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.
(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.
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
Alibaba Group has committed RMB100 billion (US$15.5 billion) to finance 10 initiatives promoting “common prosperity” in China, supporting a nationwide push towards a fairer society.
To this end, Alibaba has set up a dedicated task force, spearheaded by Group Chairman and CEO Daniel Zhang, to see through each initiative by 2025, the company said in a statement on Friday.
The task force will focus on technology innovation, economic development, creating high-quality jobs, care for vulnerable groups, as well as launching a RMB20 billion Common Prosperity Development Fund that will help cut income inequality in Alibaba’s home province of Zhejiang.
“Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years. We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well,” said Zhang in the statement.
Hangzhou-headquartered Alibaba’s pledge is one of the largest made by a private sector company this year in alignment with China’s efforts to reduce income inequality.
China’s campaign to reduce the country’s wealth gap dates back to the foundation of the Communist Party but has come into greater focus this year after President Xi Jinping pledged to make solid progress towards common prosperity by 2035 after eradicating extreme poverty.
A pilot program is already underway in Zhejiang province to narrow its income gap by 2025, creating an olive-shaped social structure by making middle-income households the mainstay of its economy.Read More