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China still remains world’s largest engine for growth

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BEIJING, Feb. 29, 2024 /PRNewswire/ — A report from People’s Daily: 

The International Monetary Fund (IMF) recently raised its growth forecast for the Chinese economy and other emerging economies in Asia in 2024. At the same time, the IMF has increased its global economic growth forecast for this year by 0.2 percentage points to 3.1 percent due to the resilience of major economies like China.

The IMF pointed out that the lift of China’s economic growth forecast reflects the continuation of the strong growth momentum in the Chinese economy last year, which exceeded expectations, as well as the stimulating effect of relevant policies implemented by the Chinese government.

In 2023, China’s GDP exceeded 126 trillion yuan ($17.51 trillion), growing 5.2 percent from a year ago. China still remains the largest engine of global growth. In January 2024, the country’s economic vitality showed signs of recovery, sending positive signals for the year’s economic performance.

Not only the IMF, other international financial institutions such as Goldman Sachs and UBS Group recently have also released reports indicating that China’s consumption and service industries will continue its post-pandemic recovery trend in 2024.

Recently, leaders of international institutions and multinational companies have made frequent visits to China, including a Japanese economic delegation, a delegation led by the World Bank executive director, Danone Group from France, Amway Group from the United States and BMW from Germany. They showed confidence in the Chinese market and hoped to deepen practical cooperation with China.

At Xiaomo International Logistics Port in Shenzhen, south China’s Guangdong province, a roll-on/roll-off ship owned by Chinese new energy vehicle maker BYD set sail, carrying over 5,000 Chinese made NEVs and heading towards the Flushing Port in the Netherlands and the Bremerhaven Port in Germany.

In 2023, China became the world’s largest exporter of automobiles for the first time. Statistics show that one in every three cars exported by China is an electric passenger vehicle. Last year, China’s exports of NEVs, lithium batteries, and photovoltaic modules surpassed 1 trillion yuan, leading the world in market share.

At the Alashankou port in northwest China’s Xinjiang Uygur autonomous region, China–Europe freight trains departed one after another, carrying daily necessities, automobiles and spare parts, machinery equipment, and other goods manufactured in various parts of China to Europe.

In 2023, China–Europe freight trains made 17,000 trips throughout the year, transporting 1.9 million twenty-foot equivalent units, marking a 6 percent and 18 percent increase, respectively, compared to the previous year.

This “golden channel” of international land transportation has connected 217 cities in 25 countries between China and Europe, injecting continuous momentum into bilateral trade and economic exchanges.

China is the only country with industries across all categories in the United Nations (UN) industrial classification. “Chinese companies have significant advantages in terms of innovation capability, iteration, and manufacturing efficiency, and behind this is China’s well-developed industrial chain and its massive market,” said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

China is a major trading partner for over 140 countries and regions. Borge Brende, president of the World Economic Forum, noted that China is shifting from investment- and infrastructure-driven growth to innovation-led growth, and it holds a crucial position in global economy and trade.

Sonali Jain-Chandra, chief of an IMF team conducting discussions on the 2023 Article IV Consultation in China, noted that the policies implemented by the Chinese government will have a positive impact on the economy.

She also said that research conducted by the IMF indicated that when China’s growth rate rises by 1 percentage point, growth in other countries increases by around 0.3 percentage points.

She believes that China’s economic growth in 2024 will still surpass the global average, making China a major contributor to global economic growth in that year.

In the new year, various regions in China have outlined their “roadmaps” to build a world-class business environment that is market-oriented, law-based, and internationalized.

Shanghai has proposed further advancing high-level reform and opening up, enhancing development momentum and competitiveness, and vigorously promoting pioneering reforms and leading opening-up initiatives in all aspects.

Guizhou province will implement actions to improve the quality and efficiency of foreign trade. Chongqing municipality will advance high-level construction of the New International Land-Sea Trade Corridor to build itself into a highland of opening up.

China is focusing on accelerating the development of new productive forces and embracing innovation and transformation as important new trends in its economy.

The country is actively promoting digitalization and green, low-carbon transformation in industries. Xiao Song, global executive vice-president of Siemens, said that foreign companies deeply feel China is becoming an “innovation field” for cutting-edge technologies.

“The fundamentals sustaining China’s economic recovery and long-term growth remain unchanged. As an open country, China will continue to bring more cooperation opportunities to the world. The future of China’s economy is bright, and we are full of confidence in it,” said Liu Sushe, deputy head of the National Development and Reform Commission.

