Metaverse: expected to grow fast in China – Rupert Hoogewerf

 

Rupert Hoogewerf

The metaverse is poised to grow fast in the coming three years, says Rupert Hoogewerf, chairman and chief researcher of Hurun Report, who published a report about the industry, according to the state-owned China Daily. Technology giant Huawei tops the list with the greatest potential in the metaverse for the first time, followed by Alibaba, Baidu, China Telecom and China Mobile.

The China Daily:

China’s metaverse-related industry is expected to grow fast in the next three years, thanks to continuing maturity and the application of key technologies including 5G, artificial intelligence, blockchain, cloud computing and virtual reality, according to an industrial report.

“Whether it’s entertainment, social media, online education, telecommuting, or digital marketing, the metaverse can offer entirely new experiences and models in the years ahead,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

Hoogewerf made the remarks after the Hurun Research Institute released a ranking report of 200 Chinese companies with the greatest potential in the metaverse in 2024 in Nansha district of Guangzhou, the capital of Guangdong province, in late August.

“The metaverse is considered a strategic emerging industry and will accelerate the promotion of Nansha to become an innovation highland and emerging industry incubation highland in the Guangdong-Hong Kong-Macao Greater Bay Area,” said Hoogewerf.

The report refers to companies based in the Chinese mainland, Hong Kong, Macao and Taiwan. For the main list, companies considered have a value of $1 billion or more.

“There has been a clear trend of metaverse-related businesses in the past three years, especially in the fields of education, finance, tourism and healthcare,” said Hoogewerf.

Technology giant Huawei tops the list with the greatest potential in the metaverse for the first time, followed by Alibaba, Baidu, China Telecom and China Mobile.

More in the China Daily.

The full report you can read here.

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How is China’s comeback working out – Shaun Rein/Ashley Dudarenok

Shaun Rein and Ashley Dudarenok

Business analyst Shaun Rein is interviewed by marketing guru Ashley Dudarenok on the most recent developments, as consumer confidence in China is slowly recovering at the end of 2023. But because of the ongoing trouble with the US, and because US firms fear more counterproductive measures by US President Biden, there are still many bears on the road to economic recovery. China focuses more on domestic companies, as US companies retreat, and the global south turns decisively to China for support, he says.

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TikTok, Huawei’s successes are in the US defined as security risks – Shaun Rein

 

Shaun Rein

“When the Chinese get good at something, all of the sudden, the United States says, ‘This is a national security risk’”, says Shanghai-based business analyst Shaun Rein on the tech arms race between China and the US, where Huawei, TikTok, and others got into trouble in the US, in his interview with Ian Bremmer.

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Will I use Chinese AI tools? – Ashley Dudarenok

 

Ashley Dudarenok

Chinese companies and emerging government regulations have marked the rise of AI tools in China. Marketing expert Ashley Dudarenok most certainly keeps an open mind to using those tools when they become available, she tells at Campaign Asia. “Their availability could offer us access to innovative solutions and capabilities to enhance our operations and drive further efficiency.”

Campaign Asia:

Ashley Dudarenok, a China digital expert and founder of ChoZan and Alarice, says she maintains an open mindset towards embracing Chinese AI tools when they become widely available. “Chinese AI technologies, such as Huawei’s Mindspore and Baidu’s PaddlePaddle, have demonstrated great potential in advancing the field,” says  Dudarenok. “Their availability could offer us access to innovative solutions and capabilities to enhance our operations and drive further efficiency.”…

Whereas American artificial technologies have pretty much had free rein, China has already mandated that it will require a security review of generative AI services before they’re allowed to operate. But many feel that more stringent controls would not hamper China’s AI but instead improve it. “Some of the tight measures may enhance its safety and ethical use,” says Ashley Dudarenok. “Beijing’s focus on user privacy, content discrimination, and model development demonstrates their commitment to responsible AI practices and aims to establish clear boundaries for AI development without stifling innovation too much, allowing companies to innovate within defined limits. This proactive approach instills confidence in AI technology and encourages wider adoption.”

More at Campaign Asia.

