12/01/17

Permalink 04:52:37 pm, by dacare, 166 words, 176 views   English (US)
Categories: Opinion and View

Financial jobs mostly likely to be replaced by AI: Deloitte

Finance employees are most likely to be replaced by artificial intelligence (AI) in the future, said a research report by Deloitte on Nov. 30, China News reported.

The research investigated nearly 500 managerial staffs in different fields in China, of which more than 80 percent said that AI is most likely to be applied to financial work, and over three quarters said that AI could be used to provide assistance for their management work in five years.

According to the report, most of the respondents think jobs requiring carefulness and preciseness are more likely to use AI than those requiring professional knowledge, logical analysis, and communication and coordination skills.

Enterprises, therefore, should make full use of innovative technologies and tools such as big data and cognitive computing to get ready for both the opportunities and challenges to be brought by AI, said Xie An, a business partner of Deloitte.

Xie added that China's education sector should also make appropriate adjustments to cultivate talents for the coming era of AI.

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11/30/17

Permalink 04:53:36 pm, by dacare, 454 words, 67 views   English (US)
Categories: News of China

Industrial internet to boost smart manufacturing

China's push to develop industrial internet will inject a fresh impetus to the development of smart manufacturing as well as the integration of the industry and the internet, analysts said on Wednesday.

"Accelerated steps on industrial internet are of significance to China's advanced manufacturing amid fierce competition from abroad. It will help promote deeper integration of the country's real economy with internet, big data and artificial intelligence," said Yang Chunli, a researcher at the China Center for Information Industry Development, a Beijing-based think tank.

The State Council, China's cabinet, earlier this week unveiled a guideline that aims to build three to five industrial internet platforms, which will reach international standards by 2025 and lead the world in key areas by 2035.

Specifically, the country will build about 10 cross-industry platforms by 2020 to accelerate digital transformations at enterprises. The industrial internet refers to a network of combined, advanced machines with internet-connected sensors and big-data analytics. It is designed to boost the productivity, efficiency and reliability of industrial production.

Qianzhan Industry Research Institute forecast that the market size of China's industrial internet sector will hit 10.8 trillion yuan ($1.64 trillion) in 2025, without disclosing the figure for this year.

"To compete with the world in internet and manufacturing, China must foster national platforms, which will act as main pillars of future industrial transformation. Key industries such as automobiles, digital, energy and aerospace are some of the potential areas to establish such national platforms," Yang said.

According to a recent report from Alliance of Industrial Internet, China's industrial internet sector is still in its infancy, as a group of Chinese companies, including Sany Heavy Industry Co Ltd, started tapping into the sector several years ago.

Earlier this year, the Ministry of Industry and Information Technology also selected 206 smart manufacturing pilot projects, of which 28 are related to industrial internet innovation.

Now, around 50 percent of the world's industrial platforms are provided by US enterprises and China still faces a gap with developed countries in terms of function, degree of commercialization and integrity of the whole ecosystem, according to the report.

Yang also noted that a group of companies including Rootcloud and Haier Group did quite well in industrial internet but most of them focus on certain vertical areas with limited users and resources, which still lag behind world-leading platforms such as General Electric's Predix and Siemens' MindSphere.

"However, most industrial platforms across the world are in the early stage of commercialization and are still on the way of exploring the market. In other words, China stands almost at the same starting line with developed countries," Yang said.

"Even though some enterprises started to map out industrial internet long before, they just launched their products and the service system still needs to be improved," she added.

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11/29/17

Permalink 04:54:14 pm, by dacare, 115 words, 49 views   English (US)
Categories: News of China

Coca-Cola opens biggest bottling plant in N. China

Coca-Cola's biggest bottling plant in north China began operating Thursday in Xianghe County of Hebei Province, southeast of Beijing.

The plant will produce bottled water, Coke and Sprite, mainly to serve Beijing, Tianjin, Hebei and neighboring regions, according to Luan Xiuju, president of COFCO Coca-Cola Beverages, a joint venture of Coca-Cola and China's COFCO Corporation.

The first phase of the plant involved investment of 500 million yuan (76 million U.S. dollars).

As Coca-Cola's third-largest market, China offers exciting opportunities and the firm has full confidence in the Chinese market, said James Quincey, President and Chief Executive Officer of Coca-Cola.

Quincey said the firm will continue to work with COFCO to offer new products for Chinese consumers.

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11/28/17

Permalink 01:37:10 pm, by dacare, 108 words, 137 views   English (US)
Categories: News of China

JAC, Volkswagen to jointly develop multi-functional cars

Anhui Jianghuai Automobile (JAC Motors) and Volkswagen Monday signed a memorandum on a joint venture to develop and market multi-function vehicles.

