Cashless Society

It is almost a cashless society in China.As for me,I haven't withdraw money from the bank or ATM for a long time.Electronic payment is everywhere.Any fee can be paid with a phone.Afaid if your phone is out of power?Don't worry,shared battery for phone is also everywhere in cities.

Glovo China

China's GDP in the first 3 Quarter exceeds EU's,The next object to surpass is Continental Europe in Total,Then U.S

Glovo China

Saudi Wealth Fund Moves Step Closer to Direct China Stock Deals

(Caixin Global),Saudi Arabia's sovereign wealth fund may be poised to start making major investments in Chinese companies, after so far mostly limiting its overseas holdings to the U.S. and Europe.

The $450 billion Public Investment Fund has applied for a Qualified Foreign Institutional Investor license in China, according to information published on the website of the country's top securities regulator. That will give it the ability to directly trade yuan-denominated stocks, rather than having to go through third parties.

A tilt toward China would make sense for the kingdom as it looks to develop economic ties through investment by its sovereign fund. China is the kingdom's biggest trading partner and a top customer for Saudi Aramco, which is chaired by PIF Governor Yasir Al Rumayyan.

Many global investors are warming up to China's battered stocks amid bets that Beijing's regulatory overhaul has potentially peaked. The world's second-biggest economy has also been an appealing destination for sovereign investors, with Russia's wealth fund converting billions of its dollar holdings into yuan as part of an effort to make the country less vulnerable to sanctions.

$2 Trillion Goal

The PIF, which hasn't disclosed any investments in China, has ambitions to control $2 trillion of assets and become a global investment powerhouse.But since unveiling a plan to transform itself from a sleepy, domestically focused holding company five years ago, its publicly disclosed investments have mostly been in the U.S. and Europe.

Its first major international deal was a $3.5 billion investment in Uber Technologies Inc. in 2016. More recently it backed Lucid Motors Inc. before it went public through a deal with a special purpose acquisition company.

Last March, as global markets crashed amid the onset of the coronavirus pandemic, the PIF got a $40 billion transfer from the kingdom's reserves to bet that stocks would recover quickly.

It disclosed $10.1 billion worth of stakes in U.S.-listed firms including Walt Disney Co., BP Plc., and Boeing Co., at the end of June last year, and then sold off most of them three months later as markets soared.

Glovo China

China cracking down on cryptocurrency 'mining'

China will crack down on the "mining" activities of cryptocurrencies to enhance the control and regulation of mining energy consumption.

The National Development and Reform Commission, together with other authorities, on Friday issued a notice on regulating the "mining" activities of virtual currencies, strictly banning new virtual currency mining projects from being included in the Dual Control System of Total Energy Consumption and Energy Intensity assessment.

"Mining" activities of virtual currencies refer to the production of virtual currencies calculated by a dedicated "mining machine," for which energy consumption and carbon emissions are huge, while the contribution to the national economy is low and the impetus to industrial development and scientific and technological progress is limited, according to the commission.

In addition, the risks arising from the production and trading of virtual currencies are gradually emerging. The excessive and disorderly development is having a negative impact on economic and social development, and the progress of energy saving and carbon emission reductions, the commission said.

Authorities will promote the data analysis of grid-connected power generation data and abnormal use of electricity. By technical means it is to monitor and control energy consumption, and strengthen the on-site inspection of users with large electricity consumption.

They are fully mapping out local virtual currency mining projects that have been put into operation, setting up a project list and combing through the basic data, including the enterprises they're connected to, the scale, hash rate and electricity consumption of the virtual currency mining projects in operation.

China edges closer to top 10 most innovative economies: WIPO 

China is still the only middle-income economy in the list of the world's top 30 most innovative economies, establishing itself as a global innovation leader and approaching the top 10, according to a report released by the World Intellectual Property Organization (WIPO) on Monday.

WIPO's Global Innovation Index (GII) 2021 report shows that China has made continuous progress from ranking 14th last year to 12th this year and is now "knocking at the door of the GII top 10," which "underlines the continued importance of governmental policies and incentives to stimulate innovation."

Since 2013, China has moved up the GII ranks consistently and steadily, establishing itself as a global innovation leader.

According to the GII, the number of China's patents by origin, scaled by GDP, is higher than those of Japan, Germany and the U.S., and is even more impressive when considered in absolute terms. The same is true for the number of trademarks and industrial designs by origin as a percentage of GDP.

In terms of innovation clusters geographically, the top 10 list remains the same as last year with only minor shifts. Shenzhen-Hong Kong-Guangzhou and Beijing now rank second and third, respectively, after the Tokyo-Yokohama cluster in Japan. Shanghai ranks eighth. Of the top 100 clusters, China has 19.

Published annually, the GII provides performance measures and ranks 132 economies on their innovation ecosystems. As in past years, Switzerland, Sweden, the U.S. and the UK continue to lead the innovation ranking. Other countries in the GII top 10 include South Korea, the Netherlands, Finland, Singapore, Denmark and Germany.

According to WIPO Director General Daren Tang, "in spite of the massive impact of the COVID-19 pandemic ... many sectors have shown remarkable resilience, especially those that have embraced digitalization, technology and innovation."

"As the world looks to rebuild from the pandemic, we know that innovation is integral to overcoming the common challenges that we face and to constructing a better future," he said.

Source: Xinhua News Agency,WIPO

Festive China: Mid-Autumn Festival 

The 15th day of the eighth lunar month is the Mid-Autumn Festival, a celebration that focuses on the moon. From ancient times, it has been customary for Chinese to reunite with family members and enjoy a sweet mooncake while observing the beautiful moon.

This yearning for the moon among Chinese people can be traced back to a fairytale: "Chang'e Flies to the Moon". What is the story about? And how is this related to China's "Chang'e Moon Exploration Project"? What does the dark side of the moon look like? Watch this episode of Festive China to find out more.