China | Pixr8 News

29Dec By AnkitaNo Comments

CHINA

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...

How Internet transformed Yao Yunfei's traditional garment company in China

29Dec By PriyankaNo Comments

News

How Internet transformed Yao Yunfei's traditional garment company in China

Yao Yunfei, a son of a traditional Chinese tailor and second successive found of Jiaxing Getelan Garments Co Ltd, shared his view on how the Intnet has transformed the traditional garments industry of a China’s historic town. Yao’s company is located at Wuzhen, a South China’s wat town, a pmanent home for World Intnet Confence event. Back in 1970, the company’s predecessor was a local State-owned factory that produced shirts and blouses. Yao’s fath worked with hundreds of works in the factory. Yao filled his fath’s shoes and began to upgrade the factory in the beginning of er 1980s. “We started to use Intnet to raise funds, develop distribution channels and even crowdfund our designs since last year,” said Yao Yunfei, found of Jiaxing Get...

26Dec By AdityaNo Comments

CHINA

China says tech firms have nothing to fear from anti-terror law

Beijing/Reuters- Technology companies have nothing to fear from China's new anti-terror law which aims to prevent and probe terror activities and does not affect their copyright, China's Foreign Ministry said on Wednesday, rebuffing U.S. criticism as unwarranted. The draft anti-terrorism law has caused concern in Western capitals as it could require technology firms to install "back doors" in products or to hand over sensitive information such as encryption keys to the government. The law is currently having another reading at the latest session of the standing committee for China's largely rubber-stamp parliament, the National People's Congress, which ends on Sunday. This week, the U.S. State Department said it had expressed "serious concerns" to China about the law which would d...

23Dec By AdityaNo Comments

CHINA

China’s Economy In “New Normal” Continues To Power Global Growth

BEIJING, Dec. 22 (Xinhua) -- Against the backdrop of the global struggling for economic recovery and the worsening situation in some emerging markets in 2015, China's economy has remained a strong engine for the world economy. Though the Chinese economy has changed to a "new normal" of more sound and slower growth, it continues to create development opportunities for the world. At the G20 summit held in the Turkish resort city of Antalya, Chinese President Xi Jinping said that despite a recent slowdown, China has still contributed 30 percent of world economic growth, which means China is still a major world economic powerhouse. It is predicted that the world's second-largest economy will grow around 7 percent this year, and will continue contributing as high as about one-third of th...

Vivo Invests Rs 125 Crore For Manufacturing Unit In India

22Dec By Press Trust of IndiaNo Comments

News

Vivo Invests Rs 125 Crore For Manufacturing Unit In India

Betting big on the booming smartphone demand in the country, Chinese handset maker Vivo has set up a manufacturing and assembling facility in India with an investment of Rs 125 crore. Located at Greater Noida, the unit has a maximum production capacity of one million devices a month. "The unit will cater to the manufacturing and assembling of Located at Greater Noida, the unit has a maximum production capacity of one million devices a month. "The unit will cater to the manufacturing and assembling of vivo smartphones, creating more jobs and decreasing vivo's dependence on imports," the company said in a statement. The firm, which has been present in India for a year, has invested about Rs 125 crore as its first phase of investment in the 30,000 The firm, which has been present in Ind...

A Fall In Tech Valuations, U.S. and Chinese unicorns running in different directions

21Dec By No Comments

BLOGS

A Fall In Tech Valuations, U.S. and Chinese unicorns running in different directions

A fall in tech valuations may send U.S. and Chinese unicorns running in different directions. Several private Silicon Valley firms worth $1 billion or more have taken valuation hits once they are in the public eye. The same may be happening to one-horned beasts in the People’s Republic, only in private. Take Jack Dorsey’s U.S. online payments outfit, Square. The shares popped enthusiastically on the company’s stock market debut in November, but its market capitalization remains about a third below the $6 billion price tag implied by an earlier private funding round. Some unicorns that have yet to go public are already feeling the chill. Fidelity Investments, a prominent investor in late-stage private financings, recently marked down its holding in Snapchat by 25 percent from a headline ...

