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Boeing 737 MAX 10 gets the green light from United Airlines

Boeing Co won a key endorsement from United Airlines for the latest model of its best-selling 737 on Tuesday and struck an upbeat tone by raising its 20-year industry demand forecast, despite signs the pace of growth is slowing.
Source: Reuters-Global Times | 2017/6/22 16:23:39

Let's get digital: Domestic fitness start-ups use Internet for promotion

In China, the yoga industry has proliferated in recent years, with more than 20,000 offline yoga studios now operational across the country. However, due to rising costs and low consumer stickiness, there are no mature yoga brands in the Chinese mainland, whereas in Canada there is Lululemon and in Hong Kong, Pure Yoga. Some domestic yoga companies like Wake and Homeyoga have begun exerting Internet promotion efforts to become prominent national brands and to thus improve user stickiness and efficiency.
Source: Global Times | 2017/6/21 17:43:39

Lianyungang Port: No longer landlocked

The Lianyungang Port in East China's Jiangsu Province is an important link along the transcontinental New Eurasian Land Bridge that runs from the Pacific to Rotterdam, the Netherlands. As the China-proposed Belt and Road initiative has gained momentum in recent years, the port now faces new challenges from domestic and foreign rivals. Nevertheless, it has been developing new strategies to reassure its leading position as a vital connecting dot of trade alongside the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.
Source: Global Times | 2017/6/20 17:13:39

Drop in Chinese travelers to Jeju hinders local tourism

After the South Korean authorities last July announced to deploy Terminal High Altitude Area Defense (THAAD), the tension between China and South Korea has been escalating. This has posed a direct impact on the local tourism industry on Jeju Island, a favorite travel spot located below the southern end of South Korea's mainland. In recent months, the number of recorded Chinese tourists traveling to Jeju has declined by over 50 percent. A Global Times reporter recently traveled to the island to see what kind of impact the drop in Chinese tourists has had on the local tourism industry.
Source: Global Times | 2017/6/19 17:03:39

Crayfish craze extends to the Internet

Crayfish, a popular midnight snack among major Chinese cities in the summer, is leveraging an enormous domestic market. In fact, a complete industrial chain of it has already been fostered. The crayfish industry is forecast to witness rapid growth in the next few years as more crayfish fans and catering entities support it together with promoting factors such as the Internet Plus mode and festive activities.
Source: Global Times | 2017/6/18 17:18:39

Aviation rule changes could hurt consumer businesses in the short run

The hot-on-fire drone market in China, the world's largest manufacturer of consumer drones, now faces a new round of stringent regulation after several files were released in the last two weeks stating that the Civil Aviation Administration of China (CAAC) vows to enhance regulation of the market.
Source: Global Times | 2017/6/15 17:43:39

Dining with Buffett losing its novelty?

The price for the annual Warren Buffett charity lunch auction has closed at $2.68 million, down 22 percent from last year. Some Chinese investors who have also paid to dine with the famed investor maintain that the expensive lunch is worth the money. But experts suggest that the bidders are less interested in charitable giving and sharing business ideas and more interested in gaining publicity. They argue that Buffett's investment methods are somewhat outdated for the current time.
Source: Global Times | 2017/6/14 18:18:39

Public bikes thrive in the Lion City

Since the beginning of this year, ofo and Mobike, two Chinese bike-sharing services providers, have continued expanding their businesses internationally. While these companies have succeeded in the shared bike industry in China, their luck may be tested in Singapore due to competition from homegrown rival, oBike, vandalism and differences in foreign city characteristics.
Source: Global Times | 2017/6/13 16:38:39

Bumpy drive to America

If a consumer buys an iPhone in the US, he or she would find a tiny note on the lower back of the widely popular device that reads: "Designed by Apple in California. Assembled in China."
Source: Global Times | 2017/6/12 17:23:39

High borrowing and local government intervention blamed for Chinese private companies' mounting debt

Mounting debts are becoming a drag on domestic companies as China's economy gets stuck in a descending phase. In a research report published on February 28, global short-seller, Emerson Analytics Co, said that China Hongqiao Group Limited, a leading aluminum product manufacturer in Binzhou, East China's Shandong Province, had run up a “huge pile of debts” – 53.9 billion yuan ($7.93 billion) by the end of 2015 – which represented 149 percent of its total equity.
Source: Global Times | 2017/6/11 17:38:39

