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Beijing’s Fengtai district unveils first private tech innovation center

Beijing’s first private enterprise technology innovation center was unveiled on Tuesday in Fengtai district. [Photo provided to chinadaily.com.cn]

Beijing’s first private enterprise technology innovation center was unveiled on Tuesday in Fengtai district. The center provides a 100,000-square-meter industrial and service space for private technology enterprises, aiming to foster the development of new quality productive forces and nurture cutting-edge industries.

In recent years, Fengtai has engaged with partners in fields such as rail transportation, aerospace and the digital economy, attracting 600 enterprises to its fold, according to the district government.

Wang Shaofeng, Party secretary of the Fengtai district, expressed the district’s commitment to serving the capital’s functions and promoting integrated urban-industrial development.

He stated that Fengtai will continue to make progress in various sectors to accelerate high-quality development.

Future and modern industries are two key areas on which the district focuses. The satellite internet industry park, located in the Fengtai Science and Technology Park, spans approximately 100,000 square meters and focuses on the development of satellite application industries, including communication, navigation and remote sensing.

The industrial park aims to attract more partners and establish a new commercial aerospace industry hub.

Meanwhile, the Beigong low-altitude economic industrial park in Fengtai’s Beigong Town is set to release around 2 million square meters of industrial space gradually.

Leveraging Fengtai’s aerospace and rail transportation industry clusters, the park will prioritize the top-level design, research and manufacturing of products such as drones and flying cars.

As one of Fengtai district’s nine key signed projects, the largest JD home appliance mall in the country, invested by JD Group, is poised to settle in the district.

Spanning around 70,000 square meters of retail space, it will include trendy home appliances, home decor, entertainment and outdoor sports, offering consumers a comprehensive “one-stop home” shopping experience.

According to district government data, in 2023, Fengtai’s regional GDP was 218.75 billion yuan ($30.18 billion), a 6.5 percent increase from the previous year.

Fixed asset investment reached 78.49 billion yuan, marking a 19.6 percent year-on-year growth. The district’s market vitality continued to surge, with 21,300 new market entities established, a 32.2 percent year-on-year increase.

World Bank raises forecast for UAE’s real GDP growth to 3.9% in 2024; 4.1% in 2025

Photo: WAM

The World Bank has raised its forecast for the UAE’s real GDP growth to 3.9% in 2024, compared to its previous forecast in January of 3.7%.

In an economic update published today on the latest economic developments in the Middle East and North Africa region, the World Bank said it had raised its forecast for the UAE’s economic growth to 4.1% in 2025 from its previous forecast of 3.8%.

The report also indicated that the UAE’s current account surplus is estimated to rise to 8.4% in 2024 and 8.3% in 2025, and that the country will achieve a surplus of 5.1% in its fiscal balance by the end of this year and 4.8% next year.

For MENA, the World Bank said that the region is forecasted to grow 2.7 percent in 2024, which represents a return to the low growth in the decade before the global pandemic. For 2025, the report said that the MENA region is expected to grow at 4.2 percent. In the GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, growth will improve to 2.8 percent in 2024 and 4.7 percent in 2025. The pickup in growth is mainly driven by higher oil output due to the phasing out of oil production cuts and robust growth in the non-oil sector linked to diversification efforts and reforms.

MENA’s GDP per capita is expected to grow a modest 1.3 percent in 2024, according to the bank, which is an improvement from the 0.5 percent rate in 2023. This increase is driven almost entirely by GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, whose GDP per capita growth in 2024 is projected to be 1.0 percent, a significant improvement from the 0.9 percent decline in GDP per capita in 2023.

Foreign executives, officials bullish on Chinese economy in Boao, denying ‘Peak China’ rhetoric

Participants take photos at the permanent site of Boao Forum for Asia in Boao, South China’s Hainan Province, on March 27, 2024. Photo: VCG

During a panel discussion at the Boao Forum for Asia (BFA) Annual Conference, executives from foreign-funded enterprises and officials from international institutions said they remained bullish on China’s economic growth in 2024, noting that innovation, consumption and green development will constitute a new China story.

As the world’s second-largest economy and important growth engine for the world economy, China’s development has attracted much attention. The remarks by the participants at the BFA strongly denied the so-called Peak China rhetoric, as the country’s economy is on course to recover.

Jean-Pierre Raffarin, former French prime minister, said that China’s 2024 growth target of about 5 percent is good, and the world economy needs China’s growth, as well as its innovation.

Steven Barnett, the IMF’s senior resident representative in China, said that last year, China’s economy contributed one third of global growth, and its growth is beneficial to the world.

