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  • As demand for genetic testing grows in China, start-up 23Mofang can now tell if you have royal blood

    It is a tantalising promise: for 449 yuan (US$64) and a saliva sample, Chinese genetic testing company 23Mofang can extract your DNA and genotype it to provide a comprehensive report that includes ancestral information, hereditary disease risks and traits like alcohol tolerance level. But what sets 23Mofang apart from other consumer genetic testing providers in the market is that it can determine if you are a descendant of ancient Chinese royalty.The company, for example, estimated that 1.81…

    Posted: by South China Morning Post

  • China’s onshore bond defaults likely to continue rising as ratio matches 2018 record, Fitch says

    China’s onshore credit market stress is showing no sign of abating after record defaults in 2018, as Beijing’s monetary policy easing fails to shore up debt-ridden private companies amid the slowest economic growth.Default rate by issuer count stood at 44 or 1.03 per cent of all issuers in the first three quarters of this year, according to Fitch Ratings. That has already matched the ratio in all of last year, which was a historical high. Private firms made up 89 per cent of the defaulters,…

    Posted: by South China Morning Post

  • FDI inflow grows 6.5% in first 3 quarters

    FOREIGN direct investment into the Chinese mainland expanded 6.5 percent year on year to 683.21 billion yuan (US$96.53 billion) in the first three quarters of the year, an official with the Ministry of Commerce said yesterday.

    In US dollar terms, FDI inflow grew 2.9 percent year on year to US$100.78 billion during the period, MOC spokesperson Gao Feng told a press conference.

    FDI in September alone reached 79.18 billion yuan, up 3.8 percent year on year.

    During the past nine months, a total of 30,871 new foreign-funded enterprises were established.

    Foreign investment in high-tech industries surged 39.8 percent year on year to 203.8 billion yuan, accounting for nearly 30 percent of the total FDI.

    During the period, China’s pilot free trade zones saw FDI inflow reach 98.84 billion yuan, accounting for 14.5 percent of the total FDI.

    FDI inflow from Macau skyrocketed 51.4 percent during the first nine months, while investment from Southeast Asian nations and the countries along the Belt and Road maintained fast growth of 17.5 percent and 14.9 percent, respectively, the ministry said yesterday.

    Posted: by Shanghai Daily

  • Oppo steps up retail expansion in Southeast Asia to close sales gap on rival Samsung

    Oppo, the world’s fifth largest smartphone vendor, is accelerating the expansion of its retail network in Southeast Asia, where the Chinese company is poised to overtake regional market leader Samsung Electronics.Dongguan-based Oppo on Friday launched its first flagship store in the region in Bangkok, capital of Thailand, according to Jimmy Yi, president of Oppo Asia-Pacific. More flagship stores are expected to open in Thailand, Malaysia, Indonesia, Vietnam and the Philippines next year.“Since…

    Posted: by South China Morning Post

  • Regional rural products showcased at fair

    A FAIR at Shanghai Everbright Exhibition and Convention Center is exhibiting and selling products from 21 regions, including Yunnan Province, Kashgar in the Xinjiang Uygur Autonomous Region and Shigatse in Tibet, after partnering with them on poverty relief.

    The four-day fair that opened on Wednesday showcases several thousand agricultural and related products, such as camellia chicken from Xishuangbanna in Yunnan, yak meat from Guoluo in Qinghai, almonds from Kashgar and highland barley products from Tibet.

    Besides the exhibition area, where visitors can buy products, there is also an area for the exhibitors to talk to local buyers, including supermarkets, restaurants and hotels. The fair aims to promote products and brands from these regions, build up long-term links between producers and the market, help set up physical stores in the city and guide them on online commerce.

    Li Shiyi, of the Yi ethnic group in Yunnan’s Chuxiong Prefecture, told Shanghai Daily that she used to work in a hotel in Nanjing but returned to her hometown when her father was diagnosed with cancer in 2011.

    After her father died she decided to stay at home to fulfill her father’s wish to establish a livestock farm and started a company the following year.

    “Unlike chickens raised in cages, our chickens run in the mountain and fly onto trees, which makes them more healthy and more tasty and safe as food,” she said, adding that it was difficult to sell at first as no one knew her products.

    “We sold eggs and chicken only at local regions and fairs like this in Shanghai is helpful for us to know better about the market outside Yunnan and promote our products,” she said. Li said her company has participated in fairs in Shanghai three times and opened online stores to serve customers around the country.

    Her company not only makes her a living but also benefits 2,000 households in her hometown.

    “Previously, villagers had almost no income and didn’t know how to make money,” she said. “They only reared several chickens and would have to stand on the street for a whole day to sell 10 to 20 eggs.”

    Posted: by Shanghai Daily

  • Star Wars novel

    Chinese-language Star Wars e-books and the world’s first authorized Star Wars online novel by a Chinese author are set for release, thanks to a cooperation between China Literature and Disney China. Since the debut of the first Star Wars movie 40 years ago, Star Wars stories have gained a huge number of fans. China Literature, the country’s top online literature firm, will publish 40 Star Wars novels for Chinese readers. A novel by a Chinese author will also be published, it said.