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How Shenzhen overtook New York in number of billionaires – Rupert Hoogewerf

 

Rupert Hoogewerf

More Chinese cities overtake New York in their number of resident billionaires, Shenzhen being the latest, says Rupert Hoogewerf, chairman and chief researcher of the Hurun global rich list to NBC. “It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

NBC:

According to the Hurun Global Rich List, an annual ranking compiled by a private Shanghai-based company, Beijing is home to the world’s greatest number of billionaires at 144, followed by Shanghai with 121. There are 113 billionaires in Shenzhen, compared with 110 in New York, while London came in fifth with 101.

The growing concentration of wealth isn’t news to people in Shenzhen, which added eight billionaires since last year.

“It’s almost more of a wake-up call for the rest of the world,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, the company behind the list.

While rankings can fluctuate, he said the rising number of billionaires in Shenzhen reflected a “megatrend” that will draw more young entrepreneurs to the city in coming years.

“It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

Shenzhen’s rise began in 1980, when it was named China’s first special economic zone as part of the country’s “reform and opening up” under then-leader Deng Xiaoping. That allowed the city to experiment with market capitalism in an effort to attract foreign investment. From 1979 to 2021, Shenzhen’s gross domestic product grew from less than $28 million to almost $475 billion.

Today, the city is home to some of China’s biggest tech companies, including telecom giant Huawei and the internet conglomerate Tencent, inspiring others to follow. Last year, 2,500 new state-recognized high-tech companies were set up in Shenzhen, bringing the total number to 17,000, according to the local government.

More at NBC.

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How China became successful – Jim Rogers

Jim Rogers

Veteran investor Jim Rogers explains how countries became successful and how China is following that global path to wealth, he tells at this Huawei commercial.

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UK's Huawei ban does not strengthen post-Brexit confidence among China investors - Shirley Ze Yu

Shirley Ze Yu

The UK's irrational turnabout by banning Huawei is not growing post-Brexit confidence among Chinese investors, says political analyst Shirley Ze Yu at her vlog. For the introduction of 5G it might put the UK even five to ten years behind compared to the rest of the world, she adds.

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Xi Jinping's Eurasian ambitions - Shirley Ze Yu

Shirley Ze Yu

SE-scholar Shirley Ze Yu discusses China president Xi Jinping's Eurasian ambitions at the Belt&Road 2.0 Initiative for the Royal Society of Asian Affairs in London, including Huawei, 5G and the digital expansion of the country. She is currently writing a book on hardware giant Huawei.

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US-China relations no priority for either country - Victor Shih

Victor Shih

US president Trump might be doing his best to upset China in every possible way, but US-China relations are no longer top priority for either country, says political analyst Victor Shih at NBC News. “Fundamentally the big problem on both sides is that you now have leadership which no longer considers having good bilateral relationships as a highest priority,”

NBC News:

“Fundamentally the big problem on both sides is that you now have leadership which no longer considers having good bilateral relationships as a highest priority,” said Victor Shih, a professor of politics at the University of California, San Diego’s School of Global Policy and Strategy.

He said the lack of willingness to improve those ties has been behind more intensive U.S. investigations into alleged Chinese espionage, sanctions on the Chinese technology giant Huawei and the extensive trade tariffs. 

“Previous administrations should have pursued these issues,” he said. “But didn’t because of a strong desire to maintain cooperation.”

More at NBC News.

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China has more billionaires than the US and India combined - Rupert Hoogewerf

Rupert Hoogewerf

The annual Hurun Global Rich List counted today more billionaires in China than in the US and India combined, says Rupert Hoogewerf, chairman of the Shanghai-based Hurun Report after its publication on Wednesday, to Caixin. In 2019, China created 182 billionaires, three times the number as those in the U.S., according to the Hurun Report.

