Tag Archives: FIN

Woolworths Group Partners with Gr4vy to Accelerate Payments Innovation within Its Wpay Payment Platform


Gr4vy’s payment orchestration platform technology to power Wpay’s payments platform 

SAN MATEO, Calif., Oct. 25, 2022 /PRNewswire/ — Gr4vy, the leading cloud-native payments infrastructure company, today announced a multi-year partnership with Woolworths Group, Australia & New Zealand’s largest retailer. Gr4vy’s payment orchestration platform (POP) technology will power Woolworths Group’s Wpay payment platform to accelerate the company’s product development and innovation agenda. This partnership will make it easy for Wpay to deploy and manage payment complexities and offer advanced payment optionality to Woolworths brands and other Wpay merchants in Australia.

Woolworths Group represents one of the largest processors of card payments in Australia, settling an annual value of more than $60 billion in payments across more than 1.1 billion transactions in 2022 alone. Wpay, a new standalone payment business launched by Woolworths Group in June 2022, extends the benefits of the investments they’ve made in their payments platform to other merchants who may not have the scale to build it themselves. 

“Merchants need payment platforms that deliver customers’ preferred payment methods at checkout while still retaining the ability to streamline, deploy and orchestrate all the back-office payment complexities that come with the retail checkout experience,” said John Lunn, Founder and CEO of Gr4vy. “We’re honored that Gr4vy’s no-code orchestration platform’s technology has been selected to power Wpay’s payments platform to accelerate their growth as an end-to-end payments solution provider to merchants in Australia and New Zealand. We look forward to our continued strong working relationship and future, ongoing collaborations with Wpay and Woolworths Group.” 

Gr4vy’s team collaborated with Wpay to carefully identify and deliver specific Gr4vy product and payment orchestration infrastructure capabilities to implement and enhance the already comprehensive payment platform and product offerings. As a result, merchants onboarded through the Wpay platform can now offer even more exceptional payment optionality, streamline and manage transactions both on the front and back end of the checkout experience and effectively drive better customer payment experiences.

“Wpay is committed to investing in leading-edge payment capabilities and technologies to help service our retail businesses and provide the best possible customer experience as part of our Wpay payments platform,” said Paul Monnington, Managing Director of Wpay. “I’m excited about this partnership, what it will bring to our merchants’ customer payments experiences and look forward to collaborating in the future.”

Gr4vy’s no-code payment orchestration layer seamlessly enables merchants to deploy, manage, customize and optimize the right payment method for the specific user. The company offers merchants dedicated instances of Gr4vy in the Cloud, preventing shared infrastructure or server loads. Merchants can get multiple dedicated instances of Gr4vy to reduce points of failure. Gr4vy also includes everything merchants need for payment infrastructure, including connectors to leading payment service providers, front and backend payment orchestration, no-code admin tools, and a dashboard to control and manage everything within their payments stack. Gr4vy can spin up these individualized cloud Instances from the most simple to the most complex requirements. Merchants can deploy across the globe and even on the Edge to ensure their customers always have the payment solutions and options they need worldwide.

For more information, please visit www.gr4vy.com/wpay.

About Gr4vy

Gr4vy is a cloud-native payments company that takes the complexity out of merchants running payments infrastructure, freeing them to focus on what matters most. We redefine payments by providing an intuitive, cutting-edge payment orchestration platform (POP) that leverages the power of the Cloud to modernize payments infrastructure. Our orchestration layer upgrades merchants’ payments stack to make them more nimble. Our no-code dashboard centralizes the integration and management of a merchant’s payment methods, providers, conditions and transactions and empowers them to do more in less time. We enable merchants to streamline and manage payment methods, services and transactions all in one place. At Gr4vy, we’re passionate about payments, efficiency and extraordinary customer experience.

About Wpay

Wpay is a proven retail payments platform, designed for retailers. Originally developed for the Woolworths Group, Wpay is now available for merchants across Australia. Our understanding in how customers connect through payment experiences at scale and our focus on developing positive payment experiences help merchants to grow their business and move beyond payments. Wpay is a comprehensive merchant platform that can be tailored and will continually evolve to meet clients’ changing needs, helping deliver powerful customer experiences. A platform that combines your expertise and ours, with some of the most innovative thinking in the market.

Adyen powers the future of financial services by launching embedded financial products

The product suite enables a potential revenue uplift of up to 70% for platforms and marketplaces

AMSTERDAM, Oct. 24, 2022 /PRNewswire/ — Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, has broadened its offering by taking live two new embedded financial products – Capital and Accounts – which are now available to platform and marketplace businesses in the US and Europe via Adyen’s single integration. Research conducted in partnership with Boston Consulting Group finds that 64% of small and medium-sized businesses (SMBs) are interested in financial services embedded within a platform. To capitalize on this banking-as-a-service opportunity, Adyen has developed an innovative suite of financial products comprising cash advances, business bank accounts, and card issuing. Together with embedded payments, these power the future of financial services by enabling platforms to deliver superior financial experiences to their SMB users. 

“Platforms are at the center of a transforming financial services industry – and Adyen is primed to further drive this revolution,” said Adyen’s co-founder and CEO, Pieter van der Does. “Embedded finance is a logical next step following our embedded payments offering. By historically investing in our banking licenses and industry-leading technology, we have positioned ourselves as the sole provider offering a full embedded financial product suite via a single integration. From this vantage, we are excited to seize the opportunity that banking-as-a-service brings.” 

Traditional financial services are stifled by legacy systems, reactive approaches, slow approvals, and lack of vertical knowledge. These factors have long resulted in the under-serving of SMBs, and lead to 65% of platform users willing to switch financial services providers in favor of solutions better integrated into their business processes. With Adyen’s single integration, platforms can meet this growing user demand by embedding financial services to consolidate SMBs business and financial operations under one roof. 

