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China’s connectivity drives new digital bs models

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China's connectivity drives new digital bs models

BEIJING: China’s leading position in telecommunication networks is expected to drive new digital business models worth tens of billions of US dollars, said a report by global auditing and consultancy firm Deloitte.

The report highlights the country as the world’s largest base of fixed and mobile internet users, with more than 825 million people projected to be online at the start of 2019, as well as its emergence as one of the world’s leading 5G markets. “China’s strengths in connectivity will likely be a key factor in enabling it to diversify from manufacturing technology to developing and executing new digital business models,” said the report.

The report listed bandwidth-hungry applications such as machine vision, social credit and new retail as the new fields that can generate tens of billions of dollars annually. Deloitte Global also predicts that revenues for semiconductors manufactured in China will grow by 25 percent to about 110 billion dollars in 2019 from an estimated 85 billion dollars in 2018, to meet the increasing domestic demand for chipsets driven in part by the growing commercialization of artificial intelligence.

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Beijing says China, US are ‘mutually indispensable’

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DAVOS: China and the United States cannot do without one another, one of Beijing’s most senior officials said Wednesday, as the world’s two biggest economies struggle to end a damaging trade war.
“The Chinese and US economies are mutually indispensable, so their relations must be mutually beneficial and win-win,” Chinese Vice President Wang Qishan told an audience at the World Economic Forum in Davos.
“This is the reality: neither side can do without the other side,” said Wang, who plays a top role in resolving the US-China trade battle.
The annual conference in the Alpine ski resort was originally expected to see the two sides meet, but the White House canceled the US delegation’s trip due to the government shutdown in Washington.
Economic experts assembled in Davos are also worried about an economic slowdown in China, but Wang — a close ally of President Xi Jinping – said the economy was growing at a healthy pace.
“The number is 6.6 percent. I think this is a pretty significant number. Not low at all,” Wang told the audience, referring to the growth rate for 2018, the lowest in 28 years.
The IMF on Monday warned that the US-China trade confrontation was feeding global uncertainty and threatening to drag down world growth.

 

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Markets uncertain ahead of US-China trade talks

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Stocks falter on Brexit US-China tensions

LONDON: Global markets parted ways Wednesday as investors were more cautious about the chances of success in China-US trade talks, and looked for direction from the ECB.
The overall mood remained wary, with a rally that has characterized the start of the year stuttering due to slower Chinese economic activity, a softer global outlook, Brexit issues and the US government shutdown, which shows no sign of ending soon. “The markets appear to be trading a bit cautious ahead of tomorrow’s monetary policy decision from the European Central Bank (ECB) and as US/China trade worries are flaring up,” the Charles Schwab brokerage said.
US investors sold shares Tuesday after the Financial Times and CNBC said Washington had rejected Beijing’s offer of preparatory discussions ahead of the next round of high-level negotiations. Wednesday saw a sliver of respite as Wall Street opened just in the black, the Dow Jones adding 1 percent while the tech-heavy Nasdaq rose 0.6 percent.  “We are continuing to see caution in the markets on Wednesday, with reports a day earlier regarding trade talks between the US and China only aiding that,” said Oanda analyst Craig Erlam.
“Reports that preparatory talks between the US and China ahead of a meeting at the end of the month had been canceled put a slight dampener on the mood … at a time when we’re already seeing some profit taking.” Although the White House denied the reports, observers said they highlighted how fragile the negotiations were. The reports also came a day after Bloomberg News said the two sides were struggling to reach agreement on the crucial matter of intellectual property, a key source of US anger. Hopes that China and the US were on the right track have helped rally global markets in January following a torrid performance in 2018.
But data showing China’s economy grew at its weakest pace in three decades added to fears it is heading for a hard landing, while Xi Jinping also showed signs of worrying about the effects of a slowdown in a speech to top provincial leaders this week. “Investors obviously are still a little bit edgy and therefore we would expect periods of volatility to continue,” said Mark Hackett, chief of investment research at Nationwide Funds Group. “As the headlines continue to get more nerve-wracking with regards to a global slowdown and trade wars and government shutdowns, it’s easy to spook investors, but we think those are temporary versus permanent.”
Adding to concerns was confirmation that the US plans to seek the extradition from Canada of a top executive with Chinese telecom giant Huawei before the end of January. Despite the pervading uncertainty, Frankfurt and Paris joined Wall Street in posting small gains in intraday trades, but London was down 0.5 percent with little immediate sign of Brexit-related gloom lifting. Hong Kong ended flat having swung back and forth through the day, while Shanghai closed 0.1 percent higher and Tokyo ended slightly down. Oil prices advanced after taking a hit Tuesday on lingering worries about the effect of a slowdown in the global economy, and particularly China, on demand.

 

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CPEC, strengthening Pak-China ties!

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ISLAMABAD: Foreign Secretary Tehmina Janjua today said the China Pakistan Economic Corridor (CPEC) project was adding a strong dimension to the all weather friendship ties between Pakistan and China.

She was speaking as chief guest here at the launch of the China Pakistan Study Center’s (CPSC) magazine PIVOT, organized by the Institute of Strategic Studies Islamabad (ISSI). The Foreign Secretary said CPEC would play an important connecting role in the entire region and simultaneously it would bring peace to the entire region, according to an ISSI press release.  She said was important to give a platform for the youth and promote people-to-people linkages. It was need of the hour to enable the young generation to carry forward the legacy of Pak-China friendship, she said and added that PIVOT was a quarterly magazine and its aim was to project Pakistan-China relations, developments in diverse spheres such as policy, economy, culture, tourism and people-to-people exchanges. Janjua said the word ‘Pivot’ was reflective of the relationship between the two countries since China was the pivot of Pakistan’s foreign policy and vice versa.

She said the CPSC was fulfilling an essential requirement that was bringing the relationship to the forefront and congratulated the ISSI for reinvigorating the Center which she said was a highly important component of the Institute.  China is Pakistan’s time tested friend and the Pak-China friendship has few parallels in the international relations, she said, adding Pakistan wanted to give the world the message of peaceful development and it was working hard to pursue that objective.  CPSC Director Dr Talat Shabbir said Pakistan and China were strategic cooperative partners with their bilateral relationship standing the test of time and history.  The rise of China in the global context and its economic pre-eminence had propelled new dynamics for globalisation and the common good, he said. Pakistan, he said, was fortunate to be playing an important role in connectivity and prosperity in the region. However, there was a need to promote a better understanding of the vision of the two countries, focusing on all-inclusive facets of Pakistan-China relations, he added.

He said the aim of the CPSC activities was to undertake pragmatic and meaningful research and advocacy to promote Pakistan-China relations in diverse spheres. In this regard, China-Pakistan Study Centre aspired to be a centre of excellence devoted to strengthening relations between the two countries.   Chinese Ambassador Yao Jing congratulated the launching of the first issue of PIVOT, which, he said, was an excellent way to learn Pakistan’s perception of the relationship of the two countries. He talked about the ‘Pivot’ of the Chinese foreign policy, which is based on two principles: peaceful development which does not challenge international order and win-win cooperation based on dialogue and collaboration.  He said Pakistan figured at a pivotal position in the Chinese new diplomacy for peaceful development. It was a peace-loving country as it had always advocated for peaceful relations with not only its neighbours but with all the international community, he added. Regarding cooperation of both countries, he said development was the key to dealing with all the challenges in the present order. That encompassed development of self as well as the development of the entire region, he said.

 

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