The two companies will discuss possible options for a joint venture which will develop pickup trucks, MPVs and electric cars.

The venture will be half-owned by JAC and half-owned by Volkswagen. It will be based in Hefei, capital city of central China's Anhui Province, hometown of JAC.

It will be the second joint venture between JAC and Volkswagen, as the two companies signed an agreement in Germany in June to establish a 50-50 joint venture to develop, produce and market new energy cars and related mobility services.

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11/23/17

Permalink 02:32:40 pm, by dacare, 148 words, 197 views   English (US)
Categories: News of China

Chinese companies abroad hire more local employees

Chinese companies abroad hired 118,000 more local employees in 2016 than in 2015, according to the country's top economic planner.

The number of local employees working for Chinese companies abroad rose to more 1.3 million last year, said Zhou Xiaofei, deputy secretary-general of the National Development and Reform Commission, at the 2017 International Industrial Capacity Cooperation Forum and the 9th China Overseas Investment Fair, held in Beijing.

China's global outbound direct investment, which includes corporate mergers, acquisitions and start-ups, reached nearly 1.4 trillion U.S. dollars by the end of 2016.

Foreign direct investment (FDI) into the Chinese mainland added up to 1.8 trillion U.S. dollars by the end of last year, according to Zhou.

FDI into the Chinese mainland claimed has been third highest in the world for nine years in a row.

"Foreign-funded enterprises contributed one-fourth of the country's industrial output, one-fifth of its treasury income and one-tenth of urban employment," Zhou said.

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11/21/17

Permalink 03:43:42 pm, by dacare, 567 words, 145 views   English (US)
Categories: News of China

Alibaba places $2.8 bln bet on 'new retail' amid saturated markets

Places $2.8 bln bet on 'new retail' amid saturated markets: analysts

Alibaba Group announced on Monday that it would invest about $2.88 billion into one of China's largest grocery operators as part of a broader drive to integrate traditional offline and online retailing and create a "new retail" environment.

The move represents the e-commerce giant's answer to pressure from rival JD.com Inc, which has a big presence in online grocery retailing, as well as to saturated online and physical retail markets, experts noted on Monday.

Alibaba said that, as part of a strategic alliance with Auchan Retail SA and Ruentex Group, it will invest HK$22.4 billion ($2.88 billion) to acquire a total direct and indirect stake of 36.16 percent in Sun Art Group.

Under the alliance, Auchan Retail and Ruentex will hold 36.18 percent and 4.67 percent stakes, respectively, in Sun Art, which operates 446 hypermarkets in 29 provincial-level regions in China, the companies said in a joint statement on Monday.

"The alliance reflects Alibaba's 'New Retail' vision to leverage its Internet-based approach and new technology, while working closely with retail partners to provide a seamless online and offline experience to consumers in China," read the joint statement.

"By fully integrating online and physical channels together with our partners, we look forward to delivering an original and delightful shopping experience to Chinese consumers," Alibaba CEO Zhang Yong was quoted as saying in the statement.

"I think this deal will have a positive impact for both parties. From the Alibaba side, the deal will further strengthen its efforts to integrate online and offline to build the 'New Retail' environment," Veronica Wang, an associate partner at global consultancy OC&C Strategy Consultants, said in a note to the Global Times on Monday.

Wang added that Sun Art could potentially leverage Alibaba's strong digital capabilities, not only at the consumer level but also through the back-end supply chain, to provide a seamless online-to-offline (O2O) experience for consumers in China.

The alliance represents the latest move in Alibaba's aggressive investment in brick-and-mortar retailers in recent years, including electronics retailer Suning Commerce Group and supermarket chain Sanjiang Shopping Club Co. Since 2015, Alibaba has invested more than $9.3 billion in physical stores, Reuters reported on Monday.

Lu Zhenwang, founder of Shanghai Wanqing Commerce Consulting, said that Alibaba's approach in the physical retail market is aimed at "huge competition from JD.com" because the latter has built up a big presence in online grocery retailing with its own robust off-line resources such as storage, while Alibaba was focused on increasing independent sellers and brands on its platforms.

"Retail markets both online and off-line have peaked in recent years and growth has been showing signs of slowing, and Alibaba is trying to create a new retail environment that could extend into the O2O retail market," Lu told the Global Times on Monday, adding that Sun Art's strong presence across China could support Alibaba's efforts.

At the end of the Alibaba "New Retail" push is the much larger consumer base than those currently online, and that's a "huge potential" market for Alibaba and for physical stores, according to Liu Dingding, a Beijing-based independent analyst.

"Think about it. There are only 700 to 800 million Internet users in China but the population is 1.3 billion. What about the rest? They are also consumers, so I think that's what Alibaba is after; it wants to reach everyone in China," Liu told the Global Times on Monday.

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