rather than iPhone unit sales, said Loup Ventures’ Munster, who has covered the company for more than a decade. The Cupertino, California-based company will also benefit from excitement about a network upgrade in the US that could occur as soon as 2020. With a few days to go in 2018, Apple is the second-worst…

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Banking stocks lead decline in Hong Kong after Federal Reserve defies expectations on rate increases next year

Hong Kong and China stocks fell on Thursday, in line with the declines seen across Asia, as investors were disappointed after the US Federal Reserve defied their expectations and raised interest rates and hinted at more next year. On Wednesday, although the Fed indicated that it would bring down the number of interest rate increases from three to two in 2019, some investors were let down by the absence of a more accommodative stance. “The market was expecting the Federal Reserve to reconsider its interest rate path after some leading…

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