Latest NEV offerings at Shanghai auto show

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWSPAPER ‘SHINE’)

 

Auto firms show off latest NEV offerings at Shanghai auto show

 Cao Qian
 Ding Yining

Dong Jun / SHINE

A model poses in the booth of a NEV brand during the auto show.

Car vendors and parts suppliers, expanding into the booming new energy vehicle (NEV) segment in China, are unveiling a slew of new offerings at the Shanghai International Automobile Industry Exhibition.

NEVs are bucking the slump in China’s auto market and international firms are increasingly focusing on the country, which aims to be the global leader in NEVs.

During the ongoing auto show, firms have released new models and announced expansion plans for China.

China’s SAIC MAXUS Automotive Co, a wholly-owned subsidiary of SAIC Motor Corp, launched its new MPV G20 flagship model and showcased its latest vehicle fuel cell technology as it expands its passenger vehicle business and embraces the global shift to clean technology.

Based on the G20, the MPV G20FC is the first domestic passenger vehicle to use hydrogen fuel cells, which offers extra-long range, fast fuel filling and emits only clean water.

The G20FC’s high-pressure hydrogen storage tank delivers hydrogen into the fuel cell where the hydrogen and oxygen react with the cathode and anode in the stack to supply power to the battery and the electric drive system.

Hydrogen fuel cell vehicles are seen as being one of the key directions for developing NEVs.

NEV sales in China are soaring as the overall market falls, surging 85.4 percent year on year in March, compared with a 6.9 percent decrease in total sales.

UK-based Bentley expects to offer an electric version of all its product lines by 2025, including new fully electric models, said Chris Cole, director of Bentley Product Line.

US auto parts maker Dana Inc, whose clients include Tesla and SAIC Roewe, announced it had already opened five new facilities in China this year, largely targeting electric vehicle companies: one each in Shanghai, Changsha and Baoding and two in Suzhou.

Dana’s footprint in China now encompasses more than 6,750 employees at 23 operations.

Dana has been operating in China for more than 25 years. Antonio Valencia, President of Dana China and Oceania, said the company will continue to invest in expanding its capabilities in China for “commitment to electrification and hybridization.”

Matthias Zink, CEO of Automotive OEM at Schaeffler, expects pure electric cars will make up 30 percent of annual auto production by 2030, while 40 percent will be hybrids and the rest combustion engines.

Zhu Shenshen / SHINE

US auto parts maker Dana Inc, whose clients include Tesla and SAIC Roewe, announced it had already opened five new facilities in China this year, largely targeting electric vehicle companies: one each in Shanghai, Changsha and Baoding and two in Suzhou.

Shanghai refugee’s New York surprise

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWSPAPER ‘SHINE’)

 

Shanghai refugee’s New York surprise

Ti Gong

Guests are pictured at a reception at Brooklyn Public Library for an exhibition recalling the life of Jewish refugees in Shanghai.

A former refugee given shelter in Shanghai during World War II got a surprise when she spotted herself in photographs at an exhibition which has just opened in New York.

The exhibition, “Jewish Refugees in Shanghai,” documents the period when about 23,000 Jewish people arrived in Shanghai between 1933 and 1941 to escape the Nazis. It tells of how they adapted to the city life and of the friendships they made with local residents.

“That young lady is me,” Betty Grebenschikoff, 90, said as she stood in front of a photograph showing her family on Lintong Road, formerly known as Macgregor Road, in Hongkou District in 1941.

A photo of Grebenschikoff and her husband, a Russian sports teacher, at the former racecourse near People’s Square in 1949 was also on display at Brooklyn Public Library, along with photos of their marriage certificate in Chinese and her residence certificate.

It was in Shanghai that Grebenschikoff met her husband, who died in 2002. The couple held their wedding in the Park Hotel in Shanghai in 1948.

Grebenschikoff, who is originally from Berlin, lived in Shanghai from 1939 to 1950. She was just 10 years old when war broke out. Her father bribed the captain of a Japanese ship to take her, along with her parents, sister and uncle, to Shanghai.

