Posts tagged ‘China’

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10/08/2015

‘Silicon Valley’ China

The following was in answer to a series of questions by a journalist from International Finance Magazine.

The specific questions and answers are:

> Do you think China can be the next Silicon Valley? Indubitably

> What are your reasons? See this paper

> What according to you are the differentiating factors between China and Silicon Valley? Longevity, experience and culture including education system.

> Which are the areas where China scores points over Silicon Valley and which are the areas wherein it needs to improve?Whereas the US has a Silicon Valley and the area around Boston, China has several dozen ‘silicon valleys’ though most are in embryonic stage. Whereas the US Silicon Valley has a long history of success, which breeds success, the Chinese ones are all very new, although the oldest Zhongquancun in a Beijing suburb dates from the 80s; and in 2014 launched nearly 50 tech start-ups. See III.

> What steps does China need to take to have more of AliBabas in the country? See this paper which suggests that steps are already being taken.

> Some say that there is no dearth of money in China and hence there are many VCs and private equity firms. However, what is lacking is a disciplined approach. Your take on this. Agreed. However, the two magnets for investment in the past have been real estate and the so-called stock market, which is another name for legalized gambling.  Both have suffered reverses, property for a while and recently the stock market.  The Chinese investor is a quick learner.  Sooner rather than later they will turn to instruments and institutions that invest in innovation.

> How well are the young Chinese embracing entrepreneurship? The young in general are following the old path of secure jobs in government or established industry.  But with 1.3 billion people, there are enough youngsters interested in innovation and entrepreneurship for them to be a real force.

>Does the education system in China foster this? No it does not, See II – 3. last para.

 ==================

I believe that China is rapidly catching up with the US in innovation and entrepreneurship.  I say this for four reasons:

i. China has always been innovative and inventive.

ii. The Chinese government sees innovation and entrepreneurship as the solution to its rapidly dated ‘cheap’ mass manufacturing. It knows that China is experiencing its version of the industrial revolution in a fraction of the time it took the west and needs a new trick up its sleeve if China is not to be relegated to a third-world nation once again.

iii. China is already innovative and entrepreneurial in practice and speeding up the learning curve at the same speed it took up industrialization after Deng.

iv. Some respected ‘guru’s think so too.

I.   China has always been innovative and very inventive.

 We have all heard of gunpowder, movable press, paper making and the compass.  In 1948, Joseph Needham, Cambridge University set out to document Chinese innovation – https://en.wikipedia.org/wiki/Joseph_Needham Needham had heard a lot about this and was slightly skeptical, so he started professional research on it.  Today, his work – Science and Civilisation in China  – is still in progress although he passed away.  Seven volumes in 27 books have been published so far and the end is not in sight.  To help the lay reader, Prof Robert Temple has written a short book on it – The Genius of China –http://www.curledup.com/geniusch.htm

II.  The Chinese government is focused on innovation and entrepreneurship.

It knows that its current USP, inexpensive and mass manufacturing will not last.  In fact, in some low tech areas it is discouraging any new factories.  It has also been steadily pushing up the minimum wage, thereby discoursing such manufacturing. In my view it has done four specific things to encourage innovation and entrepreneurship:

  1. Five-year plans, in particular:
  1. a. the 12th (2011 – 2015) – http://www.c2es.org/international/key-country-policies/china/energy-climate-goals-twelfth-five-year-plan – which included this section:

              Old pillar industries               The new strategic and emerging industries

1 National defense Energy saving and environmental protection
2 Telecom Next generation information technology
3 Electricity Biotechnology
4 Oil High-end manufacturing (e.g. aeronautics, high speed rail)
5 Coal New energy (nuclear, solar, wind, biomass)
6 Airlines New materials (special and high performance composites)
7 Marine shipping Clean energy vehicles (PHEVs and electric cars)

Sources: “Decision on speeding up the cultivation and development of emerging strategic industries,” http://www.gov.cn, September 8, 2010, http://www.gov.cn/ldhd/2010-09/08/content_1698604.htm; HSBC, China’s next 5-year plan: What it means for equity markets, October 2010.

