Trump faces pushback after saying he may intervene in arrest of Huawei executive

U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing. Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes. “Our extradition partners should not seek to poli


U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing. Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes. “Our extradition partners should not seek to poli
Trump faces pushback after saying he may intervene in arrest of Huawei executive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, yuri gripas, -david kuo, ceo of the motley fool singapore
Keywords: news, cnbc, companies, arrest, executive, legal, extradition, trump, case, saying, trade, huawei, politicize, deal, secure, intervene, pushback, process, faces


Trump faces pushback after saying he may intervene in arrest of Huawei executive

U.S. President Donald Trump is facing pushback for saying on Tuesday that he might intervene in a legal case involving the chief financial official of Chinese telco giant Huawei Technologies — if such a move would help Washington secure a trade deal with Beijing.

Canadian Foreign Minister Chrystia Freeland on Wednesday warned the U.S. not to politicize extradition cases, saying that the legal process should not be hijacked for political purposes.

“Our extradition partners should not seek to politicize the extradition process or use it for ends other than the pursuit of justice and following the rule of law,” she said when asked about Trump’s interview with Reuters where he reportedly said he would intervene in the case if it helped secure a trade deal with Beijing.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, yuri gripas, -david kuo, ceo of the motley fool singapore
Keywords: news, cnbc, companies, arrest, executive, legal, extradition, trump, case, saying, trade, huawei, politicize, deal, secure, intervene, pushback, process, faces


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Japan’s SoftBank to replace Huawei equipment, Nikkei reports

Japanese mobile carrier SoftBank will be replacing its hardware from Chinese tech giant Huawei in its 4G telecommunications network infrastructure over the next few years — and will instead be using equipment from Ericsson and Nokia, Nikkei Asian Review reported on Thursday. SoftBank is also expected to place orders with the two European companies for its 5G networks, Nikkei reported. SoftBank is the only telecom carrier in Japan that uses Huawei equipment, according to the news outlet. The 5G n


Japanese mobile carrier SoftBank will be replacing its hardware from Chinese tech giant Huawei in its 4G telecommunications network infrastructure over the next few years — and will instead be using equipment from Ericsson and Nokia, Nikkei Asian Review reported on Thursday. SoftBank is also expected to place orders with the two European companies for its 5G networks, Nikkei reported. SoftBank is the only telecom carrier in Japan that uses Huawei equipment, according to the news outlet. The 5G n
Japan’s SoftBank to replace Huawei equipment, Nikkei reports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, softbank, replace, reports, japans, network, huawei, telecommunications, using, reported, 5g, nikkei, carrier, equipment


Japan's SoftBank to replace Huawei equipment, Nikkei reports

Japanese mobile carrier SoftBank will be replacing its hardware from Chinese tech giant Huawei in its 4G telecommunications network infrastructure over the next few years — and will instead be using equipment from Ericsson and Nokia, Nikkei Asian Review reported on Thursday.

SoftBank is also expected to place orders with the two European companies for its 5G networks, Nikkei reported. SoftBank is the only telecom carrier in Japan that uses Huawei equipment, according to the news outlet.

The 5G network is the next telecommunications standard that facilitates quicker transfer of data, and allows more devices to connect to the internet.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: huileng tan, kazuhiro nogi, afp, getty images
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Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit


The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit
Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


Arrest of Huawei CFO shows 'the gloves are now fully off,' says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In fact, Global Times — a hyper-nationalistic tabloid tied to the Chinese Communist Party — responded to the arrest by posting on Twitter a statement about trade war escalation it attributed to an expert “close to the Chinese Ministry of Commerce.”

“China should be fully prepared for an escalation in the #tradewar with the US, as the US will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is a vivid example,” said the statement, paired with a photo of opposing fists with Chinese and American flags superimposed upon them.

Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradition to the U.S. The arrest is related to violations of U.S. sanctions, a person familiar with the matter told Reuters.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

The analysts said the Huawei executive’s arrest will not derail the start of trade negotiations after U.S. President Donald Trump and Chinese President Xi Jinping’s meeting last weekend in Argentina saw them agree to first steps to resolve their trade dispute. Still, they acknowledged, the incident involving Chinese telecommunications giant Huawei is likely to cloud talks.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


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Beijing’s economic ‘red lines’ may clash with Trump’s 90-day plan, analysts say

The “Made in China 2025” plan is Beijing’s industrial policy to invest heavily in high-end technologies such as artificial intelligence in a bid to catch up with rivals like the U.S. and Germany. The analysts’ comments follow Trump and Xi’s agreement over the weekend at the G-20 meeting in Argentinato put their bilateral trade war on pause momentarily. China is one of the world’s top producers of ingredients used to manufacture fentanyl, according to the U.S. Department of Justice. After all, so


