RAPID STRIDES Dongfeng Motor reaps fruitful reform rewards p18 LINKS GET NEW ENERGY CGN’s concentrated solar plant enters operation p20 BIG FILLIP B&R Initiative crucial to boost ties with Central, Eastern Europe BUSINESS p19 CHINA DAILY HONG KONG EDITION Thursday, October 11, 2018 Bonds to help shantytown bid Top 3 richest men in China
(for the shantytown renovation June. By the end of the third ket as measures to mitigate to the program, in order to Analysts see their program) will not be reduced, quarter of this year, more than domestic and external eco rein in fast rising property pri issuance as key and these will be accompanied 165 billion yuan ($23.8 billion) nomic growth headwinds. ces, especially in third and by an increase in shantytown had been raised using this The authorities announced fourthtier cities. means of fueling renovationrelated special financial instrument, accord an almost 750 billion yuan A statement issued after the Jack Ma, Xu Jiayin, Pony Ma, local government bond issu ing to China Central Deposito cash injection into the bank latest State Council executive chairman of chairman of chairman of investment and ance,” said an expert close to ry & Clearing Co Ltd. ing system on Sunday by low meeting stressed that any Alibaba Group Evergrande Group Tencent Holdings boosting growth the Ministry of Finance. Goldman Sachs economist ering the reserve requirement irregular borrowing by local $39 billion $36 billion $35 billion Local governments’ shanty Song Yu also expected local ratio by 1 percentage point, governments, under the name Source: 2018 Hurun China Rich List LIU LUNAN / CHINA DAILY town renovation targets for governments to increase the and Minister of Finance Liu of shantytown renovation, By CHEN JIA 2019 should remain within a amount of special bonds tar Kun also pledged to further should be prohibited. It also [email protected] reasonable level matching fis geting the program, along reduce taxes. called for removing favorable cal expenditure, he said. with a potential increase in The government plans to policies in the cashsettlement Alibaba’s Jack Ma Bond issuances by local China’s shantytown renova the program’s target next year. redevelop 15 million homes by shantytown renovation pro governments in China, with tion program stepped up a The recent policy signal is 2020. By the end of September, gram for cities with low hous the specific remit of support gear in the past three years. It important, as “shantytown around 92 percent of the annu ing inventory and high upside takes rich list crown ing shantytown renovation, is is aimed at improving the liv redevelopment is a key ele al renovation target had been pressures on housing prices. likely to accelerate in the com ing conditions of lowincome ment of domestic demand”, accomplished, revamping 5.34 “Beijing is walking a tight By SHI JING in Shanghai cent in market value so far this ing months as a financial people, increasing domestic said Song. million shantytown homes, rope between stimulating [email protected] year. It registered a decline for facility to fuel infrastructure demand and facilitating the Support for the renovation according to official data. domestic demand and reining the ninth consecutive day on investment and support eco nation’s urbanization process. program, along with the The market has also been in the property bubble and Ecommerce giant Alibaba’s Wednesday by closing at nomic growth, said analysts. Local governments started authorities’ recent moves on concerned since the end of associated financial risks,” founder Jack Ma topped the HK$286.4 ($36.5). While it In terms of fiscal policy, “the to issue specialpurpose bonds fiscal and monetary finetun last year that the government said Lu Ting, Nomura Securi 2018 Hurun China Rich List jumped to be one of the top central government’s subsidies for shantytown renovation in ing, are being read by the mar may tighten financing related ties chief economist in China. released on Wednesday, the five companies in the world in second time he has reached terms of market value at the this pinnacle of wealth in the beginning of this year, along past four years. with Apple Inc and Microsoft Ma and his family’s wealth Corp, it has now been Huawei increased by $10 billion to $39 squeezed out of the top 10 list. billion, on the back of a hike in The top 10 billionaires on the valuation of online pay the latest list created seven unveils ment arm Alipay’s mothership Fortune 500 companies. Ant Financial. Hoogewerf said these rich Alibaba’s market value people have created “globally reached $390 billion by the influential companies”. range of end of September, making it There were 219 new faces the most valuable company on this year’s rich list, led by established in China and 38yearold Huang Zheng, AI chips one of the 10 largest compa founder of ecommerce com nies globally. The value of pany Pinduoduo. Huang Ant Financial exceeded $100 started Pinduoduo only three By MA SI billion. years ago and his personal [email protected] Last year’s No 1, Xu Jiayin, wealth has now surged to $14 chairman of real estate devel billion, putting him at 13th on China’s largest telecom oper Evergrande Group, was the list. equipment maker and smart demoted to second place this According to Hoogewerf, phone vendor Huawei Tech year, with his wealth shrink Huang made his wealth grow nologies Co Ltd unveiled a ing $6 billion to $36 billion. over 100 billion yuan ($14.4 range of artificial intelligence However, his company’s sales billion) in the shortest time chips on Wednesday, in what in the first half of this year period. is arguably its biggestever rose 25 percent to exceed $40 However, this year only push to expand its presence in billion. 