Global economy depends on more than India in 2016

20Dec By AnkitaNo Comments

Story

Global economy depends on more than India in 2016

By Peter Thal Larsen and Robyn Mak (Reuters)- India will not rescue the global economy in 2016. The subcontinent’s expanding GDP is one of next year’s few economic bright spots. But Indian output is still too small. Any negative shocks from the sluggish United States and decelerating China will reverberate more widely. India is finally emerging from China’s shadow in the global growth stakes. Helped by a controversial overhaul of its GDP statistics, the Indian economy probably expanded by 7.5 percent in 2015 and is set to swell by a further 7.8 percent in 2016. Contrast that with the People’s Republic, which is struggling to maintain the near-7 percent pace promised by its leaders. The prospect of sustained rapid growth has drawn the attention of prominent central bankers. India’s ec...

Meet The Richest Man in Asia, Also An Investor in Facebook

5Dec By NitishNo Comments

Story

Meet The Richest Man in Asia, Also An Investor in Facebook

Li Ka-shing the richest man in Asia was born in 1928, Chaozhou in China's Guangdong Province to a school-principal father. In 1940 With the Japanese invading, his father packs up the family and flees to Hong Kong. Dad died from tuberculosis two years later; at 12 Li starts working in a plastic-watch-strap company to support his family. "The great tug of war and the taste of poverty—they are hardly memories one can forget," Li says. In 1950, Li quits and starts his own business, making plastic toys, later switching to plastic flowers. More than a decade later, riots in Hong Kong depress property values, giving him the opportunity to buy up commercial real estate on the cheap. In 1972 - Li lists his holding company, Cheung Kong Ltd., in Hong Kong. Investors can't get enough. Really....

22Nov By No Comments

Story

Alibaba’s Singles Day Sales in Pictures

The craziest shopping day of the year in China, Singles Day, has come to an end. Total sales for Alibaba this year hit $14.3B compared to last year’s $9.3B. All the media headlines are talking about Alibaba’s Singles Day sales data and how much money Alibaba made. I am going to tell you the story behind Alibaba Singles Day Sales. Ever wonder how Alibaba is able to achieve such huge sales numbers? Find out below: Alibaba’s Singles Day sale started at the strike of midnight, and Alibaba employees were all-hands-on-deck ready for the shopping “war.” Here is the Alipay building all lit up. Alipay is Alibaba Group’s third-party online payment platform with no transaction fees. Check this out! Temporary beds were set up in the board rooms. Everyone was read...

Craze of using Fitness apps rises in China

31Oct By AnkitaNo Comments

News

Craze of using Fitness apps rises in China

Every year brings a new exercise fad, but a new technological trend appears to be changing the very way people are approaching fitness. Smartphone apps and the smart wear that goes with them allow users to monitor their every action and share them online. Lacing up and hitting the track is a time-tested way to keep fit. But now, there's something new, with smartphone apps promising to change exercise forever. Feifei here has always been into fitness, but the new wave of apps, she says, are taking things to a new level. "For me, apps make things a lot easier. I can calculate my distance, calories, and how much I work out. It also gives me something to post on social media," said Yan Feifei, a running enthusiast. Sharing results online is a key part of the new app movement...

Alibaba making Taobao villages to help China’s rural population

26Oct By AnkitaNo Comments

News

Alibaba making Taobao villages to help China’s rural population

Taobao, the popular Chinese online retail platform, has become more important to rural economies across China due to an emerging phenomenon called “Taobao villages”. The popularity of “Taobao Villages” is increasing in China. This trend consists in village residents who sell their handicrafts and products via online. According to Alibaba, Taobao village is any place where 10% of the population is engaged in online retailing. The e-commerce has grown in rural China in 2014, with the number of “Taobao Villages” increasing over tenfold in comparison with 2013. At the end of last year the number of “Taobao Villages” reached 211 while in 2013 there were only 20. Almost half of China’s demography resides in agrarian regions and nowadays, e-commerce has an important potential to boost ec...

Alibaba lobbies to stay off U.S. blacklist list for fakes

18Oct By AnkitaNo Comments

News

Alibaba lobbies to stay off U.S. blacklist list for fakes

Reuters - Chinese e-commerce giant Alibaba Group Holding Ltd is lobbying hard to stay off the U.S. Trade Representative's blacklist after coming under renewed pressure this year over suspected counterfeits sold on its shopping platforms. Re-inclusion on the USTR's annual list of the world's most "notorious markets" for sales of pirated and counterfeit goods, while not carrying direct penalties, would be a blow to the company's efforts to shed perceptions that its sites are riddled with fakes and that its anti-piracy policies are inadequate. It could also hurt Alibaba's beleaguered share price. Two Alibaba sites - the business-to-business platform Alibaba.com and the hugely popular Taobao Marketplace - were on the USTR's "Notorious Markets" list from 2008.Alibaba.com was...