Nov 07, 2024 07:57 PM
CHINA
Xi Congratulates Trump on Election
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A rundown of the news making headlines in and around China:
Xi congratulates Trump: President Xi Jinping extended his congratulations to Donald Trump on his election as U.S. president, China’s official Xinhua News Agency reported. Xi said the two sides should uphold the principles of mutual respect, peaceful coexistence and win-win cooperation, as well as strengthening dialogue, properly managing their differences and expanding mutually beneficial cooperation. Chinese Vice President Han Zheng also congratulated J.D. Vance on his election as vice president.
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- President Xi Jinping congratulated Donald Trump on his U.S. presidential election, emphasizing mutual respect and cooperation between the two countries.
- China's goods exports grew 12.7% in October, surpassing expectations, despite a decline in imports by 2.3%.
- Canada closed TikTok's Canadian offices due to national security concerns, impacting hundreds of jobs, though the app is not banned.
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Who’s Who
- ByteDance Ltd.
- ByteDance Ltd. is the Chinese owner of TikTok, facing regulatory challenges, including a U.S. law that seeks to ban TikTok unless ByteDance divests from the platform. This law is currently being challenged in the courts. The Canadian government recently decided to shut down TikTok's Canadian offices after a national security review, although it didn't ban the app itself.
- Carl Zeiss AG
- Despite slowing revenue growth in China, Carl Zeiss AG will continue long-term investments, especially in the Yangtze River Delta and Pearl River Delta regions. The company highlights its business in medical devices and research microscopes, important to China's battery industry. As Zeiss's largest single market since 2021, the Chinese market's revenue decrease is due to slower demand.
- The article mentions that Lee Kai-fu, a former Google and Microsoft executive, founded an AI startup focusing on enterprise services in China. He highlighted that Chinese firms, like his startup 01.AI, have several advantages over U.S. rivals, such as lower development costs, in the AI sector.
- Microsoft
- The article mentions Microsoft in connection with Lee Kai-fu, a former Google and Microsoft executive. His AI startup is focusing on enterprise services in China, targeting sectors like retail, AI data centers, and government.
- 01.AI
- 01.AI, an AI startup founded by former Google and Microsoft executive Lee Kai-fu, will focus primarily on enterprise services in China, targeting the retail industry, AI data centers, and government sectors. Lee highlighted advantages such as lower development costs compared to U.S. rivals. Co-founder Qi Ruifeng noted that stricter data rules slow Western adoption. The enterprise market is a key battleground for AI developers in China, with companies reducing prices to gain market share.
- TikTok
- The Canadian government has decided to shut down TikTok’s Canadian offices after a national security review, although the app itself won't be banned. TikTok argues this closure is detrimental, eliminating hundreds of jobs. Similar restrictions have been faced in the U.S., where a law demands TikTok's Chinese owner, ByteDance, to divest from the platform, though it's currently being challenged in court.
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What Happened When
- 2019：
- China and the Solomon Islands established diplomatic relations.
- 2019：
- China rolled out a pilot program for its digital yuan.
- 2021：
- Project mBridge was initiated by the Chinese mainland, Hong Kong, the UAE, and Thailand.
- Since 2021：
- Carl Zeiss AG's Chinese market has been its largest single market.
- 2022：
- China and the Solomon Islands signed a security pact.
- By June 2024：
- The digital yuan had been used for nearly $1 trillion worth of transactions.
- October 2024：
- China's goods exports growth far exceeded expectations, increasing 12.7% year-on-year.
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