Adyen’s embedded financial product suite offers a modular solution that brings unparalleled control and customization options for platform business. With 94% of SMBs interested in cash advance solutions stating they would benefit from their loans being pre-approved, Capital enables platforms to proactively offer business financing based on historic payments data. With 72% of SMBs valuing an integrated bank account experience, Adyen’s Accounts product allows users to run their finances where they do business and get instant access to funds. Going hand-in-hand with Capital and Accounts, Issuing completes the offering by enabling users to easily spend their funds on platform-branded payment cards. By adopting the suite, platforms can round out their offering and unlock the capabilities of an end-to-end financial ecosystem.

Learn more about Adyen’s new embedded financial products – Capital and Accounts

About Adyen

Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. New products and features are announced via press releases and product updates on the company’s website. 

Adyen’s investment into its embedded finance suite and the percentages mentioned in this press release are backed by industry research conducted in partnership with Boston Consulting Group. Learn more about their findings here.

Source: Adyen Inc.

Kpler releases its new crude supply & demand assessment tool to help professionals navigate uncertain crude markets

Kpler’s offering is the only one built on proprietary data and taking a systematic approach.

BRUSSELS, Oct. 19, 2022 /PRNewswire/ — Kpler, a fast-growing leader in technology-led data, analytics, and market insight, today launches a crude supply and demand (S&D) assessment tool to help market professionals and downstream consumers better navigate the turbulent and uncertain global crude markets.

Kpler Crude Supply and Demand (S&D) is based on three sets of proprietary data:

  • Kpler Crude Flows – past and real-time data on crude and condensates global trade flows
  • Kpler Crude Inventories – past and real-time data on crude storage facilities’ capacity utilisation
  • JBC Energy-inherited crude and refined products models, built on two decades’ worth of constant enhancements led by market experts

The three proprietary data sets have been combined to result in a powerful crude supply and demand assessment tool, providing users with current assessments of crude supply and demand at global, regional and country levels. These assessments are updated three times a month and forecasts extend to 18 months ahead; included components such as inventories changes or crude flows allow customers to see precisely how and why balances are changing.

The product represents a new approach to delivering crude S&D balances for market professionals by utilising Kpler’s best-in-class proprietary data and taking a systematic and integrated approach, compared to competitors that rely on disparate public information and are forced to model out certain elements that Kpler captures with its proprietary data.

Due to high market uncertainty and volatility – driven by the conflict in Ukraine and a looming economic recession – Kpler’s new product aims at helping market professionals better understand the current supply and demand dynamics. It will also help users to better anticipate balances and price developments, to build more efficient trading strategies.

François Cazor, Kpler’s CEO, commented: “Kpler’s new Crude Supply and Demand product demonstrates again our ability to integrate Kpler organic data sets with ones stemming from acquired companies, to build smart products that facilitate sustainable and efficient trade. Our new offering not only brings users’ great value in uncertain market times, it also stresses how our corporate and product roadmaps are aligned, as the acquisition of JBC Energy this year has proved instrumental in making this release possible.”

About Kpler:

Kpler is a fast-growing company on a mission to facilitate sustainable and efficient trade to meet the changing needs of our world. From numerous disparate and unstructured sources, Kpler creates technology-led data, analytics, and insight, that bring transparency to dynamic markets characterised by opaque and incomplete information, such as commodity and power markets. Kpler delivers its unique offering through technology solutions built in an agile and inventive way, enabling market professionals to make informed and timely trading decisions. Headquartered in Brussels, Kpler employs over 250 people across the world. Visit: www.kpler.com

Media contacts

Kpler
Arthur Chevreul
achevreul@kpler.com
+32 493 37 42 34

Paul O’Grady
PR Consultant
kpler@goodadvice.agency
+49 176 82374030

Bronte Capital Selects Clearwater Analytics to Power its Digital Operating Platform


Sydney-Based Global Fund Management Firm to Benefit from SaaS-Based Portfolio Reporting and Analytics Platform and Services

SYDNEY, Oct. 19, 2022 /PRNewswire/ — Clearwater Analytics (NYSE: CWAN), an industry-leading SaaS provider, announced today that Sydney-based, global long/short fund manager Bronte Capital has selected Clearwater to power its investment data management, reporting, and portfolio analytics. Founded in 2009, Bronte Capital focuses on generating alpha from both its long and short portfolio, with its investments consisting principally of listed equity and equity-related securities.

After conducting a thorough review of solution providers in the market, Bronte Capital chose Clearwater for its comprehensive solution for investment data management and reporting. Bronte Capital will leverage the Clearwater platform to modernize its investment management with multi-asset-class, daily aggregation, reconciliation, and book-of-record reporting.

Clearwater’s single instance, multi-tenant investment reporting software will provide Bronte Capital senior management with a simplified, consolidated view of the company’s investments. Backed by a global client servicing team, Clearwater will support Bronte Capital’s portfolio management approach, provide comprehensive asset class coverage, and seamlessly integrate with prime brokers and internal systems.

“We now have a SaaS-based technology solution to analyse investment data and reporting, without adding tech or operational debt. Clearwater Analytics’ SaaS model will bring it all together and allow our teams to focus on our core business,” said Simon Maher, CEO at Bronte Capital. “As Bronte grows, we have a partner that will be responsive, understand our current investments, and play a key role in our digital innovation strategy.”

“We look forward to working with Bronte Capital and helping their portfolio and research managers gain the clarity and confidence to drive higher returns across their investments,” said Gayatri Raman, President, Europe and Asia, Clearwater Analytics. “Clearwater simplifies investment operations for our clients so they can focus on performance and gain a clear advantage. Bronte Capital joins an exciting group of clients in Asia and Australia with a forward-looking mindset focused on growth, higher returns, and sustainable operating models.”

About Clearwater Analytics

As the industry-leading SaaS solution for investment accounting and reporting, Clearwater enables growth of assets under management (AUM) for more than 1,100 clients including pension plans, governments, global insurers, asset managers, and corporations. Each day, Clearwater automates data collection, reconciliation, compliance, risk, and performance reporting across $5.9T of AUM with its comprehensive cloud platform and best-in-class service team. Additional information about Clearwater can be found at clearwateranalytics.com, LinkedIn, and Twitter.