The “Made in China 2025” plan is Beijing’s industrial policy to invest heavily in high-end technologies such as artificial intelligence in a bid to catch up with rivals like the U.S. and Germany. The analysts’ comments follow Trump and Xi’s agreement over the weekend at the G-20 meeting in Argentinato put their bilateral trade war on pause momentarily. China is one of the world’s top producers of ingredients used to manufacture fentanyl, according to the U.S. Department of Justice. After all, so
Beijing’s economic ‘red lines’ may clash with Trump’s 90-day plan, analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: huileng tan, thomas peter, pool, getty images
Keywords: news, cnbc, companies, trump, trade, policy, xi, beijings, wrote, lines, 90day, clash, trumps, chinese, plan, say, technology, red, china, analysts, statements, economic, 2025


Beijing's economic 'red lines' may clash with Trump's 90-day plan, analysts say

U.S. President Donald Trump and Chinese President Xi Jinping may have put their tit-for-tat tariff fight on hold, but differences between the two countries’ views on technology and state-supported businesses will challenge negotiations between the two economic giants, analysts said.

“Staunchly committed to the Chinese economic model, Xi will continue to lend state support to targeted industries, particularly in technology under the Made in China 2025 programme,” Eleanor Olcott, China policy analyst at research firm TS Lombard, wrote on Monday.

Washington has accused China of forcing technology transfers, and tacitly supporting intellectual property violations and cyber-crime, but those issues were downplayed in official descriptions of the weekend’s agreement.

“Despite White House economic advisor (Larry) Kudlow suggesting that the two sides are ‘pretty close’ on an agreement on intellectual property theft, 90 days still looks like a short period for discussions on complicated issues such as non-tariff barriers,” wrote Zhu Huani, an economist at Mizuho Bank in a note on Tuesday.

“Whilst reducing (the) trade gap could be the easier part to begin with, China is less likely to make concessions on its industrial policies such as ‘Made in China 2025,’ which might hinder discussion surrounding technology transfer,” added Zhu.

The “Made in China 2025” plan is Beijing’s industrial policy to invest heavily in high-end technologies such as artificial intelligence in a bid to catch up with rivals like the U.S. and Germany.

The analysts’ comments follow Trump and Xi’s agreement over the weekend at the G-20 meeting in Argentinato put their bilateral trade war on pause momentarily. They would, according to official statements, hold off on slapping additional tariffs on each other’s goods after Jan. 1 as talks continue between both countries.

As part of the deal, China said it would purchase more American imports, particularly in energy and agriculture. Beijing will also exert more control over the flow of fentanyl — a synthetic opioid that is 50 times more addictive than heroin and has been linked to thousands of overdose deaths in the United States. China is one of the world’s top producers of ingredients used to manufacture fentanyl, according to the U.S. Department of Justice.

But, “it is unclear how this [deal at the G-20] will resolve issues related to IP protection and forced technology transfers in China — it won’t,” economists from French trade credit insurer Coface wrote in a note on Monday.

After all, some are even jokingly questioning if Trump and Xi even attended the same meeting given the significant differences in statements from the two sides.

“There is reason to believe the two parties do not quite meet over the finer details of the deal: pointedly, no joint statement was released after the meeting. Furthermore, the statements that the U.S. and China issued separately showed material divergences, with the Chinese statement making no mention of the 90-day deadline on the threatened 25 percent tariff increase,” economists from Pictet Wealth Management wrote Monday.

Neither side referred to the “Made in China 2025” industrial policy, Pictet noted.

“Given the differences in starting positions, with the Chinese side setting red lines around its state-led system, it is highly unlikely that the time-frame of 90 days will allow the U.S. to extract concessions Trump could present as a large-scale ‘win’ with any degree of conviction,” said TS Lombard’s Olcott.

—CNBC’s Kevin Breuninger, Javier David and Saheli Roy Choudhury contributed to this report.

Disclosure: Larry Kudlow is a former CNBC contributor.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: huileng tan, thomas peter, pool, getty images
Keywords: news, cnbc, companies, trump, trade, policy, xi, beijings, wrote, lines, 90day, clash, trumps, chinese, plan, say, technology, red, china, analysts, statements, economic, 2025


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Trump and Xi may reach a deal at the G-20, but it may not be something either wants, says Wells Fargo

Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some co


Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some co
Trump and Xi may reach a deal at the G-20, but it may not be something either wants, says Wells Fargo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: huileng tan, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, dont, wants, trade, wells, chinese, reach, g20, think, xi, fargo, deal, told, billions, trump, tariffs


Trump and Xi may reach a deal at the G-20, but it may not be something either wants, says Wells Fargo

Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday.

