27/04/2020
BEIJING/SHANGHAI (Reuters) – China’s Inceptio Technology, a startup developing self-driving trucks, has raised $100 million in its latest funding round from logistics firm GLP, its key strategic investor G7 and other investors, two sources familiar with the matter told Reuters.
The proceeds from its series A funding round will be used to further develop its technologies and to start commercial trials, said the sources, who declined to be named as they were not authorised to speak to media.
The company, which aims to operate a freight network with autonomous driving trucks in China from 2022, has partnerships with Dongfeng Automobile Co Ltd (600006.SS), Sinotruk Hong Kong Ltd (3808.HK) and Foton (600166.SS).
The two-year-old firm is developing autonomous driving software and an in-car computing system while the truckmakers are responsible for the vehicles’ platforms.
Inceptio declined to comment. G7 and Singapore-based GLP did not immediately respond to requests for comment.
Inceptio focuses on level 3 and 4 technologies. A level 3 vehicle will enable drivers to turn their attention away from driving but they still need to take over if the car encounters a problem, while with level 4 technologies, there is no human intervention in most circumstances.
The trucking industry is expected to an earlier adopter of autonomous driving technology compared to passenger vehicle makers as driving on highways is more predictable than on busy city streets.
German automaker Daimler (DAIGn.DE) and U.S. postal giant United Parcel Service Inc (UPS.N) have invested in self-driving trucks.
Source: Reuters
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11/09/2019
- Agriculture ministry says long-term goal is achievable despite the loss of a third of domestic livestock owing to impact of disease
- Observers believe foreign producers will never be able to produce enough to satisfy the world’s largest market for the meat
A pork vendor sleeps at a stall at a Beijing wholesale market. Photo: Simon Song
China will continue to strive for self-sufficiency in pork production although its farming industry has suffered a devastating blow after African swine fever wiped out about one-third of its hog herds, officials said on Wednesday.
Yu Kangzhen, a vice-minister for agriculture, said it was unrealistic for China to pin its hope on imports in meeting the country’s demand for pork.
Last year, China consumed about half of the world’s pork but more than 95 per cent was sourced from domestic supplies, which have taken a serious hit this year due to swine fever.
The disease is deadly for pigs, although not for humans, and there is currently no cure or vaccine.
“Even at its highest level, imports accounted for about 2 per cent of China’s domestic production,” said Yu at a press conference in Beijing.
“So from the statistics alone, we can see that we must adhere to the principle of self-sufficiency if we are to meet our demand for meat, and this also explains why we have put forward a 95 per cent self-sufficiency target.”
According to Yu, the total global trade in pork last year was 8 million tonnes – less than 15 per cent of China’s total production of 54 mi
Peng Shaozong, an official from the pricing department of the National Development and Reform Commission (NDRC), expressed confidence that foreign suppliers would be interested in filling any gaps in the Chinese market.
“Imports are guided by the market. If there is money to be made [in selling to China], they will definitely come,” said Peng on the sidelines of the press conference.
Pan Chenjun, from agribusiness bank Rabobank, said China’s pork production was expected to continue to fall in the coming year, putting pressure on the country’s US$140 billion pork industry.
In July, China’s pig population had fallen by 32.2 per cent from a year earlier, and was down 9.4 per cent compared with the previous month, according to latest government figures.
However, Pan said the government’s 95 per cent self-sufficiency target was in line with market realities.
China’s domestic pig stocks have fallen by a third. Photo: AP
“In any case, the 95 per cent [self-sufficiency] goal is reasonable, as China’s pork market size is too big, and imports, despite rising this year, still represent just a small part,” Pan said.
Although China’s domestic shortfall may offer a windfall to foreign suppliers, they must obtain government approval before they could sell to China.
On Monday, Beijing approved imports from 25 Brazilian meat factories, bringing the country’s total number to 89.
On Wednesday, Danish officials completed a three-day trip to China, saying they expected to increase pork exports to China.
Danish food minister Mogens Jensen attended the opening of a new meat processing facility near Shanghai operated by Danish Crown.
