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China’s Insurance Industry Going Global
China Financial Weekly Issue No. 13， 2018
The year 2018 marks the 40th anniversary of China’s reform and opening-up policy. This year， the country has shared benefits of its opening-up with the world in a barrage of new moves. In April， Chinese President Xi Jinping announced several significant measures for further opening-up at the Boao Forum for Asia， including accelerating the opening up of the insurance industry. Yi Gang， governor of the People’s Bank of China， followed up with an annual list of financial opening up packages， further lifting the cap on the proportion of foreign shares in insurance companies and expanding the scope of foreign insurance brokers.
On May 30， the China Banking Regulatory Commission（CBRC） solicited views from the public on the amendments to the Implementation Rules of the Regulations on the Administration of Foreign Insurance Companies. The relaxation of the cap on foreign ownership of life insurance companies to 51 percent is a key part of the wider opening of China’s insurance industry， according to the draft.
Experts say that the newround of opening-up of the insurance industry will undoubtedly have a far-reaching impact. It will push China’s insurance industry to be diversified， marketoriented， and professional.
Shanghai Manufacturing Setting out Again
Xinmin Weekly Issue No. 25， 2018
As is known to all， Shanghai is the birthplace of China’s modern industry.
Before 1949， Shanghai was the largest commercial and industrial city as well as the economic center of China. It played a key role in the country’s industrial development， transportation， domestic and foreign trade， and finance.
After the founding of the PRC in 1949， Shanghai ushered in its economic take-off. With decades of unremitting work， a gilded signboard“made in Shanghai” was forged：
Back then， “made in Shanghai”represented prestige and fashion. It was the symbol of the city. In the new era， Shanghai accelerates its industrial restructuring. “Made in Shanghai” is being transformed and upgraded into “quality assurance from Shanghai” and “intelligent manufacuring in Shanghai.” Today， the revival of “made in Shanghai”shows the country’s far-sighted plans and greater ambition.
Along with economic globalization， the scientific and technological revolution of the Internet， and the wide application of information technology， new materials and new energy， Shanghai manufacturing is transforming itself into highend， green， intelligent， and serviceoriented. The transformation is both fruitful and challenging. People ponder over how “made in Shanghai” and urban development are supplementary to each other， and what role “made in Shanghai”plays in global competition. TMALL New Retail Rebuilding a New World
Southern People Weekly Issue No. 13， 2018
The “TMall Ideal Life Carnival，”which began on June 1， has morphed into a new retail “expo.”
The carnival catered to an impressively wide array of categories and participants. Large-scale commercial applications of new retail technologies were seen in action， with elements highlighting the three-dimensional modern， urban consumer life， and global collaboration. Based on Beijing and Shanghai’s new retail business， TMall set up a network.
As offline business advances， an urban network for Hema Supermarket has also been established. Besides， with the joining of Yintai， Eleme， RT-Mart， and Easyhome， TMall has now covered almost all aspects of people’s daily life.
New retail relies on the marriage of technology and retail. Technology， only when entering the stage of large-scale commercial use， can create new experiences in people’s daily life. Facial scanning to enter a store for a customized experience， paying while walking， trying on clothes before the virtual dressing mirror， buying at the click of a button –during the TMall carnival， new retail technologies were not just touted on marketing slides， but in practical usage in the offline stores set up.
TMall’s new retail is the future. From the government to the
people， from first-tier cities to new first-tier cities， it is causing a wide range of transformative ripples.
5G Incoming
Oriental Outlook Issue No. 26， 2018
At the Mobile World Congress（MWC） held from June 27 to 29， 2018 in Shanghai， over 600 renowned enterprises from more than 100 countries and regions amazed participants with their new technologies in the following fields： the Internet of Things， wearable technology， connected cities， virtual reality， and unmanned operations. These new technologies will exert a profound influence on people’s daily life in the 5G era.
Two weeks earlier， on June 13， 3GPP， the main body for the setting of international telecommunications standards， approved an independent networking scheme for 5G NR， the fifth generation mobile technology standard.
5G will change the way the world connects.
Statistics from the China Mobile Internet of Things （CMIOT） Company show that Hangzhou has become China’s first provincial capital with more mobile IOT clients than residents. As of the end of the first quarter， Hangzhou boasted a total of 10.21 million mobile IOT clients， which exceeds the number of its residents （9.47 million）， and China Mobile users in the city （10.16 million）. This means Hangzhou is well on its way towards “the first Chinese city of IOT.”
Earlier， China Mobile announced that it would conduct 5G tests this year， and hoped to put 5G on trial for commercial purposes next year and implement it fully for commercial use by 2020.
Given the huge dividends of 5G， each country is being proactive in its R&D.
