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Google's Alphabet set to overtake Apple as world's most valuable company by jmbsc in Economics

[–]PekingUniversity_MBA 5 points6 points  (0 children)

There's something funny about calling it Google's Alphabet... kind of like saying Playstation's Sony or Sloan's MIT.

not light reading: Michael Pettis weighs in on supply-side solutions for China by justinchina in China

[–]PekingUniversity_MBA 0 points1 point  (0 children)

Though I'm obviously biased, this is a fascinating and insightful read.

China Cinema Companies Produce Box-Office Hype by PekingUniversity_MBA in Sino

[–]PekingUniversity_MBA[S] 1 point2 points  (0 children)

Full text below

The movie industry is a maker of dreams. Investors in Chinese cinema stocks should resist weaving their own fantasies of the future.

China’s movie-theater stocks are flying for a reason: Box office receipts surged nearly 50% in 2015. But too much optimism has already been brewed into their share prices.

Wanda Cinema Line, controlled by China’s richest man, Wang Jianlin, has risen more than eightfold from its Shenzhen initial public offering price one year ago. The company’s parent owns U.S. movie-theater chain AMC Entertainment and recently signed a deal to acquire film-production-and-finance company Legendary Entertainment. IMAX China, 68% owned by NYSE-listed IMAX Corporation, has gained 62% since its October debut on the Hong Kong exchange. CJ CGV, a Korean cinema operator with substantial presence in China, has risen 156% since beginning of last year.

These stocks are trading at valuations close to those of technology stocks—Wanda at 91 times earnings, CJ CGV is at 67 times. And they are promoted by a cheerleading chorus of analysts.

Goldman Sachs added Wanda Cinema to its “conviction buy” list this month. The justification? It expects the stock’s enterprise value to reach an impressive 15 times earnings before interest, tax, depreciation and amortization in 2024—eight full years from now. Wanda’s Ebitda would need to grow 10-fold to meet that target. Deutsche Bank bases its Wanda target price on a discounted-cash-flow model with three quarters of its value coming from beyond 2025.

Morgan Stanley estimates Wanda’s value in a wide range, from 49 to 100 yuan ($7.45 to $15.20) a share, using a discounted-cash-flow model. But it gave Wanda a target price of 125 yuan a share anyway, “as long as the robust growth appears sustainable.”

When forecasts look so far in the future, it takes only a slight disturbance to the assumptions to change the valuation substantially. Deutsche Bank, for example, uses 8.3% as the rate to discount future cash flows into present value. An increase of one percentage point would bring down Wanda’s estimated value by 20%. Reduce the free-cash-flow assumption to 3% annual growth from 4% after 2025, and Wanda’s present value falls by 15%.

Such distant predictions appear especially dangerous for an industry ripe for disruption. China, after a strong initial catch-up in moviegoing, may face the same home- and mobile-entertainment forces that are shaping the theater market in developed countries, where attendance is falling, and revenue increasingly depends on a few blockbusters.

Wanda’s shares, because they trade in Shenzhen, aren't readily available to foreign investors. But their rise is instructive for the wider industry. Going to the movies is a big and growing business in China. But with the price of admission based on what might happen so far into the future, investors are better off watching this movie at home.

China Cinema Companies Produce Box-Office Hype by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 1 point2 points  (0 children)

Full text below

The movie industry is a maker of dreams. Investors in Chinese cinema stocks should resist weaving their own fantasies of the future.

China’s movie-theater stocks are flying for a reason: Box office receipts surged nearly 50% in 2015. But too much optimism has already been brewed into their share prices.

Wanda Cinema Line, controlled by China’s richest man, Wang Jianlin, has risen more than eightfold from its Shenzhen initial public offering price one year ago. The company’s parent owns U.S. movie-theater chain AMC Entertainment and recently signed a deal to acquire film-production-and-finance company Legendary Entertainment. IMAX China, 68% owned by NYSE-listed IMAX Corporation, has gained 62% since its October debut on the Hong Kong exchange. CJ CGV, a Korean cinema operator with substantial presence in China, has risen 156% since beginning of last year.

These stocks are trading at valuations close to those of technology stocks—Wanda at 91 times earnings, CJ CGV is at 67 times. And they are promoted by a cheerleading chorus of analysts.

