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In City Where China Welcomed the World, Xi Prepares for a Colder One

When China first opened to overseas investors, the country was desperate for foreign technology to revive its growth. Now, as China faces rising global barriers, its leader, Xi Jinping, is urging greater domestic innovation.

Mr. Xi delivered this message on Wednesday while making an anniversary pilgrimage to the southern city of Shenzhen, which in 1980 was established as a “special economic zone” next to the global financial hub of Hong Kong. Shenzhen quickly became an incubator for “reform and opening up,” the strategy championed by the Chinese leader Deng Xiaoping that paved the way for the country’s decades-long economic takeoff.

Forty years later, Mr. Xi said China still welcomed foreign investors, but he also said it must prepare for a less welcoming world. The coronavirus pandemic has accelerated the rise of barriers to the free flow of goods and technology, Mr. Xi said, a theme that he has stressed recently.

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Xi Rallies China Behind Shenzhen as Tech Fight Heats Up

(Bloomberg) — President Xi Jinping vowed to press ahead with plans to gain the global lead in technology and other strategic industries, despite expanding efforts from the U.S. and its allies to check China’s rise.

The Chinese president reaffirmed his commitment to “opening up and reform” as a strategy for gaining economic advantage in a 50-minute speech Wednesday to mark the 40th anniversary of Shenzhen’s establishment as a special economic zone. With hundreds of local officials and executives present including Huawei Technologies Co. founder Ren Zhengfei, Xi called for the making of the southern metropolis into a “model city for a great, modern socialist country.”



Xi Jinping holding a sign: Public Screens as China's Leader Xi Jinping Delivers Speech in Shenzhen


© Bloomberg
Public Screens as China’s Leader Xi Jinping Delivers Speech in Shenzhen

A live broadcast of President Xi Jinping delivering a speech in Shenzhen on Oct. 14.

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Photographer: Roy Liu/Bloomberg

“We need to unswervingly implement an innovation-driven development strategy to foster new

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2020 World Young Scientist Summit to Open in Wenzhou, China

Press release content from Business Wire. The AP news staff was not involved in its creation.

WENZHOU, China–(BUSINESS WIRE)–Oct 14, 2020–

2020 World Young Scientist Summit( http://www.wyss.org.cn )will be held in Wenzhou City of Zhejiang Province in Eastern China with the aim of gathering talents from around the world to create a better future. Leading Chinese and international scientists will communicate opinions both offline and online on innovation-related topics.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005518/en/

Beidou Information Industry Base. (Photo: Business Wire)

With the theme of “The future of technology depends on the youth,” this year’s Summit has a vision to fuel the development of the community of shared future for mankind. A series of “cross-border integration” special activities will be held that focus on UN Sustainable Development Goals for 2030, the Belt and Road Initiative, the integrated development of

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China hands out $1.5m of digital currency in cashless society trial

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
  • Visit Business Insider’s homepage for more stories.

A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run

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3,000-Year-Old Leather Sports Balls Discovered In China, The Oldest In Eurasia

KEY POINTS

  • Researchers found what might be the oldest known balls in Eurasia
  • It’s not clear how the game was played but it was likely part of exercise and military training
  • The ball game possibly arose around the same time as horseback riding

Researchers found what may just be the oldest ancient balls in Eurasia. The find provides evidence that ball games were already around in Europe and Asia earlier than previously thought.

In a new study, a team of German and Chinese researchers report the discovery of three ancient balls that were recovered from the graves in the prehistoric Yanghai cemetery in northeast China. They are made of leather and measure somewhere between 7.4 and 9.2 centimeters.

Radiocarbon dating of the balls reveals that they are likely from 2,900 to 3,200 years ago, making them the oldest balls in the region.

“This makes these balls about five centuries older

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Europe Can Win Electric Car Sales Race If It Learns From China

(Bloomberg) — Sales of electric vehicles in Europe are growing at such a pace that the continent looks increasingly likely to outpace China in the near future.

