Daily News-20190611

 |  China Daily/ Xinhua

Today's point:

1.Macro:

Guangdong leads maritime economy 24 years in a row

2.Industries:

Imports gaining traction in China

3.Trade:

China to spend over 65 bln dollars on VR/AR by 2023

4.Companies:

Airbus Tianjin final assembly line to ramp up to 6 A320s per month by 2020

 

 

Quick view

1. Guangdong leads maritime economy 24 years in a row

The coastal province of Guangdong has led the country in the maritime economy for 24 consecutive years, generating 1.93 trillion yuan ($279.12 billion) output in the sector last year.

Guangdong's maritime output accounted for 23.2 percent of the national total and nearly 20 percent of the province's gross domestic product last year, said Qu Jiashu, deputy director of the provincial Department of Natural Resources, at a press conference on Tuesday.

Maritime tourism, transport, chemicals, oil and gas, engineering and fishing have formed the pillars of the maritime economy of Guangdong, with sectors in oil and gas, chemicals and electricity seeing the strongest growth, Qu said.

In the offshore wind power sector, for example, provincial authorities issued approvals for six projects and completed preliminary assessment for 31 projects for land use rights by the end of last year. Combined planned installed capacity of those 37 projects tops 15 million kilowatts.

Meanwhile, Guangdong also topped the country in maritime disasters last year, Qu said.

Direct economic loss from those disasters stood at 2.378 billion yuan last year, down from 5.4 billion yuan in 2017. About 99.9 percent of the direct economic loss was inflicted by storm surges, according to the department data.

(source: China Daily)

 

2.Imports gaining traction in China

A farmer loads fruit boxes with avocados onto a truck at an orchard in the municipality of Uruapan, Michoacan State, Mexico. [File photo/AFP]

Users of Weibo, a Twitter-like social media platform, have recently been discussing how to eat avocados.

Under the heading "Avocados in millions of ways", people have posted photos of the fruit being blended into smoothies, made into guacamole or spread on toast and topped with a fried egg, indicating that Chinese are enjoying the exotic Central American fruit just as much as Westerners.

Aided by rising demand for premium-quality fruit from the nation's rising middle class, consumers are developing a strong appetite for avocados, which have long been regarded as a nutritionally dense "superfood".

Statistics from the General Administration of Customs show that China imported just 31.8 metric tons of avocados in 2011, but the number soared to 32,100 tons in 2017.

When Mexico began exporting the fruit to China in 2011, it was almost unknown to many Chinese, according to the Financial Times.

"It's viewed as something quite premium and healthy," Joey Wat, CEO of Yum China Holdings Inc, told the newspaper. Wat, who was chief operating officer at the time of the interview, explained that the company's decision to include avocados in wraps at its KFC fast-food chain helped to upgrade the brand's image.

Avocados are not the only imported fruit gaining traction in China, though. Chilean cherries are also popular, although they are so expensive that netizens have coined the term "cherry freedom" - the ability to purchase the fruit without a second thought - as a wealth indicator.

In recent years, China has emerged as a dynamic market for imported fruit. Figures from Rabobank, a banking and financial services company in the Netherlands, indicate that by 2016 China was the world's second-largest importer of fresh fruit, with a value of $8 billion. In 2006, the figure was $2 billion.

Rabobank has attributed the growth in China's fresh fruit trade to many factors, including improved market access, changing consumer preferences, a more professional retail environment and rising purchasing power.

Wu Jie, a fruit analyst with the Ministry of Agriculture and Rural Affairs, said China will continue to see rising demand for high-quality fruit, and consumption is also expected to grow in remote, underdeveloped areas.

"Rising incomes, lifestyle changes and improved dietary habits have seen fruit becoming increasingly important in the diets of urban and rural Chinese," she said.

(source: China Daily)

 

3. China to spend over 65 bln dollars on VR/AR by 2023

China's market spending on augmented reality and virtual reality (VR/AR) is forecast to exceed 65.21 billion U.S. dollars in 2023, according to a report published by the International Data Corporation (IDC).

The figure is far beyond the forecast of the 6.53 billion dollars of the market spending in 2019, data from the report showed.

Between 2018 to 2023, the compound annual growth rate (CAGR) of the spending in the VR/AR sector will reach 84.6 percent, higher than the 78.3-percent CAGR of the global market, the report said.

Training, retail showcasing and industrial maintenance occupy the top three in terms of commercial applications of AR/VR, while as for the consumer spending, VR games, AR games and VR videos take up the top three, with the spending volume scaling up to 9.59 billion dollars by 2023, the IDC report noted.

The IDC, founded in 1964, is a global provider of market intelligence, advisory services, and events in files of information technology, telecommunications, and consumer technology markets.

(source: Xinhua)

 

4. Airbus Tianjin final assembly line to ramp up to 6 A320s per month by 2020

Airbus is expected to ramp up the production rate of the A320 Final Assembly Line Asia (FALA) in northern China's Tianjin to six airplanes per month by early 2020, according to Airbus China Tuesday.

The Airbus A320 FALA in Tianjin is now capable of conducting the final assembly of the A320 family single-aisle airplanes, including the latest model A320neo, Airbus China said.

The final assembly line has gradually ramped up since last year. To date, its production rate is around five A320 family airplanes per month.

In 2008, a joint venture of the A320 final assembly line was set up in Tianjin by Airbus and Chinese partners to meet surging demand from Chinese customers.

It is the third single-aisle aircraft final assembly line location of Airbus and first outside Europe.

In June 2009, the Airbus A320 FALA in Tianjin delivered its first aircraft.

To date, there are more 1,750 Airbus airplanes serving the Chinese market, the world's second-largest civil aviation market.

(source: Xinhua)

 

 

(Should you have any question, please feel free to "Contact Us".)