    Posted: by Shanghai Daily

  • Synergizing — new trend of cooperation between Chinese and Indian companies

    With its rapidly growing economy and geographical advantages, India is now becoming an important destination for Chinese investors going global.Unlike traditional China-India cooperation, which was mainly in the field of import and export trade, industrial synergizing has come to the fore as a new trend of cooperation between Indian enterprises and their Chinese partners.The development of Paytm, now India’s largest mobile e-commerce platform, is an epitome of the emerging trend.According to Vijay Shekhar Sharma, the founder of Paytm, just three years ago, his company was only a mobile payment company with just 25 million users and limited application scenarios.Now, strategic cooperation with Ant Financial Services Group, a major Chinese e-commerce company, has made quite a difference.Based on the similarities between the Chinese and Indian markets in population structure, consumer habits and business scenarios, Ant Financial Services brought Paytm a development strategy already proved effective in the Chinese market.Paytm has now become one of the world’s most popular e-wallet applications with over 300 million users, covering a wide business scope including online recharge, ticket booking, bill payment and entertainment.Paytm has become a powerful e-payment platform in the daily life of the Indian people, who can enjoy the benefits and convenience of this digital time, said Sharma.Such a new trend of China-India cooperation has also emerged in the manufacturing of home appliances.After a process of localization, New Delhi-based Haier India, a subsidiary of Chinese home appliances maker Haier Group, now produces products designed for Indian consumers.“At the earlier stage, we imported home appliances products from China and sold them to local customers, and it was a failed strategy,” recalled Huang Decheng, product director of South Asia of Haier Group. “The Indian market is different from the Chinese one; just import and sell is not enough.”In 2007, Haier India shifted its business model from being a trader to becoming a localized manufacturer. Based on its strong research and development capacity, Haier India has succeeded in producing home appliances tailored for the Indian market.In 2015, Haier India started making air conditioners featuring rapid refrigeration. In 2017, it introduced the intelligent inverter air conditioner into India. In 2018, Haier India added the self-cleaning function to the air conditioners sold to its Indian customers.“Such a chain of manufacturing is tailored for India, and our products are quite popular with local customers,” Huang said.Enhancing synergy between research and development on one end and manufacturing on the other plays a decisive role in enabling the new form of cooperation to yield positive results.In 2012, Kingfa Science & Technology Limited, a Chinese company focusing on research, production and sales of high-performance materials, established Kingfa India, after acquiring a modified plastics manufacturer in the southern Indian city of Chennai.By combining the local manufacturing capacity and the Chinese material technology, Kingfa India has now turned an insolvent company into a leading material manufacturer in the local market and has expanded its business to New Delhi and Pune.The key to the success is to converge the strengths of both sides, said Bai Jingen, general manager of Kingfa India. “The combination of advantages helps the company grow strong in the Indian market.”

    Posted: by Shanghai Daily

  • WeWork, Sun Hung Kai sign lease deal as struggling US start-up prepares to open co-working space in Nanjing

    Struggling co-working firm WeWork has opted for a traditional long-term lease agreement with Sun Hung Kai Properties to open its first hub in Nanjing.The world’s largest flexible office space provider said on Friday that it has leased four floors in SHKP’s Nanjing International Finance Center Tower One. Although it did not say when it plans to open the space, WeWork said it aims to have three hubs in the capital of China’s southern Jiangsu province up and running by the end of the year.Under…

    Posted: by South China Morning Post

  • Yashili factory reshapes small town in New Zealand

    Located at the south of Auckland city with one hour driving distance, Pokeno used to be a small and remote town in Waikato district. Right now, it becomes much busier, after Yashili, a Chinese food firm set up a factory here.“When we came here in 2013, it was all pasture here,” Managing Director Wei Song of Yashili New Zealand Dairy Co. Ltd, pointed at the areas outside of the factory. “Within just six years, the population of Pokeno has doubled, and the employment and infrastructure construction in town have also improved a lot.”Allan Sanson, Mayor of Waikato district, said that Yashili has made great contribution to the economy and community development in Waikato district, leading the investment in Waikato district.“It is a great pleasure to have them, work with them over the past years. I certainly wish them well going forward to the future,” he said.Waikato district is a traditional farming and pastoral area in New Zealand, with a beautiful rural scenery and abundant rainwater and sunshine. The protein of local pasture’s grass accounts for 20 percent. That’s why New Zealand’s key dairy industry players, Fonterra and Synlait for example, have also set up their factories or stations in this district, fighting for high-quality milk resources.Yashili chose to establish its factory in Pokeno in 2013. Currently, the factory’s asset has amounted over 300 million NZ dollars (about US$187 million). The factory currently has two production lines for infant formula, with an annual production capacity of 25,000 tons of infant milk powder.The factory is both internationalized, with management team from China, New Zealand and France, and localized, with lots of staff from local communities.According to Sanson, Yashili New Zealand has been one of the most competitive and promising diary companies in local district. “The management team knows how to turn good milk resources into excellent products. I hope they will do better and better.”Recently, a New Zealand research report issued by the New Zealand China Council points out that China’s investment projects have promoted New Zealand’s economic development and improved the well-being of local people.Sanson told Xinhua that besides economic contribution, Yashili New Zealand has sponsored schools, medical centres and library. Wei said, “We are not only bringing the best quality products to Chinese consumers, we also share the Chinese culture and values with the New Zealand people and community.”Yashili New Zealand Dairy Co, Ltd has around 170 staff from 28 different countries and regions. Service Manager Leighton Keightlev is a local person from Pokeno. He enjoys working in Yashili and has made a lot of friends from all over the world.Sofia Concha, the production release officer from Peru always has a smile on her face. She said, as the first-generation migrant, she felt a great sense of security here in Yashili, and she is expecting her first child in February next year.At the first China International Import Expo (CIIE) in 2018, Yashili New Zealand Dairy Co Ltd obtained the “Waikato Excellent Enterprise Award” and “Waikato Excellent Quality Award.”The Import Expo has showed China’s intention to further open up to the world, Wei said, which is a prescious opportunity for enterprises.

    Posted: by Shanghai Daily

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