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That’s one of the findings of a report released Tuesday by London-based automotive research firm Jato Dynamics. However, it found that Europe and the U.S. still have a few things to learn from China, the world’s biggest EV market, including prioritizing affordability, centralizing planning, and using data to better understand consumers.

Demand for cleaner and smarter cars is rising globally, particularly in Europe where the market has been bolstered by tighter emissions regulations along with an increasing awareness of climate change. EV sales in Europe in the first half exceeded China for the first time since 2015.

Although the coronavirus pandemic hurt all car sales, including EVs, which fell 15% globally in the second quarter, the market for electric vehicles is

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China Stock Market Set To Add To Its Winnings

(RTTNews) – The China stock market has finished higher in back-to-back sessions, surging more than 140 points or 4.4 percent along the way. The Shanghai Composite Index now sits just beneath the 3,360-point plateau and it’s got a positive lead again for Tuesday’s trade.

The global forecast for the Asian markets is upbeat, with tech shares expected to lead the way higher. The European markets were mixed and the U.S. bourse were broadly higher and the Asian markets are tipped to follow the latter lead.

The SCI finished sharply higher on Monday following gains from the financials, properties and oil and insurance companies.

For the day, the index soared 86.39 points or 2.64 percent to finish at 3,358.47 after trading between 3,286.11 and 3,359.15. The Shenzhen Composite Index surged 73.40 points or 3.31 percent to end at 2,289.36.

Among the actives, Industrial and Commercial Bank of China climbed 1.02 percent,

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China Tech Stocks Seen as Better Bet Than Under-Fire U.S. Peers

(Bloomberg) — Chinese internet stocks will keep outperforming their U.S. counterparts in the months ahead as regulatory challenges to America’s technology giants mount in Washington and Brussels, according to some investors.

Their reasoning includes expectations that weakening the U.S. megacaps will help bolster the relative attractiveness of Chinese technology companies, which are continuing to invest in areas of growth. Meantime, the growing uncertainty over prospects for the U.S. sector could send buyers to their cheaper Chinese peers which are still being championed by the government in Beijing.

“The structural trend for China tech remains intact,” said Edward Lim, chief investment officer at Covenant Capital Pte. in Singapore. The sector trades on lower valuations and with higher growth prospects than the U.S. and it faces lesser regulatory risk from its own authorities, he added.



chart: Chinese tech shares have outperformed the Nasdaq this year


© Bloomberg
Chinese tech shares have outperformed the Nasdaq this year

The MSCI China Information Technology Index

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Asian shares mixed as China reports faster growth in trade

Shares are mixed in Asia after China reported its exports jumped nearly 10% in dollar terms in September as its economy recovered from the coronavirus pandemic

Shares were mixed in Asia on Tuesday, as investors were encouraged by strong growth in China’s trade in September.

An overnight rally on Wall Street, driven mainly by technology companies such as Apple and Amazon, faded amid worries over U.S. economic stimulus and a resurgence of coronavirus caseloads in many countries.

But the release of stronger trade data in Beijing helped Tokyo recover from early losses. Shanghai declined. Hong Kong’s market was closed for a typhoon.

China’s exports rose 9.9% from a year earlier to $239.8 billion in September, while imports gained 13.2% to $202.8 billion. Tuesday’s customs data showed

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U.S. companies lobby against China tech bans

The friction shows the difficulties the government faces in translating its national-security agenda into the real world, where influential industries have developed deep ties to China over many years.

Congress and the Trump administration say the measures are necessary to lessen U.S. reliance on a strategic rival that could sabotage, hack or withhold important technology. Some U.S. companies argue that the restrictions will cost tens of billions of dollars and in some cases won’t improve national security.

“We are broadly supportive of the spirit” of a law imposing new restrictions for federal contractors, Wesley Hallman, head of strategy and policy at the National Defense Industrial Association, said in an interview, adding that “some suspicion of Chinese components” is warranted.

But “if you were to apply this law very broadly in the way it is written,” he said, “just about all contractors doing work with the federal government, they would have

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