Sparking Wisdom

Sparking Wisdom

A participant tests a robot during the fi nals of the 18th RoboMaster Robotics Competition in Shenzhen， south Chinas Guangdong Province， on August 6.

The competition， with 32 teams from home and abroad this year， provides a platform for young engineers to independently develop and produce robots through teamwork， which fosters innovation and hands-on experience in the fi eld.

Preparing for Games

Beijings Yanqing District is speeding up the construction of two hydrogenation stations and a supporting hydrogen plant in time for the Alpine Skiing World Cup in 2020 and the 2022 Beijing Winter Olympic Games.

The public transport line powered by hydrogen energy will be opened in Yanqing， located around 75 km northwest of downtown Beijing. Green， zero-carbon， environmentally friendly hydrogen fuel cell vehicles will transport athletes， workers and spectators among venues.

The hydrogen-powered vehicles produce zero carbon emissions， as hydrogen fuel cell vehicles become increasingly signifi cant in global energy transformation and reducing global warming.

Earlier this year， Yanqing and China Power International Development Limited jointly planned and constructed the Yanqing Hydrogen Industry Park， and carried out equipment research and development， production， technology application and training around the green hydrogen industry to speed up the industrialization of hydrogen energy.

Beijing issued a document at the end of 2017 noting that it would promote the application of hydrogen production and hydrogenation core technology in the relevant areas of the 2022 Olympic and Paralympic Winter Games.

Embracing Talent

A guideline on supporting innovation at institutions and mechanisms for talent development in south Chinas Hainan Province was recently released.

Jointly issued by the Organization Department of the Communist Party of China Central Committee， the National Development and Reform Commission， the Ministry of Education and four other authorities， the guideline stresses support for the islands innovation in the training， introduction and utilization of talent to provide a solid guarantee for its deeper reform and opening up in all areas.

It calls for efforts to establish a more inclusive mechanism to introduce talent， further improve the mechanism for the evaluation and stimulation of talent and enhance the services for talent.

The guideline aims to help train and cultivate ranks of talent in 10 to 15 years who are well-structured， competent， vigorous and commensurate with Hainans bid to become a free trade port with Chinese characteristics.

Hainan was given the green light in April 2018 to build a pilot free trade zone and explore the establishment of a free trade port with Chinese characteristics.

PTFZ Expansion

An overall plan for the new Lingang area of the China （Shanghai） Pilot Free Trade Zone has been issued by the State Council.

The new area will be set up to the south of Dazhi River， east of Jinhui Port and south of Xiaoyangshan Island and Pudong International Airport in Shanghai， the plan said. The new zone will initially cover an area of 119.5 square km.

According to the plan， the new section will match the standard of the most competitive free trade zones worldwide and implement openingup policies and systems with strong global market competitiveness.

It will facilitate overseas investment and capital fl ow， and realize the free fl ow of goods， according to the plan.

The area will be built into a special economic function zone with global infl uence and competitiveness， to better serve the countrys overall opening-up strategy， it said.

By 2025， the Lingang area will have a relatively mature institutional system of investment and trade liberalization and facilitation. By 2035， it will be built into a special economic function zone with strong global market inf luence and competitiveness， becoming an important platform for the country to integrate into economic globalization.

Promoting TCM

China will hold the second traditional Chinese medicine （TCM） expo in the northwestern province of Gansu， the National Health Commission said on August 2.

The 2019 Traditional Chinese Medicine Industry Expo， scheduled for August 22-24， in Longxi County， will include events such as forums and trade fairs.

Topics like the TCM industrys role in poverty alleviation and the promotion of TCM in Belt and Road participating countries will be discussed at the forums.

Last years expo attracted more than 3，000 guests from international organizations， provincial delegations and TCM fi rms.

Decoding History

Two ancient couple graves belonging to the nobility of the Zeng State have been unearthed in central Chinas Hubei Province， according to the National Cultural Heritage Administration.

The provincial archaeology institute said on August 7， the two graves were located in the Zaoshulin Graveyard in the city of Suizhou， dating back to the middle of the Spring and Autumn Period （770-476 B.C.）

So far， a total of 54 graves and three horse pits have been unearthed since the excavation was launched in October.

More than 1，000 bronzeware pieces， many of which have inscriptions， have been discovered in the graveyard， said Guo Changjiang， an associate researcher with the institute.

Archaeologists found that the two couple graves had been raided before， but bronze ritual and musical instruments have been excavated from the graves.