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CGTN: China welcomes foreign firms to share the dividends of its further development

BEIJING, Oct. 18, 2022 /PRNewswire/ — China welcomes companies from all over the world to invest in the country and continue to share its development dividends as the Chinese economy has shifted from high-speed growth to high-quality development, a senior official from the country’s top economic planner said on Monday.

China’s door will open wider,” said Zhao Chenxin, vice chairman of the National Development and Reform Commission (NDRC) and a member of the commission’s CPC leadership group, at a press conference on the sidelines of the ongoing 20th National Congress of the Communist Party of China (CPC), the country’s most important political event this year.

The dual-circulation development pattern, where internal and external markets can reinforce each other and with the domestic market as the mainstay, does not mean that China wants to scale back from opening up or even to pursue a self-sufficient economy, Zhao clarified.

Chinese President Xi Jinping has stressed over and again that the new development pattern is an open dual circulation involving both domestic and foreign markets, instead of a closed domestic loop.

The Chinese economy has long been deeply integrated with the global economy, Zhao said, adding that the domestic and foreign markets are interdependent and mutually reinforcing. 

China to further encourage foreign investment

China will further step up efforts to encourage foreign investment, Zhao said, adding the country will release and implement the 2022 version of the Catalogue of Encouraged Industries for Foreign Investment, which will further expand the scope of encouraged industries for foreign investment.

China’s economy has shifted from high-speed growth to high-quality development, and the country is also facing new situation for attracting foreign investment, he noted.

The country will increase policy support for foreign investment in such areas as advanced manufacturing, higher-quality services, high-tech, energy conservation and environmental protection, he said.

There will also be policy support to foreign investment in China’s less developed central, western and northeastern regions, according to Zhao.

Besides, the country will launch the sixth batch of major foreign-funded projects, and help them solve the difficulties in a timely manner in the process of investment, production and operation, so as to ensure the smooth implementation of the projects.

In addition, China will further optimize services for foreign-funded enterprises, and provide more convenience for international investment, exchanges and cooperation on the premise of preventing and controlling the COVID-19 pandemic.

In the first eight months this year, foreign direct investment (FDI) into the Chinese mainland, in actual use, increased 16.4 percent year on year to 892.74 billion yuan ($127.39 billion), against the backdrop of the COVID-19 pandemic, complicated international situation and weak cross-border investment, Zhao said.

Specifically, the high-tech industries saw FDI inflow surge by 33.6 percent from a year earlier, he noted.

FDI flowing into the country’s western region reported a year-on-year increase of 43 percent, followed by 27.6 percent in the central region and 14.3 percent in the eastern region.

“Generally speaking, multinational companies are confident in investing in China and optimistic about the Chinese market in the long term,” he said.

China will promote higher-level opening-up to the outside world, intensify policy efforts to attract foreign investment, and give better play to the positive role of foreign investment in promoting the country’s high-quality development, he said. 

A rebounding economy with huge opportunities

China’s economy showed a significant rebound in the third quarter, Zhao said.

“Consumer prices have risen modestly, in sharp contrast to the high global inflation, and the employment remained generally stable.”

He underscored that China’s economy has been recovering and resuming its growth momentum despite some fluctuations caused by the unexpected factors this year, such as the external environment, the pandemic and extreme weather.

A slew of policies has been rolled out to shore up the economy, and major economic indicators of the industries, services, investment and consumption are all recovering, according to Zhao.

The country’s economy still faces multiple headwinds. But facing the impact of the unexpected factors, China’s economy has stabilized and rebounded in a relatively short period of time, showing strong resilience and huge potential, Zhao pointed out.

China, with a population of over 1.4 billion, has the world’s largest middle-income class and the advantage of being a super-large market, he noted.

The country’s huge market, advanced infrastructure, industrial systems and supply chains have all laid a solid foundation and provided opportunities for various companies to develop. 

https://news.cgtn.com/news/2022-10-17/China-welcomes-foreign-firms-to-share-the-dividends-of-its-development-1ectGQhMSl2/index.html

Global Times: The rising way – How did CPC lead China from poverty to xiaokang?

BEIJING, Oct. 16, 2022 /PRNewswire/ — The Communist Party of China (CPC) will convene its 20th National Congress on October 16 to bring China’s development to the next stage. This congress is being held after China has accomplished its first centenary goal of building xiaokang – a moderately prosperous society in all respects by 2021 – and to start the second centenary goal of building a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious by 2049.

From the founding of the CPC in 1921, the Chinese people took more than two decades to throw off oppression as a semi-colonial, semi-feudal society and found the People’s Republic of China in 1949. After the launch of reform and opening-up in 1978 and through the continuous efforts of the Chinese people, China experienced the transformation from a huge, poor and backward country in the East into a thriving socialist China.

Today, after having lauded the great achievements that China has made in the past 100 years, the international community is paying close attention to how it will create a new miracle in a more complicated international environment. It is also necessary to review how the CPC has led the Chinese people to accomplish the first goal, as history always carries the secrets of future success.

This is the first installment of the Global Times’ special coverage of the special event.

Jiaxing, a city in East China’s Zhejiang Province, has become a “must-visit” place for many Chinese people, especially in recent days, as the 20th National Congress of the Communist Party of China (CPC) gets set to convene. The red boat that anchors off the bank of the Nanhu Lake in Jiaxing and the story that 13 people representing more than 50 CPC members across China adopted the Party’s program and proclaimed the founding of the CPC on the boat brought visitors back to the CPC’s starting point of leading the Chinese people out of humiliation, poverty and the scourge of war.

The founding of the CPC a hundred years ago was a pivotal event in Chinese history. From the outset, the CPC and the Party members have made the well-being of the Chinese people and the rejuvenation of the Chinese nation its abiding goals.