1.b and the 13th (2016 – 2020) – http://www.chinabusinessreview.com/understanding-chinas-13th-five-year-plan/ – one of whose aims is likely to be “to support emerging industries”

  1. “Made in China 2025” policy – http://www.chinadaily.com.cn/bizchina/2015-05/19/content_20760528.htm -The 10 key sectors are new information technology, numerical control tools and robotics,aerospace equipment, ocean engineering equipment and high-tech ships, railway equipment,energy saving and new energy vehicles, power equipment, new materials, biological medicineand medical devices, and agricultural machinery.
  2. “Mass innovation and entrepreneurship” – http://www.chinadaily.com.cn/business/tech/2015-01/29/content_19436562.htm– “Chinawill foster a platform offering low-cost services in a variety of areasto micro businesses and individual start-ups that show

The government will also step up policy support, such as simplifying registration proceduresand giving subsidies, to innovative businesses. They will improve financing systems to givespecial support to start-up companies, according to the statement.

Although China’s broader economy is slowing, China’s young entrepreneurs are driving awave of startups that has become a bright spot for the economic landscape and an importantengine for future growth.

The number of newly founded companies in China surged almost 46 percent year on year to3.65 million in 2014, the latest data showed.”

China is very aware that the current education system does not foster innovation or entrepreneurship; so it is proposing major reform – http://www.chinadaily.com.cn/china/2015twosession/2015-03/11/content_19783458.htm – Current Chinese education has been criticized by many for being rigid and killing students’ imagination. In many exams, students are supposed to memorize the standard answer instead of putting forward their own ideas.

“Innovation requires the ability to seek different answers to the same question, through which they still reach the right destination,”

http://news.xinhuanet.com/english/china/2015-01/28/c_133954148.htm – “China’s State Council pledged to take various steps to create an amicable environment for innovation and entrepreneurship in order to power growth and generate jobs. … Although China’s broader economy is slowing, China’s young entrepreneurs are driving a wave of startups that has become a bright spot for the economic landscape and an important engine for future growth.

The number of newly founded companies in China surged almost 46 percent year on year to 3.65 million in 2014, the latest data showed.”

III. Innovation in practice

In practice, China now leads in world patent filing – https://chindia-alert.org/2015/05/21/patent-applications-lead-the-worldfocuschinadaily-com-cn/ – though in terms of patents filed in the US it is still behind Japan.

Chinese ‘silicon valleys’ – in addition to Zhongquancun, opened in the 80s – 80s –http://www.forbes.com/sites/ruima/2014/10/20/one-billion-chinese-entrepreneurs/andhttp://www.bloomberg.com/news/articles/2015-03-11/china-s-silicon-valley-sparking-49-technology-startups-a-day.  there are dozens around the country.  It seems the ‘copycat’ syndrome applies to coy-catting innovation and entrepreneurship!- http://www.bloomberg.com/news/articles/2015-07-23/china-wants-silicon-valleys-everywhere

Chinese innovative products include, of course, AliBaba; but also, according to Forbes, in eight ‘industries –http://www.forbes.com/sites/anaswanson/2014/11/30/eight-innovative-industries-china-does-better-than-anywhere-else/:

  1. Micropayments
  2. E-commerce
  3. Delivery services
  4. Online investment products
  5. Cheap smart phones
  6. High speed rail
  7. Hydroelectricity
  8. DNA sequencing

IV.From ‘guru’s

You do not need to take my word for it, see comments by:

  1. Kai-Fu Lee, Google exec – http://blogs.wsj.com/chinarealtime/2015/07/30/behind-the-surge-in-chinese-tech-startups/?mod=chinablog&mod=chinablog
  2. McKinsey & Co – http://www.mckinsey.com/insights/asia-pacific/a_ceos_guide_to_innovation_in_china

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07/08/2015

China’s Unsinkable Aircraft Carriers – China Real Time Report – WSJ

What should the U.S. do about China’s increased assertiveness in the South China Sea? As the Brookings Institution’s Michael O’Hanlon writes:

Beijing claims almost the whole sea—land formations, seabeds and open waters alike—and of late has been literally creating new facts on the ground, constructing 2,000 acres of artificial islands where only shoals or sand bars once existed. Beijing now says those efforts are nearly complete but acknowledges plans to place military assets on the islands, some of which may include substantial airfields.

