2018/04/26

Quotable Quotes from the 1st Digital China Summit

With the theme “Let Informatization Drive Modernization, Speed Up the Construction of Digital China”, the first Digital China Summit ran from April 22 to 24 in Fuzhou, East China’s Fujian province.

Let’s take a look at what business leaders said at the summit.

Ma Yun(Jack Ma)

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Ma Yun, founder of Alibaba Group Holding, delivers a speech at the 1st Digital China Summit in Fuzhou, East China’s Fujian province, on April 22, 2018.

The standard by which to judge a big company is not how large its market share is, but how many key technologies it obtains. Developing key technologies is an unshirkable responsibility for big companies. It is not nearly enough to have internet companies such as Baidu, Alibaba and Tencent or BAT, as they are collectively known. China needs a large number of big and super companies that surpass BAT, with key technologies to make the country great.

China also needs a digital economy law as an upgrade of e-commerce law, which is under discussion. The direct result of the internet of things is a data explosion, so we are in great need of a digital economy law to not only monitor but also provide guidance for development of a digital economy with global vision. This is not merely an institutional innovation of digital economy, but also China’s contribution and responsibility to the world economy.

Ma Huateng

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Ma Huateng, chairman and CEO of Tencent Holdings, delivers a speech at the 1st Digital China Summit in Fuzhou, East China’s Fujian province, on April 22, 2018.

Demands to change the technology situation are getting more and more pressing, as are wishes for China to overcome the fact that key technologies are controlled by others. Only when we are strong enough in technology will we have the opportunity to stand up and have equal dialogue with international giants.

Liu Qiangdong

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Liu Qiangdong, board chairman and CEO of JD.com, attends the 1st Digital China Summit in Fuzhou, East China’s Fujian province, on April 22, 2018.

If core intellectual properties are not obtained by the internet industry, the fate of the industry will be held in other people’s hands. It is the right direction for the internet industry to build a strong country in cyberspace with independent innovation. JD.com started to insist on obtaining all applications for the company’s intellectual property rights several years ago. Obtaining independent innovation can improve internet companies’ competitiveness in the global arena.

Liang Hua

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Liang Hua, chairman of Huawei’s board of directors, delivers a speech at the 1st Digital China Summit in Fuzhou, East China’s Fujian province, on April 22, 2018.

Digitalization is entering into a new stage and the Information and Communication Technology industry is getting into a whole new industrial cycle, transforming from the vertical to the horizontal dimension. New technologies such as 5G, IoT, cloud computing and artificial intelligence will be more and more important to build a smart world, with all things interconnected. Technological innovation will not only bring prosperity to all industries, but also promote growth in both the digital and real economies.

Chen Shengqiang

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Chen Shengqiang, CEO of JD Finance, delivers a speech at the 1st Digital China Summit in Fuzhou, East China’s Fujian province, on April 23, 2018.

The key point to developing the digital economy is to link enterprises in the real economy with new technology. On one hand, enterprises in the real economy should increase investment in technology, and on the other, technology companies should provide strong support to these companies.


Digitalization services for enterprises based on things like information, Software as a Service, mobile and AI integration are actually a business-to-business-to-consumer interaction. When an enterprise is digitalized in four dimensions: the scenario, the customer, the product and operation, technological companies can serve their customers by serving enterprises in the real economy. This can not only improve efficiency, but also achieve revenue growth.

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2018/04/25

The Sino-US trade war affects Malaysia, South Korea, Brazil and Taiwan

The trump administration's tariff policy on China has led to a new round of trade wars between China and the U.S.
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As an important member of the world trade, China's trade policy with the United States has also affected many other countries.

“The effects of a full-scale U.S.-China commercial slugfest would be global,” says Scott Kennedy, deputy director of the Freeman Chair in China Studies with the think tank Center for Strategic & International Studies. “Companies the world over are embedded in supply chains that run through China.

Malaysia
This Southeast Asian country has historically depended on exports of crude and palm oil. But the $341 billion economy rests now as well on exports of electronics, machinery and their parts to both China as well as the United States. Malaysia’s top export to both last year was electronics circuits and parts, according to data compiled by Moody’s. Those goods risk impacts from Sino-U.S. trade restrictions, says Joy Rankothge, a senior Moody’s analyst in credit strategy and research. Presumably Chinese or American firms would reduce orders or ask for price cuts.

South Korea
The value of Korean semiconductors shipped to China would fall by $4 billion per year if Sino-U.S. tariffs kicked in, this news report suggests, citing estimates from the Korean research organization Institute for International Trade. Memory chip makers Samsung Electronics and SK Hynix might suffer the same way, the report says. “If protectionist measures were to significantly and durably weigh on global trade...trade-reliant economies like Taiwan, Korea or Malaysia would be affected,” says Marie Diron, managing director of the Sovereign Risk Group at Moody's.

Brazil
A trade war might generate excess product capacity and inventories in China as well as the United States. Producers from either country would look for other places to “dump” their goods, says Stuart Orr, professor of strategic management at Deakin University in Australia. Soy beans are one such product. If they flooded the world market, other countries that already sell it for global consumption would face sudden competition, Orr says. The most likely third country: Brazil. The South American nation produces 30% of global supplies, second only after the United States. China is in fourth place.