China Financial Weekly Issue No. 13， 2018
The year 2018 marks the 40th anniversary of China’s reform and opening-up policy. This year， the country has shared benefits of its opening-up with the world in a barrage of new moves. In April， Chinese President Xi Jinping announced several significant measures for further opening-up at the Boao Forum for Asia， including accelerating the opening up of the insurance industry. Yi Gang， governor of the People’s Bank of China， followed up with an annual list of financial opening up packages， further lifting the cap on the proportion of foreign shares in insurance companies and expanding the scope of foreign insurance brokers.
On May 30， the China Banking Regulatory Commission（CBRC） solicited views from the public on the amendments to the Implementation Rules of the Regulations on the Administration of Foreign Insurance Companies. The relaxation of the cap on foreign ownership of life insurance companies to 51 percent is a key part of the wider opening of China’s insurance industry， according to the draft.
Experts say that the newround of opening-up of the insurance industry will undoubtedly have a far-reaching impact. It will push China’s insurance industry to be diversified， marketoriented， and professional.
Shanghai Manufacturing Setting out Again
Xinmin Weekly Issue No. 25， 2018
As is known to all， Shanghai is the birthplace of China’s modern industry.
Before 1949， Shanghai was the largest commercial and industrial city as well as the economic center of China. It played a key role in the country’s industrial development， transportation， domestic and foreign trade， and finance.
After the founding of the PRC in 1949， Shanghai ushered in its economic take-off. With decades of unremitting work， a gilded signboard“made in Shanghai” was forged：
Back then， “made in Shanghai”represented prestige and fashion. It was the symbol of the city. In the new era， Shanghai accelerates its industrial restructuring. “Made in Shanghai” is being transformed and upgraded into “quality assurance from Shanghai” and “intelligent manufacuring in Shanghai.” Today， the revival of “made in Shanghai”shows the country’s far-sighted plans and greater ambition.
Along with economic globalization， the scientific and technological revolution of the Internet， and the wide application of information technology， new materials and new energy， Shanghai manufacturing is transforming itself into highend， green， intelligent， and serviceoriented. The transformation is both fruitful and challenging. People ponder over how “made in Shanghai” and urban development are supplementary to each other， and what role “made in Shanghai”plays in global competition. TMALL New Retail Rebuilding a New World
Southern People Weekly Issue No. 13， 2018
The “TMall Ideal Life Carnival，”which began on June 1， has morphed into a new retail “expo.”
The carnival catered to an impressively wide array of categories and participants. Large-scale commercial applications of new retail technologies were seen in action， with elements highlighting the three-dimensional modern， urban consumer life， and global collaboration. Based on Beijing and Shanghai’s new retail business， TMall set up a network.
As offline business advances， an urban network for Hema Supermarket has also been established. Besides， with the joining of Yintai， Eleme， RT-Mart， and Easyhome， TMall has now covered almost all aspects of people’s daily life.
New retail relies on the marriage of technology and retail. Technology， only when entering the stage of large-scale commercial use， can create new experiences in people’s daily life. Facial scanning to enter a store for a customized experience， paying while walking， trying on clothes before the virtual dressing mirror， buying at the click of a button –during the TMall carnival， new retail technologies were not just touted on marketing slides， but in practical usage in the offline stores set up.
TMall’s new retail is the future. From the government to the
people， from first-tier cities to new first-tier cities， it is causing a wide range of transformative ripples.
5G Incoming
Oriental Outlook Issue No. 26， 2018
At the Mobile World Congress（MWC） held from June 27 to 29， 2018 in Shanghai， over 600 renowned enterprises from more than 100 countries and regions amazed participants with their new technologies in the following fields： the Internet of Things， wearable technology， connected cities， virtual reality， and unmanned operations. These new technologies will exert a profound influence on people’s daily life in the 5G era.
Two weeks earlier， on June 13， 3GPP， the main body for the setting of international telecommunications standards， approved an independent networking scheme for 5G NR， the fifth generation mobile technology standard.
5G will change the way the world connects.
Statistics from the China Mobile Internet of Things （CMIOT） Company show that Hangzhou has become China’s first provincial capital with more mobile IOT clients than residents. As of the end of the first quarter， Hangzhou boasted a total of 10.21 million mobile IOT clients， which exceeds the number of its residents （9.47 million）， and China Mobile users in the city （10.16 million）. This means Hangzhou is well on its way towards “the first Chinese city of IOT.”
Earlier， China Mobile announced that it would conduct 5G tests this year， and hoped to put 5G on trial for commercial purposes next year and implement it fully for commercial use by 2020.
Given the huge dividends of 5G， each country is being proactive in its R&D.