Washington is deeply concerned and should continue pushing back against any Chinese enforcement of its “nine-dash line” claim to 85% of the region’s map. But the U.S. can’t stop China from building or modestly militarizing its new islands, nor should it try. Even if it rattles nerves from Tokyo to Manila, Hanoi and Washington, Beijing’s campaign is little more than an asymmetric way of establishing regional military presence—and one that even mimics American behavior over the years.

via China’s Unsinkable Aircraft Carriers – China Real Time Report – WSJ.

Posted in China alert, Military, Politics | 1 Comment »

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02/08/2015

China to expand medical insurance for major illnesses | Reuters

China will expand medical insurance to cover all critical illnesses for all urban and rural residents by the end of the year, the cabinet said on Sunday, the latest step in a plan to fix a healthcare system that has sparked public discontent.

The State Council said 50 percent of the medical costs will be covered by insurance in a bid to “more effectively reduce the burden of medical expenses”, in a statement posted on the government’s website.

President Xi Jinping‘s government has touted access to affordable healthcare as a key platform of his administration, underscoring the importance of meeting the needs of the nearly 1.4 billion people, many of whom have often complained of large out-of-pocket expenses due to low levels of insurance coverage.

Many people say the cost of serious illnesses such as cancer and diabetes can bankrupt households under the current system.

The aim of expanding health insurance was to “effectively alleviate poverty caused by illness” and to build a strong universal healthcare system, the State Council said.

Since 2009, China has spent 3 trillion yuan ($480 billion) on healthcare reform, but the system still struggles with a scarcity of doctors, attacks by patients on medical staff and a fragmented drug distribution and retail market.

Economists say it is crucial for China to improve the quality of its healthcare if it wishes to remake its economy and boost domestic consumption. They say a stronger safety net will encourage Chinese to spend more and save less.

China’s healthcare spending is set to hit $1 trillion by 2020, up from $357 billion in 2011, according to McKinsey & Co, attracting a rapid inflow of money from private insurers, hospital operators and other investors.

via China to expand medical insurance for major illnesses | Reuters.

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01/08/2015

China’s Bohai bids $2.6 billion for aircraft leasing firm Avolon | Reuters

China’s Bohai Leasing Co Ltd 000415.SZ has offered to buy Irish rival Avolon (AVOL.N) for $2.55 billion, a 55 percent premium over its December initial public offering, the Irish firm said on Friday.

Traders gather for the IPO of Avolon Holdings Ltd. on the floor of the New York Stock Exchange December 12, 2014. REUTERS/Brendan McDermid

Avolon said it was considering Bohai’s $31 per share offer and a rival $30 per share bid from an unidentified bidder and was in contact with both parties.

Shares in U.S.-listed Avolon opened up 20 percent on Friday at $29.8, before falling back to $28, compared to a price of $20 when it listed in December.

Bohai, a unit of aviation and shipping conglomerate HNA Group, earlier this month offered to buy 20 percent of Avolon for $429 million at $26 per share, an offer that is now being put to shareholders.

But it offered to buy the whole company when it was informed of the third party bid.

“Avolon’s Board of Directors has not accepted or rejected either offer and continues to carefully evaluate these … and has authorized its financial advisors to continue negotiations with both,” Avolon said in a statement.

The purchase would boost HNA’s access to a global aircraft leasing market dominated by GE Capital and AerCap Holdings NV (AER.N).

Chinese lessors, mostly backed by state-owned banks, have been expanding in recent years as large carriers such as Hainan Airlines Co Ltd (600221.SS), Air China Ltd (0753.HK), China Eastern Airlines Corp Ltd (0670.HK) and China Southern Airlines Co Ltd (1055.HK) opened more routes at home and overseas.

Ahead of Avolon’s IPO, China Investment Corp (CIC) and AVIC Capital Co Ltd (600705.SS) were in talks to acquire Avolon.

Avolon, which was founded by leasing entrepreneurs Domhnal Slattery and John Higgins in 2010, owns or managed 152 aircraft at the end of June and had over 100 more on order.

via China’s Bohai bids $2.6 billion for aircraft leasing firm Avolon | Reuters.

