Economics/Business Part 3

Imported Chinese truck, bus tires found to not hurt U.S. industry

Feb 23, 2017

  • The U.S. International Trade Commission said on Wednesday that subsidized bus and truck tires imported from China had not damaged the U.S. industry, and as a result it would not issue anti-dumping and countervailing duty orders on the products.

2017 Hurun List Reveals Most Chinese Billionaires Are University Dropouts

Feb 20, 2017

  • In the Hurun University of Life Rich List 2017 published by the Hurun Research Institute, more than half of 2,000 billionaires in China do not possess degrees. According to Hoogewerf, the first generation of billionaires from the post-Cultural Revolution were pragmatists and valued hard work above all. This is in contrast to the younger generation who prefer innovation and talent.

China’s consumption to maintain strong growth in 2017

February 21, 2017

  • China will maintain strong growth in consumption this year with deepening supply-side structural reform, Commerce Minister Gao Hucheng said Tuesday. The trend will persist between 2016 and 2020 and feature more online retail sales and consumption of more quality goods and services, he said at a news conference, citing stellar growth in these sectors.

Hays survey expects more, better-paid Chinese jobs in 2017

17 February, 2017

  • More over half of employers in China, 56 per cent, plan to raise salaries in 2017 by at least 6 per cent as signs emerge that the economy is on a firmer footing, an international industry survey revealed on Friday. Britain-based recruiting consultancy firm Hays says 45 per cent of Chinese employers expected to increase salaries between 6 and 10 per cent, the highest rises in Asia for the third year running.

China reserves ‘more than ample’, no threat to credit rating: S&P

February 17 2017

  • China’s foreign-exchange reserves falling below $US3 trillion doesn’t threaten its sovereign credit rating as the economy still has a healthy buffer, according to S&P Global Ratings. “Reserves are more than ample to meet its external needs and liabilities,” Kim Eng Tan, a Singapore-based credit analyst, wrote in a note. “The country’s liquid external assets continue to outsize its total external debt by a comfortable margin, and the current account remains in a surplus position. This cushions the economy against potential shocks.”

China whips up an innovation storm with new model

15 February, 2017

  • Peter Williamson, honorary Professor of International Management at Cambridge Judge Business School, says a new approach to innovation will enable Chinese companies to get new ideas to market in a fifth of the time taken by their Western rivals. “The model is successfully combining incremental innovation with rapid scale-up and high volume output at low cost – by tearing up the innovation rulebook.”

China Beats All Other Countries in Online Shopping

February 14, 2017

  • Chinese are more likely to shop online than consumers from any other country, according to the latest survey by the International Post Corporation, a Brussels-headquartered association on postal services. In the second annual study of 24,000 respondents in 26 markets across North America, the Asia-Pacific and Europe, the IPC found that 36 per cent of Chinese buy from digital sites at least once a week, a frequency far outstripping peer buyers, People’s Daily reported.

China’s Weibo is now worth more than Twitter

14 Feb 2017

  • Weibo, now boasting a market capitalisation of US$11.13-billion, shades its American rival by just under a billion dollars. Twitter’s cap is around US$10.57-billion at the time of writing.

China Will Avoid a Bank Crisis, Reach High Income Status: Morgan Stanley

February 13, 2017

  • China will likely avoid a financial crisis and is on track to reach high income status by 2027, according to a new Morgan Stanley report on the nation’s longer-term prospects titled “Why we are bullish on China.” The sweeping outlook comes amid growing concern over China’s surging debt levels, slow pace of reforms and the impact of a potential trade spat with the U.S. While acknowledging those concerns as legitimate, the analysts point to the country’s increasing shift into high value-added manufacturing and services that will play a central role in boosting per capita incomes to $12,900 over the next decade from $8,100 now.

China January exports rise 7.9%, beating forecasts

9 Feb 2017

  • China’s January exports easily exceeded analysts’ expectations, rising 7.9 percent from a year earlier, while imports rose by 16.7 percent, also topping forecasts, preliminary data showed on Friday. That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said.

Oppo snatched China’s smartphone sales crown in 2016

February 6, 2017

  • Local brands further increased their dominance in the Chinese market, while Apple registered its first iPhone sales decline in the country. Samsung, however, was ousted again. Chinese smartphone brand Oppo shipped 78.4 million mobile units in China last year, outstripping heavyweight Huawei and its sister company Vivo and topping the yearly smartphone sales chart in the country for the first time, according to the IDC Quarterly Mobile Phone Tracker. Huawei and Vivo, which shipped 76.6 million and 69.2 million handsets respectively, seized the second and third positions for the year, respectively.