She has since been back to the city several times to visit her former home at 51 Zhoushan Road in Hongkou with her daughters. She donated her wedding dress, a classic local-style garment handmade by her husband’s mother to the Shanghai Jewish Refugees Museum. Her third and fourth daughters wore the wedding dress when they got married.

She has also written a memoir, “Once My Name Was Sara,” which was published in English and Chinese, about her life in Shanghai.

Ti Gong

Betty Grebenschikoff (second from left), a 90-year-old former Jewish refugee in Shanghai, looks at some of the photos on display at the Brooklyn Public Library.

At the reception of the exhibition, Grebenschikoff met another former Jewish refugee who had lived in Shanghai, and both shared their memories of the city.

The exhibition, under the guidance of the Information Office of Shanghai and the Hongkou District government, was organized by the Shanghai Jewish Refugees Museum and Brooklyn Public Library.

“The exhibition showcases the dust-laden history to US audiences, which has shocked and touched them,” a museum official said. “Some visitors appreciated the generous assistance offered by Shanghai and its citizens even if Chinese people were also suffering during that period.”

The exhibition, which is underway at the library until May 10, incorporates photographs from the time and two Shanghai-produced documentaries. Conferences and meetings between former refugees, their children and historians are also being held.

Over 70 former refugees, diplomats and officials with Jewish organizations attended the reception at the library on Tuesday.

Brooklyn has some 580,000 Jewish residents, many of them former Shanghai refugees and their children.

Ti Gong

A former refugee who lived in Shanghai shares her experiences with visitors at the Brooklyn Public Library reception.

France: President Macron vows to rebuild Notre-Dame

(THIS ARTICLE IS COURTESY OF SHANGHAI CHINA’S ‘SHINE’ NEWS)

 

Macron vows to rebuild Notre-Dame after devastating fire

AFP
AFP

AFP

The steeple engulfed in flames collapses as the roof of the Notre-Dame de Paris Cathedral burns on April 15, 2019 in Paris.

French President Emmanuel Macron has vowed to rebuild Notre-Dame Cathedral in Paris, after a colossal fire tore through the building, sending the spire crashing to the ground and wiping out centuries of heritage.

Macron expressed relief that “the worst had been avoided” in a blaze that had at one point threatened the entire edifice, and left France in shock over the damage to a building described as the soul of the nation.

The inferno destroyed the roof of the 850-year-old UNESCO world heritage landmark, whose spectacular Gothic spire collapsed as orange flames and clouds of grey smoke billowed into the sky.

Around 400 firefighters battled into the night to control the flames, declaring in the early hours of Tuesday that the fire was under control, around nine hours after it broke out.

Paris fire brigade chief Jean-Claude Gallet said “we can consider that the main structure of Notre-Dame has been saved and preserved” as well as the two towers.

Reuters

Flames that began in the early evening burst rapidly through the roof of the centuries-old cathedral and engulfed the spire, which toppled, quickly followed by the entire roof.

‘France is Notre Dame’

“Notre-Dame survived all the wars, all the bombardments. We never thought it could burn. I feel incredibly sad and empty,” Stephane Seigneurie, a consultant who joined other shocked onlookers in a solemn rendition of “Ave Maria” as they watched the fire from a nearby bridge.

Gasps and cries of “Oh my god” erupted around an hour after the fire first broke out when the top portion of the church’s spire came crashing down.

“We have been dealt a knockout blow,” a stricken-looking Paris Archbishop Michel Aupetit told reporters.

The cause of the blaze was not immediately clear, but the cathedral had been undergoing intense restoration work which the fire service said could be linked to the blaze.

French prosecutors said it was being currently being treated as accident.

Historians expressed incredulity at the collapse of a building that has been a symbol of France for almost a millennium.

“If Paris is the Eiffel Tower then France is Notre Dame. It’s the entire culture, entire history of France incarnated in this monument,” Bernard Lecomte, a writer and specialist in religious history told BFM TV.

Deputy Paris mayor Emmanuel Gregoire told the channel that workers were scrambling “to save all the artworks that can be saved.” Officials later said teams had managed to salvage an unknown quantity of the cultural treasures.