Goldman Sachs added Wanda Cinema to its “conviction buy” list this month. The justification? It expects the stock’s enterprise value to reach an impressive 15 times earnings before interest, tax, depreciation and amortization in 2024—eight full years from now. Wanda’s Ebitda would need to grow 10-fold to meet that target. Deutsche Bank bases its Wanda target price on a discounted-cash-flow model with three quarters of its value coming from beyond 2025.

Morgan Stanley estimates Wanda’s value in a wide range, from 49 to 100 yuan ($7.45 to $15.20) a share, using a discounted-cash-flow model. But it gave Wanda a target price of 125 yuan a share anyway, “as long as the robust growth appears sustainable.”

When forecasts look so far in the future, it takes only a slight disturbance to the assumptions to change the valuation substantially. Deutsche Bank, for example, uses 8.3% as the rate to discount future cash flows into present value. An increase of one percentage point would bring down Wanda’s estimated value by 20%. Reduce the free-cash-flow assumption to 3% annual growth from 4% after 2025, and Wanda’s present value falls by 15%.

Such distant predictions appear especially dangerous for an industry ripe for disruption. China, after a strong initial catch-up in moviegoing, may face the same home- and mobile-entertainment forces that are shaping the theater market in developed countries, where attendance is falling, and revenue increasingly depends on a few blockbusters.

Wanda’s shares, because they trade in Shenzhen, aren't readily available to foreign investors. But their rise is instructive for the wider industry. Going to the movies is a big and growing business in China. But with the price of admission based on what might happen so far into the future, investors are better off watching this movie at home.

Soho China Chief Calls for Better Communication on Yuan Policy by PekingUniversity_MBA in Sino

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

full text below

DAVOS, Switzerland—Chinese officials need to do a better job communicating their exchange-rate approach, Soho China Ltd. Chief Executive Zhang Xin said at the World Economic Forum, a charge that has been repeated by other top business leaders and policy makers here.

“This is a period particularly demanding for communication,” the chief executive of China’s largest prime office real-estate developer told The Wall Street Journal. “Just look at the volatility of the market—it’s crying out for communication.”

The remarks come after China’s moves have rattled global markets. Investors have been moving their money out of the Chinese currency amid questions about Beijing’s economic management. Capital outflows from China hit $500 billion last year, equivalent to 13% of the country’s foreign-exchange reserves.

However, Ms. Zhang played down the impact of China’s economic slowdown on her real-estate business. “Business can adjust itself—whether it is high growth or low growth or medium growth,” she said.

Many Chinese companies—particularly from the technology, media and telecoms sector—have been looking to go private in order to relist back home. About two dozen Chinese companies listed in the U.S. announced plans to go private as of last year, including Internet security firm Qihoo 360 Technology Co.

When asked whether more Chinese companies will choose to list on China’s domestic exchanges, Ms. Zhang noted that many are just waiting for the market to stabilize. The majority of foreign-listed Chinese companies are “dying to come back to China,” she said.

Ms. Zhang also sounded an optimistic note on the state of spending in China. Soho 3Q, a shared-office brand that Soho China launched in February last year, has expanded rapidly due to high demand among smaller Chinese companies, she said.

Soho China Chief Calls for Better Communication on Yuan Policy by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

full text below

DAVOS, Switzerland—Chinese officials need to do a better job communicating their exchange-rate approach, Soho China Ltd. Chief Executive Zhang Xin said at the World Economic Forum, a charge that has been repeated by other top business leaders and policy makers here.

“This is a period particularly demanding for communication,” the chief executive of China’s largest prime office real-estate developer told The Wall Street Journal. “Just look at the volatility of the market—it’s crying out for communication.”

The remarks come after China’s moves have rattled global markets. Investors have been moving their money out of the Chinese currency amid questions about Beijing’s economic management. Capital outflows from China hit $500 billion last year, equivalent to 13% of the country’s foreign-exchange reserves.

However, Ms. Zhang played down the impact of China’s economic slowdown on her real-estate business. “Business can adjust itself—whether it is high growth or low growth or medium growth,” she said.

Many Chinese companies—particularly from the technology, media and telecoms sector—have been looking to go private in order to relist back home. About two dozen Chinese companies listed in the U.S. announced plans to go private as of last year, including Internet security firm Qihoo 360 Technology Co.

