China Tech Digest: China To Be First Economy Returning To Pre-Pandemic Growth


Morgan Stanley: China is to become the first economy to return to pre-pandemic growth trajectory

As the world’s first important economy to emerge from the shadow of the pandemic, China’s performance in 2021 is critical to global recovery. Xing Ziqiang, chief economist of Morgan Stanley China, believes that China’s economy is expected to continue to recover in 2021 and become the world’s first economy to return to the growth trajectory before the pandemic. The main driving force is that China’s social governance model has played a major role in making the prevention and control of the pandemic effective and rapid.

"Didi Mobility Japan" receives another US$50 million investment from Didi Chuxing and SoftBank

A representative of Didi Chuxing said that the company and SoftBank invested an additional RMB5.2 billion yen (approximately US$50 million) in DiDi Mobility Japan. The funds will be used to help them expand into new markets and provide additional services. "Didi Mobility Japan" is a joint venture between Japan’s SoftBank Group and Didi Chuxing in June 2018. The two companies each hold 50% of the shares.

Tesla: first batch of Chinese-made Model Y officially began delivery today

According to Tesla’s official Weibo, today’s first batch of Chinese-made Model Y officially began delivery in Shanghai, Hangzhou, Nanjing, Suzhou, Wuhan, Hefei, Wenzhou, Wuxi, Changzhou, Ningbo and other cities at the same time.

Luckin re-opens franchising: no franchise fee is charged, and an initial investment of at least 350,000 yuan is required

Luckin Coffee released a new retail partner recruitment plan and announced that it would let others join its franchise. Luckin Coffee emphasizes in the cooperation model that it does not charge any form of franchise fee, and Luckin headquarters will offer support and share marketing and promotion resources.

The franchisee needs to pay the total initial investment provided by Luckin Coffee between RMB350,000-370,000. The franchise business has been launched as early as 2019. According to Luckin’s statement, its “affected by the pandemic” suspended this business in 2020. At the beginning of 2021, the group decided to resume its franchise, but the currently open cities only include some cities in 22 provinces including Hubei, Sichuan and Zhejiang.

Grab plans to conduct an IPO in the US this year, raising at least US$2 billion

Grab, a Southeast Asian ride-hailing platform headquartered in Singapore, plans to conduct an IPO in the United States this year, raising at least US$2 billion.

Audi and FAW New Energy’s joint venture project plans to invest more than 30 billion yuan, and the first model will be put into production in 2024

China FAW, Audi, and the Changchun Municipal People’s Government signed an agreement today, announcing that the Audi FAW New Energy joint venture project will be located in Changchun.

The Audi FAW New Energy joint venture project plans to introduce the PPE platform, which is a high-end pure electric vehicle platform jointly developed by Audi and Porsche.

Its first plant plans to invest more than RMB30 billion yuan. The first model will be put into production in Changchun in 2024. At the same time, in the future, PPE products will be sold by FAW Audi Sales Company, a wholly-owned subsidiary of FAW-Volkswagen.

GPU chip research and development company "Mu Xi" completes Pre A round of financing of hundreds of millions of yuan

Chinese GPU chip research and development company Muxi Integrated Circuit (Shanghai) Co., Ltd. completed hundreds of millions of yuan in Pre A round of financing. This round of financing was led by Sequoia Capital, followed by Zhen Fund.

"Muxi" was established in September 2020, dedicated to the development and production of high-performance GPU chips with independent intellectual property rights.

Guo Shuqing: "State Monopoly Capitalism" is a great misunderstanding

According to the official website of the China Banking and Insurance Regulatory Commission, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, stated at the 14th Asian Financial Forum that China’s private economy currently accounts for 60% of the total economy; China’s industrial policies generally remain in line with market-oriented reforms.

The state-owned enterprises generally receive negative subsidies from the government; the financial independence between banks and state-owned enterprises is completely independent; and the strong competitiveness of Chinese products is not due to the compromise of labor rights.

National Bureau of Statistics: China’s technology-based SMEs and high-tech enterprises exceeded 200,000

Today, at a press conference held by the State Council Information Office on the operation of the national economy in 2020, Ning Jizhe, director of the National Bureau of Statistics, stated that the number of small and medium-sized technological enterprises and high-tech enterprises in China has exceeded 200,000. The employment situation is generally stable, and the surveyed unemployment rate has returned to the level of the same period last year.

The output value of China’s gaming industry will reach 140 billion yuan in 2020

According to estimates by Chinese market research agency iResearch, the size of China’s e-sports market will reach 140.6 billion yuan in 2020, an increase of about 20% from the 117.5 billion yuan in 2019.

According to reports, sales of Chinese game products, which are e-sports items, are also growing rapidly. In the first half of last year alone, sales of e-sports games in China reached 71.9 billion yuan, an increase of 55% over the same period in 2019.

National Bureau of Statistics: The number of 5G terminal connections in China has exceeded 200 million

Today, the State Council Information Office held a press conference to introduce the operation of the national economy in 2020. According to Ning Jizhe, director of the National Bureau of Statistics, China has the largest output of more than 220 industrial products in the world, and the added value of manufacturing is expected to rank first in the world for 11 consecutive years.

The total operating mileage of high-speed railways has reached 38,000 kilometers, the mileage of expressways has exceeded 155,000 kilometers, and the number of 5G terminal connections has exceeded 200 million, ranking first in the world.

MediaTek wins 5nm chip orders from Chinese mobile phone manufacturer

MediaTek has received orders for 5-nanometer chips from Chinese smartphone manufacturers including Oppo, Vivo and Honor, and is expected to gradually mass-produce and ship in the fourth quarter of 2021.

 
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