AFP

Smoke rises around the alter in front of the cross inside the Notre-Dame Cathedral as the fire continues to burn on April 16, 2019, in the French capital Paris.

‘Emotion of a nation’

Macron cancelled a planned policy speech and headed to the scene, where he vowed the cathedral would be reborn.

“We will rebuild Notre-Dame because it is what the French expect,” he said, describing Notre Dame as “the epicenter of our life” and the cathedral of “all the French,” whether religious or not.

France’s billionaire Pinault dynasty immediately pledged 100 million euros (US$113 million) for the effort.

German Chancellor Angela Merkel called Notre-Dame cathedral a “symbol of European culture” as the blaze raged.

The Vatican on Monday expressed its “incredulity” and “sadness” over the fire.

‘Water bombers not used’

One firefighter was seriously injured in the blaze, the fire brigade said.

US President Donald Trump in a tweet said it was “horrible” to watch the fire but caused controversy by offering advice on how to put it out.

“Perhaps flying water tankers could be used to put it out. Must act quickly!” he said.

But France’s civil security service, which oversees crisis management in the country, tweeted back at Trump that the use of water-bombing aircraft was not being considered.

“If used, (this) could lead to the collapse of the entire structure of the cathedral,” it said.

‘Will never be the same’

The cathedral was located at the center of the French capital in the Middle Ages and its construction was completed in the mid-12th century after some 200 years of work.

During the French Revolution in the 18th century, the cathedral was vandalized in widespread anti-Catholic violence: Its spire was dismantled, its treasures plundered and its large statues at the grand entrance doors destroyed.

It would go on to feature as a central character in a Victor Hugo novel published in 1831, “The Hunchback of Notre-Dame” and shortly afterwards a restoration project lasting two decades got under way, led by architect Eugene Viollet-le-Duc.

The building survived the devastation of two global conflicts in the 20th century and famously rang its bells on August 24, 1944, the day of the Liberation of Paris from German occupation at the end of the World War II.

“Paris is disfigured. The city will never be like it was before,” said Philippe, a communications worker in his mid-30s.

Jacky Lafortune, a 72-year-old artist and self-described atheist, stood forlornly on the banks of the River Seine staring at the cathedral.

Comparing the mood in the French capital to the aftermath of a terror attack he said: “But this stirs much deeper emotions because Notre-Dame is linked to the very foundations of our culture.”

Market watchdog investigates after viral Mercedes oil leak

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS PAPER ‘SHINE’)

 

Market watchdog investigates after viral Mercedes oil leak

The market watchdog in northwest China’s Xi’an has launched an investigation into a customer complaint that her newly bought Mercedes-Benz sedan has engine oil leaks.

The incident has attracted wide attention after a video of a woman sitting on top of a Mercedes-Benz while weeping and arguing with salesmen went viral online.

In the video posted on Weibo by a netizen identified as “huashenfangcunshan” on April 11, the woman claimed she found an oil leak when she was driving the car home from the dealer. After she drove the car back, she was told she couldn’t get a refund nor switch to a new car. All the dealer offered was to change the engine.

The CLS300 sedan cost around 660,000 yuan (US$98,445).

The customer met with officials from the market watchdog of Gaoxin District Saturday, demanding a full maintenance history of the car and an independent test by a third-party, Shaanxi TV Station reported Saturday.

Mercedes-Benz issued a statement on its Weibo account on Saturday, saying it was sorry for the customer’s “unpleasant experience,” and has dispatched a team to Xi’an to help solve the issue.

The dealer claimed the car had passed all tests before it was sold, according to a report by Xi’an’s news portal cnwest.com on April 12.

Li Yong, an official with the market watchdog of Gaoxin District in Xi’an, told cnwest.com that they learned about the incident online. They are still investigating and will punish those responsible if any violations are discovered, the report said.

D&G founders apologize to ‘China and its people’

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

D&G founders apologize to ‘China and its people’

Dolce & Gabbana released a video on Friday in which Domenico Dolce and Stefano Gabbana, the two founders of the Italian fashion house, apologized for “what their words had brought to China and its people,” and said they “sincerely ask for forgiveness.”