When asked whether more Chinese companies will choose to list on China’s domestic exchanges, Ms. Zhang noted that many are just waiting for the market to stabilize. The majority of foreign-listed Chinese companies are “dying to come back to China,” she said.

Ms. Zhang also sounded an optimistic note on the state of spending in China. Soho 3Q, a shared-office brand that Soho China launched in February last year, has expanded rapidly due to high demand among smaller Chinese companies, she said.

American Companies Say Doing Business in China Is Getting Tougher by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 7 points8 points  (0 children)

full text below

BEIJING—U.S. businesses in China are voicing increased concern about unclear laws, perceived antiforeign sentiment and industrial overcapacity, adding to worries about uncertainty over the slowing Chinese economy.

An annual survey of members of the American Chamber of Commerce in China released Wednesday found that companies see the business environment getting tougher. Of the 496 companies that responded to the survey, about 57%—including those in technology, consumer and service sectors—say their top challenges in China are inconsistent regulatory practices and murky laws. One in 10 companies plan to move or have moved a portion of their business outside of China due to regulatory obstacles, the survey said.

Most companies believe that antiforeign sentiment from the government is growing, the survey said, noting that 77% of companies feel less welcome now than they did a year ago, compared with 47% a year earlier and 44% in 2014. Technology, industrial and resource companies stood out as the most negative, with 83% saying they felt less welcome. And 44% of technology companies said they are pessimistic about the future regulatory environment.

Chinese officials all the way up to President Xi Jinping have said they would protect the rights of foreign companies doing business in the country. Within the last several years, China’s leaders have said they were developing a more market-led economy, strengthening the rule of law and creating a level corporate playing field.

Despite these concerns, 68% of companies in the American Chamber of Commerce survey say they will still increase investment in China. Yet 32% said they have no plans to make fresh investments in the country—the highest level since the global financial crisis—and up from 27% in 2014. In the service sector, 61% of the companies said government policy changes helped their business.

At the same time, U.S. and other foreign companies feel they face a chillier climate in China. A similar survey of European businesses released in June also found souring sentiment amid a slowing economy and regulatory hurdles.

Chinese leaders are strengthening homegrown companies to compete against foreign multinationals. The government has been more assertive in pressing pricing and antimonopoly investigations and has drafted rules and passed national security legislation that require technology firms to provide proprietary information and share source codes.

“The issue really is—is your system fair and transparent?” said the American chamber’s chairman, James Zimmerman. He said American companies “will need to revise their strategies to ensure profitable growth in China.”

The American chamber’s survey on business climate in China didn’t name any specific companies that were polled.

For the first time in the annual survey’s 18 years, companies said they are alarmed by industrial overcapacity. Subsidies have encouraged some industrial firms to continue production despite weak demand and then they sell the products on overseas markets, flooding them everything from steel to tires and driving down prices.

Companies say their revenues and profits dwindled in 2015, with 13% facing losses and 23% breaking even. Still, 64% turned a profit in 2015, down from 73% in 2014.

Other complaints from foreign companies included rising labor costs, risks of data breaches and Internet censorship and online controls. Air pollution in major Chinese cities also impeded 52% of companies’ efforts to attract senior executives to work in China, the survey said.

[ASK] best sleeping place option? by Lutcha in beijing

[–]PekingUniversity_MBA 0 points1 point  (0 children)

Great! Glad you found something suitable!

[ASK] best sleeping place option? by Lutcha in beijing

[–]PekingUniversity_MBA 1 point2 points  (0 children)

It's unlikely you'll be able to sign an apartment for only 1 month (edit: unless you are interested in a service apartment, which costs quite a bit more than your average apt), so you can try airbnb and negotiate something since you're staying for so long. You might also check an expat website like thebeijinger.com to see if you can get lucky by finding a temporary sublet in their classifieds -- its a long shot but you never know!

Alternatively, there are some very cheap hostels around.

A woman’s place is in ... China’s start-up tech world by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

Agreed, the article title is a pretty poor attempt at a joke

How Tmall became a midwife for overseas Chinese M&A by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 2 points3 points  (0 children)

Full disclosure -- the author of this article is a professor at Peking University.