In October 2017, when the 19th CPC National Congress concluded, the CPC’s newly elected top leadership, headed by General Secretary Xi Jinping, visited Nanhu Lake, where they vowed to stay true to the Party’s original aspiration and founding mission and serve the people. This was Xi’s first domestic trip after the 19th CPC National Congress, and it was also at this congress that China set out a clear timetable and road map to complete building xiaokang — a moderately prosperous society.

On July 1, 2021, at the ceremony marking the centennial of the CPC’s founding, Xi, general secretary of the CPC Central Committee and president of China, declared that China had realized its First Centenary Goal of building a moderately prosperous society in all respects, which means that China has put an end to absolute poverty, and is now marching in confident strides toward the Second Centenary Goal of building a great modern socialist country.

From 1949 to 2021, the city of Jiaxing, where the red boat remains as the physical birthplace of the CPC, together with thousands of other cities across China, witnessed the perseverance of generations of Chinese people, led by the CPC, progressing step by step from a subsistence level of living to piecemeal prosperity, then to moderate prosperity throughout the country. All the stories that have happened in these Chinese cities make up the greater chapter of China’s rise and also revealed the secrets of how the CPC has led the Chinese people to make such achievements.

Starting with an abiding dream

Xiaokang, a term that means moderate prosperity, has carried Chinese people’s desire for a better life and has been a consistent aspiration of the Chinese nation since ancient times. However, for millennia, moderate prosperity remained a dream, and the modern history of China was filled with the bitterness of being reduced to a semi-colonial, semi-feudal society and subjected to terrible external oppression.

With its aspiration and founding mission of seeking happiness for the people and rejuvenating the Chinese nation, the CPC, since its founding in 1921, has united the Chinese people in achieving one success after another. They earned victory in the New Democratic Revolution; founded the People’s Republic of China (PRC) in 1949 and started the socialist construction.

Through accumulating small achievements in various fields in different cities, China eventually built a comparatively sound industrial system out of a war-torn country, laying the foundation for a future economic leap. Strengthening strategic planning and policy design, formulating phased objectives, reviewing experience and summarizing findings in practice are the valuable lessons that the CPC and Chinese people have drawn from the early years of the PRC.

For example, to develop modern industry, agriculture, transportation and defense, from 1953 to 1957, China began to implement its First Five-Year Plan (1953-57). In the 1960s, the CPC also set the goal of achieving the Four Modernizations – modernization of industry, agriculture, national defense, and science and technology – by the end of the 20th century, and devised a two-stage development plan to this end.

As the city of Jiaxing witnessed the founding of the CPC, more cities across China witnessed the rapid development in the first decade after the founding of the PRC. For example, Anshan in Northeast China’s Liaoning Province saw the first batch of melted iron produced in 1949; China’s first steam locomotive was made in Qingdao, East China’s Shandong Province in 1952; the first batch of “Jiefang (Liberation)” homemade trucks came off the production line in 1956 in Changchun, Northeast China’s Jilin Province; the first black and white television was manufactured in North China’s Tianjin in 1958.

Hard work brought achievements. China’s GDP in 1952 was 67.9 billion yuan with per capita GDP at 119 yuan, while in 1978, the GDP increased to 367.9 billion yuan and the per capital GDP in that year was 385 yuan, according to a white paper on China’s xiaokang issued in 2021.

Despite the fundamental changes China had made, it still had a long way to go to catch up with many other countries in the world. China’s per capita GDP in 1949 was only $23, roughly a similar level with neighboring India for about a decade. While the US’s GDP in 1949 was $272.5 billion with the per capital GDP of $1,798.33.

Leaping through opening-up

The year 1978 was a shining year in the history of Chinese people’s struggle to build a better-off society through China’s reform and opening-up. Also, in the early years of reform and opening-up, Deng Xiaoping for the first time used the term xiaokang to present his vision of China’s modernization. The top Chinese leader also set the goal of delivering a xiaokang life for the Chinese people and building a xiaokang society by the end of the 20th century.

By xiaokang, we need to achieve a per capita GNP of $800, Deng elaborated in multiple occasions.

More cities in the country have experienced the launch of the Chinese miracle since 1978, and Shenzhen, bordering Hong Kong, stands out among them.

In July 1979, a huge explosion leveled the mountains in Shekou in southern Shenzhen, firing the “first shot” of China’s reform and opening-up – a path that differed greatly from the planned economic mechanism of the time. The flattened land and scattered earth, which had filled the sea, were used to create infrastructure for China’s first special economic industrial park and marked the prelude of China’s rise as a global economic power that is strong enough to unnerve the US today.

But for pioneers in Shekou, even communicating with the outside world was a big headache, as only people in Beijing and Shanghai were able to make international calls back in 1979.

The central government then “specially approved” 800 automatic exchanges for Shekou, giving the very first special economic zone the ability to make direct calls overseas and initiated 24 national reform firsts. The first joint-stock enterprise, the first joint-stock bank, and the first joint-stock insurance company, were all born out of Shekou, and most of these “firsts” are the normal state of China’s market economy.

Shekou’s experience soon inspired the rest of the country. In August 1980, China approved the establishment of special economic zones in Shenzhen, Zhuhai, and Shantou in South China’s Guangdong Province and Xiamen in East China’s Fujian Province.

In May 1984, China further opened 14 coastal port cities including Tianjin, Dalian in Liaoning, and Yantai and Qingdao in Shandong.

The CPC and the Chinese people have seized the historic opportunities and properly managed the enormous changes. By staying committed to deeper reform and broader opening-up to the world, China has realized the greatest economic and social transformation in contemporary history.

In 1987, Shenzhen had already seen its GDP grow 30 times compared with the figure in 1979. The Shenzhen government also took the lead in introducing the first provisional regulations in the country to encourage scientific and technological personnel to invest in technology patents, management and other elements and set up private technology enterprises.