At the end of the 85-second video released exclusively on Weibo, the Chinese equivalent of Twitter, was the duo chorused “sorry” in Chinese — “dui bu qi.”

Gabbana said D&G loved Chinese culture and felt sorry for what he had said.

“Such a thing will never happen again,” said Gabbana. “We must try harder to understand and respect Chinese culture.”

D&G has been under fire for the racist and derogatory comments Gabbana left on Instagram after its latest commercial videos, promoting the fashion house’s Great Show on Wednesday in Shanghai, stirred controversy on social media for portraying stereotypical and out of date Chinese cultural symbols.

The videos were deleted from Weibo, but remain on Instagram.

Gabbana made comments in a private message exchange with another Instagram user, saying the videos were “deleted from Chinese social media because my office is stupid as the superiority of the Chinese.”

“And from now on in all the interviews that I will do international I will say that the country of shit (emojis) is China … China Ignorant Dirty Smelling Mafia,” Gabbana said.

Stefano Gabbana comments in a private message exchange with another Instagram user.

The fashion house later claimed the Instagram accounts of D&G and Gabbana himself were hacked.

It also announced The Great Show of D&G, which was supposed to be held on Wednesday night, was to be rescheduled. Chinese celebrities and models all claimed to withdraw from the show.

Michaela Phuong Thanh Tranova, a student with Asian ancestry in London who first posted the screenshots of the message exchange with Gabbana on Instagram, said the posts about D&G were deliberately deleted undue to her own will, and she was warned that she would be banned from Instagram if she continued to post.

Instagram apologized to Tranova and restored her posts on Friday.

Things kept simmering as D&G released several statements which showed no remorse.

In one statement the fashion house said, “what happened today was very unfortunate not only for us, but also for all people who worked day and night to bring this event to life.”

The statement aroused more criticism and was deleted from Weibo, but remained on its Instagram account.

Goods of the fashion house have disappeared from Chinese e-commerce sites one day after the incident. E-commerce giants like JD.com and Alibaba’s Tmall all removed D&G goods and said they do not welcome those who have no respect for China.

Xi warns against rising protectionism, unilateralism

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

(ISN’T THIS A CASE OF THE POT CALLING THE KETTLE BLACK? PRESIDENTS XI, PUTIN AND TRUMP, THESE THREE ARE THE ‘LARRY, CURLY AND MOE’ OF PROTECTIONISM IT SEEMS TO ME BY THEIR ACTIONS.)

Xi warns against rising protectionism, unilateralism at APEC CEO summit

Xinhua

AFP

Chinese President Xi Jinping arrives to make his keynote speech for the CEO Summit of the Asia-Pacific Economic Cooperation summit in Port Moresby on November 17, 2018.

Chinese President Xi Jinping warned against the rising trend of protectionism and unilateralism in Port Moresby on Saturday.

As he delivered a keynote speech at the APEC CEO Summit in the capital of Papua New Guinea, Xi said that only openness and cooperation can bring more opportunities and create more space for development.

He called for firm efforts to safeguard the multilateral trading system with the World Trade Organization at its core.

China posts faster industrial growth

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

China posts faster industrial growth

China’s economy posted steady growth in October with the industrial output enjoying a faster growth than September.

The value-added industrial output expanded 5.9 percent year on year in October, 0.1 percentage points faster than September, National Bureau of Statistics data showed yesterday.

On a monthly basis, output in October grew 0.48 percent from September, the bureau’s figures showed.

In the first 10 months of the year, industrial output rose 6.4 percent, flat with that for the first nine months.

Growth accelerated in most sectors last month. Twenty-five of the 41 main sectors grew faster than in September, accounting for 61 percent of the total. Among them, the electronics, iron and steel, gas supply industries maintained double-digit growth.

Output from the high-technology industry grew 12.4 percent in October, up 1.2 percentage points from September, and was 6.5 percentage points higher than the overall industrial output growth to account for 14 percent.

The strategic emerging industry also posted a year-on-year increase of 10.1 percent, which is 1.7 percentage points higher than last month, accounting for 19.1 percent in the overall figure, indicating optimization of the industrial structure.