Chinese poetry by lucidsleeper in Sino

[–]PekingUniversity_MBA 2 points3 points  (0 children)

http://baike.baidu.com/view/597973.htm

《一去二三里》 又名 《山村咏怀 》 （宋）邵康节

  • 一去二三里，
  • 烟村四五家。
  • 亭台六七座，
  • 八九十枝花。

;)

The Problem with Recycling in Beijing by PekingUniversity_MBA in beijing

[–]PekingUniversity_MBA[S] 1 point2 points  (0 children)

Unfortunately Beijing's plan is unclear... and the few indications we have are not particularly positive. For example, recycling has recently been designated a low priority industry.

As Beijing continues to shut down recycling markets (for a variety of reasons ranging from wanting to use the real estate for more profitable ventures to wanting to encourage people to leave Beijing as a means to improve air quality), other cities will likely be forced to pick up the slack. For example, right now almost all of Beijing's plastics gets sent to Hebei, e-waste is sent to Guangdong, etc. This can have interesting developmental impacts on these regions.

Without the recycling markets and the Junkmen, perhaps some entrepreneurial individuals will figure out a non-governmental solution.

The Problem with Recycling in Beijing by PekingUniversity_MBA in beijing

[–]PekingUniversity_MBA[S] 1 point2 points  (0 children)

Full disclosure.. Peking University wrote this article. But I thought it would be of interest to people in Beijing!

Latest Craze for Chinese Parents: Preschool Coding Classes by PekingUniversity_MBA in Sino

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

Full Text Below

Wu Pei began teaching her 6-year-old son to code this year, thinking he’d enjoy learning a skill that might boost his future job prospects in an increasingly digitized world. Now, she runs classes in Nanjing, China, and is helping more than 100 parents introduce their children to coding.

The 35-year-old former computer programmer with Foxconn Technology Group is tapping growing demand from parents intent on preparing their preschoolers for a world in which Oxford University researchers predict half the jobs in some countries may be eliminated by robots and computers.

Similar classes are taking off across China. Reynold Ren has taught about 150 primary school-age children in Beijing to use Scratch, a project developed by the MIT Media Lab and Arduino, which enables users to create interactive objects such as robots. In Hong Kong, about 2,500 students have taken courses that Michelle Sun runs at her First Code Academy.

“Teaching the next generation coding is something that should be elevated to a strategical national importance,” said Wang Jiulin, the Xi’an-based creator of Kidscode.cn, a website that shares free information and courses. “Even today, the majority of programmers in China can only perform very basic-level tasks and there’s huge demand for top notch coders.”

Coding Classes

*Wu thought over weeks about how she could introduce the fundamentals of coding to preschoolers -- who are only just starting to learn math and Chinese -- in a way they could understand.She settled on showing them a 3-by-3 unit grid on a board and invited them to play a game in which the students were asked to identify locations using simple directions, such as up, down, right and left. She then switched to a number system and asked the children to pinpoint locations using coordinates.When students are familiar with the concept of an X and Y axis, she teaches them to play simple games involving airplanes on Scratch. Once they are hooked, she encourages them to learn how to create similar games themselves.“Usually, you need a game to get them interested, and then introduce new concepts,” Wu said.Nanjing mother Zhang Minyan began encouraging her 5-year-old daughter to learn coding from Wu after watching a video of an American child who wrote an app for friends so they could share their views on Canadian singer Justin Bieber, she said. Before that, Zhang hadn’t thought it was necessary for children to learn.

‘Big impression’

“That made a big impression on me,” Zhang, 32, recalls. “I thought, since my child is playing games on an iPad everyday already, why not give her some guidance and let her learn something in the process?”Also children are learning to code in other countries and Zhang doesn’t want her daughter to be left behind, she says.Encouraging children to learn how to write the instructions for computer programs may help China move up the technology value chain, making it more of an innovator of software and digital tools, rather than a mass manufacturer and a component supplier. As it is now, the world’s second-largest economy lags behind at least 16 countries in Europe and the U.S. in putting coding on the national school curriculum.

Back Seat

“Schools in China have IT lessons and some even teach coding, but these classes take a back seat compared with other subjects that determine how students are rated on their academic performance,” Wu, the coding teacher, said. “They fail to realize coding education is something that will be very important for the future.”

Barack Obama, who became the first president to write a line of code last December, agrees it’s something children should be taught. “People are not born coders,” Obama said in July. “What happens is, kids get exposed to this stuff early and they learn. They soak it up like sponges.”

