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.

Consumer wins lawsuit against Tesla over faulty car

Tesla has been convicted of fraud over the sales of a second-hand car to Chinese consumer Han Chao.

Tesla will have to pay Han a refund of 379,700 yuan (US$58,911) and a compensation of 1.13 million yuan, triple its buying price, a Beijing court has ruled.

This is a final judgment, which means Tesla cannot appeal to another court.

The court stated that Tesla cheated the customer by not properly clarifying the status of the vehicle, including a past accident and corresponding repair.

Tesla has been accused of selling defective new cars or second-hand cars by multiple consumers but very few win court cases.

Earlier last year Tesla didn’t accept the decision in the case against Han and appealed to the Beijing No. 2 Intermediate People’s Court.

Han purchased a second-hand Model S from Tesla in June 2019, but the car broke down seven times due to various problems in the two-and-a-half months that followed. The most serious incident happened on August 24, when he lost control of the vehicle after both the accelerator pedal and brakes malfunctioned, nearly causing an accident, Han said.

An appraisal service later found structural damages to the car and confirmed that it had been involved in an accident before being sold to Han.

The plaintiff argued that Tesla defrauded him as it claimed that all second-hand vehicles in their inventory have never been in serious accidents and have no structural damage. Tesla said that the vehicle in question was only involved in a fender bender, and that the broken fender had been replaced.

China to push forward international standard for 6G

Chinese government officials and industry experts said on Thursday that China will try to formulate a set of standards for ultrafast 6G, advancing innovation, and embracing openness and win-win partnerships, despite challenges and hurdles posed by the US and its allies.

At a seminar promoting 6G technology and standards named IMT-2030(6G)on Thursday, Han Xia, chief engineer for the Ministry of Industry and Information Technology (MIIT), outlined how China will help form global industry standards for 6G.

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