In the same year, 43-year-old ex-military officer Ren Zhengfei founded Huawei. That’s also when the 111-year-old Ericsson entered China for the first time and participated in the construction of China’s very first mobile communication base station. 

Twenty-two years later, in 2009, Huawei was identified by Ericsson as the “most serious competitor” in mobile systems. The Chinese high-tech giant has now become a world leader in the fifth generation of telecommunications technology, topping the market with a 31percent market share in terms of global telecom equipment revenue in 2020, followed by Ericsson with a 15 percent share.

In 40 years, Shenzhen has grown from a small fishing village with a population of only 30,000 to an international metropolis with a population of over 10 million. Its urban area has expanded from 3 square kilometers to more than 2,000 square kilometers, and with GDP volume swelling 10,000-fold, Shenzhen’s story is seen as a mirror of China’s economic miracle.

By 2021, Shenzhen’s GDP at current prices exceeded 3 trillion yuan ($475 billion), bringing it close to Norway’s GDP of $482.44 billion and far more than the $396.99 billion of Singapore.

In yet another milestone, the Third Plenary Session of the 14th CPC Central Committee in November 1993 approved the decision to establish a socialist market economic system. Hereinafter, a vibrant private sector has risen to prominence.

The small commodity market in Yiwu, a once landlocked county in Zhejiang Province and home to the largest number of the country’s small and medium-sized entrepreneurs, has since grown into the world’s largest wholesale market and the barometer of China’s foreign trade.

Yiwu is now known as the “world’s supermarket” as it is home to 2 million small and medium-sized enterprises. Commodities ranging from toys, socks, hair accessories and festive decorations are sent to more than 200 countries and regions around the world every day.

According to the locals, Yiwu traders dominate global rivals due to their “hard work,  flexibility and willingness to do businesses with lower profits,” which are also believed to be the secret of China’s initial manufacturing success.

The most well-known representative of Yiwu traders is Lou Zhongping, who is often referred to as the “King of Straws” by media outlets for owning one of the world’s largest producers of drinking straws.

Born into an impoverished family of six siblings in Yiwu in 1965, Lou dropped out of school at the age of 14 to eke out a living as an itinerant peddler. At that time, to earn 0.5 yuan, Lou would ride his tricycle for 6 kilometers for delivery.

Starting the low-margin straw business from scratch in the 1990s, Lou’s company now does businesses with the likes of McDonald’s, KFC and Starbucks, becoming one of the world’s largest producers of drinking straws. The company churns out more than 10 billion straws each year for domestic use and export to Japan, Europe and the US.

Lou’s business success also mirrors the shift of global value chains and transnational production lines. China’s manufacturing industry has also become dominant in producing just about anything from commonplace household items to integral pieces in automotive manufacturing.

China’s list of trading partners, which numbered in the 40s in 1978, grew to 231 economies in 2017.

The country’s total value of import and export of goods grew by an annual average of 18.6 percent from 1978 to 2017 to reach 27.8 trillion yuan, accounting for 11.5 percent of the world’s total. In the same period, Chinese exports grew to 15.3 trillion yuan from just 16.8 billion yuan, up on average 19.1 percent year-on-year.

Zhejiang, the province where Yiwu is located, is now one of the country’s most economic prosperous areas along with South China’s Guangdong Province.

In July 2021, Zhejiang was granted a new mission in China’s development – it launched a document detailing the specific plans to develop itself into a common prosperity pilot zone – an integral part of China’s second centenary goal, embarking on a journey that will become an example in the country of how to reduce disparities between regions, urban and rural areas, and incomes.

The miracles in Shenzhen and Yiwu are the epitomes of the quick development of China. China’s GDP increased from 367.9 billion yuan in 1978 to 1,887.3 billion yuan in 1990, 10,028 in 2000 and 41,211.9 in 2010. While its per capital GDP grew from 1978’s 385 yuan to 30,808 yuan in 2010.

Right now, Chinese people enjoy bigger houses, have faster and more comfortable transportation and have full access to daily necessities. Personal incomes have grown steadily, with the average per capita disposable income up from 171 yuan in 1978 to 12,520 yuan in 2010. In turn, the quality of life has improved, with the Engel coefficient of urban residents down from 57.5 percent in 1978 to 31.9 in 2010.

In 2010, China’s per capita GDP tripled from the India’s $1,358. While back in 1978, China’s per capita GDP was only $156, which was far below the US’ of around $10,000 at that time. It was also significantly lower than India’s $206.

In 2010 – the same year China accomplished its 11th Five-Year Plan (2006-10) – China overtook Japan to become the world’s second largest economy, just behind the US, in terms of GDP expressed in dollar terms. Together, all aspects in the Chinese society have experienced fundamental changes with the Chinese people taking a step further to the goal of xiaokang.

Perseverance over generations

At its 18th National Congress in 2012, the CPC announced that China would realize the First Centenary Goal of building a moderately prosperous society in all respects by 2021.

One month after the 18th CPC National Congress concluded, Xi visited Fuping county in North China’s Hebei Province, where the first anti-Japanese invasion base area behind enemy lines was built by the CPC. In Fuping, Xi sent out the mobilization order for the poverty alleviation campaign. Since then, people in the county have worked hard to fight poverty.

Tang Furong, a farmer born in Fuping, has witnessed the changes taking place in his county firsthand. In 1940, Tang left Fuping due to starvation and went to find his uncle in adjacent Shanxi Province. But in 1962, he returned to Fuping. Although life had generally improved by then, Tang and his fellow villagers were striving for a better one.

In 2012, the county was going through remarkable changes. To facilitate poverty alleviation, it was divided into eight areas with local officials taking the lead. Excellent Party members were selected to become Party chiefs in various villages. Together with 62 special teams deployed by the provincial government, they embarked on a journey to eradicate poverty in 209 villages across Fuping.

Teaching villagers to grow edible mushrooms, helping them to apply for loans to build greenhouses, finding investments to boost local tourism and services industries, launching programs to relocate impoverished residents, upgrading local infrastructure… With the help of provincial assistance and the persistence of local residents, Fuping residents’ lives have gradually improved.