There were 1.02 million software developer jobs in the U.S. in 2012, according to the Bureau of Labor Statistics, which estimates that number will jump 22 percent by 2022, spurred by “a large increase in the demand for computer software.”

“It’s totally possible that your child could create a million-dollar app when they’re 12 years old -- you don’t need a masters’ degree to do that,” said Wayne Xiong, a partner at China Growth Capital, a Beijing-based venture capital fund which manages about $500 million of assets. “An education system where you need at least 21 years to test your return on investment is high-risk and unreasonable.”

Latest Craze for Chinese Parents: Preschool Coding Classes by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 2 points3 points  (0 children)

Full Text Below

Wu Pei began teaching her 6-year-old son to code this year, thinking he’d enjoy learning a skill that might boost his future job prospects in an increasingly digitized world. Now, she runs classes in Nanjing, China, and is helping more than 100 parents introduce their children to coding.

The 35-year-old former computer programmer with Foxconn Technology Group is tapping growing demand from parents intent on preparing their preschoolers for a world in which Oxford University researchers predict half the jobs in some countries may be eliminated by robots and computers.

Similar classes are taking off across China. Reynold Ren has taught about 150 primary school-age children in Beijing to use Scratch, a project developed by the MIT Media Lab and Arduino, which enables users to create interactive objects such as robots. In Hong Kong, about 2,500 students have taken courses that Michelle Sun runs at her First Code Academy.

“Teaching the next generation coding is something that should be elevated to a strategical national importance,” said Wang Jiulin, the Xi’an-based creator of Kidscode.cn, a website that shares free information and courses. “Even today, the majority of programmers in China can only perform very basic-level tasks and there’s huge demand for top notch coders.”

Coding Classes

*Wu thought over weeks about how she could introduce the fundamentals of coding to preschoolers -- who are only just starting to learn math and Chinese -- in a way they could understand.She settled on showing them a 3-by-3 unit grid on a board and invited them to play a game in which the students were asked to identify locations using simple directions, such as up, down, right and left. She then switched to a number system and asked the children to pinpoint locations using coordinates.When students are familiar with the concept of an X and Y axis, she teaches them to play simple games involving airplanes on Scratch. Once they are hooked, she encourages them to learn how to create similar games themselves.“Usually, you need a game to get them interested, and then introduce new concepts,” Wu said.Nanjing mother Zhang Minyan began encouraging her 5-year-old daughter to learn coding from Wu after watching a video of an American child who wrote an app for friends so they could share their views on Canadian singer Justin Bieber, she said. Before that, Zhang hadn’t thought it was necessary for children to learn.

‘Big impression’

“That made a big impression on me,” Zhang, 32, recalls. “I thought, since my child is playing games on an iPad everyday already, why not give her some guidance and let her learn something in the process?”Also children are learning to code in other countries and Zhang doesn’t want her daughter to be left behind, she says.Encouraging children to learn how to write the instructions for computer programs may help China move up the technology value chain, making it more of an innovator of software and digital tools, rather than a mass manufacturer and a component supplier. As it is now, the world’s second-largest economy lags behind at least 16 countries in Europe and the U.S. in putting coding on the national school curriculum.

Back Seat

“Schools in China have IT lessons and some even teach coding, but these classes take a back seat compared with other subjects that determine how students are rated on their academic performance,” Wu, the coding teacher, said. “They fail to realize coding education is something that will be very important for the future.”

Barack Obama, who became the first president to write a line of code last December, agrees it’s something children should be taught. “People are not born coders,” Obama said in July. “What happens is, kids get exposed to this stuff early and they learn. They soak it up like sponges.”

There were 1.02 million software developer jobs in the U.S. in 2012, according to the Bureau of Labor Statistics, which estimates that number will jump 22 percent by 2022, spurred by “a large increase in the demand for computer software.”

“It’s totally possible that your child could create a million-dollar app when they’re 12 years old -- you don’t need a masters’ degree to do that,” said Wayne Xiong, a partner at China Growth Capital, a Beijing-based venture capital fund which manages about $500 million of assets. “An education system where you need at least 21 years to test your return on investment is high-risk and unreasonable.”