Posted in acquisition, aviation, China alert, Economics, Transport | Leave a Comment »

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30/07/2015

Chinese potatoes to chip in as water shortages hit staple crops | Reuters

Once seen as food for the poor, the humble potato is being pushed in China as a tasty, nutritious part of any meal as the world’s most populous country struggles with water shortages and looks for alternatives to the traditional rice and noodles.

China already produces 95 million tonnes of potatoes a year, a quarter of the global total, and is aiming to raise that to 130 million tonnes by 2020, government officials said at the World Potato Congress on the outskirts of Beijing this week.

“In China, the potato industry is no longer an industry for underdeveloped areas or the poor, but highlights the country’s modern agricultural drive and enriches people’s dining tables,” Agriculture Minister Han Changfu told the conference.

Beijing has begun this year to promote the potato as more of a staple food, particularly as a substitute foodstuff for grain, an idea that has taken on urgency as water problems threaten to undermine food security, vital for political legitimacy.

The North China Plain is suffering as a result of decades of excessive underground water use by both industry and wheat farmers.

In some parts of Hebei, the third-largest wheat-producing region, farmers have been banned from growing wheat in order to preserve underground water. Excessive digging for irrigation has caused subsidence and even landslides, the local government has said.

David A. Thompson, president of the World Potato Congress, told reporters that potatoes would serve China’s plans to improve agricultural sustainability.

“Potatoes provide more energy and protein per acre than other crops,” he said.

The congress was held in Yanqing, a suburb of Beijing around 100 km (62 miles) northwest of the city center, where a 12,000-square-metre international potato center has been built along with a museum for the vegetable and a potato breeding center.

“Small potatoes, stand up and become a staple to ensure the country’s grain security,” urges a banner outside the museum.

In an exhibition hall, potatoes are used to make dozens of different types of food, including popular local fare such as steamed bread, noodles and dumplings as well as western-style pizza and even cookies.

“Potatoes can make hundreds or even thousands of dishes, as well as more than 200 types of staple and western-style food,” said Zhang Aiguo, a cook at the exhibition.

“If more and more consumers get to know that potatoes have more nutrition, they are willing to take them. People nowadays care more about quality and healthy food,” said Zhang, holding a big plate of steamed bread made with potatoes.

via Chinese potatoes to chip in as water shortages hit staple crops | Reuters.

Posted in agriculture, China alert, Economics, food shortage | Leave a Comment »

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30/07/2015

Behind the Surge in Chinese Tech Startups – China Real Time Report – WSJ

In 2009, then-Google executive Kai-Fu Lee wrote a letter to Chinese college students discouraging them from the start-up world. Young people then simply weren’t ready to strike out on their own, he said. The gist, he said: “Don’t start a company. It’s tough. There are wolves out there.”

Today, he says, China’s young people are themselves proving to be an innovative pack. Internet availability, manufacturing know-how and the smartphone revolution have fueled a surge of Chinese startups in China over the past few years, many run by members of a post-digital generation of youngsters. The rush has led to a wave of investment in Chinese startups by investors looking for the next Alibaba, and thrown into question China’s longtime reputation as a market dependent on copycatting.

Back then, “there were so few serial entrepreneurs in China,” he said on Thursday at Converge, a technology conference co-hosted by The Wall Street Journal and f.ounders. “We really had to find either very young people or find professional managers or senior engineers out of companies like Google and Baidu and help them start a company.” Now, he says, “there are serial entrepreneurs everywhere.”

In some places, the rush may be getting ahead of itself. Mr. Lee—now chairman and chief executive of investment firm and tech incubator Innovation Works—sees “totally crazy” valuations among Chinese tech initial public offerings. Many of the best already went public overseas, including in the U.S. The few left in China “have been blown out of proportion,” he said, adding, “everybody’s chasing those few stocks.”

But overall, he says, “I’m very bullish about the future.”

Mr. Lee, famous in China for his roles at Google and Innovation Works, is also a social-media presence. He says that since forming Innovation Works in 2009 he has seen attitudes change among young Chinese.

“They grew up their total lives on the Internet, unlike us, who have all this baggage,” he said.

That’s potentially good news for Beijing, which is looking to sustain growth by broadening the world’s No. 2 economy, making it more than the world’s factory floor.

