China 

China loans jump in June as Beijing steps up credit support to boost economy amid US trade war

China’s bank lending rose as expected in June as Beijing stepped up credit support to Chinese corporations and key projects to help stabilise the economy amid the trade war with the United States.Chinese banks extended 1.66 trillion yuan (US$242 billion) of new loans in June, up from lending of 1.18 trillion yuan a month earlier, according to data released by the People’s Bank of China (PBOC) on Friday.The June lending was slightly lower than expectations of 1.70 trillion yuan, according to a… Source link

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Vietnam 

Hà Nội approves support plan for startups to 2025 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Hà Nội has a support plan for startup activities until 2025. —Photo vietnamfinance.vn HÀ NỘI — A plan on supporting start-ups and creative activities until 2025 received approval from Hà Nội authorities early this week. The plan’s goals are to support the development of 500 creative and start-up projects, as well as product commercialisation of 150 creative and start-up businesses, for the next six years. Of the number, at least 20 per cent of the businesses will be able to call for investment from venture funds and conduct merger and acquisition activities with a total estimated value of VNĐ500 billion. The plan…

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Vietnam 

Mechanical engineering industry needs more Govt support for growth, experts say – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  At a mechanical products factory. The mechanical engineering industry needs supportive policies from the Government to enhance its competitiveness during the fourth industrial revolution. — VNA/VNS Photo Xuân Hương HCM CITY — The mechanical engineering industry needs supportive policies from the Government to enhance its competitiveness during the fourth industrial revolution, officials and industry experts have said. Phạm Xuân Đà, head of the Ministry of Science and Technology’s southern affairs, said the industry plays an important role in manufacturing, which is the backbone of the economy. “Although the [Government’s]…

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China 

Beijing’s move to keep tax break on purchases of new-energy vehicles to support troubled auto sector, help biggest players

A move by Beijing to keep a sales tax break on environmentally friendly cars to help the sputtering auto sector will boost the fortunes of top domestic EV manufacturers as well as the popular Tesla from the US over smaller players, analysts say.Beijing had been widely expected to scrap the sales tax break, but the Ministry of Finance announced on Friday it is extending it. A change had been expected to go into effect Monday, but buyers battery-powered and plug-in hybrid cars will still be… Source link

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Home 

Women in tech: How Esther Wong rose from IT support in America to senior management at China’s AI champion SenseTime

Beyond finding good deals, SenseTime wants to “empower the start-ups we invest in and help them with our technologies”, said Wong in an interview in Beijing. SenseTime is a major supplier of automatic facial recognition systems to railway stations and airports in China. Photo: Bloomberg She has led SenseTime’s investment in Chinese start-ups Ling Technology, which designs various AI consumer products, and Moviebook, which develops technologies for online video services. SUBSCRIBE TO SCMP TODAY: INTL EDITION Get updates direct to your inbox Thank you for your subscription. SenseTime was probably…

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Home 

China’s virtual reality market set to expand, driven by increased policy support, 5G network roll-out

China’s virtual reality (VR) market is forecast to expand to 54.45 billion yuan (US$7.9 billion) by 2021, fuelled by increased policy support from Beijing, according to the industry regulator, as advanced 5G mobile networks are rolled out across the country.“The compound annual growth rate of the VR market is expected to reach 91.2 per cent,” said Wu Shengwu, deputy head for the electronic information division of the Ministry of Industry and Information Technology (MIIT), at a press conference… Source link

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Vietnam 

Ministry will strongly support innovation and start-ups – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Minister of Planning and Investment Nguyễn Chí Dũng talks to the Government Portal about the ministry’s commitments to supporting start-ups and innovative enterprises. Can you talk in detail about how the Ministry of Planning and Investment is supporting innovation, start-ups, the operation of the National Innovation Centre, and the start-up support fund? We’re now witnessing rapid changes regarding technologies and innovation. Việt Nam aims to reform its economy based on raising its competitiveness and productivity. There are four main pillars: human resources, funding, technology infrastructure and professional…

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Home 

White Rabbit milk tea sells at 2,000 per cent premium as Chinese consumers show support for local brands amid trade war

It is not all doom and gloom when it comes to the US-China trade war.At a time when more than US$300 billion dollars worth of Chinese exports to the United States face increased tariffs of 25 per cent, milk tea by storied Shanghai brand White Rabbit is selling at a premium of about 2,000 per cent – all in the name of national pride.Residents are willing to pay as much as 500 yuan (US$72) for a taste of the milk tea, which normally sells for 19-23 yuan, in a black…

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Vietnam 

Support industry grows with HCM City’s help – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HCM City has offered many incentives to help support enterprises improve production and management. — VNA/VNS Photo An Hiếu  HCM CITY — HCM City’s preferential policies for the support industry in recent years has helped companies expand and secure contracts as suppliers with foreign-invested companies. Nguyễn Trường Bảo, general director of Hiệp Phước Industrial Park in Nhà Bè District, said that many support enterprises have begun new projects in the park. In March, the Lê Trần Joint Stock Company started construction of a new factory to produce ceiling and wall frames, and Schindler Vietnam Co Ltd signed a…

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Vietnam 

Trade authority to take flexible trade policy to support exports – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Checking dragon fruits at Cát Tường Agricultural Processing and Production Co. The trade authority will closely monitor the US-China trade tension to come up with specific policies to proactively support exports of businesses. — VNA/VNS Photo Minh Trí   HÀ NỘI – The Ministry of Industry and Trade (MoIT) will take the initiative in changing trade policies and collaborate with other ministries and localities to effectively support domestic enterprises to increase exports, it said. The policy flexibility is needed to ease concerns from businesses…

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