China imported 230,000 tonnes of pork from Denmark in 2018, according to the country’s foreign ministry.
On Tuesday, the Chinese State Council issued a new set of guidelines to support the industry, outlining measures such as increased subsidies to boost domestic production in the face of worsening pork shortages that have sent prices to record highs.
The consumer price index released on Tuesday reinforced the bleak picture of a tight market supply as the data showed that pork prices rose by 46.7 per cent in August compared with a year earlier, almost double the 27 per cent rise witnessed in July.
Prices of pork are one of the major indicators used by Chinese citizens to gauge their well-being and, at the moment, that well-being is being eroded rapidly.
According to NDRC, China has already spent a total of 3.23 billion yuan (US$454 million) in subsidies so far this year to tackle the pork shortage crisis.
“As much as 1.1 billion yuan has been newly added under the budget of the central government, with the focus on supporting western provinces in the Yangtze River basin to carry out farm improvement works to control pollution and reduce livestock and poultry waste,” Peng from the NDRC said.
However, a report published by research firm Gavekal Dragonomics on Wednesday cautioned that the government’s plans to soften the blow on the industry might not be effective.
“As the overhaul of pig-raising practices to eliminate the disease would take years even if the government was moving more aggressively, high prices and pork shortages are going to persist,” the report said.
Source: SCMP
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23/06/2019
- Stalled denuclearisation talks also expected to be on the agenda when Chinese president meets Kim Jong-un this week
- Analysts say Korean peninsula has become intense diplomatic battleground between Beijing and Washington
North Korean leader Kim Jong-un (right) attends a welcome ceremony in Beijing with Chinese President Xi Jinping in January. Xi will begin a visit to Pyongyang on Thursday. Photo: AP
Xi Jinping’s upcoming trip to
will be a state visit – a higher status than the last trip to the hermit kingdom by a Chinese president, highlighting the close bilateral ties between Beijing and Pyongyang.
Xi’s two-day trip, which
, is the first by a Chinese president to North Korea in 14 years and comes just a week before he is due to meet US President Donald Trump for talks on the sidelines of the Group of 20 summit in Japan.
“Leaders of the two countries will review the development of the bilateral relationship and carry out an in-depth exchange of opinions on the development of Sino-North Korean relations in the new era, and chart the future course of development,” state news agency Xinhua reported on Tuesday.
Xi’s predecessor, Hu Jintao, went to North Korea in October 2005 on a three-day trip described as an “official goodwill” visit.
Speaking at a regular press briefing in Beijing on Tuesday, foreign ministry spokesman Lu Kang said Xi’s visit aimed to “inject new impetus” into relations in the year the two countries marked the 70th anniversary of establishing diplomatic ties, and to give stalled denuclearisation talks a much needed push.
“Regarding the progress on denuclearisation, as I said, the result of the Hanoi leaders’ meeting in February was indeed a little unexpected. But after that, everyone actually looks forward to the resumption of dialogue in a good direction,” Lu said, referring to the failed talks between Trump and North Korean leader Kim Jong-un in the Vietnamese capital four months ago.
Trump hinted at the possibility of another meeting with Kim after receiving what he called “a beautiful letter” from the North Korean leader last week. On Tuesday, South Korea’s chief nuclear negotiator, Lee Do-hoon, said the US had been in contact with the North.
Life in North Korea the ‘admiration and envy’ of others, state media says
Washington will also send US Special Representative for North Korea Stephen Biegun to South Korea next week, days after Xi’s visit to Pyongyang, to fully align its position on North Korea with its ally.
Meanwhile, Trump confirmed he would meet Xi for talks in Osaka next week, saying in a tweet on Tuesday they had “a very good telephone conversation” and would hold “an extended meeting” at the G20 summit, where they are
over an almost year-long trade war.
Pyongyang has demanded the lifting of sanctions imposed on the regime following its nuclear and missile tests, while Beijing has said the livelihoods of North Koreans should not be affected. But Washington insists full sanctions should remain in place.