Innovation may take a different form than what the U.S. expects, Mr. Lee said. Innovators in China and elsewhere, rather than inventing the next iPhone, “can change the world because of a very clever business idea.”

“China is completely ready to build a Facebook-equivalent type of company, an Uber-equivalent type of company, in many other areas, because the market is very large and the people are very innovative,” he said.

Innovation Works currently sees promise in startups with products like a piano that can teach the user how to play, a household robot and even an online joke platform “for people to share the embarrassing moments in their lives.” And then there’s a venture built around a Chinese girl band, SNH48, that takes a page from Japan’s AKB48 and hopes to make money selling virtual products to an online community of fans.

Even if many of the ideas from China’s startups are themselves derivative, he said, “they will wow people.”

via Behind the Surge in Chinese Tech Startups – China Real Time Report – WSJ.

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28/07/2015

Apple ‘fake factory’ raided in China – BBC News

A factory which allegedly made up to 41,000 fake Apple iPhones has been raided in China, with nine arrests.

iphone 6

The operation reportedly involved “hundreds” of workers repackaging second hand smartphone parts as new iPhones for export, with counterfeit phones produced worth 120m yuan ($19m).

The factory was discovered on 14 May but was revealed on social media by Beijing’s public security bureau on Sunday, according to reports.

The operation was set up in January.

It was led by a husband and wife team, on the northern outskirts of the Chinese capital, according to Beijing authorities.

They said they had been alerted to the factory by US authorities which had seized some of the fake phones.

The reports come amid an official Chinese crackdown on counterfeit goods, with authorities pushing firms to trademark their goods.

China has also agreed to work with the US authorities to try to stem the large quantities of fake goods flowing between the two countries.

The discovery of the factory comes four years after fake Apple stores were found in Kunming city, China.

Discovered by blogger BirdAbroad, the fakes were so convincing she said many of the staff themselves were convinced that they were employed by the US electronics firm.

via Apple ‘fake factory’ raided in China – BBC News.

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28/07/2015

Confucius says, Xi does | The Economist

TWO emerging cults are on display in Qufu, a city in eastern China where Confucius was born. One surrounds the ancient sage himself. At a temple in his honour, visitors take turns to bow and prostrate themselves before a large statue of Confucius seated on a throne. For each obeisance, a master of ceremonies chants a wish, such as for “success in exams” or “peace of the country”. On the other side of the city the tomb of Confucius is the scene of similar adoration—flowers adorn it as if he were a loved one recently lost.

The other cult in Qufu surrounds the country’s president, Xi Jinping. People still recall with excitement the trip he made to the city in 2013. It was the first by a Communist Party chief in more than two decades; in fact, though Mr Xi has visited Qufu he has not, since becoming China’s leader, paid respects at the birthplace of Mao Zedong at Shaoshan in Hunan province. Today plates decorated with Mr Xi’s image are for sale in Qufu’s trinket shops. His beaming face is on display on a large billboard outside the Confucius Research Institute, together with a quotation from the modern sage: “In the spread of Confucianism around the world, China must fully protect its right to speak up,” it begins.

Since he came to power in 2012, Mr Xi has sought to elevate Confucius—whom Mao vilified—as the grand progenitor of Chinese culture. He did not go so far as to pay homage at the Confucius temple in Qufu, where Mao’s Red Guard mobs once wrought havoc (one of their slogans, “Revolution is not a crime”, still survives daubed on a stone tablet). Neither did his few published remarks include explicit praise for Confucian philosophy, which still raises hackles among party hacks brought up to regard it as the underpinning of “feudal” rule in premodern China.

To emperors, who were regular visitors to Qufu, Confucianism was practically a state religion. “Uncle Xi”, for all the mini-cult surrounding him, does not seem keen to be viewed as a latter-day emperor. But like leaders of old, he evidently sees Confucianism as a powerful ideological tool, with its stress on order, hierarchy, and duty to ruler and to family. Unlike the party’s imported, indigestible Marxist dogma, Confucianism has the advantage of being home-grown. It appeals to a yearning for ancient values among those unsettled by China’s blistering pace of change.