Muslim month of fasting becomes feast for Chinese exporters

At the start of this decade, there were an estimated 1.6 billion Muslims in the world, making Islam the world's second-largest religion after Christianity. Ramadan, the Muslim holy month, has been generating business opportunities for Chinese suppliers and exporters, as a large quantity of goods such as festival items, fabric and garments are shipped every year to the areas with large Muslim populations in the months before the holy month. These business ties have been growing in recent years thanks to the China-proposed Belt and Road initiative.
Source: Global Times | 2017/6/7 18:48:39

Govt support, big data give country global edge

Once again, a supercomputer has defeated a master of the game of Go. But this time, people were much more positive about the May 27 match, as it illustrated the marvelous promise of artificial intelligence (AI), an industry in which China has become a worldwide leader. Spurred by favorable government policies, China's AI industry grew by 43.3 percent in 2016, surpassing 10 billion yuan ($1.47 billion), and it is expected to reach 34.43 billion yuan in 2019, according to one industry report. Access to data is one major factor driving China's AI industry. The key to AI development lies in immense amounts of data, said one venture capital investor in the industry. Still, there are challenges that need to be overcome. China's AI industry doesn't have as much experienced talent as other countries, such as the US. And the domestic industry needs to become more collaborative and coordinated to dominate worldwide.
Source: Xinhua | 2017/6/6 18:18:39

Risks mount as local govts skirt rules to take on greater implicit debts

Despite central government controls, implicit local government debts, assumed through methods such as Public-Private Partnership projects and government investment funds, are growing in China. Experts noted that there are several reasons for the growth of implicit local government debts, including a central government-imposed cap, an evaluation system for officials that encourages local governments to amass debt, as well as a lack of accountability.
Source: Global Times | 2017/6/5 17:13:39

SOEs, financial institutions line up to invest in new economic zone

Two months after the birth of China's new economic zone – ­Xiongan New Area – on April 1, the local government is on its way to drawing up development plans. So far, several State-owned enterprises (SOEs), financial institutions and other entities have pledged to support construction in Xiongan, in North China's Hebei Province, highlighting its potential for infrastructure construction and as a harbor for innovative industries. Although authorities have suspended real estate transactions in Xiongan, analysts predicted that it will become a testing ground for innovations in the housing market and local residency policy.
Source: Global Times | 2017/6/4 17:33:39

Digital currency's price surges past $2,784 in China, only to slump 20% in following week

After soaring to a record high of 19,084 yuan ($2,784) on May 25, the price of a Bitcoin in China had tumbled more than 20 percent by Wednesday as investors took profits, an analyst said. Since the beginning of 2017, the price of Bitcoin has skyrocketed more than 130 percent, driven by higher transaction prices overseas, a Bitcoin scaling agreement and the promise of the cryptocurrency's underlying blockchain technology. Although some industry insiders were optimistic about Bitcoin's prospects, they advised investors to be cautious because of its wild price swings. Still, industry insiders predicted that Bitcoin may become a popular payment method, once problems like high service fees and slow transfer times are overcome.
Source: Global Times | 2017/5/31 17:38:39

In daigou market, dishonest agents can fake both products and where they come from

More and more Chinese consumers are running into counterfeit products when they order goods through overseas purchasing agents known as daigou. In Putian, East China's Fujian Province, a comprehensive industry chain has emerged for agents willing to sell counterfeit products. Companies and factories in the city not only offer high-quality knockoff products but also phony documentation that shows the products were purchased abroad. These services have allowed dishonest daigou to earn profit margins above 70 percent in some cases, according to industry insiders, cutting into the business of legitimate purchasing agents. Analysts noted that e-commerce platforms also bear responsibility for the counterfeit problem because of their poor oversight.
Source: Global Times | 2017/5/30 17:33:39

China's booming cosmetic treatment industry belies rail-thin profit margins

China's cosmetic treatment market has been booming in recent years, thanks to the country's growing middle class and a generation of young people keen on looking as good as possible. But industry insiders pointed out that the industry's net profit margins are slim because of rising marketing costs. Still, venture capital firms and large companies in other industries have been more than willing to pour money into the business.
Source: Global Times | 2017/5/24 17:18:39

AI 'God of Go' beats Chinese grandmaster

Chinese Go grandmaster Ke Jie, the world's top-ranked player, lost the first game on Tuesday of a three-game match against Google's AlphaGo AI as part of a five-day Go event in Wuzhen, East China's Zhejiang Province, adding another footnote to the computer program's virtual invincibility in the ancient Chinese board game.
Source: Global Times | 2017/5/23 23:38:40