“The industrial production continued to move up to medium and high ends,” said Liu Aihua, spokeswoman for the statistics bureau.

The service sector expanded 7.2 percent year on year in October, falling 0.1 percentage points from the previous month.

The information transmission, software and information technology service industry, and the leasing and business service sector increased by 35.7 percent and 8.6 percent, respectively, year on year.

The fixed-asset investment growth quickened to 5.7 percent year on year in the January-October period from 5.4 percent in the first three quarters, hitting a four-month high.

The country’s economic growth was operating within a reasonable range, and the trend for its long-term sound development remained unchanged, Liu said.

To ensure economic stability, China unveiled a flurry of policies that have paid off, she said.

Infrastructure investment posted a significant rebound to 3.7 percent year on year for the period from January to October, up from 3.3 percent in the first nine months, lifting the headline FAI figure by 0.8 percentage points. The pace of growth picked up for the first time this year.

Private-sector investment, which accounts for about 60 percent of the total fixed-asset investment, also expanded at a faster pace of 8.8 percent in the first 10 months, compared with an increase of 8.7 percent in the first three quarters.

“We believe that the momentum in infrastructure sector is likely to continue till the end of 2018,” said Australia and New Zealand Banking Group.

However, property investment continued to cool as the government maintained its tightening measures to curb speculation in the market. Property investment growth fell to 7.7 percent year on year in October from 8.9 percent in September, taking year-to-date growth down to 9.7 percent from 9.9 percent.

Growth of housing sales measured by floor area in October fell to the lowest in six months.

Looking ahead, both property and land transaction growth pointed to a further downside in property investment growth, analysts from China International Capital Corp said.

Retail sales growth slowed more than expected to 8.6 percent in October from 9.2 percent in September. It climbed 9.2 percent for the first 10 months.

Liu said the slower consumption growth was partly caused by the shift of Mid-Autumn Festival from October last year to September this year.

The country’s e-commerce giant Alibaba netted a record of 213.5 billion yuan (US$30.7 billion) in sales on Sunday, the Singles Day online shopping spree, exceeding the combined sales for Black Friday and Cyber Monday in the United States.

CICC analysts said the weak retail sales in October also reflected softer discretionary consumption demand. Auto sales, which take up around 10 percent of total retail sales, plunged 6.4 percent last month and became one of the major drags.

Liu warned about downward pressure on the economy. However, with inflation being mild, fiscal deficit ratio at a low level, the government’s debt ratio within a reasonable range and foreign exchange reserves being sufficient, the country has ample room to maneuver its macro-economic policies, she said.

Earlier data showed consumer prices rose 2.5 percent year on year in October, unchanged from the previous month. While on a month-on-month basis, the Consumer Price Index grew 0.2 percent, 0.5 percentage points slower than September.

By category, prices of food, tobacco and alcohol rose by 2.9 percent year on year, housing prices went up by 2.5 percent, and prices of transportation and communications increased 3.2 percent.

From January to October, CPI rose 2.1 percent from a year ago.

China Is Now Dominate In World Tourism By Land, Air And Sea

(THIS ARTICLE IS COURTESY OF SHANGHAI CHINA’S SHINE NEWS AGENCY)

 

Cruising through a stretch of rough seas

SHINE

Shanghai Wusongkou International Cruise Terminal in Baoshan District

By land, by air and now by sea, the Chinese have come to dominate world tourism. Cruise lines are now capitalizing on that travel bug, despite some rough seas this year.

“China’s cruise industry is on the cusp of rapid growth that has enormous potential,” said Wang Younong, chairman of the Shanghai Wusongkou International Cruise Terminal.

Last year, 18 cruise vessels were operating out of Chinese ports, carrying 2.4 million Chinese passengers. That was up from four vessels and 200,000 passengers in 2012.

Numbers, however, are expected to decrease to 14 vessels and 2 million passengers next year.

Royal Caribbean Cruise Ltd, the second-largest cruise line worldwide, will operate its Spectrum of the Sea and Oasis of the Seas liners in China in the near future. Spectrum of the Seas will be the biggest and most expensive cruise ship in Asia, with industry cutting-edge technologies.

