Daily Tech Roundup: Getting China’s Low-Altitude Economy Off the Ground, U.S. Blacklists More Chinese Firms
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Welcome to the Daily Tech Roundup — a briefing of the top technology news making headlines in China and the rest of Asia.
Getting China’s low-altitude economy off the ground
Chinese policymakers are looking to the skies for new ways to revive the nation’s economy. Premier Li Qiang’s headline central government work report delivered at March’s “Two Sessions” held the latest high-level mention of the “low-altitude economy” — a concept referring to unmanned drones and electric vertical take-off and landing (eVTOL) aircraft being used in transportation, logistics and other industries. But beyond the hype, airworthiness certifications for key eVTOL prototypes have been slow to come. Drone delivery management trials have moved glacially. And a spate of autonomous-driving-linked deaths and injuries around the world are creating jitters about using such technology in the air.
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- Chinese policymakers are promoting the "low-altitude economy," focusing on drones and eVTOL aircraft for various industries, though progress in airworthiness certifications and drone delivery trials has been slow.
- The U.S. Commerce Department added 37 Chinese entities to a trade restriction list over national security concerns related to high altitude balloons and advancements in quantum technology.
- Hungary is enhancing its relationship with Huawei, planning a joint cloud services platform during President Xi Jinping's visit, which may strain ties with Western allies.
Welcome to the Daily Tech Roundup, highlighting significant technology developments in China and Asia. Chinese policymakers are exploring the potential of the "low-altitude economy," involving drones and eVTOL aircraft for various industries. Despite enthusiasm from Premier Li Qiang, progress in airworthiness certifications and drone delivery trials has been slow, compounded by safety concerns linked to autonomous technologies [para. 2].
In international relations, the U.S. Commerce Department recently added 37 Chinese entities to its trade restriction list. This includes eight companies related to a high-altitude balloon incident over the U.S., which raised national security issues. Additionally, 22 firms were listed for attempting to acquire American technology to enhance China's quantum technology capabilities, potentially for military use [para. 3].
During President Xi Jinping's visit to Hungary, the country agreed to deepen its partnership with Huawei Technologies Co. Ltd., despite potential friction with Western allies. This collaboration involves developing a cloud services platform with Hungarian telecom company 4iG Nyrt., aimed at serving both Chinese operations in Hungary and local businesses [para. 4].
In corporate news, Baidu Inc.'s head of communications resigned following backlash over her promotion of a harsh management style on social media. This incident has reignited debates about extreme working conditions prevalent within some Chinese tech companies [para. 5].
Southeast Asia is rapidly becoming a focal point for global tech investments, shedding its image as a tech backwater. Industry leaders like Apple, Microsoft, and Nvidia have committed substantial investments in the region, recognizing its growing importance driven by a young demographic increasingly engaging with digital services [para. 6].
Lastly, Zeekr Intelligent Technology Holding Ltd., an upscale electric vehicle brand under Zhejiang Geely Holding Group Co., successfully expanded its U.S. IPO to raise $441 million. This marks the largest U.S. listing by a China-based company since 2021 and reflects growing investor interest in innovative automotive technologies [para. 7].
- Huawei Technologies Co. Ltd.
- Hungary agreed to deepen ties with Huawei Technologies Co. Ltd. during President Xi Jinping's visit to Budapest. This collaboration involves Huawei and Hungarian telecom company 4iG Nyrt. developing a joint cloud services platform, aimed at serving Chinese companies in Hungary and local Hungarian firms. This move is likely to strain Hungary's relations with Western allies further.
- Baidu Inc.
- Baidu Inc.'s head of communications, Qu Jing, left the company after her promotion of a harsh workplace culture sparked public backlash. Qu Jing had described her unforgiving management style in social media videos, reigniting debates over extreme working conditions prevalent in some Chinese tech companies. These companies are known for expecting employees to work long hours.
- Zeekr Intelligent Technology Holding Ltd.
- Zeekr Intelligent Technology Holding Ltd., a high-end electric vehicle brand under Zhejiang Geely Holding Group Co., recently expanded its U.S. IPO to raise $441 million, marking the largest U.S. listing by a China-based company since 2021. The company sold 21 million American depositary shares at the top of its marketed range, valuing it at approximately $5.2 billion.
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