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Chinese business leaders are more confident and prepared in addressing the challenges brought by new technologies than
those in many other countries, said Cindy Hook, CEO of Deloitte Asia-Pacific, a global consultancy firm, on Thursday.
While many business leaders in the rest of the world take a protective approach to using technologies, Ch
ina’s leaders would like to “disrupt their sectors” and facilitate real changes, Hook said on the sidelines of the Boao Forum for Asia.
“Chinese enterprises are looking at the technologies available－whet
her it’s artificial intelligence, big data or the like－to actually come up with whole-new busi
ness models and whole-new approaches to doing things, not just improving the old processes.”
With the readiness for technologies, China is likely to lead on many aspects of the unfol
ding Fourth Industrial Revolution, such as e-commerce, smart cities and the internet of things, Hook said.
The country’s impact on the revolution will be enlarged by its opening-up determina
tion, she added, citing the fresh opening-up measures announced by Premier Li Keqiang at the forum on Thursday.
took the examination, was quoted by China National Radio as saying that it had broade
ned his horizons and enabled him to gain a higher strategic perspective that can be used in planning future operations.
“It also reminded me of the necessity that as a commander, I not only need to take into consideration joint o
perations by various services in the PLA but also to think about joint campaigns with foreign militaries,” he said.
In June, the Ground Force organized a test for commanders of its 13 group armies – its la
rgest combat units. Since the start of this year, the Ground Force has conducted a wide range of exam
inations for almost all of its members to verify their professional knowledge and skills.
Geely and Daimler plan a 50-50 joint venture in China, which will develop and produce electric Smart br
anded vehicles and sell them globally starting from 2022, according to a deal the two signed earlier this week.
Representatives of the two carmakers said the Fi
nancial Times’ report of Daimler selling a 50 percent stake of Smart to Geely was not true.
Daimler, also owner of Mercedes-Benz, is currently prod
ucing the Smart branded vehicles in a plant in Hambach, France, but the plant will produc
e electric Mercedes-Benz models instead when the Chinese plant is finished. The location of the plant has not yet been disclosed.
hinese and Asian art collectors have become more knowledgeable, sophisticated and are branching out for m
ore Western works, said Francis Belin, president of Christie’s Asia, who is excited about the trend.
“Chinese clients have evolved from being very dedicated to Chinese arts to gaining increasing interest
in other categories and expanding the spectrum of the type of objects that they wish to collect,” Belin told
Xinhua in an interview in New York City during Christie’s Asian Art Week held on March 19-26.
Diversity of collecting is one of three “fundamental trends” the auction house has obse
rved among the Chinese and Asian buyers, Belin said, noting the increased appetite to collect across categories.
About 10 or 20 years ago, Asian collectors focused primarily on the art that relates to their own c
ulture, he said, “we’ve seen this evolved in the past years to be much more holistic in the collecting of our Asian buyers.”
oss the period, be they old masters’ paintings, impressionist, or modern and contemporary, he said.
The second trend is that Chinese and Asian markets continue to grow and flourish
despite short-term macroeconomic challenges the world is facing, Belin said.
“We continue to see strong appetite for collecting and strong growth.
We continue to see a very strong demand and we do see (in Asian Art Week here) very stro
ng buying appetite from our clients; a depth of biding that even surprised ourselves,” he said.
The third key trend in Asia is growing number of young collectors, Belin said.
“There are more young billionaires in Asia than we have in Europe and in the U.S., and that’s also reflected in collec
ting, which is very exciting for Christie’s, because we can bring our clients much earlier on the collecting journ
ey with the best art across the world. And we can accompany them for even longer time in their journey.”
The flourishing Chinese culture market represents “fantastic opportunities” for Christie’
s and the auction house always attaches greater importance to the Chinese market, said the senior industry leader.
Being the first international fine art auction house to be gran
ter for foreign exchange, for example. We clear more dollars than New York, and are the largest center for RMB trading outside greate
r China. London is strong and international,” she said. “The long-term fundamentals of London and the UK still remain strong.”
Alex De Ruyter, director of the Centre for Brexit Studies at Birmingham City University, echoed the
view of McGuinness, saying: “Whilst I think Brexit has clearly had a significant impact, it must be remembered that Lon
don is a global financial center and the majority of assets held by the financial services sector are outside of th
e EU, with the US, China, and other emerging economies particularly important markets.
“The 800 billion pounds figure only comprises about 10 percent of the estim
ated total assets of the UK banking sector,” he said. “So, the total volume of business affected has been relatively small.”