“I am optimistic that they will strike a deal. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some comments on that front.”

Hartman said the U.S. may delay higher tariffs on Chinese imports that were due to take effect in January. Washington and Beijing may also agree to meet for further negotiations.

Trump told reporters Thursday that he was “close” to doing something on trade with China but added he wasn’t sure if he wanted to do it. “Because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes, so I really don’t know,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-30  Authors: huileng tan, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, dont, wants, trade, wells, chinese, reach, g20, think, xi, fargo, deal, told, billions, trump, tariffs


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Beijing-based VC firm says it’s adjusting strategy amid trade friction

A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China. MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping. Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependen


A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China. MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping. Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependen
Beijing-based VC firm says it’s adjusting strategy amid trade friction Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan
Keywords: news, cnbc, companies, capital, west, china, zte, vc, firm, work, things, adjusting, lot, friction, beijingbased, amid, trade, strategy, venture


Beijing-based VC firm says it's adjusting strategy amid trade friction

A Beijing-based venture capital firm said it is adjusting its investment strategy amid a “hard reset” in the relationship between the U.S. and China.

“Certainly, events like the banning of selling components to ZTE and some of the discussions around displacing a lot of higher-end manufacturing supply chain out of China will certainly cause us to continue to work to develop native industries,” said Ben Harburg, managing partner of MSA Capital, a Beijing-based venture capital firm with over $1.5 billion under management.

MSA Capital focuses on investments in the consumer internet, mobility, and life sciences sectors. It is invested in bike-sharing company Mobike and online food delivery-to-ticketing services platform Meituan Dianping.

Harburg said the firm is now focusing on “things that would be developed organically, domestically and will have a lot less dependence on U.S. inputs.” He was peaking at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan
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Trade tensions won’t just ‘go away’ because of G-20 meeting, says Citi

The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments. “It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa. He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi


The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments. “It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa. He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi
Trade tensions won’t just ‘go away’ because of G-20 meeting, says Citi Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan, carlos barria
Keywords: news, cnbc, companies, citi, thats, pacific, head, citibanks, wont, meeting, away, regional, higher, tensions, asia, trade, g20


Trade tensions won't just 'go away' because of G-20 meeting, says Citi

The tariff dispute between the U.S. and China is more about strategic dominance than it is about trade, said Citibank’s Asia Pacific regional head of investments.

“It’s not something that’s likely to go away just because of the meeting that’s going to happen on Saturday,” said Shrikant Bhat, Citibank’s regional head of investments for Asia Pacific and Europe, Middle East and Africa.

He was referring to a much-anticipated meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires, Argentina.

However, Bhat added, any effort to douse tensions — such as the U.S. postponing higher tariffs on Chinese imports that were due to take effect in January — will be seen as positive news for the markets.

On Thursday, Asia markets traded higher ahead of the crucial meeting between the two leaders, which many are hoping would help ease trade tensions between the two economic powerhouses.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: huileng tan, carlos barria
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Huawei is optimistic about the impact of A.I. on society

Qiu said that at Huawei, AI is used to translate documents comprehensively rather than selectively. The city of Shenzhen in China uses AI for traffic light management, and that has improved traffic conditions there, Qiu added. While some tout the benefits of AI, there have been prominent critics of the technology, including Tesla CEO Elon Musk and late physicist Stephen Hawking. Hawking said in 2017 that the emergence of AI could be the “worst event in the history of our civilization” unless soc


Qiu said that at Huawei, AI is used to translate documents comprehensively rather than selectively. The city of Shenzhen in China uses AI for traffic light management, and that has improved traffic conditions there, Qiu added. While some tout the benefits of AI, there have been prominent critics of the technology, including Tesla CEO Elon Musk and late physicist Stephen Hawking. Hawking said in 2017 that the emergence of AI could be the “worst event in the history of our civilization” unless soc
Huawei is optimistic about the impact of A.I. on society Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: huileng tan, bruno vincent, getty images news, getty images
Keywords: news, cnbc, companies, way, qiu, worst, intelligence, impact, optimistic, including, society, warheads, traffic, musk, ai, huawei


Huawei is optimistic about the impact of A.I. on society

Qiu said that at Huawei, AI is used to translate documents comprehensively rather than selectively.

The city of Shenzhen in China uses AI for traffic light management, and that has improved traffic conditions there, Qiu added. “That means in the morning, we can sleep 10 minutes more; it’s very, very valuable.”

