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uled to become a shareholder of the joint venture by the end of 2019, holding at least 1 percent of i
ts equity. According to Chinese norms, it is mandatory for international brands to produce vehicles in China bearing its names.
Luca de Meo, CEO of SEAT, said: “China is the benchmark country for electric vehicles. We aim to be a part of this ecos
ystem in order to exchange knowledge and make progress in achieving global mobility that is more sustainable.”
Currently, JAC, Volkswagen and SEAT are building a 4 billion yuan ($579 million) research and development center in Hefei, which is expected to open in 2021.
JAC and SEAT also plan to develop their own platform for smaller electric cars, a segment that is growing faster than the large-sized ones in China.
“The close cooperation between SEAT and JAC will allow us to create synergies, which wil
l significantly increase our market coverage,” said Volkswagen CEO Herbert Diess, who is also chairman of SEAT.
pening-up in China’s services sector, together with high-tech development supported by artificial intelligence, will help lift Chinese
economic growth from 6.3 percent to around 7 percent by 2035, said Zhu Min, a former deputy managing director at the IMF.
“Market-oriented reform and opening-up will improve productivity in the service sector, whi
ch is an important thing that China is focusing on to stabilize economic growth,” Zhu said.
Chen Yulu, a vice-governor of the PBOC, also supported a “full-scale” opening of the financial sector. In the future, foreign invest
ors are welcome to conduct all forms of financial business in China, excepting those being named on a nega
tive list, and authorities are researching a new regulatory system, Chen said at the forum on Saturday.
types of onshore commodity futures contracts without registering a Chinese entity, and will continuously improve the relate
d rules, Lu Dongsheng, an official with the China Securities Regulatory Commission, told a forum on Tuesday
Lu also announced other measures to develop China’s commodity fut
ures market, such as accelerating the launch of ricThe Shanghai Futures Exchange will open
up its nonferrous metals futures contracts to foreign investors, Jiang Yan, Party secretary of the exchange, said at the s
ame forum. The bourGuo Shuqing, head of the China Banking and Insurance Regulatory Commissiose will also list a n
ew type of futures contract, TSR20 Rubber, which will be available to both domestic and foreign investors, he sai
d.Lu also announced other measures to develop China’s commodity futures market, such as accelerating the launch of
big data industry and is willing to share opportunities of the digital economy’s development with other countries and jointly explore new
growth drivers and development paths by exploring new technologies, new business forms and new models, Xi added.
With increasingly wider applications of digital technologies in China, the country is expected to generate
and store 27.8 percent of global online data by 2025, up from 23.4 percent last year, according to a r
eport by market researcher International Data Corp and data storage firm Seagate.
In comparison, the US share will stand at 17.5 percent by 2025, a drop from its 21 percent share in 2018, the report added.
United Nations Secretary-General Antonio Guterres said th
at from medicine to transportation to farming, big data presents the world with a re
markable tool to advance global progress, but with that opportunity also comes risk.