“A set of chimes were found in a grave which belonged to a woman. It is the only fi nding of this kind in Hubei. The instruments showed the high social class of the grave owner， and inscriptions noted that the woman was from the Chu State，”said Guo.

Fang Qin， Director of the institute， said the new fi ndings are important to study the history of the Zeng State.

So far， 13 people belonging to its upper social class， and 21 emperors of the Zeng State have been confi rmed through recent archaeological activities in Hubei.

Hot Summer， Cool Fountain

Tourists take a photo beside a musical fountain at the architecture and art square in Harbin， capital of northeast Chinas Heilongjiang Province， on August 2.

Park for Pandas

Institutional infrastructure for the creation of a national park for giant pandas in a bid to better protect the endangered species has been put in place and preparatory work for the park has started in southwest Chinas Sichuan Province and surrounding areas.

The park has an area of 27，134 square km and spans over three provinces of Sichuan， Gansu and Shaanxi， with about 74 percent of the area in Sichuan.

The Sichuan provincial forestry and grassland administration said it is carrying out surveys and zoning projects to mark the border of the park. Roughly 1，200 wild giant pandas now live in the parks area in Sichuan.

The Giant Panda National Park Administration was established in Sichuan in October， with branches set up at city levels.

“The park will help us carry out systematic conservation work and repair damaged areas. It will also help us tackle challenges in the reproduction of wild pandas，” said Bao Jianhua， Deputy Director of the Sichuan provincial forestry and grassland administration.

Welcoming Autumn

Children in Xiaopu Town， Changxing County of east Chinas Zhejiang Province， search and collect ginkgo leaves on August 6， to mark Liqiu（Beginning of Autumn）， one of the 24 Solar Terms in the Chinese lunar calender， which fell on August 8 this year.

Robust Investment Growth

Fixed assets investment in Chinas major economic sectors increased both in quantity and quality， according to a report from the National Bureau of Statistics （NBS）.

From 1982 to 2018， the countrys investment in the primary and secondary industries grew by an average annual rate of 18.1 percent and 19.1 percent， respectively， thanks to its reform and opening-up policies.

The tertiary industry benefi ted the most from the investment boom， with the average annual investment growth rate reaching 20.4 percent during the period.

As Chinas economy grows stronger， its industrial structure has been advanced and optimized with capital fl owing into new sectors including hi-tech， research and development， and environmental protection， according to the report.

From 2013 to 2018， hi-tech investment grew by an average annual rate of 16.9 percent. The spending on hi-tech manufacturing grew 15 percent annually on average， while that on hi-tech services climbed by an average of 20.3 percent， the NBS said.

Chinas investment in environmental protection surged by an average annual rate of 31.4 percent during the period， with investment in new energy， including solar， wind and nuclear power， up 13.8 percent annually.

Green Bond Issuance

Green bond issuance saw high growth in China in the fi rst half of the year， a recent report showed.

The country issued green bonds worth 143.9 billion yuan （$21.8 billion） in the January-June period， 62 percent more than the same period last year， according to the semiannual report on Chinas green bond market released by the China Central Depository & Clearing Co.

Financial institutions remained the largest issuer with 41 percent of the overall issuance in the fi rst half of the year （H1）. This is mainly due to Industrial and Commercial Bank of Chinas three-tranche deal in Singapore and Jiangsu Banks green bonds.

The low-carbon transport sector attracted 37 percent of the investment funds raised from green bonds， the largest share， followed by renewable energy and water.

According to the report， a total of 48 percent of domestic green bonds were issued and traded on the countrys interbank bond market. China announced a plan in 2016 to establish a national green fi nance mechanism， becoming the fi rst country in the world to make such a move. It also helped push green fi nance to be included on the G20 agenda.

New Energy

Staff work in the workshop of a wind power equipment enterprise in an economic development zone of Zhangjiakou， north Chinas Hebei Province， on August 1. The zone has utilized local advantages and embraced high-end manufacturing of renewable energy equipment.

Growth of Internet Companies

Major Chinese Internet fi rms reported steady expansion in both revenue and research and development （R&D） investment in the fi rst half of the year， offi cial data showed.

Companies boasting annual Internet and related services revenue of over 5 million yuan （$711，200） raked in a total of 540.9 billion yuan（$78.4 billion） in H1， up 17.9 percent year on year， according to the Ministry of Industry and Information Technology （MIIT）.

The growth was 0.6 percentage point higher than the fi rst quarter， the MIIT said.

