Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday. The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year. But unlike Starbucks, Luckin is losing money. It brought in $125 million in revenue last year, but spent much more than that on coffee beans, store rent and other costs. Last year, it lost $475 million. Most of Luckin’s stores are small, have few seats and are used mainlyRead More →

Museums are not only there for enjoyment; they are education, and as such should be free. While I can appreciate the enormous costs involved in maintainin g and obtaining collections, let the wealthiest 1 percent of the country pay for it. The Met in NYC is technically free; they ask you to give what you can afford. But the ide a of a person or child interested in art not being able to view it because of cost is morally wrong. Free entrance does not attract people, nor does it encourage them to appreciate it. Sure, there are exceptions to this, but by and largeRead More →

Wang Xudong, director of the Palace Museum, says it’s a duty for museums to provide a platfo rm for scholars to exchange their academic findings, for artists from different cultural back grounds to show their work and boost mutual respect, and for children to pass traditions into the future. The latest figures from the National Cultural Heritage Administration show China had 5,354 mu seums by the end of 2018, and museums across the country held some 26,000 exhibitions in 2018 and received 1.126 billion people, an increase of 30 percent and 16 percent, respectively. The International Council of Museums organized the annual Inte rnational MuseumRead More →

estigation Bureau, said that illegal fundraising and related economic crimes remain a serious issue. Cases involving over 10 billion yuan and more than 1 million investors are frequent, Gao said. “The spread of illegal economic crimes such as illegal fundraising is also pretty fast.” To raise public awareness, educational activities were organized this week to mark the 10t h national awareness day for combating and preventing economic crimes, which fell on Wednesday. With a focus on combating and preventing illegal fundr aising and pyramid schemes – two types of crime common in recent years – face-to-face cons ultations were organized and online presentations were launchedRead More →

den was announced as the winner and Zheng refused to acknowledge the Briton’s victory before sensationally collapsing on the podium and leaving the competition area in tears. “I have been doing this sport for 16 years, but this is the first time I have realized that a taekwondo match could be played like this. Zheng, competing in her fifth world championships, said on hea ring the British national anthem playing, she felt too weak to stand on the podium. “I felt very guilty for not winning the gold for my coach, my teammates and my country. We h ave been working so hard for thisRead More →

 partnership with Tianjin to set up an AI research institute in the city. By opening the new institute , Inspur aims to join the top ranks of Chinese AI powerhouses in their quest to attract global talent. “We will step up our efforts to develop the AI sector in Tianjin, and will focus on fields i ncluding cloud operating systems and cloud databases,” said Sun Pishu, chairman of Inspur. he Ministry of Commerce urged the United States on Thursday to stop abusing the concept of national security and export control measures, and it promised that China will take all nec essary measures to resolutely safeguardRead More →

foreign company not only jeopardizes fairness and justice in world trade, it also poses a tangible threat to the security of 5G networks. As Huawei said in a statement, “If the US restricts Huawei, it will not make the US safer, nor will it make the US stronger. It will only force the US to use inferior and expensive alternative equipment.” Inferior equipment that might be exploited by criminals and terrorists. That the order is politically motivated rather than for security purposes can be seen from the fact that i t is merely the latest in a series of moves by Washington targeting Huawei-one ofRead More →

 because of multiple measures, including improved legislation, intensified law enforcement and more international coopera tion, according to the Report on the Latest Development in IPR Protection and Business Environment in China. Law enforcement authorities in China handled 215,000 cases involvin g counterfeit products last year, including 77,000 cases involving patent infr ingement, said Gan Lin, vice-minister of the State Administration for Market Regulation. Courts across China concluded nearly 320,000 IPR cases of various type s last year, an increase of 41.6 percent over the prev ious year. More than 5,600 criminal suspects involved in IPR infringement were arrested last year, Jin said. gzbbcn.comRead More →

hina’s financial center Shanghai boasts the best business environment in the country, according to a report on China’s urban busi ness environment index jointly released by the China Strategic Culture Promotion Association, the C hina Economic Media Association, WANB Institute and YICAI Research Institute. With an index of 86.73, Shanghai topped the list of Chinese cities with best business environment, followed by the capi tal city Beijing at 84.63, and then Shenzhen, in South China‘s Guangdong province, at 84.48. The report evaluates Chinese cities according to five “soft environment” indexes — technological innovation, finan cing, talent, culture and life — and two “hard environment” indexes,Read More →

ongzhong, secretary of the Tianjin Municipal Committee of the Communist Party of China, said Tianjin would embrace a new era of intelligence, create a new intelligen ce-based economy, step up AI cooperation with other countries and speed up the building of an “intelligent Tianjin”. Li said the city will intensify efforts to boost AI applications in fields of urban management, public services, transportation and logistics, healthcare and security. Minister of Science and Technology Wang Zhigang said China is drafting regulations and standards for regulating AI and will publish them soon. Wang said more effort is needed to make breakthroughs in basic AI theories and coreRead More →