Incubator for China-New Zealand High-Tech Innovation Launches
The cities of Guangzhou, China and Auckland, New Zealand have launched a project to encourage high-tech start-up collaboration between the two nations. This cooperative project will see InnHub innovation incubator, which is currently based in Guangzhou, invest up to NZ$20 million into Auckland, helping the city’s GridAKL support more Chinese-New Zealand start-up companies in the IT sector. Primarily, the fund will support information technology companies who are engaging in business between New Zealand and China and aims to build a high-tech relationship between the two cities. Click here to read the full article.
China: The New Global Leader in Development Finance
A recent study conducted by Boston University and the Chinese Academy of Social Sciences has found that China now has a bigger presence in international development finance than all of the world’s six major multilateral financial institutions combined. With just over a decade of lending overseas, the Chinese have doubled the amount of such finance available in the global economy. With the China Development Bank and Export-Import Bank of China holding outstanding loans to overseas borrowers totaling in an estimated amount of $684 billion last year, and the development of two new multilateral development banks – the Asia Infrastructure Investment Bank and the New Development Bank – these contributions combined brings China’s total financing to well above $700 billion, the current assets of the six western-backed development banks. Click here to read the full article.
High-end Service Sector FDI Doubles in Four Months
On Tuesday the Chinese Ministry of Commerce reported that China’s service sector specifically regarding high-end technology attracted a total foreign direct investment (FDI) of $5.13 billion in the first four months of 2016. This amount is more than double that recorded in the same time period of last year, rising 4.8% year-on-year. China’s outbound direct investment also increased by 71.8% from the same period of last year, totaling $60.08 billion. Click here to read the full article.
Apple invests $1 Billion in Chinese Didi Chuxing
Last Thursday Apple Inc confirmed that it had invested $1 billion into the Chinese ride-hailing service Didi Chuxing, a move aimed at gaining a greater understanding of the critical Chinese market. Didi ChuXing, formally known as Didi Kuaidi, reported that the investment from Apple is the single largest investment it has ever received. Currently the company completes more than 11 million rides a day and holds more than 87% of the market for private car-hailing in China. Click here to read the full article.