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Gree Electric and China’s home appliance queen Dong Mingzhu seeking to lead way on SOE reform

Appliance queen Dong Mingzhu may soon become the standard bearer for China’s effort to its reform state-owned businesses.Outspoken chairwoman Dong is widely known to the Chinese public because she appears in many of the adverts for Gree Electric, the listed, state-owned company that is the world’s largest manufacturer of residential air conditioners.Dong is now at the forefront of a highly anticipated deal that will shift the ownership, and the actual control of the company, that she had helped… Source link

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China 

US-China trade war inactivity could lead to the ‘worst recession in recent Chinese history’, says scholar

China’s inability to “take the opportunity to do the right thing” during the trade war with the United States could cost the country dearly in form of a recession that “will become the worst in recent Chinese history”, according to a leading political economy scholar.Minxin Pei, a professor of government at Claremont McKenna College and a non-resident senior fellow at the German Marshall Fund of the United States, believes China’s strong control of the economy will eventually backfire.“So far,… Source link

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Vietnam 

Co-operation can help ASEAN lead on 5G development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — ASEAN countries need to strengthen co-operation and share their experiences to ensure they can lead the way on next-generation 5G wireless technology. So said Deputy Prime Minister Vũ Đức Đam at the conference on 5G & Development of Digital ASEAN  in Hà Nội on Friday. According to the Deputy PM, facing the changes and advancement of technology, the ones who are proactive and pioneering will be the more successful afterwards, Đam said. “When the world implemented 2G, 3G and 4G, ASEAN…

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Ecommerce 

Alibaba bets on Frenchman at Lazada to lead high-stakes Southeast Asia expansion

In December, Alibaba Group Holding put Pierre Poignant in charge of Lazada, the subsidiary spearheading the Chinese e-commerce giant’s high-stakes Southeast Asia expansion.The choice was out of character for several reasons. Poignant is a professional manager – a type Alibaba supremo Jack Ma has long disdained. He was part of Lazada’s founding team, also typically disqualifying. Finally, as a Frenchman, he is one of a very few Westerners to have cracked Alibaba’s upper echelons.New York-listed… Source link

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Huawei looks to show its lead in 5G technology at world’s biggest mobile industry exhibition

When Guo Ping delivered a keynote speech for Huawei Technologies at Mobile World Congress in 2016, the world’s largest telecommunications equipment supplier called on the industry to push forward preparations for the roll-out of advanced 5G wireless networks and services.Guo, who was Huawei’s deputy chairman at that time, said telecoms carriers must do three things: increase connectivity, bolster capacity to meet the changing needs of different sectors, and rethink their network capabilities… Source link

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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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