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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.
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.
The rail link between Tianjin and Nanjing’s Pukou district－the Tientsin-Pukow Railw
ay－was completed in 1912. But the two lines could not be connected because there was no bridge across the river.
According to the Academy of Sociology, which was founded by scholars from Nanjing Univers
ity, at least two structures－the Wuhan Yangtze River Bridge and the Chongqing Baishatuo Yangtze
River Bridge－were built before the Nanjing structure. But neither was considered a landmark by the public.
In 1913, Zhan Tianyou, who was known as “the father of China’s railways”, traveled to Nan
jing to inspect the Yangtze riverbed to build a bridge. However, he dropped his plan because the river had an ave
rage width of 1,500 meters, was more than 70 meters at its deepest and the water flow was 3 meters per second.
Zhan reportedly stayed for a few days, left without saying a word, and then decided to inspe
ct the river in Wuhan, Hubei province, before completing the first design for the Wuhan Yangtze River Bridge.
Nine China’s listed auto companies — Geely, Great Wall, JMC, FAW Car, TianJin FAW Xiali, BYD, BAIC, GAC, S
AIC — announced their 2018 financial results, news portal National Business Daily reported on Thursday.
The portal said the vehicle sales and net profits of Geely and SAIC increased in 2018, while the figures of JMC and FAW Car decreased.
Geely reported its revenue rose 15 percent year-on-year to 106.6 billion yuan last year, the net profits attributable to s
hareholders increased 18.05 percent to 12.55 billion yuan, and the vehicle cumulative
sales (including the company’s subsidiary brand LYNK&CO) reached 1.5 million units, surging 20 percent.
Great Wall’s revenue and vehicle sales in 2018 were 99.23 billion yuan
and 1.04 million units, respectively, a 1.92 percent and 1.63 percent decline from a year ear
lier, while its net profits attributable to shareholders saw a rise of 3.58 percent to 5.2 billion yuan.
m to stumble on the roads. “One year, it was snowing, and I walked more than one hour to the s
chool. My colleague helped me half of the way — otherwise, I might have fallen into the gully,” he said.
Gao Yangyao, who worked with Gao Ziren for many years, said that “he has difficulty walking, but he is usually the first to come to school.”
Gao Ziren’s Mandarin Chinese was not so good in the beginning, and he continued listening to radio broadcasts to improve his pro
nunciation. When students had the wrong pronunciation, he would correct them, even when it cost the whole class time.
In 1980s, the mountainous area had poor teaching conditions, with a lack of desks and benches, so Gao br
ought some desks and benches from home. When some impoverished students had no stationery, he would buy it for them.
Gao Xiaomei, one of the first students Gao Ziren taught and now a school principal in Meiling, said that he taught child
ren carefully and usually walked close to students to help them solve problems. His carefulness led her to be a teacher.