Taiwan
Taiwanese manufacturers ship tech hardware parts to China for final assembly – or do the assembly there for re-export. Solid-state drive manufacturers such as Lite-On and PC monitor builders including Foxconn Technology (Hon Hai Precision) would pay more to ship into the United States due to their production bases in China and are mentioned on Washington's list of tariffs, says Sagitta Pan, senior industry analyst with the Market Intelligence & Consulting Institute in Taipei. But drive makers can transfer assembly and production lines back to Taiwan, Pan says, while monitor builders could shift production to third countries.


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2018/04/24

ZTE seeking solution to US export ban

ZTE Logo seen at the Mobile World Congress held in Barcelona, Spain, Feb 28, 2018

Chinese telecom equipment maker ZTE Corp. is taking steps to comply with a U.S. denial order, the company said in a statement on Sunday.

The company is making active communications with relevant parties and is seeking a solution to the issue, the company said in a statement to the Shenzhen Stock Exchange.
image credit: internet
The statement came after the U.S. Department of Commerce activated a denial of export privileges against ZTE for alleged violations of the U.S. Export Administration Regulations.

ZTE attaches significant importance to the work on export control compliance, the company said in the statement.

Compliance is regarded as foundation to the company's strategy and condition and bottom-line for the company's operations, it said.


ZTE has established the compliance management committee led directly by the chief executive officer and built a team with global coverage composed of senior export control compliance experts, it said.

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2018/04/23

World Bank appraise China’s global financial access

World Bank Chief Jim Yong Kim attends a press conference during the spring meetings of the IMF and the World Bank in Washington DC, April 19, 2018.

China has in recent year gone a long way in terms of financial accessibility. Take trade for example, importers can now apply to Chinese factoring company for financial assistance for their trade in China.

World Bank Chief Jim Yong Kim said on Thursday that he expected the progress and innovation in improving financial access across China will also happen in other countries, so that financial services become universally accessible.
Nearly one-third of the world's adult population still doesn't have access to financial services, according to the World Bank's Global Findex data, which tracks how people use financial services and was released on Thursday.
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"China has made great progress, but if you reflect back, the Global Findex showed that we went from the low 60s to about 69 percent of people in the world covered in terms of financial access," Kim said, referring to the finding that 69 percent of adults around the world, or 3.8 billion people, have an account at a bank or mobile money provider, up from 62 percent in 2014.
"So we're looking at the innovations in China and we're trying to ensure that we get from around 70 percent to 100 percent," he told a news conference during the spring meetings of the IMF and World Bank in Washington. In China, 80 percent of people older than 15 have such accounts, and 57 percent of the account owners are using mobile phones or the internet to make purchases or pay bills - roughly twice the share in 2014, according to the Global Findex.
Kim called for ramped-up efforts to help realize the World Bank's goal of achieving universal financial access by 2020.
He said the World Bank has been studying the way that China has approached financial inclusion and has actually participated with China in the past on projects such as creating special branches of banks specifically for women.
In the private sector, groups such as Alibaba and Tencent have dramatically increased access to capital, markets, even in some cases access to marketing accounting, Kim said, adding that these are the kinds of things small and medium-sized enterprises need to export their products overseas.
Kim noted that there is still a large gender gap in financial inclusion worldwide. According to the Global Findex, 72 percent of men and 65 percent of women have an account, a gap of 7 percentage points.
In China, 84 percent of men older than 15 are account owners, compared with 76 percent of females, a gap of 8 points.
"So we are watching carefully," Kim said. "China is improving financial access very quickly - not only access to financial services, but access to capital, access to markets. We need that to happen in every country in the world."
In the case of Alibaba in China, Kim said it has made access to capital almost instantaneous, so long as the user has a good record online.
"So that's a way of using innovation in an inclusive way," he said, "because they're focused on small and medium enterprises. If we can make that happen in other parts of the world, that'd be great."

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2018/04/20

How much money you have can prove you are in upper class?

Not sure if you fall into the upper class?
How much money you need to earn to be considered "rich" by the government's standards depends on the city you live in.

For some Americans, the answer is having an average of $2.4 million to your name — that's almost 30 times the actual median net worth of US households, according to the U.S. Census Bureau.

Ask the government, and they'll define wealthy as individuals earning at least $500,001 and couples earning at least $600,000 — the new income thresholds that now pay the top federal marginal income tax rate of 37% in accordance with President Donald Trump's new tax plan.

But in reality, the answer varies depending on the city you live in. What's considered rich in Detroit is almost $100,000 less than what's considered rich in Seattle.

image credit: internet 

According to the U.S. Census Bureau's
 American Community survey, combining results on median household income from 2012-2016 to determine just how much you need to earn in the most populated city in every state, including Washington DC, to be considered rich.

Below, check out the income needed to be considered rich in some of America's biggest cities, listed top 5.

1. Anchorage, Alaska: at least $161,724

Raymona Pooler/Shutterstock

Median household income: $80,862
Population: 299,321

2. Seattle, Washington: at least $148,916

David Lewallen/Flickr
Median household income: $74,458
Population: 668,849

3. Washington, D.C.: at least $145,870

Orhan Cam/Shutterstock
Median household income: $72,935
Population: 659,009

4. Virginia Beach, Virginia: at least $135,438

Ritu Manoj Jethani/Shutterstock

Median household income: $67,719
Population: 449,733

5. Urban Honolulu CDP, Hawaii: at least $126,722

Yoshinori Kumagai/Shutterstock
Median household income: $63,361
Population: 349,597


So, are you living in these top 5 rich cities and have enough money to fall into the upper class?

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