Though the party has quietly been rehabilitating Confucius for some time, under Mr Xi the pace has quickened. In February 2014 he convened a “collective study” session of the ruling Politburo at which he said that traditional culture should act as a “wellspring” nourishing the party’s values. Official accounts of the session made no mention of Confucius, but party literature made it clear that the values Mr Xi spoke of—such as benevolence, honesty and righteousness—were those espoused by the philosopher. In September Mr Xi became the first party chief to attend a birthday party for Confucius (who turned 2,565). China, he told assembled scholars from around the world, had always been peace-loving—a trait, he said, that had “very deep origins in Confucian thinking”. In May state media reported that the link between Marxism and Confucianism, which some might consider rather tenuous, was the “hottest topic” in the study of humanities in 2014.

Add plenty of sage

Under Mr Xi the party has tweaked its ideological mantras to sound more Confucian. At the party congress in 2012 that marked Mr Xi’s assumption of power, slogans about “core socialist values” were distilled into 12 words, each formed by two Chinese characters and plastered all over Beijing and other cities. The ideas are a hotch-potch. Some are strikingly Western, such as democracy, freedom and equality. There is a nod to socialism with “dedication to work”. Others, such as harmony and sincerity, look more Confucian. Zhang Yiwu of Peking University notes a similarity with the “shared values” adopted by Singapore’s government in 1991. Authoritarian Singapore, where officials hold Confucianism in high regard, has been an inspiration to China, Mr Zhang says.

via Confucius says, Xi does | The Economist.

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28/07/2015

Maruti Suzuki Q1 profit jumps 56 percent; lower costs, higher sales | Reuters

Maruti Suzuki India Ltd(MRTI.NS), India’s top-selling carmaker, said on Tuesday first-quarter net profit rose 56 percent helped by lower costs, favourable foreign exchange rates and higher sales, but still missed bullish analyst estimates.

A Suzuki badge is reflected on the body of a Maruti Suzuki Eeco car at a Maruti Suzuki stockyard on the outskirts of Ahmedabad April 26, 2013. REUTERS/Amit Dave/Files

Maruti, controlled by Japan’s Suzuki Motor Corp (7269.T), said profit for the April-June quarter was 11.9 billion rupees ($185.94 million), up from 7.6 billion rupees in the same period a year earlier. Analysts had expected a profit of 12.35 billion rupees, according to Thomson Reuters I/B/E/S.

Net sales rose about 18 percent to 130.8 billion rupees, the company said, as India’s car trade continues to grow. India is expected to become the world’s third-largest car market by 2020, moving up three places.

“During the quarter, higher volumes, cost reduction efforts, lower sales promotion expenses, and favourable foreign exchange helped improve the performance,” the company said in a stock exchange statement.

Total expenses as a percentage of net sales fell to 91 percent during the quarter from about 96 percent in the year ago period, while finance costs were halved to 190.4 million rupees. Maruti, which imports certain car components from Japan and also pays royalty to its Japanese parent, Suzuki, is benefiting from the yen’s weakening.

The carmaker, which sells about one in every two cars in India, wants to increase its share of the premium car segment at a time when rivals like Honda Motor Co (7267.T) and Ford Motor Co (F.N) are launching cheaper, compact cars – Maruti’s mainstay.

Maruti has had little prior success in the premium segment and is now planning an aggressive rollout of new vehicles and dealerships to capture buyers with deeper pockets – a move that is expected to boost margins and profits, say analysts.

Next week Maruti will launch the S-Cross – a crossover between a sport-utility vehicle and a hatchback – the first car to be sold at its new Nexa showrooms. These spruced-up showrooms will differ from existing dealerships in design and service, managing director Kenichi Ayukawa said recently.

“It is a very good strategy because as income levels rise we will see that more and more consumers will prefer premium vehicles,” said Nitesh Sharma, auto analyst at Mumbai-based brokerage, Phillip Capital, adding that it will boost margins.

Shares in Maruti, valued by the market at about $20 billion at Monday’s close, were trading 0.5 percent higher at 4,200 rupees a share at 0850 GMT in a weak Mumbai market.

Maruti’s shares have risen more than 25 percent since January – the highest among major automobile companies in India.

($1 = 64.0000 rupees)

via Maruti Suzuki Q1 profit jumps 56 percent; lower costs, higher sales | Reuters.

Posted in car, Economics, India alert, Manufacturing | 1 Comment »

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