The US has also voiced scepticism about Chinese compliance with the sanctions. At a security summit in Singapore earlier this month, US acting Pentagon chief Patrick Shanahan – who on Wednesday stepped down from his role
– presented his Chinese counterpart Wei Fenghe with photographs and satellite images of North Korean ships transferring oil near China’s coast.
Analysts said Xi would seek to use the visit to boost China’s diplomatic leverage on the North Korean nuclear front, strengthening its hand in dealing with the US.
Exports from North Korea to China, which account for the bulk of its trade, plunged 87 per cent last year from 2017, and the country has faced other economic problems at a time when Kim has vowed to deliver on the economy.
A diplomatic source said China was expected to offer a large amount of humanitarian assistance, such as food and fertiliser, to North Korea, which could weaken the impact of sanctions.
China’s goal of denuclearisation on the Korean peninsula is unwavering and will not changeLu Chao, North Korean affairs expert at Liaoning Academy of Social Sciences
Communist Party mouthpiece People’s Daily on Tuesday said via its social media account that Xi would discuss economic and trade cooperation with Kim during the visit.
Quoting Zheng Jiyong, director of the Centre for Korean Studies at Fudan University in Shanghai, the newspaper said Pyongyang had taken steps to reform its economy and introduced China’s industrial manufacturing blueprint.
In September, Beijing proposed building a rail link from the city of Dandong, in China’s northeastern Liaoning province, to Pyongyang and then on to Seoul and Busan in the South, as well as a new road between Dandong and Pyongyang through Sinuiju.
Lu Chao, a North Korean affairs expert at the Liaoning Academy of Social Sciences, said large-scale economic cooperation between China and North Korea was unlikely because of the sanctions, but smaller moves were possible.
Chinese tourists flood North Korea as Beijing remains Pyongyang’s key ally
“For example, China may export daily necessities to North Korea. And if it’s needed, China is very likely to provide [food] assistance to North Korea,” Lu said. “I believe the UN sanctions on North Korea should change, because it has shown a more substantive approach to [achieving] denuclearisation.”
But analysts said Beijing remained firm on the need for Pyongyang to honour its pledges so that denuclearisation could be achieved.
“China’s goal of denuclearisation on the Korean peninsula is unwavering and will not change … China supports [North Korea] and the US continuing to hold talks,” Lu said.
Beijing also had an important part to play in the peace process, according to Boo Seung-chan, an adjunct professor at the Yonsei Institute for North Korean Studies in Seoul.
“China can have a positive role as a mediator to facilitate the peace process on the Korean peninsula,” Boo said.
Source: SCMP
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CHINDIA ALERT: You'll be living in their world, very soon 
Chinese self-driving truck startup Inceptio raises $100 million – sources
BEIJING/SHANGHAI (Reuters) – China’s Inceptio Technology, a startup developing self-driving trucks, has raised $100 million in its latest funding round from logistics firm GLP, its key strategic investor G7 and other investors, two sources familiar with the matter told Reuters.
The proceeds from its series A funding round will be used to further develop its technologies and to start commercial trials, said the sources, who declined to be named as they were not authorised to speak to media.
The company, which aims to operate a freight network with autonomous driving trucks in China from 2022, has partnerships with Dongfeng Automobile Co Ltd (600006.SS), Sinotruk Hong Kong Ltd (3808.HK) and Foton (600166.SS).
The two-year-old firm is developing autonomous driving software and an in-car computing system while the truckmakers are responsible for the vehicles’ platforms.
Inceptio declined to comment. G7 and Singapore-based GLP did not immediately respond to requests for comment.
Inceptio focuses on level 3 and 4 technologies. A level 3 vehicle will enable drivers to turn their attention away from driving but they still need to take over if the car encounters a problem, while with level 4 technologies, there is no human intervention in most circumstances.
The trucking industry is expected to an earlier adopter of autonomous driving technology compared to passenger vehicle makers as driving on highways is more predictable than on busy city streets.
German automaker Daimler (DAIGn.DE) and U.S. postal giant United Parcel Service Inc (UPS.N) have invested in self-driving trucks.
Source: Reuters
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