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Xiamen drives China's economic opening-up with first domestic JV bank

The 40th anniversary of China's reform and opening-up is a good time to reflect on the country's economic development. Over the past 40 years, China's southeastern coastal cities have been at the forefront of the nation's economic drive. In particular, the Xiamen Special Economic Zone (SEZ) has witnessed rapid economic development and played the role of a “test ground” after it established the first joint venture bank in China – Xiamen International Bank. Global Times reporter Zhang Hongpei recently paid a visit to the SEZ to investigate the opening-up of its financial sector. This is the second part of a five-part story.
Source: Global Times | 2018/6/25 17:28:40

Quanzhou locals drive national reform, economic opening-up with homegrown shoe brands

This year marks the 40th anniversary of China's reform and opening-up policy. During the past 40 years, China's eastern coastal cities have been at the forefront of the nation's economic reform. In particular, Quanzhou in East China's Fujian Province, known for its vigorous private economy and homegrown brands, was cited in 2008 as one of 18 successful cases of local reform and opening-up. Global Times reporter Li Xuanmin recently paid a visit to the city to investigate the role of the private sector in Quanzhou's economic growth. This is the first part of a five-part story.
Source: Global Times | 2018/6/24 16:38:39

Flying in fresh air

As Bombardier surrenders hopes of securing a top spot in commercial aviation with the sale of its money-losing CSeries jet program to Airbus, the Canadian transport company is now drawing up plans to breathe new life into its older regional planes.
Source: Reuters | 2018/6/21 16:33:40

China's multi-storey hog hotels elevate industrial farms to new levels

On Yaji Mountain in South China's Guangxi Zhuang Autonomous Region, farmers check in sows a thousand head per floor in high-rise “hog hotels.”
Source: Reuters | 2018/6/20 16:58:39

North Korea's tourism sector set to thrive as country develops coastal regions

The Wonsan-Kalma area in North Korea's Kangwon Province, best known for its four-kilometer sandy beach resort called Myongsasipri and its modern international airport that was completed in 2015, is helping to drive the country's coastal tourism.
Source: Global Times | 2018/6/19 17:03:40

Modernization of rural China

China's ongoing trend of agricultural upgrades is creating diversified jobs in rural areas including drone operators and livestream broadcasters, and their participation is not only drastically improving production efficiency but also boosting agricultural product sales.
Source: Global Times | 2018/6/18 17:03:39

Airlines struggle with global captain shortage as unions strengthen

A growing shortage of airline pilots is putting the industry's recent growth at risk as planes sit idle, higher salaries are cut into profits and unions across the globe push for more benefits.
Source: Reuters-Global Times | 2018/6/14 17:38:39

As Indians outperform Chinese in overseas corporate management, experts say China must nurture home-grown talent to catch up

Indians seem to have outperformed Chinese in terms of their presence in the corporate management world, with more Indians holding CEO positions in large multinational companies in the US such as Google and Microsoft. What's the reason behind this disparity? The Global Times spoke with two businesspeople – one Indian, the other Chinese – to find out. According to them, India's advantages in nurturing talent and in language makes it easier for Indians to adapt to different cultures, while Chinese students who studied in the US prefer to come back to China and focus on the Chinese economy.
Source: Global Times | 2018/6/12 17:13:40

EU's new GDPR privacy law could both hurt and benefit Chinese firms: reports

On May 25, the EU's General Data Protection Regulation (GDPR) – now considered one of the strictest security regulations in the world – came into force. But the law aimed at protecting internet users' privacy is actually causing widespread ramifications for companies around the world, including those in China. For China, the new regulation is a double-edged sword that could simultaneously hurt the European businesses of Chinese companies while providing profound lessons in relation to the protection of online privacy at home.
Source: Global Times | 2018/6/11 18:03:40

Integration of real economy with industrial internet boosts Foxconn's reinvention

On the occasion of its 30th anniversary of business operation on the Chinese mainland, Foxconn Technology Group announced that it will be stepping up efforts to promote intelligent manufacturing and boost the integration of the internet, big data and artificial intelligence with the real economy. The move is a bid to scrap its image as a low-cost assembler of electronic devices and to transform itself into an advanced manufacturer based on industrial internet.
Source: Global Times | 2018/6/10 16:48:40

Unexploited goldmine

Chinese e-commerce players discuss with the Global Times their vast potential in the Russian and Chinese markets. They point out what could be improved to further unleash the horsepower of the e-commerce growth engine, which is helping to accelerate the China-Russia bilateral trade volume to hit a $100 billion target.
Source: Global Times | 2018/6/6 18:13:40

Yunnan government, firms lift ethnic minorities out of poverty with organic beverage businesses

Pu'er city in Southwest China's Yunnan Province is known among Chinese people for its famous namesake tea, but many people outside of China may have probably tasted its coffee or tea products without even knowing the origin. In fact, the city has been supplying coffee beans and tea for big global brands such as Starbucks and Nestle. And now, coffee and tea businesses have become the local government's main tool in eradicating poverty.
Source: Global Times | 2018/6/5 17:43:40

On the frontline of China's fight against poverty

After having declared a war on poverty and set the ambitious goal of eradicating the issue by 2020, the Chinese government dispatched an army of officials from all over the country to fight on the frontline. But these officials, while taking pride in their role in this historic mission, are facing tremendous pressure, daunting challenges, and even danger.
Source: Global Times | 2018/6/4 16:48:39

An all-out fight against poverty

The Chinese government has made eradicating poverty a top priority, vowing to lift millions of people out of poverty by 2020. With a huge impoverished population, Southwest China's Yunnan Province is a must-win battlefield for reaching the goal. Facing mounting pressure, local officials have launched all-out efforts to fight poverty, which have made great progress but revealed new challenges.
Source: Global Times | 2018/6/3 17:13:40

New aviation era: How China became the biggest Airbus market

European aircraft manufacturer Airbus entered the Chinese market amid China's early reform and opening-up.
Source: Global Times | 2018/5/31 18:03:40

MSCI inclusion not an A-share savior

On Friday, the first batch of Chinese mainland-listed stocks will be included in the MSCI indexes, an inclusion that China has been striving toward for years. But some active fund managers have noted that they won't immediately react by changing their investment portfolios after the inclusion. Some domestic media have cautioned that investors should not get carried away by the news. But some experts nevertheless have stressed that the inclusion will be a big bonus for domestic stock markets as increased investor confidence can drive up stock prices.
Source: Global Times | 2018/5/30 0:03:40

HK firms aid mainland's opening-up

Since the Chinese mainland decided to open up its economy to foreign investors in 1978, companies from Hong Kong have been contributing greatly to the mainland's drive in foreign trade and the domestic manufacturing industry. Hong Kong business representatives told Global Times reporter Huang Ge that the mainland's investment environment has kept improving thanks to the opening-up policy, which has also brought many opportunities to Hong Kong firms. Those companies are now expected to help mainland companies understand how to protect their intellectual property.
Source: Global Times | 2018/5/29 15:33:39

HTC bets on VR to reVive its smartphones

To the outside world, HTC's phone business is close to death, especially after Google bought a chunk of the Taiwan-based phone maker's smartphone design talent in January. But to the company, they believe they still have a future in the smartphone world, particularly when it comes to integrating the device with virtual reality (VR) and augmented reality (AR).
Source: Global Times | 2018/5/28 17:43:39