Costa Cruises, an arm of US-based Carnival Corp, plans to bring two tailor-made ships in 2019 and 2020 to China, according to Mario Zanetti, president of Costa Group Asia. The company introduced cruising to China in 2006 and currently holds 26 percent of China’s cruise market.

MSC Cruise, the industry leader in the Mediterranean, South Africa and Brazil, will operate its MSC Bellissima, a cruise ship featuring rich entertainment, in China, and Genting Group will deploy two 204,000-ton cruise ships that can accommodate 9,500 passengers at the Shanghai port in 2021.

The commitments to the China market may be impressive, but there is an underside to the glowing prospects.

US-based Norwegian Cruise Line, a service with a history of more than 50 years, announced that it is withdrawing Norwegian Joy — the first-class cruise ship tailor-made for Chinese passengers — from the market after one year of operation here.

Cheng Juehao, deputy professor at the Shanghai Maritime University and deputy head of the Shanghai International Shipping Institute Cruise Economy Research Center, said some cruise companies may have miscalculated in their strategies for the China market.

“The Chinese cruise market saw soaring growth of similar products by almost all global cruise operators trying to expand their business here,” Cheng said. “In order to compete with each other, ticket prices nose-dived from 20 percent higher than sophisticated markets such as Europe and the United States, to between 30 percent and 40 percent lower.”

Low ticket prices are the results of sales channels, according to Ye Peng, vice director of sales for Costa.

In China, 90 percent of tickets are sold through cruise agents, who buy up all the berths on a ship and then redistribute tickets by various channels. However, in Western markets, 30 percent of tickets are sold through direct sales by cruise lines.

In China, travel agents make only about 6 percent profit from sales of cruise tickets, a much lower percentage than with other travel products.

As a result, some operators are finding it difficult to remain profitable, and the customer experience is being sacrificed to low expenditure.

SHINE

Costa Cruises, an arm of US-based Carnival Corp, entered the Chinese market in 2006 and currently holds 26 percent of the nation’s cruise market.

Industry officials in China said competition is undercutting business performance in the market. Only operators who improve the quality of cruises and cater to the needs of passengers will come out on top.

Zhang Zhendong, general manager of Tianjin International Cruise Home Port, said China’s cruise industry is in a period of transition.

“In 2017, the market entered adjustment phrase that will last until 2020,” he said. “That will be followed by a 10-year golden age of cruising. Next year may see a temporary trough in the market. However, the market is 10 times larger now than it was in 2012, and the compound growth rate is almost 30 percent, which is rare in the world.”

Roger Chen, chairman in China for Carnival Corp, said his company remains upbeat on the China cruise market.

“We are here to stay in China,” said Chen, speaking at the 13th China Cruise Shipping Conference and International Expo in Shenzhen earlier this month.

Market fluctuations this year are a bit exaggerated, he said, and it’s natural for any industry to have adjustment periods.

“We are collaborating with China State Shipbuilding Corp to build the largest made-in-China vessel as part of a joint venture, and we will operate this vessel in the Chinese market,” Chen added.

Costa China’s Ye said his company needs to advertise cruises as a lifestyle and spend time and effort building and differentiating its brands.

“When Chinese passengers leave the cruise vessels,” he said, “they often don’t even know the ship’s name. We have to work on the branding of the vessel and providing diversified choices.”

China to continue opening up: Chinese Ambassador to US

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS SERVICE ‘SHINE’)

 

China to continue opening up: Chinese ambassador to US

Xinhua

Chinese Ambassador to the United States Cui Tiankai has said here that China will continue to open its doors to the global community.

“We cannot develop ourselves behind closed doors… We have to open our door even wider and seek cooperation with others, particularly with countries like the United States,” Cui said at the welcome banquet held by Kentucky Governor Matt Bevin on Monday.

Cui said China-US relations are not zero sum game, but rather will continue to be mutually beneficial. He said Beijing and Washington should deal with trade issues in an effective way.