Every one percentage point rise in China’s GDP growth will drive an increase of 0.3 percentage points in the economic growth of other countries, so strong GDP growth in China is not only good for China, but also for the rest of the world.

Regarding this year’s GDP growth target, Denis Depoux, global managing director of Roland Berger, said that the figure is not important in itself, more important thing is the transformation that is represented underneath the 5 percent goal.

There are some main themes to the new China story: innovation, new quality productive forces, decarbonization and consumption.

This photo taken on March 25, 2024 shows the Boao Forum for Asia (BFA) International Conference Center in Boao, South China’s Hainan Province, is ready for the upcoming forum. The BFA Annual Conference 2024 will be held from March 26 to 29 in Boao, focusing on how the international community can work together to deal with common challenges and shoulder their responsibilities. Photo: cnsphoto

Multinational companies, which have benefited from China’s double-digit average economic growth rate in past decades, now eye more opportunities in the Chinese market, including industrial upgrading and green development, Depoux said.

Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development, told the Global Times that China’s economic growth has made a positive contribution to regional and global development.

He has observed that China is moving some of its manufacturing into other countries in Asia that may appear lower on the manufacturing chain and are still behind the development curve. This change is a win-win for both China and other Asian countries, the Italian scholar said.

While praising China’s huge achievements in the green economy, Geraci said that this is one of the key areas for future economic cooperation between Europe and China. He called for China-EU cooperation in the green transition.

“The other area for such cooperation is the development of infrastructure in third countries, such as in Asia and in Africa. In the developing markets of Africa, for example, China has a strong presence and European companies, including Italian ones, can bring complementary expertise,” said Geraci.

Since the beginning of this year, China’s economic fundamentals have continued to improve, and positive factors bolstering the economic rebound have accumulated and increased.

Figures from the National Bureau of Statistics showed that in the first two months, the value added of industries over the designated size grew by 7 percent year-on-year, retail sales rose by 5.5 percent, investment in the manufacturing industry increased by 9.4 percent, and total trade grew by 8.7 percent, ushering in a promising year.

“If China’s economy maintains a growth rate of at least 5 percent this year, it would be feasible to achieve a contribution rate of 30 percent or more to global economic growth, provided that the exchange rate remains relatively stable,” Tian Yun, a Beijing-based economist, told the Global Times on Thursday.

“If trade with the US follows the recovery seen in January and February, it would significantly boost the Chinese economy. In addition, residential consumption holds significant potential to support economic growth,” Tian noted.

If consumer spending and investment flourish, achieving a 5 percent growth rate this year is attainable, given ample market opportunities and robust production capabilities of China, Tian said.

IDC: China’s GenAI sector investment surges, projected to reach $13 billion by 2027

AI Photo: VCG

Driven by rapid technological advancement, China is expected to see a compound annual growth rate (CAGR) of 86.2 percent for generative artificial intelligence (AI) investment between 2022 and 2027, according to a newly released report from Research firm IDC, showcasing the robust prospects of the country’s high-tech sector.

Thanks to the government’s rising efforts to accelerate high-quality development, China’s generative AI spending is set to reach 33 percent of the world’s AI investment by 2027, up from 4.6 percent in 2022 with the generative AI investments probably reaching $13 billion, according to the report.

China’s performance is outstanding amid overall global growth in the industry, which is projected to reach $512.42 billion by 2027, with a CAGR of 31.1 percent, IDC forecasted in its Worldwide Artificial Intelligence Spending Guide.

The report also underscored China’s leading position in AI investment within the Asia-Pacific region, surpassing half of the total investment in the region. As of 2027, China`s AI investment is set to exceed $40 billion, representing a CAGR of 25.6 percent.

Generative AI is poised to become a pivotal technology in enterprise automation. Banking, retail, software, and information services are cited as the top three spenders driving its innovation and growth, collectively constituting nearly a third of the market, according to the report.

Since 2014, China’s AI development has been accelerating, driven by the surging application demand within the domestic market. According to an official with the Ministry of Industry and Information Technology (MIIT), China’s AI industry output value reached 580 billion yuan ($80.23 billion) in 2023, up 18 percent year-on-year. The number of major AI-related enterprises has exceeded 4,400, ranking second in the world.

China’s AI development has been rising rapidly amid the government’s ramped-up efforts to develop new quality productive forces. The country has announced a slew of plans to enhance industrial innovation, and accelerate AI-driven manufacturing, led by large language models, to speed up the establishment of a modern industrial system, an official from MIIT said recently.

Global Times