China becomes second-largest source of ‘unicorn com

China has become the world’s second-largest source of “unicorn companies” accordi

ng to the latest report on China unicorn companies by the Evergrande Research Institute.

With 88 in total, China is the world’s second-largest source of unicorn compani

es following the US with 151. The report cited data from IC Insight gathered between 2013 and Dec 31, 2018.

Twenty-two companies worldwide were included as super unicorn companies in 2018 and C

hina’s Fintech company Ant Financial ranked first in value worth $150 billion, the report said.

The US and China had the greatest number of new sup

r unicorns worth $10 billion last year with 12 and 7 respectively, accounting for 86.4 percent of

the world’s total. The UK, India and Singapore had one of these companies each in the same period.

New energy vehicles, artificial intelligence chips, robots, big da

ta, computer vision and cloud computing are the main areas for these emerging unicorns.

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Huawei’s rotating head addresses UK security concerns

Huawei’s rotating Chairman Guo Ping addressed UK’s securit

y concerns after the Chinese telecommunications company was criticized in a report on Thursday.

Huawei’s performance in the past 30 years has proven it has the best security record in the industry, Guo said at a press conference in Beijing on Friday.

The results from authorized professional test and evaluation companies in the US, UK and Finland show 9 out of 12 profes

sional capabilities of Huawei’s products have reached the top level and the other three are above average.

Huawei accepted the strictest and toughest tests from UK’s monitoring institution and was th

e first to promise worldwide that the company will make the process and results secure and trustworthy, Gao said.

The company’s board of directors made a decision to invest $2 billion to improve overall sec

urity capability in the next five years with openness, sincerity and trustworthiness, he added.

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We have sent farming experts to hybrid rice growing are

s overseas, and we give local farmers guidance, training and planning for future develop

ment,” said Xie, who has worked as an expert in Vietnam, Myanmar, Cambodia and Gambia.

Under the Boao Forum framework, Hainan has created a series of subforums, such as the

ASEAN-China Governors/Mayors Dialogue, the 21st Century Maritime Silk Road Island Economy subforum, the South China Sea su

bforum, the Roundtable Discussion for Overseas Chinese Business Leaders and Chinese think tanks, Wang said. “These diplo

matic platforms serve as new bridges to promote practical industrial cooperation between BRI countries.”

Activities at the Boao forum this year will highlight land and sea interconnectivity betwee

n BRI countries. Invitations will be sent to overseas participants to share in building a pilot free trade zone in Hainan.

Hong Kong youth groups will be invited to Hainan to see space satellite launch facilities, deep-sea science and techn

ology, seed breeding and other fields. Invitations will be extended to young people from ASEAN countries, Lanc

ang-Mekong river nations and BRI countries to promote people-to-people understanding, Wang said.

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hina urges UK to stop interfering in Hong Kong’s affairs

China on Thursday urged the United Kingdom to respect China’s sovereignty and stop interfering in Hong Kong’s affairs.

Foreign Ministry spokesperson Geng Shuang made the remarks after the UK government released its latest six-monthly report on Hong Kong.

“We urge the UK to face the reality that Hong Kong has returned to China for 22 years, respect China’s s

overeignty, stop releasing relevant reports, and stop interfering in Hong Kong’s affairs,” Geng said at a press briefing.

It is undeniable that the “one country, two systems” practice has achieved widely-acknowledged success, he said.

“Hong Kong’s affairs have been entirely China’s internal affairs since

July 1, 1997. The British side has no right to make irresponsible remarks or interfere with any excuses,” Geng said.

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Liu, the spokesman, said the ministry dispatched a team co

nsisting of 49 experts from institutes affiliated with the ministry and universities

, including Tsinghua University, to the site to help with the environmental aftermath from the explosion.

He also said the team has cut off the access of three rivers to Guanhe River, which empties into the sea, to prevent the pollution from spreading.

The three rivers inside the chemical industry park wer

e found contaminated soon after the blast. On Wednesday, an excessive amount of pollutants was still de

tected in two water bodies in the chemical park — the Xinfeng River and Xinnong River.

According to the Jiangsu environmental watchdog, the density of ammonia nitrogen in Xinfeng River reached 183 millig

rams per liter, 90.5 times higher than the national standard, at 10 am on Wednesday. The content of methylene chlor

ide in the river was about 15 times above the national standard with a density of 0.321 mg/L. The ch

emical oxygen demand in the water body stood at 343 mg/L, 7.6 times above the national standard, the watchdog said.

The watchdog also found an excessive amount of these pollutants in Xinnong River, though with much lower densities.

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The improvement is attributed to the establishment of a nati

national-level IP court under the Supreme People’s Court on Jan 1, which has strea

mlined the appeals process and helps prevent inconsistency in legal

applications, Ma said.