Addressing Kentucky officials and businesses, Cui said he has full confidence in bilateral cooperation at the provincial, municipal and county levels, adding that the Chinese people came to know the state after the first Kentucky Fried Chicken restaurant opened in Beijing over three decades ago.

Over the past decades, the Chinese people have learned that the state has much more to offer, including Bourbon, race horses, farm products and manufactured goods, prompting the Chinese public and business leaders to develop strong relations with Kentucky, Cui said.

For his part, Bevin said his administration is working to cut red tape for businesses who wish to invest here, highlighting the elaborate transportation web his state boasts.

Bevin admitted that certain trade policies Washington has pursued created uncertainties for bilateral business ties, but pledged to work at a state level to assure foreign investors.

Shanghai approves ambitious plan to develop in 5 core areas

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWSPAPER ‘SHINE’)

 

Shanghai approves ambitious plan to develop in 5 core areas

Chen Zhengbao

Li Qiang (center), Shanghai’s Party secretary, speaks during a panel discussion on the sidelines of the fourth plenary session of the 11th Shanghai Committee of the Communist Party of China yesterday. He said Shanghai will need to develop in five core areas — economy, finance, trade, shipping, and scientific and technological innovation — in the next five years.

Shanghai yesterday approved an ambitious “future and global-oriented” plan to become a city of global excellence and a modern international metropolis with world influence.

The Shanghai Committee of the Communist Party of China said the city must improve its capacity and core competitiveness as it takes on the tasks entrusted by the central government, including enhancing its development as global centers for economy, finance, trade, shipping and innovation, serving the Belt and Road Initiative, promoting integrated development of the Yangtze River Delta region, deepening free trade zone reforms, and carrying out further reform and opening-up.

Li Qiang, the city’s Party secretary, emphasized at yesterday’s fourth plenary session of the 11th CPC Shanghai Committee that Shanghai will need to develop in five core areas — economy, finance, trade, shipping, and scientific and technological innovation — in the next five years to improve its attraction, creativity and competitiveness.

In 10 years, it aims to have the city’s capacity in the five areas “comprehensively increased and become a relatively influential member in the global city network.”

By 2035, Shanghai should have developed itself into “a city of global excellence that matches China’s comprehensive strength and international status, an admirable innovative, cultural and ecological city, a Socialist modern international metropolis with global influence, and a leading city in a world-class metropolis cluster.”

To enhance the city’s capacity and core competitiveness, the city will need to make new breakthroughs in core functions as a global center of economy, finance, trade, shipping and innovation.

In the economic area, it will seek high-quality development and promote economic size and efficiency by improving its economic density and input-output rate, according to the committee.

Shanghai will accelerate establishment of an industrial system to develop the economy, scientific and technological innovation, modern financing, and human resources industries.

It will focus on the modern services, advanced manufacturing and strategic emerging industries, and develop intelligence-intensive industries to reduce simple and repetitive labor and promote unmanned models.

In finance, the key task is to enhance Shanghai’s capability in allocating global finance resources. It will also quicken the opening of finance market for participation of overseas investors and encourage diversified cooperation between the domestic and overseas markets.

International and Chinese financial institutions will be wooed to set up headquarters in Shanghai. The city also intends to create several important asset-management agencies to set up a global center.

To improve its function as an international trade center, it will develop high-level “headquarters economy” by encouraging headquarters of multinational companies to expand their function and capacity.

As an international shipping center, the city will focus on high-end services to promote Shanghai’s shipping brand. It will attract famous shipping service providers and international shipping organizations, carry out innovation in system, business model and technology, and develop shipping finance to promote its capacity in relocating shipping resources.

It will also improve its capacity as an aviation hub, expand the coverage of its airline network and promote the construction of an airport cluster in the Yangtze River Delta.

It will promote the development of cruise industry and build an international cruise home port.

To build itself as an international center for science and technology innovation, it should focus on leading-edge researches and strive to be a global source of new academic thoughts, new scientific findings, new technological inventions and new development trends. It will actively promote science research programs.

The city will also focus on eight other areas — mechanism innovation, opening-up, branding, innovation and entrepreneurship, global network, development platform, talent aggregation and quality life.