R&D investment in the sector registered a surge of 29.4 percent year on year to 23 billion yuan （$3.3 billion） in the period.

The revenues for information services， the biggest contributor to the Internet business revenue with a share of 68.5 percent， surged 23 percent to 370.3 billion yuan （$52.7 billion） during the period.

Guangdong Province， Shanghai and Beijing saw their Internet business revenues rise 11.7 percent， 25.6 percent and 19.1 percent year on year， respectively， in H1.

Banking Assets

The banking system saw improved concentration in China with the asset ratio of fi ve large state-owned banks staying within a reasonable range， the countrys banking and insurance regulator said on August 5.

The total assets of the f vie stateowned banks stood at 105 trillion yuan （$15.17 trillion）， accounting for 37 percent of all banking f niancial institutions， the China Banking and Insurance Regulatory Commission（CBIRC） said on its website.

The fi ve state-owned comprehensive commercial banks include Bank of China， Industrial and Commercial Bank of China， Agricultural Bank of China， China Construction Bank and Bank of Communications.

By the end of 2018， China had 4，588 banking fi nancial institutions covering over 20 types of banks， CBIRC data showed.

Of the sectors total， the balance of deposits and loans of the fi ve state-owned banks made up 44 percent and 38 percent， respectively.

Compared with the United States and major economies in Europe， Chinas domestic banking system has a lower concentration， the CBIRC said.

With mixed-ownership reform promoted in recent years， the number of fi nancial institutions controlled by private capital has exceeded 3，000. Private capital accounts for 40 percent， 50 percent and 80 percent of the capital stock of joint-equity banks， city commercial banks and rural cooperative banks， respectively.

Hi-Tech Joy

Visitors experience games based on virtual reality technologies at a booth at the Chinese gaming gala ChinaJoy in Shanghai on August 2. The exhibition， which opened on the same day， covers various fi elds of digital entertainment such as animation and comics， computer games and esports.

Digital Culture

The digital culture sector is expected to see robust expansion in China as new-generation technologies become powerful tools to create and promote cultural products and services， an industrial report showed.

The commercial use of the 5G wireless network and applications of big data， artifi cial intelligence， blockchain and other state-of-theart technologies are expected to bring signifi cant changes to the digital culture sector， according to the Digital Culture Industry Trends Report released by the Development Research Center of the State Council， the Chinese Academy of Social Sciences and Tencent Research.

Chinas culture sector has been expanding steadily in recent years. The total revenue of the culture sector and related businesses hit 4.06 trillion yuan （$588 billion） in the fi rst half of the year， up 7.9 percent year on year， data from the National Bureau of Statistics showed.

Within the sector， Internet advertising， Internet-based entertainment， digital publications， wearable devices and virtual reality products posted a robust revenue expansion of above 20 percent in the fi rst half of 2019.

The report showed that while the content-based consumer Internet remains the focus of digital culture providers， many market players are expanding into other industries such as tourism and sports， as refl ected in the fast growth of smart tourism and esports.

While consolidating domestic market share， leading industrial players， including Tencent， Baidu and ByteDance， are seeking greater overseas presence by means of investment in foreign counterparts as well as export of domestic products and co-production with global partners.

Green Opportunities

A tourist picks grapes in a vineyard in Lujiapu Village， east Chinas Zhejiang Province， on August 2. In recent years， the village has developed leisure tourism to boost the local economy.

Drop in IPO Approvals

The approval rate of initial public offerings （IPO） continued to decline in July as Chinas securities watchdog tightened the review， Shanghai Securities News reported.

The approval rate fell to 64 percent as the China Securities Regulatory Commission （CSRC） rejected four out of 11 applications in July， marking the second consecutive monthly drop after Mays perfect approval record.

The CSRC has intensifi ed supervision of companies to promote market-oriented competition and regulate market entry and exit.

Besides the lower approval rate， regulators sent signals of zero tolerance as a number of IPO applicants were affected by the investigation into the fi nancial fraud of Ruihua Certifi ed Public Accountants， while the CSRC issued warnings over the misconduct of two brokerages associated with the science and technology innovation board projects， according to the report.

The CSRC said it would integrate onsite inspections and regular supervision to keep IPO applicants on the right track. On July 11， it announced an inspection of 44 fi rms.

Chen Li， a researcher with Chuancai Securities， said the CSRC raised the threshold of corporate operation and fi nancial performance due to major violations by several accounting fi rms. The decline can be attributed to the business prospects of the applicants.