With such a national-level IP court,

litigants who disagree with the verdicts of local cou

rts at the city level or local IP courts can appeal directly to the top court instead

of appealing to provincial-level courts.

Under previous procedures, the two Chinese companies could not have appealed

to the top court directly but would have had to go to the Shanghai High People’s

Court after the first verdict.

Guan Yuying, an IP researcher at the Chinese Academy of Social Sciences, said

a streamlined litigation process and more p

rofessional judges for IP-related lawsuits will help ensure the judicial quality of

such complicated patent cases.

Wednesday’s trial was heard by a five-judge panel led by Luo Dongchuan, vice-

president of the top court and the chief judge of its IP court.

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Cities emerging into new post-Brexit financial centers

The United Kingdom’s decision to leave the European Union has led major

financial companies in London to move assets and staff to continental Europe, mea

ning the post-Brexit landscape is likely to be far more “polycentric” than it is today

and far less centered on one location.

According to a recent report by think tank The New Financial, more than 40 companies have shifted staff or oper

ations to more than one financial center within the EU, with 100 choosing the

Irish capital as a post-Brexit location, whi

ch was the most popular choice ahead of Luxembourg, with 60, Paris with 41, Frankfurt with 40, and Amsterdam with 32.

William Wright, principal author of the

New Financial Brexitometer report, said: “One of the most strikin

g findings of our analysis is the extent to which Europe will become a much more

‘multipolar’ world as a result of Brexit.”

Companies are migrating to, or expanding in, multiple financial centers, with man

y either establishing a dedicated division for EU business or spreading their staff

more evenly throughout the EU.

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The study shows that nearly 20 large enterprises have spli

their business by locating the post-Brexit hub for one division in Frankfurt or Paris, and another in Dublin or Lux

embourg. The most obvious example is Bank of America Merrill Lynch, which has chosen Dublin as the EU hub for its bank

ing business, and created a new entity in Paris, which will be the hub of the its markets business.

Kieran Donoghue, the global head of international financial services, strategy and public

policy at IDA Ireland, an agency responsible for attracting foreign investment into that country, attributed the “m

ultipolar” scenario to the fact that no single financial center in Europe has the full and unique set of capabilities that London has.

“What makes London unique is that it has such a deep and broad set of capab

ilities in servicing the insurance, the asset management, and the investment banking industries, and none of t

he European financial centers has the same range of capabilities that currently reside in London,” Donoghue explained.

Nearly half of asset managers, hedge funds, and private equity companies in the re

port have chosen Dublin as the location for their post-Brexit operations, while more banks have chosen Frankfurt as th

eir main EU hub. Many are also expanding their markets business in Paris or adding staff in Amsterdam, Madrid, or Milan.

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hina to further improve business climate focusing on weak links

China will work harder this year for a more enabling business environment by tackling areas of weakness to better energize the market and stimulate social crea

tivity, the State Council’s executive meeting chaired by Premier Li Keqiang decided on March 26.

The Chinese government puts great emphasis on improving the business climate. General Secretary Xi Jinping stressed the need to improve the investm

g said in the Government Work Report this year that the government will work to energize market entities, and mainta

in and increase their level of activity by improving the business environment and cutting institutional transaction costs.

The meeting on March 26 called for redoubled efforts to tackle the pressing issues an

d measure up to advanced standards in fighting the tough battle of improving the business environment.

The government will further streamline administration by cutting procedural requirements, includ

ing shortening the negative list on market entry, separating business licenses and operating permits, simplifying the review process for const

ruction projects, and reducing the types of industrial production permits. The goal is to cut the time required for starting a busines

s to within five working days, and for companies to access electricity service to within 45 working days before the end of this year.

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I often demonstrate a range of products from clothing

cosmetics to luxury bags during the livestreaming. I would show 20 to 30 pieces of clothing to my consumers each time,” Zhang said.

“Livestreaming has helped increase daily visits to my store and significantly grew sales.”

According to a report released by China Tech Insights, a research unit affiliated with Tencent’s Online Media Group, it is more th

an likely that livestreaming will become a standard feature of all e-commerce platforms in China in the near future.

Since the establishment of diplomatic relations between China and Italy in 1970, bilateral relations have developed rapidly bearing fruitful results in various fiel

ds. Italy is one of the largest economies in the European Union and an important partner of China in Europe, and

the two countries have deepened pragmatic cooperation since establishing a comprehensive strategic partnership in 2004.

President Xi Jinping’s state visit to Italy has further deepened the Sino-Italian political a

nd economic relationship with the two countries signing a memorandum of understanding on Saturday to joi

ntly promote the Belt and Road Initiative. Which is a milestone for not only Sino-Italian partnership but also international free trade.

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