Top 10 Chinese regions with most innovation patents


  • Beijing tops the list of Chinese cities securing highest number of patents per 10,000 people in the country, according to government figures. The State Intellectual Property Office (SIPO) said with 76.8 patents Beijing takes the crown, followed by Shanghai, 35.2 patents per 10,000 people, and Jiangsu province, 18.4.

China to add more than 50 million new urban jobs in 2016-2020: cabinet

Feb 06, 2017

  • China is striving to create more than 50 million new jobs in urban areas over the five years to 2020, the cabinet said in an employment promotion plan on Monday. It will also aim to hold the urban registered unemployment rate below 5 percent in the same period, according to the document published on the central government’s website.

China services sector extends strong growth in Jan but pace eases

Feb 6, 2017

  • Growth in China’s services sector remained robust in January as companies reported a solid increase in orders, though the pace of expansion eased from the previous month, a private business survey showed. The services PMI fell marginally to 53.1 in January on a seasonally adjusted basis, from 53.4 in December, the Markit/Caixin services purchasing managers’ index (PMI) showed.

EU to phase out China solar panel duties

08 February 2017

  • The EU said Wednesday it aimed to phase out anti-dumping duties on Chinese solar panel imports after 18 months, ending a bitter dispute with one of its largest trading partners.

State-of-the-Art Chinese Manufacturing

February 3, 2017

  • MIT Technology Review business editor Nanette Byrnes talks with Harvard Business School professor Willy Shih, an expert in manufacturing and technology. Listen in as they discuss his extensive tour of top factories in China, the future of advanced manufacturing, and what it means for the U.S.

‘Economic patriotism’: China’s bank brands strongest in world

Feb 2, 2017

  • China’s bank brands now account for 24 percent (US$258 billion) of the total brand value of the Brand Finance Banking 500 ranking, while the US is just one percentage point short at 23 percent (US$242 billion). Why? China’s banking consumers demonstrate less “cynicism” and more “domestic loyalty and economic patriotism” as opposed to western consumers, states the study.

Why foreign companies are shutting shop in China

02 February, 2017

  • US-based Seagate, the world’s biggest maker of hard disk drives, closed its factory in Suzhou near Shanghai last month with the loss of 2,000 jobs, in a move that has rekindled fears that China is becoming increasingly hostile towards foreign firms operating in the country. A passionate speech presented by Chinese president Xi Jinping at the World Economic Forum meeting in Davos in early January had been hoped to address the issue, and reassure investors that China’s remained open to foreign investment.

How China surged ahead in mobile – and what the West can learn

31 Jan 2017

  • Chinese new year offers an opportunity to examine the rapid progress of China’s smartphone-dominated consumer economy. OpenJaw Technologies interim CMO Colin Lewis explains what Western brands can learn. The Chinese technology industry — particularly mobile — has pulled ahead of what we see in the West. Handset makers such as Xiaomi and Huawei have fantastic build quality, amazing performance, great storage, long battery life and look great. And this is before we start talking about the Apps that are available.

China’s millionaires less inclined towards emigration as economy seen improving- Hurun report

19 January, 2017

  • The proportion of mainland millionaires who say they won’t emigrate has risen for a third straight year to reach a record high, even as a majority say they would like to move to another country, according to a report on Thursday. About 44.5 per cent of mainland millionaires with personal wealth of more than 10 million yuan, are not planning to emigrate, according to Hurun Chinese Luxury Consumer Survey 2017.

No longer welcome? American companies fear China’s turning its back on them

January 18 2017

  • An annual survey of business conditions by the American Chamber of Commerce, or AmCham, in China found that 4 out 5 companies feel less welcome in China than before. Business ties between the United States and China were once considered the bedrock of the two countries’ relationship. But as President-elect Donald Trump prepares to take office in Washington, they have become a major source of friction.

Microsoft Veteran Will Help Run Chinese Search Giant Baidu

January 16, 2017

  • Baidu Inc. has appointed former Microsoft Corp. executive Qi Lu its group president and chief operating officer, granting the software industry veteran oversight over all aspects of the Chinese search giant’s business from sales to technology development. Lu, an architect of Chief Executive Officer Satya Nadella’s strategy for artificial intelligence and bots at Microsoft, will take up his new post with immediate effect, Baidu said in an e-mailed statement Tuesday. Every Baidu business unit head will report to Lu, a respected technologist who ran the Office and search groups during his tenure at Microsoft.

