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Xi Jinping Speech Likely To Extend China’s Technology Exuberance For Many More Years

For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped for. The key words “artificial intelligence”, “big data” and “innovation” were highlighted and emphasized repeatedly in the otherwise laborious three-hour address.

Hong Kong Launches $256M Venture Capital Matching Fund To Fuel Local Innovation

Hong Kong’s Innovation and Technology Commission (ITC) has launched a HK$2 billion (US$256 million) co-investment scheme in a bid to stimulate private investment in local innovation and technology start-ups. Venture capital funds can apply to become co-investment partners of the Hong Kong government to back start-ups in series A and B round across all technology sectors, according to an official announcement today.

China Shutting Down All Domestic Cryptocurrency Exchanges

Two major Chinese Bitcoin exchanges Huobi.com and Okcoin.cn announced Friday night that they will cease trading by the end of September. The news comes after Internet finance regulators in Beijing ordered all cryptocurrency exchanges in that city to issue notices to cease trading, according to local media.

Ant Financial’s Agriculture Insurance Joint Venture Gets Regulatory Green Light

An agriculture insurance joint venture between Ant Financial Services Group and China United Insurance Holding Co. has received a green light from China’s insurance regulator, making it the first agriculture technology company co-established by an insurer to achieve regulatory approval from the China Insurance Regulatory Commission (CIRC).

Shenzhen Former Deputy Mayor Under Investigation For Bribery

Lyu Ruifeng (pictured), 62, former deputy mayor of Shenzhen from 2004 to 2015, is under investigation for alleged bribery, the People’s Procuratorate of Jiangmen, Guangdong Province, said yesterday. The case could be one of the most serious corruption probes of a top government official in the southern city that aspires to be China’s Silicon Valley.

China Tightens Control Of Online Group Chat Ahead Of Annual Party Congress

Organizing chat groups on WeChat, one of the most common forms of multiparty digital communications in China, could soon be a high risk activity. China’s Cyberspace Administration issued new rules last week tightening control over WeChat groups and other such digital platforms, in a move that could make WeChat group chat organizers legally liable for any false information disseminated within their groups.

China Officially Bans Initial Coin Offering

The People’s Bank of China and six other state regulators today jointly announced a complete ban on initial coin offerings (ICOs) in China, in perhaps the harshest measures ever taken against a new fundraising activity.

BAIC’s Electric Vehicle Unit Raises $1.6B In Series B Round

Chinese car maker Beijing Automotive Group’s (BAIC Group) electric vehicle business unit, BAIC BJEV, has raised a RMB11.1 billion (US$1.6 billion) series B round from 14 investors, including state-owned enterprises China Cinda Asset Management Co., Ltd. and Zhongji Investment, a firm co-founded by the Hebei provincial government.

China Aims To Lead The World In AI, Core AI Sector To Reach RMB1 Trillion By 2030

China’s State Council issued a “New Generation Artificial Intelligence Development Plan” yesterday, outlining how the country will create the world’s leading AI industry, with a target value of RMB1 trillion (US$148 billion) by 2030. In the document, Beijing spelled out three steps to reach its goal of turning China Inc. into China AI. The first step is for China’s AI industry to maintain an advanced position in terms of AI technology and applications, and for the AI sector to become …

Swedish Minister Says Chinese Investors Welcome In Home Of Nobel Prize

Sweden may not be the most populous of nations, with just 9.8 million people. But the country that brought us the the Nobel Prize for science has given birth to a disproportionately high number of tech giants. Skype, the Internet calling service bought by Mcirosoft, digital music service Spotify, popular mobile game Candy Crush and Minecraft developers King and Mojang, are all Swedish entities.

Russia, China Sets Up $10B Fund To Support One Belt One Road

The Russian Direct Investment Fund (RDIF) and China Development Bank (CDB) have agreed to establish a RMB68 billion (US$10 billion) China-Russia RMB Investment Cooperation Fund, as part of China’s One Belt One Road initiative to improve connectivity between Eurasian countries.

China Encourages County-Level Tech Firms To IPO

The Chinese government has introduced new policies to encourage the listing of qualified high-growth technology companies located outside major cities, in another move to foster innovation and accelerate the country’s transition to technology-led growth.

China Investment Corp Opens New York Office

China Investment Corporation (CIC), with US$814 billion under management, opened a representative office in New York city last Friday as the Chinese sovereign wealth fund moves to expand its global reach and investment capabilities.