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SOURCE People’s Daily

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Tulufan, Xinjiang: For the first time, a new energy plant and station has achieved “all-green electricity” operation

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12 mins ago

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September 20, 2024

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TULUFAN, China, Sept. 20, 2024 /PRNewswire/ — On September 19, employees of State Grid Tulufan Electric Power Supply Company came to State Power Investment Zhongli Tenghui Qiquanhu Photovoltaic Power Station to provide comprehensive technical support and guidance for new energy enterprises.

Seven wind power and photovoltaic power generation enterprises, including Xinjiang Jize Power Generation Company in Tulufan, have obtained 6.035 million KWH of grid electricity by purchasing 6,035 “green certificates” to achieve “green electricity – green electricity” and achieve green energy use in the whole link of new energy power generation.

The green power certificate, referred to as “green certificate”, is the only certificate that identifies the production and consumption of renewable energy power. Promoting the all-green operation of new energy power generation is an important measure to promote the green consumption of renewable energy.

“Before, we were just ‘producers’ of green electricity. Now the buyers of green certificates have become green electricity consumers, and the production process is fully green.” Qiquan Lake photovoltaic power station inspection officer Forzati Dilishati said.

Since the launch of the green electricity and green certificate market, State Grid Tulufan Electric Power Supply Company has actively promoted green electricity trading, promoted the supply of green electricity and green certificates in multiple scenarios, promoted the rapid promotion and popularization of related services in Tulufan, and helped build a new power system.

In the first eight months of this year, the cumulative volume of green electricity transactions in Xinjiang reached 1.174 billion KWH, 93.83 times that of the whole year of 2022.

 

View original content:https://www.prnewswire.com/apac/news-releases/tulufan-xinjiang-for-the-first-time-a-new-energy-plant-and-station-has-achieved-all-green-electricity-operation-302253902.html

SOURCE State Grid Tulufan Electric Power Supply Company

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KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

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12 mins ago

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September 20, 2024

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VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

 

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SOURCE KuCoin

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PayPal Ventures Reinforces Support of Chaos Labs with Additional Investment

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12 mins ago

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September 20, 2024

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — Today, PayPal Ventures, the global venture capital arm of PayPal, announced an additional investment in Chaos Labs, an industry leader in onchain risk management. This investment underscores PayPal Ventures’ confidence in Chaos Labs’ potential and their blockchain products.

Chaos Labs’ recent launch of Edge, a new decentralized oracle protocol, has garnered significant attention within the industry. Edge has already secured a remarkable $30B over the last 2 months and has been adopted by leading exchanges such as Jupiter, the top perpetuals exchange on Solana, and GMX, the leading exchange on Arbitrum.

Edge offers a comprehensive, low-latency oracle solution, combining accurate price data with actionable market intelligence. Its advanced architecture ensures the security and efficiency of DeFi applications while providing insights into market dynamics and security risks. Edge monitors the market for specific risk signals, performs the offchain data parsing and computation, and outputs one actionable data point.

Omer Goldberg, CEO and Founder of Chaos Labs, said, “We’re excited to receive the strong confidence and additional support from the PayPal Ventures team. Edge by Chaos is the culmination of our entire company’s work and expertise. Edge Price, Risk, and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world-assets, in addition to the crypto assets and venues that provide access to them.”

Last month, Chaos Labs announced a $55 million Series A funding round led by Haun Ventures, including prominent new investors such as F-Prime Capital, Slow Ventures, and Spartan Capital, and existing investors including PayPal Ventures. Chaos Labs has experienced significant growth, tripling its customer base and securing billions in trading volume, loans, and incentives.

PayPal Ventures’ investment aligns with PayPal’s ongoing commitment to the blockchain ecosystem. In May 2024, PayPal launched its stablecoin, PYUSD, on the Solana blockchain.

Amman Bhasin, Partner at PayPal Ventures, said, “Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain. Chaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.”

Chaos Labs will receive the total investment in PYUSD on-chain. A simulation will be shown live on-stage on September 20th at the annual Solana Breakpoint conference in Singapore.

About Chaos Labs

Chaos Labs leads the blockchain risk management industry with innovative solutions for the evolving onchain financial landscape. Chaos Labs enables protocols to verify stability across all market conditions, merging offchain observability with onchain risk parameter adjustments. Backed by leading venture capital firms, Chaos Labs continues to set new standards for security and responsiveness in onchain finance. Founded in 2021, Chaos Labs is headquartered in New York City.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/paypal-ventures-reinforces-support-of-chaos-labs-with-additional-investment-302253911.html

SOURCE Chaos Labs, Inc.

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