Domestic Companies in China May Outwin Foreign Multinationals in Hiring Next-Generation Chinese Leaders: Report

Jan 14, 2017

  • China’s transition to consumer-oriented economy exposes foreign companies to risks of losing younger generation of Chinese leaders, a recent study revealed. Homebred talents of Chinese are also poised to take over leadership and management positions previously handled by foreign nationals in China. The report as posted by CNBC said the gap between homegrown companies and foreign multinational in terms of recruiting the best Chinese talents has become narrower, with greater chances for local companies to employ next-generation local talents.

Australian Fighting Championships owners receive backing from China and hope to rival UFC

January 12, 2017

  • THE new Chinese backers of Australia’s leading mixed martial arts promotion believe they can build an empire that will rival the UFC and One Championship. And plans are already afoot to take the Australian Fighting Championships around the globe after striking a landmark deal this week. “There is much love for martial arts in China, and they love to fight, so for us it is developing the sport throughout the country,” Jei said through a translator.

Top universities for working with most innovative firms

January 11, 2017

  • The Netherlands has four representatives, Japan has two, and France, England, mainland China, Canada and Belgium each have one.

Alibaba considers European logistics center in Bulgaria: government

Jan 11, 2017

  • Chinese e-commerce group Alibaba is considering setting up a European logistics center in Bulgaria, the Bulgarian government and Xinhua said on Wednesday. Bulgaria has yet to take advantage of China’s plans to expand its presence in central and Eastern Europe under its “One Belt, One Road” strategy to carve out new export markets between Asia and Europe.

Jacob Lew: China Is Open to Criticism That Is ‘Intellectually Sound’

Jan. 10, 2017

  • Treasury Secretary warns against ‘analytically dangerous’ policy errors on Chinese exchange-rate policy WASHINGTON—Treasury Secretary Jacob Lew warned ignoring recent steps by Beijing to liberalize its economy would endanger Chinese cooperation on other major geopolitical issues, particularly containing North Korea’s nuclear program.

How ethnicity and religion can influence financial habits

January 9, 2017

  • New international research from Macquarie University has found that people with a religious or ethnic background are more likely to save money, quelling the long-held belief that income and financial proficiency are the main determinates of an individual’s ability to save. The study revealed people of Chinese heritage tended to save more than their Caucasian counterparts, with even low income earners prioritising savings, leading to the conclusion that inherent cultural factors such as Confucianism emphasise frugality, security and familial concerns, and make a point of difference between participants.

China services sector at 17-month high

January 5, 2017

  • Growth in China’s services sector accelerated to a 17-month high in December, a private survey showed, adding to views that the world’s second-largest is entering the new year with stronger momentum. The strong pick-up mirrored improvements in manufacturing surveys earlier this week, as market watchers debate whether China’s leaders will settle for a more modest growth target this year in order to focus on more pressing issues such as an explosive growth in debt.

Chinese smartphones gained 40% of Indian market last year: survey

January 04, 2017

  • Chinese smartphone vendors last year captured about 40 per cent share in India, the second largest smartphone market in the world, the official media here reported. Among all, Lenovo saw its shipment volume rise to the second only after Samsung in the third quarter last year, state-run China Daily quoted global research firm International Data Corporation (IDC) survey as saying.

China manufacturing accelerates at fastest for 4 years: survey

03 January 2017

  • China’s manufacturing activity expanded at its quickest pace in nearly four years in December, an independent research firm said on Tuesday, in a sign of improving health for the world’s second-largest economy.

China’s economic rebalancing is making progress, but there’s still more to do

Jan. 01, 2017

  • much progress has been achieved, with reforms ranging from fiscal reforms, external sector reforms, financial-sector reforms to domestic reforms. The rebalancing to services is striking, with China emerging as a world leader in e-commerce.

China’s manufacturing expands for 5th consecutive month

Dec. 31, 2016

  • Activity at China’s factories slowed in December but still represented the fifth consecutive month of expansion in the latest sign that the world’s No. 2 economy is stabilizing. The monthly purchasing managers’ index by the Chinese Federation of Logistics and Purchasing was 51.4 in December, the second highest level of 2016. The highest reading was November’s 51.7 — the first time the index had hit that level since July 2014.