Drinking safe water and walking on the newly built roads, residents in Fuping have also enjoyed upgraded grid network and telecommunication services. The per capita disposable income for local villagers grew from around 950 yuan in 2012 to more than 15,600 yuan in 2017. Since 2013, 13 schools were built and 93 schools were upgraded.

On February 29, 2020, 108,100 registered impoverished residents were announced to have escaped poverty, marking a phased victory of poverty alleviation in Fuping. Currently, Tang, who is over 100 years old, is living in a new apartment with endowment insurance and subsidies from the local governments at different levels.

Similar stories of poverty alleviation like those in Fuping happened in every remote area across China since 2012. According to data from a whitepaper the State Council released in 2021, by the end of 2020, all of the 99 million rural poor, and all of the 832 counties and 128,000 villages classified as poor under China’s current poverty line, had emerged from poverty.

The per capita disposable income of rural residents in poor areas reached 12,588 yuan in 2020. This represents a compound annual growth rate of 9.2 percent in real terms from 2013 to 2020, 2.2 percentage points higher than the average growth for rural residents nationwide. Formerly impoverished households now have adequate food, clothing and bedding for every season and all weather conditions. 

In 2020, China’s GDP stood at 102.6 trillion yuan and the per capita GDP was 72,000 yuan.

In February 2021, Xi solemnly declared “complete victory” on eradicating extreme poverty in China. Several months later, at the ceremony on July 1, 2021marking the centennial of the CPC’s founding, the Chinese leader declared that China had succeeded in the first centenary goal of building a moderately prosperous society in all respects through the continued efforts of the whole Party and the entire nation.

Analysts across the world praised these achievements and said that it also showed China’s development is entering a new phase, with a more ambitious goal expected in the next hundred years under the leadership of the CPC.

By reviewing the long journey of poverty alleviation, analysts pointed out that its success in eradicating extreme poverty was based on the principles that it used to achieve the goal for xiaokang – CPC leadership, commitment to time-phased objectives, achieving developments through reforms and opening-up and the persistence and hard work of the Chinese people.

They noted that China’s realization of xiaokang represents the fulfillment of an intermediate target on the way to modernization and national rejuvenation and the CPC and the Chinese people have already embarked on the new journey forward with more history and miracles waiting ahead for the Chinese people to make when pursuing the second centennial goal of building “a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious” by 2049.

https://www.globaltimes.cn/page/202210/1277119.shtml

Changhong debuts several new household appliances at the 132nd Canton Fair

  • The key world trade-related event will take place online

GUANGZHOU, China, Oct. 15, 2022 /PRNewswire/ — At the 132nd China Import and Export Fair (Canton Fair) held online and commence on October 15, 2022, Changhong, one of China’s largest consumer electronics and home appliances manufacturers, will showcase a full range of products, including 5G eco-friendly household appliances, Mini LED TVs, Eva model air conditioners as well as Space Pro refrigerators and washing machines. With its technological prowess on the internet of things (IoT), artificial intelligence (AI), big data, and 5G segments, the company will deliver a superior experience to users by providing them with a full suite of innovative and upgraded smart household appliances.

Changhong will make full use of its online platform at the 132nd Canton Fair to launch new products, as well as deploy a VR showroom, a virtual pavilion, and an online live streaming facility. The household appliance maker’s online booth will display products 24/7 while providing a number of services, including supply-demand matching, and online business negotiations, delivering a better experience to buyers. (Visit Changhong’s showroom at: https://www.cantonfair.org.cn/en-US/shops/451692550933632?keyword=&fbclid=IwAR1SwCZbN8tcDUIfA9D1RnzF_TnyrKVQQW_QtDlkd3EUGV-vHbc-mj3HW3c#/)

Changhong debuts multiple new products online

One of the highlights is Changhong’s new Mini LED smart TV that comes equipped with an ultra-thin Mini crystal back panel and the latest quantum dot display technology to deliver superior HDR picture quality, a wide color gamut exceeding 95% and top-notch color accuracy, creating a lifelike viewing experience.

With the latest Android 11 operating system and a 120HZ high refresh rate as well as Motion Estimation, Motion Compensation (MEMC), Changhong’s 98″ large screen TV, the company’s first TV model launched for international markets, effectively addresses jitter and smear associated with high-speed motion pictures.

Changhong’s Eva model, the world’s first air conditioner to support multiple languages and offline voice control, promises a better interactive experience with its support for eight languages alongside voice activation even in locales with no internet access.

Changhong’s impressive exhibits also include Space Pro refrigerators and washing machines that are thinner and smaller in size than comparable products available in the market thanks to the company’s world-leading ultra-thin technology. With a fully upgraded preservation technology, the Space Pro refrigerator series delivers better performance in terms of keeping food fresh by effectively extending the shelf life.

Efforts in expanding sales channels lead to steady growth of Changhong’s international business

Despite the pressure and challenges facing international business in 2022, Changhong widened sales channels while further strengthening its competence in products and technologies as well as its front-end smart manufacturing capabilities. By doing so, it achieved steady growth in three major product lines – TVs, air conditioners as well as refrigerators and washing machines in tandem enhancing its profitability. In particular, the company’s sales revenue of air conditioners showed a year-on-year increase of nearly 40% as of the end of September.

In addition, Changhong has accelerated the build-out of sales channels outside of its home market in China by further expanding its presence in the global e-commerce market. Its high-end smart home appliances brand CHiQ has grown rapidly with products available in over 30 countries worldwide. The brand has also enhanced its competitiveness.

In recent years, Changhong has continued optimizing its business strategy, while further facilitating intelligent manufacturing and upgrading as well as market expansion. The company has also built and consolidated its technological innovation system across the upstream and downstream value chains across multiple sectors, including refrigerator compressors, big data storage, and IoT modules. With a global approach to product development, manufacturing, and business management, Changhong has become a global brand with international visibility.

