Economic activity will continue to accelerate in China next year on the back of existing supportive policies, despite a grim outlook for global growth due to the resurgence in novel coronavirus cases and lockdowns, economists said. The comments came after the World Bank updated its projections for China’s GDP growth on Wednesday and said the […]
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China tops the world in AI patent filings, surpassing the US for the first time
China now leads the world in Artificial Intelligence patent applications, surpassing the United States for the first time, Development is bolstering the country’s position as the second-largest market for AI amid Beijing’s tech and trade war with Washington. The achievement highlighted by Li Yuxiao, deputy head of the Chinese Academy of Cyberspace Studies, at a […]
China’s industrial giants see profits in October grow at the fastest pace in nearly nine years
China’s industrial giants saw their profits grow for a sixth straight month in October, indicating continued recovery from the coronavirus pandemic in the world’s second-largest economy. Profits at Chinese industrial firms rose 28.2 per cent in October from a year earlier to 642.91 billion yuan (US$97.8 billion), almost triple the 10.1 per cent increase in […]
China plans to double its GDP by 2035, the economic plan reveals
China’s top decision-makers plan to double its economy by 2035 and reach the status of a high-income nation by 2025. According to state media, Xinhua, Chinese President Xi Jinping says that it is “entirely possible” to achieve the status of a high-income country, and for the nation to double its economic output by 2035. The […]
Poised for great development
Two decades after the launch of the Western Development Strategy, the Central Committee of the Communist Party of China recently announced a significant new step in promoting the large-scale development of the western region in the new era. which opens a new round of development and opening-up of the western region. For decades, the western […]
Swiss home appliance company to open more stores in China
V-ZUG, the Swiss manufacturer of household appliances, plans to open more stores in both tops- and second-tier cities in China, and will introduce new digitalization of related products into the country’s lucrative market for the long term. Many opportunities arise from Chinese consumers’ growing demand for high-end home appliances, such as ovens, high-efficiency stoves, and […]
China’s economy continued strong recovery from coronavirus shock in July, but challenges remain
Buoyed by a construction boom, China’s economic recovery continued apace in July, new sentiment data suggested. The official manufacturing purchasing managers’ index (PMI) for July stood at 51.1, with a reading above 50.0 suggesting expansion in factory output. This was slightly better than June’s reading of 50.9 and was better than analysts’ expectations, with the median […]
New lab to develop next-generation batteries
Contemporary Amperex Technology Co Limited, China’s largest lithium-ion battery maker broke ground on Wednesday on a new laboratory to develop next-generation batteries. In Its headquarters in the city of Ningde, East China’s Fujian province. The battery giant reported a 28.6-percent year-on-year growth in net profit in 2019 but its net profit shrank by 29.14 percent […]