Toshiba teams with Chinese firm on Turkish nuclear plant bid

December 31, 2016

  • A Japanese, American and Chinese consortium is negotiating with the Turkish government on a nuclear power plant project, an arrangement that could upend how Japan’s atomic power industry does business abroad.

Seven ‘white list’ Chinese rigbuilders form new alliance

29 December 2016

  • Seven major Chinese rigbuilders have join forces to form the new China Offshore (Deepsea) Industry Alliance, or CODIA, as they seek to raise competitiveness through shared resources and keener focus on R&D.

Soft landing predicted for China’s debt-laden corporates

December 29, 2016

  • Large-cap Chinese corporate revenues will rise about 40% during the period between 2015 and 2017, according to Bloomberg’s average of analyst’s bottom-up forecasts. Higher earnings will improve the credit quality of China’s large corporations. Earnings before interest, taxes, depreciation and amortization (Ebitda) will jump from around US$300 billion to US$430 billion, analysts predict, mainly due to improvements in energy, materials, information technology and consumer companies. The ratio of total debt to Ebitda, moreover, will fall from around 4 times in 2016 to only 2.6 times in 2017, the analyst consensus predicts.

Chinese-led consortium top bidder for 40 percent stake in Pakistan Stock Exchange

Dec 22, 2016

  • A consortium led by three Chinese exchanges has offered 28 rupees ($0.27) per share to buy a 40 percent stake in the Pakistan Stock Exchange .KSE, according to a statement and the bourse’s top official. “All I can say … is the Chinese consortium is the top bidder,” Managing Director Nadeem Naqvi told Reuters on Thursday ahead of an official announcement of the bids.

U.S. companies want to play China’s game. They just can’t win it.

December 22, 2016

  • Netflix has a nifty new China strategy: Skip it. In January 2016, the video-streaming service announced an ambitious global expansion. The goal was to beam American hits such as “House of Cards” around the world including, eventually, in China. For some highflying U.S. Internet businesses, the China dream is fading; for others, it looks radically different from what they had hoped. California’s Internet companies once dreamed of liberating China with technology, thinking that the system of censorship known as the Great Firewall would inevitably crumble like the Berlin Wall, paving the way for their advance in the world’s most populous nation.

Welcome To The Golden Age Of Gadgets, Thanks To China

Dec 22, 2016

  • First, there is no denying the situation The New York Times article pointed out. Companies need to keep innovating to survive. Apple would not be around if they had allowed the first iPhone to be the last. Where there was one category champion, like Fitbit, many competitors are cropping up, and Chinese companies are at the forefront. Second, manufacturing is now possible at a faster pace, lower cost and smaller scale, thanks to Shenzhen. This goes from getting same-day components, PCBs or 3D prints at the prototyping stage, to a super-efficient supply chain of enormous size. Every time we buy a smartphone we effectively invest in the local ecosystem, which trains factory workers and tooling experts, and finances better and better machines. Those advantages are a critical aspect to enable early stage startups and the “long tail” of niche products (pioneered by the Shanzhai movement) to get to market. Every time we think the category is finished, something new and exciting comes up. Those products look like simple gadgets, but they involve deep tech in acoustics, materials science or neuroscience. Where did they push further their prototypes and find the factories to help them produce those unprecedented products? You guessed it: China.

China’s RMB rises to ‘global acceptance’

December 18, 2016

  • The Chinese currency renminbi (RMB, also known as the yuan) “has ascended to the world’s fifth most widely used payment currency”, an HSBC survey has shown. The survey, Renminbi Internationalisation Study 2016, found that corporations are more than ever introducing the RMB into their treasury and “integrating it across various business applications each year”.

China seen as the next Silicon Valley as Australian start-ups eye Asia

16 Dec 2016

  • In a sunny, leafy renovated warehouse in Sydney’s Chinatown, a group of entrepreneurs are working on projects they hope will crack the lucrative middle class market in Asia. Analysts anticipate that China will become the next Silicon Valley, with the value of venture capital investment in internet businesses coming in at $20.3 billion in 2015, outpacing the United States, which invested $16.3 billion, according to PwC. Jemma Xu is the chief executive and co-founder of Tripalocal, an online travel platform which links Chinese travellers with local experiences, and focuses on short-term education at Australian universities.