PressPlay Completed Series B Funding to Accelerate its Business Expansion

Expanding with three primary strategies and planning to apply for the emerging stock market in 2023

TAIPEI, Oct. 14, 2022 /PRNewswire/ — PressPlay, the first Influence Economy Group in Taiwan, announced that it had completed Series B Funding with several hundred million. PressPlay plans to use the investment to expand the overseas business, enlarge the organization, optimize the online learning platform experience, and accelerate its influence ecosystem’s growth with three cores: entertainment, brand, and knowledge. PressPlay also plans to apply for the emerging stock market in Taiwan in 2023 to extend its global influence through the power of the capital market.

PressPlay Completed Series B Funding to Accelerate its Business Expansion
PressPlay Completed Series B Funding to Accelerate its Business Expansion

PressPlay expects to grow 50% in 2022 with the three cores
PressPlay was established in 2016 and introduced services closely connected to everyone’s daily life. PressPlay has created its influence ecosystem in three core areas: entertainment, brand, and knowledge.

Entertainment influence: PressPlay now has exclusive contracts with 36 creators in Taiwan and Hong Kong, of which 9 have over 1 million subscribers on YouTube.

Brand influence: Collaborated with several creators since 2019 to incubate lifestyle product brand IPs and launched brands across the beverage, bakery, Korean cuisine, and Taiwanese cuisine markets to build its consumption brand territory continuously.

Knowledge influence: PressPlay Academy (PPA) has built the most advanced online learning platform in Taiwan with influence power and technology and provides diverse learning methods and content.

PressPlay Group achieved $1400 million in gross revenue in 2021 and created a 93% annual growth rate with its business expansion.

“PressPlay starts with agency management, creator brand management, and online learning platform and continues to create different business models to support the monetization of creator influence. IPO is our next step and goal. In the future, we will not only expand our business territory but expect to share more business opportunities with the creators, launch more brands, and create a healthy equation for growing to expand the influence ecosystem. For 2022, I’m confident that we will grow over 50% as a group,” Co-founder Rob Kuo said.

PressPlay announces three major strategies and accelerates overseas expansion. PressPlay officially announced IPO as its next step. PressPlay will keep strengthening the existing strategies and focus on three primary strategies:

  1. Overseas Expansion: Since the launch of the creator agency business in Hong Kong in 2019, PressPlay has created an average of 33% annual growth rate. PressPlay will further introduce its monetization business model for creators to overseas markets and aggressively increase overseas collaboration opportunities.
  2. Cross-business profit maximization: The entertainment sector covers creator agency management, content marketing, social commerce, and co-branding. PressPaly also launched Next Master business to focus on creating online courses for creators and will enhance the collaboration with knowledge content business (PressPlay Academy) to maximize cross-business profits.
  3. Online learning platform “double-perfection”: PressPlay Academy brings “double-perfection” to the platform. It has enhanced video shooting quality and created a “perfect” learning experience with AI technology, covering the learning mechanism, interactive experience, learning tools, creator content evaluation, etc., to maximize the value of technology.

PressPlay co-founder Dennis Lin said: “PressPlay Academy will become a platform combining technology, learning, and content creation this year. We strive to optimize the learning experience and challenge to provide the best video quality among the online learning platforms in Taiwan. We will continue to expand overseas collaboration opportunities, including cross-border business development and sales, not being restricted by topics, boundaries, and standards, and create a dynamic online learning academy globally to be the leading brand in the market.”

About PressPlay
PressPlay is the first 360-degree Creator ecosystem group in Taiwan. PressPlay has been expanding its business territory since 2016 with the missions “Maximize the Value of Influence” and “Utilize Influence to Innovate New Business Opportunities,” striving to create the value of influence for each field with a 360-degree approach closely connected to everyone’s daily life.

Media Enquiries: 

Yaki Cheng 
pr@pressplay.cc

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Waterdrop Inc. CEO Shen Peng Attends Future China Global Forum 2022

BEIJING, Oct. 10, 2022 /PRNewswire/ — On October 7, 2022, the Future China Global Forum 2022 was held in Singapore. Mr. Peng Shen, Founder and CEO of Waterdrop, attended the forum via video link and introduced the Company’s operations in Singapore.

Initiated by Singapore’s former prime minister Mr. Lee Kuan Yew in 2010, the Future China Global Forum is an international exchange platform that gathers leaders and experts from political, industrial, business, and academic circles. Themed “Stability Amidst Turbulence”, the 2022 session invited over 30 guest speakers, including celebrities like Lawrence Wong, Singapore’s Vice Prime Minister and Minister of Finance, Liu Shijin, Deputy Director of the Economic Affairs Committee of the CPPCC National Committee and Vice Chairman of China Development Research Foundation, Jia Qingguo, Director of the Institute for Global Cooperation and Understanding of Peking University, Danny Quah, Dean of the Lee Kuan Yew School of Public Policy at NUS, and Li Shimo, founder, and executive partner of Chengwei Capital.

In terms of investment in Southeast Asia, Shen Peng said Waterdrop has been an active player in the Belt and Road Initiative by expanding its presence in the countries along the routes. In 2019, Waterdrop Medical Crowdfunding raises donations through the Internet in collaboration with Singapore local charitable organizations to help people in need.

In 2022, Waterdrop decided to make Singapore an operating and management center for its operations under the Belt and Road Initiative, as Singapore has the geographical location, infrastructure, economic and cultural environment, and a talent pool ideal for Chinese companies to pursue global development.

Shen Peng said, “In their global move, Chinese enterprises should adjust operations to local conditions, and do what they are best at in a new market. Only by focusing on ‘basic skills’ can they serve local people well, win user recognition, build competitive edges and take roots locally.”

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Waterdrop’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Waterdrop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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Source: Waterdrop Inc.

