China’s Xi Jinping spotlights Shenzhen as future for economic growth, Hong Kong given back seat

China’s President Xi Jinping praised the tech-hub city of Shenzhen in a landmark speech on Wednesday, leaving some puzzling over the future of nearby Hong Kong, as China’s traditional global foothold.

Xi said Shenzhen, often dubbed China’s Silicon Valley and home to tech giants Huawei and Tencent, was making “historic leaps” and “achieving miracles.”

He also announced that the area would be given more leeway to pursue opening-up reforms and become a “model city for a strong socialist country.”

Once a small fishing village adjacent to Hong Kong, Shenzhen is now home to about 13 million and was transformed in 1980 by veteran Chinese leader Deng Xiaoping, after he designated it a “Special Economic Zone,” carving out capitalist privileges in the staunchly communist country.

Retracing Deng’s footprints 40 years later during his own southern tour this week, Xi announced Shenzhen would again become a testing ground for foreign investment and

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China’s Xi promises changes to promote tech center Shenzhen

BEIJING (AP) — President Xi Jinping promised Wednesday new steps to back development of China’s biggest tech center, Shenzhen, amid a feud with Washington that has disrupted access to U.S. technology and is fueling ambitions to create Chinese providers.



In this photo released by China's Xinhua News Agency, Chinese President Xi Jinping, center, and other leaders applaud during an event to commemorate the 40th anniversary of the establishment of the Shenzhen Special Economic Zone in Shenzhen in southern China's Guangdogn Province, Wednesday, Oct. 14, 2020. Xi promised Wednesday new steps to back development of China's biggest tech center, Shenzhen, amid a feud with Washington that has disrupted access to U.S. technology and is fueling ambitions to create Chinese providers. (Zhang Ling/Xinhua via AP)


© Provided by Associated Press
In this photo released by China’s Xinhua News Agency, Chinese President Xi Jinping, center, and other leaders applaud during an event to commemorate the 40th anniversary of the establishment of the Shenzhen Special Economic Zone in Shenzhen in southern China’s Guangdogn Province, Wednesday, Oct. 14, 2020. Xi promised Wednesday new steps to back development of China’s biggest tech center, Shenzhen, amid a feud with Washington that has disrupted access to U.S. technology and is fueling ambitions to create Chinese providers. (Zhang Ling/Xinhua via AP)

Xi made the remarks in a speech marking the 40th anniversary of the former fishing village adjacent to Hong Kong being declared

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In the shadow of TikTok, China’s apps quietly hoover up downloads

While SHEIN has its origins in China it is one of the biggest shopping apps in the United States, SHAREit has been banned in India despite being massively popular elsewhere, and Likee is chasing TikTok — but desperate to avoid a similar fate.

China’s app makers are having to be agile in a world where key markets have turned hostile to their country’s tech. 

They are either going under the radar in territories where the war over privacy, security and geopolitics rages — or are moving to friendlier markets to win millions of downloads.

Experts say that could signal an unstoppable rise for China’s smart and responsive tech, depending on the long-term damage that security and diplomatic squabbles may bring to the Made in China brand.

For now, the strategies of Chinese-owned platforms — quick reflexes to their customer base and aggressive social media marketing — are winning fans in

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Here’s a first glimpse of China’s digital yuan



Yuan bank notes.


© Provided by Quartz
Yuan bank notes.

China’s long-anticipated digital yuan has arrived in the wallets of some ordinary citizens.

Beijing began exploring a digital currency in 2014, with the project going into high gear in 2017—the same year the country cracked down on cryptocurrency trading. The digital yuan is very much not a cryptocurrency; like the regular yuan, it is under the control of the People’s Bank of China, and will be rolled out with the help of the country’s largest commercial banks. After conducting small-scale trials earlier this year, China began its largest test yet yesterday, with 200 yuan ($30) worth of the virtual money issued to 50,000 citizens in the southern tech hub of Shenzhen through a lottery.

The pilot comes as the Chinese president Xi Jinping prepares to visit Shenzhen tomorrow (Oct. 14) to celebrate the 40th anniversary of the country’s establishment of its first special

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China’s Mars Probe Tianwen-1 Sends Home Selfies Captured 15 Million Miles From Earth

KEY POINTS

  • The CNSA released new selfies of Tianwen-1 captured 15 million miles away from Earth
  • The Mars probe took images of itself using a tiny camera ejected from the spacecraft
  • Tianwen-1 is expected to reach the red planet in February 2021

Talk about a clever way to take self-portraits in space! Tianwen-1 has snapped some selfies while in outer space using a camera ejected from its spacecraft.

While on its way to Mars, Tianwen-1 sent home new images of itself captured 15 million miles away from Earth. They were released by the China National Space Administration earlier this month as part of the country’s national day celebrations.

The small camera the Mars probe used to snap selfies had wide-angle lenses on each side and took one photo every second. It sends the images it takes to Tianwen-1, which would then transmit the pictures to Earth.

One of the many

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China’s digital yuan tests leap forward in Shenzhen

Shenzhen, known for its maker community and manufacturing resources, is taking the lead in trialing China’s digital yuan.