1,893 individuals made it onto the semiconductor sector and Technology giant Tencent’s the list, which has a threshold to compete with US compa founder Pony Ma dropped of 2 billion yuan, down 11 per nies such as Nvidia Corp. one place to third with a per cent from the total number of The move is also part of The booth of Huawei at a digital products exhibition in Fuzhou, Fujian province, on April 23. ZHU XINGXIN / CHINA DAILY sonal wealth of $35 billion. 2,130 last year. This is the first Huawei’s broader effort in AI. This is the first time that his downsizing of the list since The company is working to it will be deployed on Hua “Instead, we will develop “Cambricon’s IP is quite general of the Mobile China fortune has shrunk since he 2012. offer a fullstack technological wei’s cloud solutions to drive products such as AI servers, good, but it is not enough to Alliance, said it will not be easy first made it onto the list in Hoogewerf said the almost portfolio to support all AI data centers. AI accelerators and autono meet our needs to have chips for Huawei to take on Nvidia 2005. 20 percent decline in A shares application scenarios. The new processor is part of mous driving solutions that can support all AI appli just by winning in terms of Rupert Hoogewerf, chair so far this year and trade ten Huawei said one of the broader chip series Huawei based on these processors cation scenarios. We want to technology parameters. man and chief researcher at sions between the United new processors, known as released on Wednesday. and sell them to clients.” have an architecture that can “Nvidia has developed a Hurun Report, said this can States and China were the the Ascend 910, boasts the Another chip, known as the These chips are based on an deliver both extremely big wellestablished ecosystem be largely attributed to Ten main reasons for this. greatest computing density Ascend 310, is designed to architecture called DaVinci, computing capacity and with large pool of clients,” cent’s share price decline due The manufacturing indus in a single chip in the world, drive lowpower computing developed by Huawei. The extremely lowpower con Wang said. “As a newcomer, to the central regulator’s try generated the most bil whose performance can beat with high efficiency. tech heavyweight has already sumption,” Xu said. Huawei’s approach of selling tighter controls on the total lionaires on the latest rich list, its rival product Nvidia Xu Zhijun, rotating chair used intellectual properties “We will give our processors chips and services as a pack number of digital games in which is the fifth time in a V100. Ascend 910 is sched man of Huawei, said these from Chinese startup Cambri to partners for trial use,” he age may be more appealing to the market. row, followed by real estate, uled to hit the market in the chips will not be sold as con Technology to design AI added. clients than selling them stan The Hong Konglisted com investment and information second quarter of 2019. And standalone products. chips for its smartphones. Wang Yanhui, secretary dalone.” pany has shed nearly 40 per technology. Geely, Daimler in talks COSCO ships giant machine for ridehailing service to Shanghai for import expo
Chinese billionaire Li Shufu strategic rationale and indus By ZHONG NAN CHINA companies,” said Liang Feng, may have found the glue to try logic,” said Bill Russo, CEO [email protected] INTERNATIONAL president of China National start binding together the of Shanghaibased advisory IMPORT EXPO Machine Tool Sales and Tech automobile assets he has firm Automobility Ltd. “The A giant milling machine nical Service Corporation. assembled across the globe — JV, as the first step of the col arrived in Shanghai on Tues port service provider for the He added that the world’s by creating an entirely new laboration, is good evidence of day for the upcoming first first CIIE. leading metal cutting business altogether. that.” China International Import The milling machine — machine tools will be dis Li’s Zhejiang Geely Holding In the past eight years, Geely Expo, after a more than which is 20 meters long, 10 played at the expo, from com Group Co is in talks with Daim has amassed a stable of auto Daimler AG’s electricvehicle brand Denza 500 is displayed at an 30day voyage from the Ger