Luckin, a Starbucks rival in China, rises in US stock debut

Luckin, a Starbucks rival in China, rises in US stock debut

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 th

an 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 mainly as a place to pick up mobile orders.

It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.

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From chips to its self-developed operating system, Huawe

From chips to its self-developed operating system, Huawe

wei has long been preparing for independent research and development in core technologies. It has the ab

ility to adjust to changes in the global market,” said Xiang Ligang, director-general of the Information Consumption Alliance.

Huawei has also made preparations with core chipsets. Existing st

ocks are thought to provide the company with a buffer of six months to a year, he said.

The root cause for the repeated twists and turns in the China-US trade talks lies, to a

great extent, in the United States’ serious deviation from, and disdain for, the objective laws of eco

nomics. The fact that China will never accept its unreasonable demands further complicates the matters for the US.

The US administration’s often competing and clashing objecti

ves-though many of them are understandable-cannot be realized simultaneously. For instance, the

US hopes to revive its industries and boost its real economy while maintaining the huge bubble in its financial market.

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I’m afraid sometimes, without cooperation, what comeso

I’m afraid sometimes, without cooperation, what comeso

ut is confrontation,” said Solana, who is currently president of the ESADE Center for Global Economy and Geopolitics of Spain.

The senior politician and diplomat expressed concerns over the trade frictions between China and the United States, w

hich have conducted 11 rounds of trade negotiations, but have yet to reach an agreement.

The world’s two largest economies should engage in dialogue on an equal footing, Solana said.

“If they fail to resolve their trade problems, the global economy will start to suffer from this crisis,” he said.

In a global situation where protectionism and unilatera

lism are on the rise, a multilateral approach has to be maintained, he said.

Solana praised China’s hosting of the Conference on Dialog

ue of Asian Civilizations, and said this type of event could boost cooperation among different countr

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attracting talents and capital. This in turn prompts the autho

attracting talents and capital. This in turn prompts the autho

rities to introduce more favorable policies and regulations for the enterprises bas

ed in the US, which is essentially a combination of representative democracy and market econ

omy. Under such circumstances, how can the US promote sustainable reindustrialization?

Besides, reindustrialization is not possible without rebuilding or strengthen

ing infrastructure facilities. And although the US leader has been claiming to implement a trillion-dollar infrastructure

plan-and even made it one of the pillars of his “Make America Great Again” campaign-not much has come of it.

Another major problem is that the return on equity in the infrastructure sector is a mere 3 percent w

hile that in the US capital market is about 12 percent. So how can the US attract more private cap

ital to the infrastructure sector without guaranteeing a return on equity equal to that in the capital market?

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he transformation and upgrading of existing industries

he transformation and upgrading of existing industries

thanks to measures to stimulate innovation, optimize the business environmen

t and public services, and to strengthen opening-up and cooperation in the digital sector.

“China’s high-tech industries, represented by new technologies, new industr

ies, and new products, have maintained rapid growth in recent months,” she said.

According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye

ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma

nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year.

Output of the electronics and communication equipment manufact

uring sector, pharmaceutical manufacturing and aerospace and equipment manufacturing wer

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Shanghai has ‘best business environment’ in China

Shanghai has ‘best business environment’ in China

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, natural resources and infrastructure.

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The industrial internet, education and medical care are ou

The industrial internet, education and medical care are ou

r priorities in upgrading internet services in order to boost industrial development, improve acc

ess to quality medical resources and promote fairness in education,” Premier Li said.

Basic telecommunication service providers will be encouraged to further lower prices. The g

oal this year is to cut the average broadband service rate for small and midsized enterprises by 15 perc

ent, the average rate for mobile internet services by more than 20 percent, and roaming charges for inter

net traffic between the mainland and Hong Kong and Macao by 30 percent. A “floor-price” rate will be set for low-income and elderly populations.

Basic telecommunication service providers will be urged to ensure that cellphone users n

ationwide can switch service carriers without changing phone numbers by the end of November, and any e

xtra term required for this service will be looked into. These companies will also be urged to straighten out their service pa

ckages to trim the packages available by more than 15 percent within this year, bringing more benefits to consumers.

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More new users choose VIPKID among all online Engli

More new users choose VIPKID among all online Engli

glish education brands. Since September 2018, 70 percent of all new users were snapped up by VIPKID.

There is also significant difference between VIPKID and other brands on user activity. Si

nce early 2018, the monthly active users of VIPKID have risen while other brands didn’t see much growth.

People in first- and second-tier cities take up 65 percent of all paid users, becoming a major force i

n online English course market for children. The number of users in third- and fourth-tier cities is growing.

Quality of foreign teachers a challenge

The quality of foreign teachers is a key factor when parents choose English learning pla

tform. The foreign teachers of China’s online English education brands mainly come from No

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Shanghai hotels no longer provide disposables automatically

Hotels in Shanghai will no longer automatically provide disposable daily necessities such as toothbrush, comb and shaver f

rom July 1 as a regulation on household waste will come into effect in the city on the day, People’s Daily reported.

Around 4.8 billion guests booked into 440,000 hotels in China in 2017, as per data. More than 70 percent o

f soaps are thrown away after being used once, a survey shows. Calculated by weight, each hotel t

hrows away 2.5 kg disposable soaps every day and 440,000 hotels would throw away more than 400,000 tons

of soaps every year. If each ton of soaps costs 20,000 yuan, that would be 8 billion yuan worth of soap.

Apart from soap, toothpaste, toothbrush, comb, shampoo and bath foam are often discarded

after one-time use. It’s not only a waste of money, but also a burden for environment as many articles are non-degradable.

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The reform and opening-up policies are exactly the kin

The reform and opening-up policies are exactly the kin

ds of market-driven reforms needed to make this happen. The Chinese government is investing heavily in research

and development, but it should be noted that the R&D spending as a percentage of GDP is still lower than that of the US.

Nobody likes competition against themselves. So, it must be admitted that China’s transiti

on to a high-tech, high-value-added economy will come as a shock to many companies around the world.

The US economy, which has about 7 percent of GDP in high-tech manufacturing, will be lightly affected by this change.

On the other hand, advanced manufacturing contributes around 20 percent of GDP in South Korea, Japan, Ge

rmany and a few smaller European countries. They will be much more directly affected.

China’s transition over the next 10 years will not be painless for its compa

nies or for foreign competitors. But, reform and opening-up policies that create more com

petitive companies and markets are the only way to achieve a richer and more productive world economy in the long term.

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