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Bonds to Help Shantytown Bid Top 3 Richest Men in China

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Bonds to Help Shantytown Bid Top 3 Richest Men in China 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.
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