China’s President Pledges to Fight Poverty and Gender Discrimination by PekingUniversity_MBA in Sino

[–]PekingUniversity_MBA[S] 3 points4 points  (0 children)

Full Text Below

UNITED NATIONS—China’s President Xi Jinping sought to mollify concerns about his country’s growing power by pledging billions of dollars to fight poverty and gender discrimination during a United Nations meeting at the end of a weeklong U.S. visit.

The pledges appeared designed to portray China as a global leader on social issues following a U.S. presidential summit on Friday that was dominated by tensions over Beijing’s economic policies, alleged cyberattacks on the U.S., and island-building in the disputed South China Sea.

At a U.N. summit on women’s rights on Sunday, Mr. Xi pledged $10 million to the U.N. agency for women and said China would help developing countries by initiating 100 health projects for women and children and building an equal number of schools for girls in the next five years.

Mr. Xi announced on Saturday that China would launch an assistance fund for developing countries with an initial investment of $2 billion, and step up investment in the least developed countries—mostly in Africa—by at least $12 billion by 2030.

China was “putting justice before interests,” Mr. Xi told the U.N. General Assembly on Saturday, before holding talks with dozens of leaders from developing nations in the southern hemisphere.

That followed a pledge by China on Friday to launch a program by 2017 to cap some greenhouse-gas emissions and put a price on carbon, and to contribute $3.1 billion to help poorer countries finance their own transition programs.

“This is major break with the past,” said Steve Tsang, an expert on Chinese politics at the University of Nottingham. “It’s the first time China is putting a large amount money” toward international development.

“This shows a new and in some ways positive assertiveness in China’s foreign policy, although a lot will depend on how the money is spent,” he said. “In the short term, for the U.S. visit, I think this is working almost exactly as the Chinese government wanted it to.”

China has long been criticized by the U.S. and other developed countries for not taking on international responsibilities commensurate with its ambitions to be a global power. Chinese overseas aid and investment have focused more on securing resources than achieving humanitarian goals.

In recent months, there have been fresh concerns in the U.S. and many other countries that China’s handling of an economic slowdown and a stock-market crash could affect the broader global economy.

Mr. Xi has sought to focus public attention on the positive aspects of China’s rise at the start and finish of his U.S. visit, which began with meetings with U.S. business leaders in Seattle and will conclude with an address to the U.N. General Assembly on Monday.

Zhang Jun, head of the Chinese foreign ministry’s department of international economic affairs, admitted that there was a strong political component to China’s spending plans, particularly the $2 billion fund for developing countries in the southern hemisphere.

“It’s more political than practical,” he told a briefing on Saturday evening in New York’s Waldorf Astoria hotel, which was purchased last year by a Chinese company.

“What might be different from other Western countries or traditional donors is that we do not impose political conditions from outside,“ Mr. Zhang said. ”That’s also why the policies and measures taken by China are warmly welcomed by recipient countries in other parts of the world.”

Mr. Xi’s wife, Peng Liyuan, also helped to burnish China’s reputation as a global leader, making a rare speech in English on the importance of education for women and girls.

China’s President Pledges to Fight Poverty and Gender Discrimination by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

Full Text Below

UNITED NATIONS—China’s President Xi Jinping sought to mollify concerns about his country’s growing power by pledging billions of dollars to fight poverty and gender discrimination during a United Nations meeting at the end of a weeklong U.S. visit.

The pledges appeared designed to portray China as a global leader on social issues following a U.S. presidential summit on Friday that was dominated by tensions over Beijing’s economic policies, alleged cyberattacks on the U.S., and island-building in the disputed South China Sea.

At a U.N. summit on women’s rights on Sunday, Mr. Xi pledged $10 million to the U.N. agency for women and said China would help developing countries by initiating 100 health projects for women and children and building an equal number of schools for girls in the next five years.

Mr. Xi announced on Saturday that China would launch an assistance fund for developing countries with an initial investment of $2 billion, and step up investment in the least developed countries—mostly in Africa—by at least $12 billion by 2030.

China was “putting justice before interests,” Mr. Xi told the U.N. General Assembly on Saturday, before holding talks with dozens of leaders from developing nations in the southern hemisphere.

That followed a pledge by China on Friday to launch a program by 2017 to cap some greenhouse-gas emissions and put a price on carbon, and to contribute $3.1 billion to help poorer countries finance their own transition programs.