meters wide and eight meters panies including DMG Mori, ler AG — in which Li took an brands, including Volvo Cars, auto fair in Beijing on June 21. LIU JIAHAO / FOR CHINA DAILY man port of Hamburg, its high — weighs 200 metric Mazak Corp, EMAG GmbH & almost 10 percent stake earlier British sportscar maker Lotus, shipper said. tons and will cover an area of Co KG, Makino Corp and this year — to set up ridehail London Black Cabs — and the fast. The company has ing competition in China’s The massive machine tool 200 square meters in the Okuma Corp. ing and carsharing services in largest stake in Daimler, the snapped up stakes in Uber and ridehailing market. The lead was brought by Waldrich highend intelligent equip COSCO Shipping has devel China, according to people maker of MercedesBenz. Southeast Asian ridehailing ing player Didi Chuxing has Coburg, a German company ment exhibition area of the oped a dedicated platform for familiar with the matter. Under Daimler and rivals from provider Grab, and has said it been busy ferreting out and specializing in industrial first CIIE, which is scheduled foreign companies looking to discussion is a 5050 venture Volkswagen AG to Toyota is in talks to work with Didi in rectifying the safety loopholes machinery and large to be held in Shanghai from book containers in order to that would take on market Motor Corp are seeking a foot China. Toyota is also expand and problems after a number machine tools. Nov 5 to 10. facilitate services for the expo, leader Didi Chuxing, said one hold in the transport services ing its carsharing services in of accidents. It was carried by COSCO The area will focus on four and is working with customs of the people, who asked not to that are changing the way con Europe and last week teamed Daimler is considering using Spain, a container vessel themes — aerospace, inte authorities to help goods get be identified because the delib sumers use vehicles. China, up with SoftBank Group Corp cars from its electricvehicle with a capacity of 13,000 TEU grated circuits, industrial faster clearance, said Yu erations are confidential. the world’s biggest auto mar for a venture that will develop brand Denza, its joint venture (twentyfoot equivalent automation and robotics. Zenggang, the company’s The venture would target ket, may end its nearthree ridehailing and selfdriving with Warren Buffettbacked units), owned by China COS The milling machine can deputygeneral manager. an expanding market for the decade growth partly because car technologies. BYD Co, the people said. CO Shipping Co, the nation’s turn out highaccuracy The company so far has new types of transport servi consumers are moving from The discussions between In China, Daimler started a largest shipping group by micronsized parts, which successfully assisted in the ces that has been dominated owning to sharing, according Daimler and Geely haven’t pilot carsharing offer in the fleet size. As one of the largest can be used for automobile shipment of exhibitors from so far by tech companies like to Russo and other analysts. been finalized, according to southwestern city of Chong industrial products to be production and the aero nations such as Germany, Didi and Uber Technologies Daimler has had more suc the people. Spokesmen for qing in 2015, extending it to seen in the expo, it was pack space industry. The German Turkey, Barbados, South Afri Inc. Automakers are scram cess in mobility than most, Stuttgartbased Daimler and around 40 Chinese cities. Last aged in 12 containers, accord company hopes to attract ca, Denmark, Italy, Egypt, the bling to establish themselves gaining traction with ride Geely, based in Hangzhou, year, Daimler said it was seek ing to the publicity office of Chinese buyers with its high Philippines, New Zealand, in new technologies, as car pooling service ViaVan, ride declined to comment. ing a partner to help make the Shanghaiheadquartered tech equipment at the expo. Australia, Samoa and Fiji. sharing and autonomous driv sharing app MyTaxi and car A venture would deepen a venture profitable as it strug COSCO Shipping. “As China is currently The shipments contain tea, ing threaten to upend the sharing platform Car2Go, relationship that started with gled from comparatively This is the first transport undergoing an industrial wine, medical equipment, traditional model of vehicle which is being merged with Li acquiring almost 10 percent cheap taxi and ridehailing service that COSCO Shipping upgrading boom, the CIIE this food, beverages and pharma ownership. BMW AG’s DriveNow. of Daimler earlier this year. options. has offered to exhibitors year will gather a large num ceutical products, as well as “Li acquiring the stake in Toyota, the world’s most val The reported partnership since it was nominated as the ber of topclass intelligent vehicles and manufacturing Daimler does have a very clear uable carmaker, is also moving came amid renewed mount BLOOMBERG CHINA DAILY recommended global trans equipment manufacturing machinery.