In October, privately held Huawei unveiled two new artificial intelligence chips aimed at data centers and smart devices, pitting it against major silicon players including Qualcomm and Nvidia.

While some tout the benefits of AI, there have been prominent critics of the technology, including Tesla CEO Elon Musk and late physicist Stephen Hawking.

Hawking said in 2017 that the emergence of AI could be the “worst event in the history of our civilization” unless society finds a way to control its development.

In March this year, billionaire tech entrepreneur Musk called AI more dangerous than nuclear warheads and said there needs to be a regulatory body overseeing the development of super intelligence.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: huileng tan, bruno vincent, getty images news, getty images
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Investing in China: JP Morgan expects unicorn startups in next 5 years

More start-ups valued at $1 billion or more — so-called “unicorns” — are coming to China within the next five years, a J.P. Morgan Chase executive said on Wednesday. “We are very excited about the prospects for technology in China,” said Jing Ulrich, managing director and vice chairman for Asia Pacific at the investment banking giant. “I would say in the next three to five years, in some of these verticals, you will have a number of unicorns and super-unicorns emerging, and they should be very,


More start-ups valued at $1 billion or more — so-called “unicorns” — are coming to China within the next five years, a J.P. Morgan Chase executive said on Wednesday. “We are very excited about the prospects for technology in China,” said Jing Ulrich, managing director and vice chairman for Asia Pacific at the investment banking giant. “I would say in the next three to five years, in some of these verticals, you will have a number of unicorns and super-unicorns emerging, and they should be very,
Investing in China: JP Morgan expects unicorn startups in next 5 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: huileng tan, dave zhong, getty images for cnbc international
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Investing in China: JP Morgan expects unicorn startups in next 5 years

More start-ups valued at $1 billion or more — so-called “unicorns” — are coming to China within the next five years, a J.P. Morgan Chase executive said on Wednesday.

“We are very excited about the prospects for technology in China,” said Jing Ulrich, managing director and vice chairman for Asia Pacific at the investment banking giant.

In particular, China is “really leading the way globally” in the realms of artificial intelligence, “new-energy” vehicles and electronic payments, Ulrich said at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.

“I would say in the next three to five years, in some of these verticals, you will have a number of unicorns and super-unicorns emerging, and they should be very, very popular among investors globally,” Ulrich said.

Unicorns are commonly defined as start-ups valued at $1 billion or more.

Ulrich’s upbeat assessment comes amid an intense trade fight between Beijing and Washington. Investors will closely watch a weekend meeting between President Donald Trump and Chinese leader Xi Jinping at the G-20 summit in Buenos Aires, Argentina.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: huileng tan, dave zhong, getty images for cnbc international
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Guangzhou’s high-tech scene has exploded in the last few years

The number of companies in high-tech industries in the Chinese port city of Guangzhou has leaped in the last few years, a government official said on Tuesday. The city in southern China, an evolving tech hub, has seen its number of tech firms swell from 1,919 in 2015 to more than 8,600 at the end of 2017. That number looks to test 11,000 by the end of this year, said Wang Dong, deputy mayor of Guangzhou at CNBC’s East Tech West conference in the Nansha district of Guangzhou. That surge underscor


The number of companies in high-tech industries in the Chinese port city of Guangzhou has leaped in the last few years, a government official said on Tuesday. The city in southern China, an evolving tech hub, has seen its number of tech firms swell from 1,919 in 2015 to more than 8,600 at the end of 2017. That number looks to test 11,000 by the end of this year, said Wang Dong, deputy mayor of Guangzhou at CNBC’s East Tech West conference in the Nansha district of Guangzhou. That surge underscor
Guangzhou’s high-tech scene has exploded in the last few years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: huileng tan, dave zhong, getty images for cnbc international
Keywords: news, cnbc, companies, number, guangzhous, end, city, scene, wang, exploded, hightech, port, guangzhou, worlds, hub, west, tech


Guangzhou's high-tech scene has exploded in the last few years

The number of companies in high-tech industries in the Chinese port city of Guangzhou has leaped in the last few years, a government official said on Tuesday.

The city in southern China, an evolving tech hub, has seen its number of tech firms swell from 1,919 in 2015 to more than 8,600 at the end of 2017. That number looks to test 11,000 by the end of this year, said Wang Dong, deputy mayor of Guangzhou at CNBC’s East Tech West conference in the Nansha district of Guangzhou.

That surge underscores the rapid changes and development of Guangzhou, which is also a port city and a major manufacturing hub of the world’s second-largest economy. Today, it is a vibrant and dynamic tech city, Wang said in a welcome address at the invite-only retreat.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: huileng tan, dave zhong, getty images for cnbc international
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