Japan, Korea and Germany at risk from China tech rise

Dec 14 2016

  • South Korea, Germany and Japan are among the countries most at risk from an upsurge in Chinese manufacturing competitiveness that is likely to flow from Beijing’s top-level strategy to become a high-tech power by 2025, a German think-tank has found. While inefficiencies in resource allocation and deficiencies in innovation are likely to hamper realisation of the “Made in China 2025” plan, a deep pool of available funding and powerful political backing are set to elevate a clutch of Chinese manufacturers to the world’s top echelon, according to a report by The Mercator Institute for China Studies (Merics), a Berlin-based think-tank.

Developers, funds target China demand for co-working space amid start-up boom

Dec 14, 2016

  • Real estate developers and financial investors are capitalizing on fast-rising demand for leasing of “co-working” spaces in China, as Beijing encourages startups and small businesses in a bid to offset slowing growth at traditional industries. Financial investors are also jumping in on the bandwagon, amid a growing belief that shared spaces deliver greater synergies by driving up innovation and productivity. Citic Capital, whose seven-storey shopping mall “Shanghai 189 Lane” is due to open later this month, will rent its top two floors to a co-working space operator.

China, Australia Agree to Open Aviation Sectors to Each Other

Dec 11, 2016

  • China and Australia have agreed to remove all capacity restrictions for the airlines of each country, including traffic rights and code share arrangements. This agreement will allow the airlines of both countries to service destinations between and beyond China and Australia and to take advantage of cooperative arrangements with commercial partners, said Australian Minister for Infrastructure and Transport Darren Chester.

Chinese Airlines Are Flooding the World With Super-Cheap Airfares

December 12, 2016

  • Chinese airlines are flooding the world with some of the lowest long-haul fares ever seen — and delivering a hammer blow to foreign carriers trying to keep up. From Delta Air Lines Inc. and American Airlines Group Inc. in the U.S., to Cathay Pacific Airways Ltd. and Korean Air, many operators are feeling the squeeze from the extended reach of mainland Chinese carriers. They don’t just offer cheap fares on routes long-dominated by national airlines like Korean Air. They’re also adding hundreds of overseas flights from little-known Chinese cities to airports all over the world.

China Eyes Chip Market Amid Growing Demand

Dec 9, 2016

  • Within a few years, China will consume more than half of the world’s semiconductors. Yet the country produces only about 15% of the semiconductors it consumes—up from 10% a few years ago, but still a long way from closing the gap between supply and demand. Toward that goal, China has built up several semiconductor clusters across the country. Over the next 10 years, its national and provincial governments plan to invest as much as an additional 720 billion renminbi ($104 billion) in its domestic semiconductor industry. This investment will help meet demand while supporting China’s strategic interests in developing semiconductors for sensitive industries such as defense or telecommunications, reducing its dependence on international chipmakers.

China and Australia’s Rinehart win bid for cattle empire

09 December 2016

  • Australian mining magnate Gina Rinehart and a Chinese consortium won final approval Friday to buy one of the world’s biggest cattle estates, ending a lengthy and fraught sale process. He also knocked back a joint bid by Chinese-owned Dakang Australia Holding and Australian Rural Capital for the same reasons, with part of the land in a weapons-testing area.

China-Championed Asia Trade Pact Gains Traction in Jakarta Talks

December 8, 2016

  • The 16 nations seeking the Regional Comprehensive Economic Partnership accelerated their efforts during talks this week as rising protectionism threatens a system that has lifted hundreds of millions of Asians out of poverty. Negotiators said they neared agreement on protections and assistance related to small-and-medium-sized enterprises, and also made progress on competition policy.

China to launch yuan’s direct trading with seven more currencies

Dec 10 2016

  • China will launch direct trading of yuan with seven more currencies on its inter-bank foreign exchange market from next week, according to the country’s foreign exchange trade system. The seven currencies are Swedish krona, Hungarian forint, Danish krone, Polish zloty, Mexican peso, Turkish lira and Norwegian krone, said China Foreign Exchange Trade System (CFETS). The move will bring the number of foreign currencies that are allowed direct trading with the yuan to 23, state-run Xinhua news agency reported late last night.

