Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Nvidia CEO Jensen Huang said China can beat AI rivals with Greater Bay Area edge;
- China extends unilateral visa-free policy to Japan and eight European countries.
Here’s what you need to know about China in the past 24 hours
Jensen Huang, the founder and chief executive of chip manufacturer Nvidia, voiced his strong confidence in Hong Kong's role in advancing artificial intelligence (AI) as well as open science development and highlighted huge potential in capitalizing on AI in the Greater Bay Area.
This comes after the 61-year-old was awarded an honorary doctorate in engineering at the 2024 Hong Kong University of Science and Technology (HKUST) Congregation on Saturday, which also marks his first visit to Hong Kong.
During his acceptance speech, Huang emphasized that the world is entering a new era defined by AI. He said that AI is poised to revolutionize scientific disciplines and impact every industry, heralding the arrival of the robotics age and the subsequent creation of new sectors.
Nvidia, a leader in AI chip technology, has seen its market valuation surpass that of Microsoft, marking it as a global frontrunner.
The head of the US chipmaker has also pledged to maintain the company’s presence in the Chinese mainland despite rising geopolitical tensions.
In a later discussion on stage, Huang pointed to the mainland’s unique strengths in capitalizing on AI, saying there was huge potential in the Greater Bay Area, which links Hong Kong, Macao and nine Guangdong cities.
“This is just an extraordinary opportunity for China and for this area,” Huang said. “The Greater Bay Area is so good at mechatronics already, the intersection between mechanical technology and electronics.”
Huang noted that AI development is a global, unstoppable trend and emphasized the importance of seizing the opportunities to tackle the challenges with AI tools.
Huang also addressed the employment challenges faced by the youth in Hong Kong and the Chinese mainland, stating that AI presents extraordinary chances for them and encourages graduates to embrace the new era of industries being transformed as the world undergoes a reset.
Huang's stay in Hong Kong became a social media sensation after a photo showed the CEO of Nvidia, Financial Secretary Paul Chan, HKUST President Nancy Ip, HKUST Council Chair Harry Shum, and other big names drinking and eating at a food stall in a night market in Sham Shui Po.
- China has added Japan and eight European countries to its unilateral visa-free policy, sparking an immediate surge in travel searches. Citizens of Japan, Bulgaria, Romania, Croatia, Montenegro, North Macedonia, Malta, Estonia, and Latvia will be able to travel to China for up to 30 days without a visa from Nov. 30 to the end of next year, the Ministry of Foreign Affairs' consular department announced on Saturday. Within half an hour of the announcement, travel-related searches from Europe to China surged 65 percent and from Japan to China 112 percent, according to the overseas platforms of Chinese travel agency Ctrip.
- Local governments across China, including Hebei, Sichuan and Yunnan Province have taken action to implement debt replacement after the approval of a 6-trillion yuan new local government debt quota for replacing the hidden debts. Per latest statistics, a total of 16 provinces in the country have announced that they will issue special refinancing bonds to replace existing hidden debts, with a total issuance amount reaching 1.09 trillion yuan.
Greater Bay Area, Greater future
- A high-profile Hong Kong delegation led by Chief Executive John Lee Ka-chiu will attend a conference in Guangzhou on Monday afternoon to promote economic ties between the city and Guangdong province. The Guangdong-Hong Kong Deepening Economic, Trade and Investment Cooperation Conference, co-organized by Guangdong and Hong Kong authorities, is a highlight of the delegation’s three-day visit to Guangdong that kicked off on Monday morning. The delegation, which will tour Foshan, Guangzhou, Dongguan, Huizhou and Shenzhen, includes around 50 business executives, leaders of business chambers and senior government officials.
- The 2024 World Consumer Electronics Expo will be held in China's Shenzhen from Nov. 28 to 30, showcasing cutting-edge tech in smart connected cars, drone economy, humanoid robots, and others. Tech giants, including Huawei, Samsung, and LG, as well as NEV makers, such as Tesla, Nio, and Xpeng, will be among the exhibitors.
Next on industry and company news
- Apple CEO Tim Cook arrived in Beijing on his third business trip to China this year, as he toured the site of the 2nd China International Supply Chain Expo on Monday. Answering a question on Chinese supply chain partners, Cook stated his high regard for Apple's Chinese partners, as Apple "could not do what it does without them.” Apple has some 200 major suppliers, with more than 80 percent producing products in China, according to information at Apple's booth at the supply chain expo.
- China will set up over 100 trusted data spaces by 2028 to promote the flow of data factors and facilitate the utilization of data resources, according to an action plan the National Data Administration released on Saturday.
Switching gears to financial news
- Courier group SF Holding has said it raised USD749.3 million for its Hong Kong IPO after pricing its shares at HKD34.3 apiece. The group made the announcement in a term sheet and is expected to announce details of its H share issue on Tuesday and trading is expected to begin on Wednesday.
- China's small- and micro-sized businesses enjoyed 946.1 billion yuan tax cuts in the first three quarters of the year, up 6.7 percent from a year earlier, according to the State Taxation Administration. The total tax relief exceeded 5 trillion yuan in the past five years.
Wrapping up with a quick look at the stock market
- Chinese stocks fell on Monday as the benchmark Shanghai Composite slid 0.1 percent and the Shenzhen Component edged down 0.2 percent. Hong Kong’s Hang Seng index also closed 0.4 percent lower, and the TECH index dipped 0.3 percent.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
(作者：李莹亮 编辑：李艳霞）