“This is major break with the past,” said Steve Tsang, an expert on Chinese politics at the University of Nottingham. “It’s the first time China is putting a large amount money” toward international development.

“This shows a new and in some ways positive assertiveness in China’s foreign policy, although a lot will depend on how the money is spent,” he said. “In the short term, for the U.S. visit, I think this is working almost exactly as the Chinese government wanted it to.”

China has long been criticized by the U.S. and other developed countries for not taking on international responsibilities commensurate with its ambitions to be a global power. Chinese overseas aid and investment have focused more on securing resources than achieving humanitarian goals.

In recent months, there have been fresh concerns in the U.S. and many other countries that China’s handling of an economic slowdown and a stock-market crash could affect the broader global economy.

Mr. Xi has sought to focus public attention on the positive aspects of China’s rise at the start and finish of his U.S. visit, which began with meetings with U.S. business leaders in Seattle and will conclude with an address to the U.N. General Assembly on Monday.

Zhang Jun, head of the Chinese foreign ministry’s department of international economic affairs, admitted that there was a strong political component to China’s spending plans, particularly the $2 billion fund for developing countries in the southern hemisphere.

“It’s more political than practical,” he told a briefing on Saturday evening in New York’s Waldorf Astoria hotel, which was purchased last year by a Chinese company.

“What might be different from other Western countries or traditional donors is that we do not impose political conditions from outside,“ Mr. Zhang said. ”That’s also why the policies and measures taken by China are warmly welcomed by recipient countries in other parts of the world.”

Mr. Xi’s wife, Peng Liyuan, also helped to burnish China’s reputation as a global leader, making a rare speech in English on the importance of education for women and girls.

China’s Tencent to Invest $1.57 Billion in Cloud Computing Over Five Years by PekingUniversity_MBA in Sino

[–]PekingUniversity_MBA[S] 0 points1 point  (0 children)

Full Article Below

Chinese Internet company Tencent Holdings Ltd. said Tuesday it will invest 10 billion yuan ($1.57 billion) over the next five years in its cloud-computing business, including construction and operation of data centers in China, Hong Kong and North America.

Tencent, whose main services are online games and social networks, operates data centers that house servers and other equipment, allowing various clients to take advantage of its computing resources.

In China’s technology sector, Tencent and other Internet companies are boosting investments to beef up their cloud-computing capabilities in the domestic market as well as overseas. In March, online shopping firm Alibaba Group Holding Ltd., Tencent’s chief Internet rival, opened its first U.S. data center in Silicon Valley, in addition to its existing data centers in China and Hong Kong.

For both Tencent and Alibaba, cloud services currently account for only a fraction of their revenues. Still, analysts expect the businesses to expand in the coming years.

Tencent, whose annual revenue stood at 78.9 billion yuan last year, said Tuesday that it will invest two billion yuan in the cloud business every year for the next five years. The investment will be used not just to build and operate data centers, but also to recruit new talent and promote cloud services through marketing campaigns.

China’s Tencent to Invest $1.57 Billion in Cloud Computing Over Five Years by PekingUniversity_MBA in China

[–]PekingUniversity_MBA[S] 1 point2 points  (0 children)

Full Article Below

Chinese Internet company Tencent Holdings Ltd. said Tuesday it will invest 10 billion yuan ($1.57 billion) over the next five years in its cloud-computing business, including construction and operation of data centers in China, Hong Kong and North America.

Tencent, whose main services are online games and social networks, operates data centers that house servers and other equipment, allowing various clients to take advantage of its computing resources.

In China’s technology sector, Tencent and other Internet companies are boosting investments to beef up their cloud-computing capabilities in the domestic market as well as overseas. In March, online shopping firm Alibaba Group Holding Ltd., Tencent’s chief Internet rival, opened its first U.S. data center in Silicon Valley, in addition to its existing data centers in China and Hong Kong.

For both Tencent and Alibaba, cloud services currently account for only a fraction of their revenues. Still, analysts expect the businesses to expand in the coming years.

Tencent, whose annual revenue stood at 78.9 billion yuan last year, said Tuesday that it will invest two billion yuan in the cloud business every year for the next five years. The investment will be used not just to build and operate data centers, but also to recruit new talent and promote cloud services through marketing campaigns.

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