More and more American companies have decided their big China opportunity is over

8 Dec 2016

  • This week, McDonald’s was reportedly in talks to sell its China unit and license its name to a Chinese company instead, following Yum Brands’ decision to do something similar and spin off its China operations into a new firm called Yum China last month. Coca-Cola announced plans to sell its China bottling business in November, and International Paper said in March that it’s spinning off its China and southeast Asia corrugated packaging business. “The trend is that opening retail business on the ground in China as a foreigner is difficult and expensive,” said Dan Harris, lawyer at Harris Bricken and author of the China Law Blog.

China’s E-sports Go Global

Dec.7 2016

  • A Chinese e-sports event has grown to become the largest of its kind in the world in three years by making breakthroughs that are likely to reshape the global e-sports landscape, local media reported. The World Cyber Arena (WCA), now a major global e-sports event born in the city of Yinchuan located along the route of China’s ancient Silk Road, attracted 512 top-tier contestants from across the world at its 2015 event, according to Economic Daily. Some 15 percent of revenues in 2016 will be generated by China, the report says. Meanwhile, China provides 28 percent of global awareness of e-sports in 2016.

Fintech: China Outpaces London, New York and the Silicon Valley

6 December 2016

  • The speed, sophistication and scale of development of China’s fintech ecosystem have been at a level unmatched in more established markets. As banks and financial services institutions in the West look at ways to incrementally innovate, China’s technology leaders are revolutionizing many aspects of financial services. This is according to a collaborative report produced by Singapore’s DBS Bank and international consulting firm EY, «The Rise of FinTech in China». The report looks at China’s dynamic and rapidly evolving fintech ecosystem, and examines the drivers behind its explosive growth. It details the unique characteristics and development profiles of China’s fintech giants, provides an understanding of the opportunities to scale, and assesses the implications in Asia and internationally.

China to Finally Acquire Vital ‘Great-Grandparent’ Breeding Chicken Stock from France

Dec 04, 2016

  • China’s Shandong Yisheng Livestock & Poultry Breeding Co will import vital broiler breeding stock from France’s Hubbard to counter its first shortfall in chicken meat production in over 10 years. The three-year contract between Shandong Yisheng and Hubbard, a unit of genetics company Groupe Grimaud, is worth nearly 72 million yuan or $10.4 million. The chickens to be imported to China are classified as “great-grandparent” or the offspring of pedigree lines, which can produce another generation of breeding birds, unlike grandparent stock. Previously, only “grandparent” stock are sold by foreign genetics companies to Chinese breeders. The foreign firms have been reluctant to sell great-grandparent birds out of concern on how the genetics will be managed.

Shenzhen-Hong Kong trading scheme kicks off

5 December 2016

  • Investors in Hong Kong can buy stocks on the Shenzhen Stock Exchange and vice-versa from today, following the official launch of the Shenzhen – Hong Kong trading link. Shenzhen has been promoted as a hub for technology and its stock market has been linked to the US-based Nasdaq. As a result, foreigners will be able to trade shares in almost 900 firms.

Chinese buys of European firms up 40%

December 3, 2016

  • Chinese dealmakers have completed 170 European acquisitions worth US$90 billion so far this year, according to analysis by UK business advisory firm Deloitte. That is 40 percent up on 2015 when 122 deals were finalized. Deloitte’s analysis, which covers the period to Nov 22, did not include last month’s announcement that Chinese online travel company Ctrip is buying UK-based travel search company Skyscanner for US$1.75 billion. Including the Skyscanner deal, acquisitions in 2016 were worth US$90.35 billion.

China Chases Silicon Valley Talent Who Are Worried About Trump Presidency

Dec 4 2016

  • China is trying to capitalize on President-elect Donald Trump’s hardline immigration stance and vow to clamp down on a foreign worker visa program that has been used to recruit thousands from overseas to Silicon Valley. Leading tech entrepreneurs, including Robin Li, the billionaire CEO of Baidu, China’s largest search engine, see Trump’s plans as a huge potential opportunity to lure tech talent away from the United States. The country already offers incentives of up to $1 million as signing bonuses for those deemed “outstanding” and generous subsidies for start-ups. “Many entrepreneurs in Silicon Valley have expressed worries, especially after Trump’s election, about the harm to the United States’ capabilities in innovation,” Li told the audience at China’s third annual World Internet Conference. “I truly hope that these excellent talents from various countries will migrate to China and help China play a more important role on the stage of global innovation.” He added: “I hope everybody will come to China, let’s innovate together.”