Daily News-20191021

 |  Xinhua / China Daily

Today's point

1.Macro: 

Shanghai facilitates innovation to sharpen its competitive edge

2.Industries:

More Chinese people prefer in-depth travel to short, quick trips: survey

3.Trade:

International Monetary and Financial Committee urges resolving trade tensions

4.Companies:

Honeywell launches smart manufacturing research center in Shanghai

 

 

Quick view

1. Shanghai facilitates innovation to sharpen its competitive edge

The skyline of the Lujiazui Financial District with high-rise buildings and skyscrapers in Pudong, Shanghai, on July 12, 2018. [Photo/IC]

Shanghai will put further effort into deepening reform and opening-up, facilitating innovation and culture, increasing economic density and boosting ecological conservation to enhance its capacity and core competitiveness, Mayor Ying Yong said on Sunday.

Speaking at the 31st International Business Leaders' Advisory Council in Shanghai, Ying stressed that‌‌ the international status and influence of a city is to a great extent determined by its capabilities and core competitiveness.

Ying said the government will stay committed to further deepening reform and opening-up, which is closely intertwined with the rise of Chinese cities in today's world embracing and pushing for economic globalization.

In the 41 years since China started the reform and opening-up, Shanghai has experienced a huge transformation from a planned economy to socialist market economy, from fully closed to fully opening up. The city's GDP increased from 27.3 billion yuan ($3.86 billion) in 1978 before the opening-up to 3.27 trillion yuan in 2018. Per capita GDP has jumped from $1,445 to over $20,000.

Ying said: "We're now striving to implement new major tasks, namely the China International Import Expo, the building of Lingang China Shanghai Pilot Free Trade Zone and the national strategy of integrated development of the Yangtze River Delta.

"In addition, Shanghai has entered a new stage in which additional growth can and will come only through continuous innovation, which is why we are now promoting innovation driven development and economic transformation."

The proportion of funds devoted to innovation and research in the city's GDP growth has increased from 0.5 percent annually to the current level of over 4 percent, the mayor said.

In the future, he added, Shanghai will make even greater priorities of education and intellectual property protection.

(source: China Daily)

 

2. More Chinese people prefer in-depth travel to short, quick trips: survey

A woman travels in France on June 14, 2017. [Photo/IC]

BEIJING - A recent survey shows that 60.7 percent of Chinese people prefer in-depth travel to short and quick visits to popular sites just to mark their presence, the China Youth Daily has reported.

According to a survey of 2,000 people, most of whom are from the post-1980s and post-1990s generations, only 30.7 percent of them like "daka" trips, which means visiting a series of popular places like "punching a card" just to show on social media that one has been there.

However, around 81 percent of the respondents say they know quite a few people who are fond of "daka" trips.

Over 57 percent of those surveyed disapprove of "daka" trips, saying such trips are only meant to get others' attention on social media and are not experience-oriented, yet 42.4 percent of them believe that "daka" trips allow one to visit as many sites as possible within a limited time.

The survey also showed different opinions on the reason behind the rise of "daka" trips, as 62.1 percent of the respondents attribute it to limited leisure time of Chinese people, while 42.1 percent consider an increasing number of new sites the reason.

(source: Xinhua)

 

3. International Monetary and Financial Committee urges resolving trade tensions

WASHINGTON, Oct. 19 (Xinhua) -- The International Monetary and Financial Committee (IMFC), the policy-setting body of the International Monetary Fund (IMF), on Saturday called on countries to resolve trade tensions and support the necessary reform of the World Trade Organization.

In a communique released after the 40th meeting of the IMFC, the committee said growth outlook is "highly uncertain and subject to elevated downside risks," including trade tensions, policy uncertainty, and geopolitical risks, against a backdrop of limited policy space, high and rising debt levels, and heightened financial vulnerabilities.

"Free, fair, and mutually beneficial goods and services trade and investment are key engines for growth and job creation. A strong international trading system with well-enforced rules addressing current and future challenges would support global growth," the IMFC said in the communique.

"To this end, we recognize the need to resolve trade tensions and support the necessary reform of the World Trade Organization to improve its functioning," it said.

Lesetja Kganyago, the IMFC chairman and governor of the Reserve Bank of South Africa, said in a press conference Saturday that trade tensions have adversely impacted global trade and the global economy. "There cannot be winners in a trade war. In the end, the biggest loser is going to be the global economy."

IMF Managing Director Kristalina Georgieva said at the press conference what the IMFC meeting did was to clearly build the "cost consequence chain" from trade tensions to uncertainty, to the slowing down of investment, to a reduction of growth, to a potential erosion of jobs, and to an erosion of consumer confidence.

(source: Xinhua)

 

4. Honeywell launches smart manufacturing research center in Shanghai

US-based conglomerate Honeywell has launched its Smart Manufacturing Research Center in Shanghai, in a bid to further tap into the Chinese market by diversifying its investment and development in the country.

The research center, announced during the ongoing Honeywell Process Solutions' biannual China Technology Symposium in Xi'an, Shaanxi province, plans to issue new reports each year on smart manufacturing, use cases, applications and technology trends.

The center will also serve in an advisory role for Chinese businesses and the Chinese government, and facilitate collaborations with universities, research institutes, and nonprofit organizations to facilitate the country's high-quality development, the company said.

The first report of the research center was simultaneously launched. In response to China's "Smart Plus" initiative, the report shared perspectives about how the industrial internet of things can be leveraged to improve operation performance in the process industry.

The process industry is defined as an industry concerned with the processing of bulk resources into other products. It mainly includes basic raw material industries such as petroleum, natural gas, chemicals, metals, mining, pharmaceuticals and building materials. It is the pillar industry of the national economy and an important supporting force for China's sustained economic growth.

"The report aims to address topics like what can be considered a 'Smart Plant' in China, key success factors for smart manufacturing, and the latest technology trends, including global success stories about Honeywell's advanced software solutions," the company said in a statement.

(source: Xinhua)

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