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Four Chinese banks were among the world’s top 10 most profitable companies over
the past year concluding at the end of March, according to a report by Bloomberg.
The Industrial and Commercial Bank of China and China Construction Bank achieved a net in
come of $45 billion and $38 billion respectively over the past year, closely following Apple Inc, which retai
ned its title of world’s biggest moneymaker for the fourth straight year with a net income of $57.2 billion.
The Agricultural Bank of China and the Bank of China were respectively ranked at the
seventh and 10th places in the top profit list, with $31 billion and $27 billion in net incomes.
While financial service companies claimed nine spots among the top 10 most profitable compa
nies, no drugmakers or automotive firms appeared in the list for the first time in eight years, the report said.
ed China’s digital economy had reached more than 27 trillion yuan ($4 trillio
n) in 2017, a year-on-year rise of 20.3 percent, accounting for nearly 33 percent of GDP.
Lu said the growth rate of the number of people working as new media operators in 2017 was mo
re than 10 times that of 2013. The growth comes as more consumers turn from mass media to new me
dia, which provides more information, is faster, has a more diversified presentation and cheaper cost.
Algorithm engineers, in particular, grew at exponential rates. More than fi
ve times as many people worked as algorithm engineers in 2017 than 2013, he said.
“Algorithm is the foundation for artificial intelligence. AI has started to integrate with other industr
ies and already had been successfully implemented in AI plus marketing, finance and assisted medical dia
gnosis. AI engineers will have more value as AI becomes more closely tied with more businesses,” Lu said.
ople. However, neither the US nor China can expect to keep, much less get back, low-wage, low-skilled manufacturing jobs.
Many people have the impression that Chinese goods are dominant in US markets. That is true only in a few highly com
petitive, low-profit sectors. According to US Commerce Department data, China has more than 50 percent of the
US market in such items as umbrellas, toys, prepared feathers, footwear, straw products, and bedding.
Chinese exporters have from 20 to 50 percent of the US market in ot
her low-value-added markets, plus electrical machinery and equipment, mechanical app
liances, and iron and steel. In most other categories, China has less than 20 percent of the US market.
China also assembles and then exports a lot of phones, computers and other gad
gets to the US. But, most of the profits and wages go to Japanese or South Korean componen
World Trade Organization was being negotiated, China’s economy was ti
ny as a portion of world GDP. It was clearly a poor, less-developed country that, except in a f
ew areas, was not able to compete with Western companies in high-value-added products.
As Alexander Hamilton, the first US Treasury secretary, argued, a developing country may need to p
rotect its “infant industries” from already established foreign competitors. This was the policy foll
owed by the US in the 19th century and by Western Europe, Japan, and South Korea in the years after World War II.
China is no longer a poor country. It can no longer compete by using low-wa
ge labor. Fortunately, it has now developed world-class companies that are incre
asingly developing new products and services that can compete successfully in many foreign markets.
PWC, KPMG, Ernst&Young, UPS, DHL, CMA CGM, HSBC, and VALE International.
The food showing area will be 60,000 square meters showing d
airy products, vegetables, fruits, meats, aquatic products, snacks, condiments, liquor and bever
ages, and the exhibitors will include Nestle, Danone, Fonterra, Theland, Dole, Louis Dreyfus and Cargill.
The 12th China Arts Festival will bring a slew of art activities to the Chinese economic and art hub Shanghai.
From May 20 to June 2, more than 50 shows selected nationwide will be perform
ed in 19 major theaters in Shanghai, over 600 artworks will go on display at the China Art Museum, and a fine
selection of creative cultural products will be shown at the Shanghai Exhibition Center. The festival will inclu
de various art forms, such as opera, chamber music, dancing, painting, sculpture and photography.
As 2019 also marks the 70th anniversary of the foun
ding of the People’s Republic of China, this year’s repertoire will be centered aro
und the lives of modern Chinese people as well as the diversified and prosperous art development in the new era.
ros horns, pangolin scales, dried sea horses, red corals, and hawksbill turtles, Zheng said.
A major overseas criminal gang once active in smuggling animals to Guangdong province has been busted following the crackdown, he said.
He suggested that further special campaigns will be launched to fight against such smuggling in the coming months.
Water pollution has forced many regions, especially in southern China, to change their sou
rces of drinking water, with many reaching out to the Yangtze River, a report said.
The contamination of water bodies has made drinking water in souther
n China more scarce, despite a dense network of waterways, according to the report, publ
ished earlier this year by the Institute of Public and Environmental Affairs, an NGO.
A campaign to root out environmental violations at water intake sites is expect
ed to improve things, but environmental authorities should be aware that local governments may choose to aba
ndon their water intake sources to avoid rectifying problems, said Ma Jun, director of the institute.