HK’s integration with GBA opens new chapter

HONG KONG, Oct. 9, 2022 /PRNewswire/ — Hong Kong should accelerate its exploration, research and study of the changing situations in the Guangdong-Hong Kong-Macao Greater Bay Area so that the city can better perform its superconnector role in the building of the region.

Political and business heavyweights made the observations on Thursday at the Greater Bay Area Conference 2022 and 25th Anniversary Ceremony of China Daily Hong Kong Edition, themed “GBA: Integration Writes a New Chapter”.

Co-organized by China Daily and the Hong Kong Coalition, the conference consisted of three panel discussions on how to promote technology and innovation, forge financial connectivity, and preserve cultural heritage in the city-cluster area, which comprises the two special administrative regions of Hong Kong and Macao, and nine cities in Guangdong province.

Over 400 people, including government officials, business leaders, and experts from the Chinese mainland, Hong Kong and overseas, attended the hybrid event.

Leung Chun-ying, a vice-chairman of the Chinese People’s Political Consultative Conference National Committee, said that “knowledge about the changing situations on the other side of the tiny Shenzhen River is key”, as better cross-boundary mobility of resources such as professionals, capital, goods and electronic data, is needed.

Leung cited as an example the fact that Chinese customs officials have released new measures regarding Nansha district of Guangzhou, and these measures included the freer flow of materials for biomedical research, the development of an international logistics center, and cross-boundary e-commerce and aircraft leasing businesses.

But the recent development of the Greater Bay Area is not detailed in Hong Kong media reports, or analyses by Hong Kong research institutions, or commentaries by Hong Kong opinion leaders, Leung added.

“What it means is that Hong Kong has to double up efforts of exploring, researching, studying, comparing, ‘tea-sipping’ and engaging on the other side of the river,” Leung said. “As the most international city in the Greater Bay Area, Hong Kong should reinforce the advantage as the superconnector to share our knowledge of the Greater Bay Area cities to entice international business partners.”

Leung suggested media organizations, research institutions, chambers of commerce and professional bodies set up permanent branches in the Greater Bay Area cities to have “eyes and ears, arms and legs and voices on the ground”.

Hong Kong Chief Executive John Lee Ka-chiu agreed. “Hong Kong and other Greater Bay Area cities continue to collaborate closely and complement one another to bring about enormous opportunities for our people, our businesses and our communities.”

Lee added: “Hong Kong will leverage its highly market-oriented and internationalized business environment, its well-developed professional-services sectors, as well as the city’s status as an international financial, trade and shipping center” to develop the Greater Bay Area as a world-class city-cluster for living, traveling and working.

“As the world’s freest economy and the largest offshore renminbi business center, Hong Kong is the ideal gateway to connect international investors with the mainland on the one hand and help channel mainland funds to the global market on the other,” Lee said.

Maria Tam Wai-chu, deputy secretary-general of Hong Kong Coalition, said that the integration not only refers to infrastructural integration in transport and communication networks, “but also in our rules and regulation, administrative and professional practices and cooperation”.

Tam said that Guangdong province has a complete chain of economic activities, but the services sector is comparatively less strong than the primary and secondary industries.

“Here is where Hong Kong can play a vital role with our strong third-sector services and our links to the world markets,” she said. “This is a perfect combination to create an even more powerful economic growth engine.”

In 2021, the total gross domestic product of the Greater Bay Area was about 12.6 trillion yuan ($1.77 trillion), and 25 of its corporations were in the top 500 globally. The city-cluster area has over 50 unicorns (startups with a value of over $1 billion) and over 1,000 incubators. It also boasts the majority of the over 60,000 high-technology companies in Guangdong.

Qu Yingpu, publisher and editor-in-chief of China Daily Group, said the Thursday conference invited some of the finest minds in the region to unravel the nuances embedded in the idea of the Greater Bay Area, and to find some well-thought-out responses to some questions.

“Will Hong Kong be able to use its financial services and legal assistance facilities to boost trade ties between fellow Greater Bay Area member cities and their international partners? How effective is its role as a cultural bridge connecting the Greater Bay Area with the rest of the world going to be, and what does Hong Kong stand to gain in the process?” Qu asked.

In addition to the roundtable conference on how various stakeholders can forge ahead with the Greater Bay Area blueprint, the Thursday event also featured the 25th anniversary of the China Daily Hong Kong Edition.

Zhou Li, deputy editor-in-chief of China Daily Group and publisher and editor-in-chief of China Daily Hong Kong, agreed. “We add an important new voice to the local media and play an ambassadorial role in helping China to forge stronger political and economic ties with other countries and step up social and cultural exchanges,” he said.

“We also helped unpack the idea of ‘one country, two systems’, and articulate its ambitions,” Zhou added.

About China Daily

Founded in 1981, China Daily covers 400 million readers and users worldwide through diversified platforms, including newspapers, websites, mobile devices, and social media. The number of China Daily’s followers has now reached 70 million on Weibo, 13 million on the WeChat blog platform, 105 million on Facebook, and 4.23 million on Twitter.

About the China Daily Asia Leadership Roundtable

The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia, providing platforms for focused dialogue, issue investigation and possible collective action on strategic issues relating to Asia’s economic, business and social development. Our aim is to enhance communication and increase mutual understanding among China, Asian countries and Western countries. Roundtable events are held in major cities across Asia.

About the Hong Kong Coalition

The Hong Kong Coalition is founded by 1,500 initiators from all sectors of Hong Kong society, with Mr. Tung Chee Hwa and Mr. Leung Chun Ying assuming the roles of chief convener, Mr. Tam Yiu Chung serving as secretary-general, and Ms. Maria Tam Wai Chu and 10 other members holding the posts of deputy secretary-general. The coalition held a press conference on May 5, 2020, declaring its official establishment. The aims of the Hong Kong Coalition are: Uphold “one country, two systems”, support Hong Kong to overcome difficulties; and start afresh for brilliance ahead.

Media Contact:
Ms. Jing Fang
Tel: (852) 3465-5451
Email:jingfang@chinadailyhk.com