Last week, the city issued 10 million yuan worth of digital currency to 50,000 randomly selected residents who applied. The government doled out the money through mobile “red envelopes,” a tool designed to digitize the custom of gifting money in red packets and first popularized by WeChat’s e-wallet.

“Red packets are a common way we’ve seen in China Internet companies to spur adoption like what we’ve seen with Tencent WeChat and Alibaba’s Alipay in the early days, when these products were first launched,” Flex Yang, CEO of crypto finance firm Babel Finance, told TechCrunch.

The digital yuan is not to be mistaken as a form of cryptocurrency. Rather, it is issued and managed by the central bank, serving as the statutory, digital version of China’s physical currency and giving Beijing a better

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Why US sanctions on China’s Ant Group may be an empty threat

Washington could soon expand its war against Chinese tech companies by setting its sights on Ant Group, the crown jewel of billionaire Jack Ma’s empire.



a group of people performing on a counter: People walk past the Ant Group Co. mascot displayed at the company's headquarters in Hangzhou, China, on Monday, Sept. 28, 2020. Jack Ma's Ant Group is seeking to raise $17.5 billion in its Hong Kong share sale and won't seek to lock in cornerstone investors, confident there will be plenty of demand for one of the largest equity deals in the financial hub, according to people familiar with the matter. Photographer: Qilai Shen/Bloomberg via Getty Images


© Qilai Shen/Bloomberg via Getty Images
People walk past the Ant Group Co. mascot displayed at the company’s headquarters in Hangzhou, China, on Monday, Sept. 28, 2020. Jack Ma’s Ant Group is seeking to raise $17.5 billion in its Hong Kong share sale and won’t seek to lock in cornerstone investors, confident there will be plenty of demand for one of the largest equity deals in the financial hub, according to people familiar with the matter. Photographer: Qilai Shen/Bloomberg via Getty Images

But there doesn’t appear to be much the US government could do to realistically hurt the digital finance company. Unlike other Chinese tech firms that have drawn the ire of Washington, Ant does little business in the United States.

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Ant Group

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China’s smaller cities spend the most on video games nationally: Report

People visit the stand of Tencent’s mobile game ‘Glory of Kings’ during the 2020 China Digital Entertainment Expo & Conference (ChinaJoy) at Shanghai New International Expo Center on July 31, 2020 in Shanghai, China.

Zhou You | VCG via Getty Images

SINGAPORE — Video games are booming in China’s smaller cities, with citizens there accounting for more than half of revenue nationally, according to a recent report by Niko Partners.

“76% of gamers in China live in Tier 3-5 cities, accounting for 70% of game revenue,” Niko Partners said in a synopsis of its China Gamers Report.

Cities in China are classified by tiers based loosely on population and economic size. For example, places such as capital Beijing and Shenzhen are generally considered tier-one cities, while lower-tier cities are smaller.

The country is the world’s top game market and will generate an estimated $40.85 billion in revenue this year, according

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App Removed After Helping Users Bypass China’s Great Firewall

(Bloomberg) — An app backed by Chinese cybersecurity giant 360 Security Technology Inc. that helped users vault over Beijing’s Great Firewall was blocked and removed from mobile stores Saturday.



a close up of a light: Green lights illuminate cable terminals on the Sberbank and SberCloud Christofari supercomputer during an event to mark its launch into commercial operation inside the Sberbank PJSC data processing center (DPC) at the Skolkovo Innovation Center in Moscow, Russia, on Monday, Dec. 16, 2019. As Sberbank expands its technology offerings, the Kremlin is backing legislation aimed at keeping the country's largest internet companies under local control by limiting foreign ownership.


© Bloomberg
Green lights illuminate cable terminals on the Sberbank and SberCloud Christofari supercomputer during an event to mark its launch into commercial operation inside the Sberbank PJSC data processing center (DPC) at the Skolkovo Innovation Center in Moscow, Russia, on Monday, Dec. 16, 2019. As Sberbank expands its technology offerings, the Kremlin is backing legislation aimed at keeping the country’s largest internet companies under local control by limiting foreign ownership.

The Tuber browser, which let mainland users visit blocked sites from Google to Facebook Inc., stopped functioning Saturday afternoon and could no longer be located on the app store run by Huawei Technologies Co. It was unclear which agency ordered its removal, which came after Chinese users on social media

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U.S. should try to delay IPO of China’s Ant Group, Senator Rubio says

By Alexandra Alper

WASHINGTON (Reuters) – Senator Marco Rubio, who has successfully urged the Trump administration to pursue investigations of Chinese companies, called on Friday for the U.S. government to consider options to delay an initial public offering of China’s Ant Group, the fintech arm of Chinese e-commerce giant Alibaba.

“It’s outrageous that Wall Street is rewarding the Chinese Communist Party’s blatant crackdown on Hong Kong’s freedom and autonomy by orchestrating Ant Group’s IPO on the Hong Kong and Shanghai stock exchanges,” Rubio, a Republican, said in a statement to Reuters.

“The Administration should take a serious look at the options available to delay Ant Group’s IPO,” he added.

The Hong Kong leg of the IPO, part of a dual listing in Shanghai and Hong Kong, is being sponsored by China International Capital Corp, Citigroup, JPMorgan and Morgan Stanley. Credit Suisse is working as a joint global coordinator. Goldman Sachs

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