Caixin:

Despite a slowdown in the economy and trade tensions with the U.S., China had 799 billionaires in 2019, more than both the U.S. and India put together, according to the annual Hurun Global Rich List, which measured the wealth of some 2,816 billionaires from 71 countries and regions.
“China today has more billionaires than the U.S. and India combined,” said Rupert Hoogewerf, chairman of the Shanghai-based Hurun Report, which published the rankings Wednesday. He added that a boom in tech valuations and strong stock markets in China, the U.S. and India pushed the number of global billionaires to a record high of 2,816.
In 2019, China created 182 billionaires, three times the number as those in the U.S., according to the Hurun Report.
Alibaba founder Jack Ma, who retired in September last year, climbed a place to become the world’s 21st richest person with a net worth of $45 billion last year, retaining his title as China’s wealthiest person. Ma ranked just ahead of Tencent’s Pony Ma with a net worth of $44 billion and Xu Jiayin of property developer Evergrande with $33 billion.
An overseas pushback against Huawei and a U.S. blacklisting did not prevent the company’s founder, 76-year-old Ren Zhengfei from growing his personal fortune by 7% to $3 billion. He ranked at 903rd, the same as U.S. President Donald Trump.
Amazon founder Jeff Bezos was the world’s richest man for a third consecutive year with a $140 billion fortune, according to the list.

More in Caixin.

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Creating value is more than making sales - Rupert Hoogewerf

Rupert Hoogewerf

Private companies in China have become more important than sometimes appreciated, says Rupert Hoogewerf, chairman of the Hurun Research Institute in its latest report, according to the South China Morning Post. They have grown eight times in the past decade, pay most taxes and create most jobs. "Creating value is more than making sales," says Rupert Hoogewerf. The China Morning Post: China’s 10 largest companies have grown eight-fold in value over the past decade, according to an inaugural Hurun Research Institute report, shedding light on a sector that contributes half of the nation’s tax receipts and 80 per cent of jobs.

The South China Morning Post:

The 10, led by e-commerce behemoth Alibaba Group Holding, were valued a combined US$1.8 trillion, a size that would rank them as the 10th largest by gross domestic product surpassing Canada, were they an economic entity, based on International Monetary Fund data. The snapshot comes from an inaugural list of 500 most valuable private companies released by Hurun on Thursday, and based on data up to November 2019.

Alibaba (US$545 billion), Tencent Holdings (US$408 billion), Ping An Insurance (US$215 billion) are the top trio. Huawei, the subject of US security scrutiny over alleged embedded spyware in its telecoms systems, was ranked fourth, with a valuation of US$172 billion while Alibaba’s unlisted affiliate Ant Financial came in fifth at an estimated US$143 billion...

“Companies on the Hurun China 500 create significant value for local governments, in terms of GDP, industry development, tax revenues and skilled labour,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun report.

Half of them are in emerging industries, especially in the fields of advanced manufacturing, health care, media and entertainment and e-commerce, the report shows. About two-thirds are listed companies, while the rest are non-listed companies or only partially listed, he added.

“We are in an era when it is about value created rather than sales generated that ought to be used to differentiate the best companies in China,” Hoogewerf said. “Some of the Hurun China 500 make only relatively small revenues, but create massive shareholder value.”

More in the South China Morning Post.

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China's internet regulations: keep it fuzzy - Kaiser Kuo

Kaiser Kuo

The successful social platform Tiktok got into hot water when it comes to its relation with China, now the company goes international. Former Baidu communication director Kaiser Kuo looks at The Ringer how Tiktok thrived, like others, in this climate of uncertainty, fuzziness and unpredictability that is key for China's internet.

The Ringer:

“I just remember it was like yesterday that we were all so disparaging of China’s ability to innovate,” Kaiser Kuo, a journalist who has worked in the Chinese tech industry and cohosts Sinica Podcast, told me. “Freedom was not only the necessary condition for being innovative, but it was also even, more hubristically, a sufficient condition.” But in recent years, China has gradually disproved that theory with its mastery of dockless bikes and mobile payments. The two countries are now competing to control the growing sectors of artificial intelligence and global telecommunications. And in May, the Trump administration moved to essentially ban the Chinese telecommunications company Huawei from the U.S. market... 

From its launch, this lack of clarity has been apparent to TikTok users. Many teens have complained about being surreptitiously booted from the app. Others suspect their content has been intentionally kept away from the all-important “For You” feed. In late November, a 17-year-old Afghan American high-schooler named Feroza Aziz tucked a political message into a standard TikTok beauty tutorial. “Use the phone that you’re using right now to search up what’s happening in China,” she says in the clip, while curling her eyelashes. She then criticizes the Chinese government for keeping Muslim Uighurs in mass detention centers in the country’s far western region of Xinjiang. The video was briefly removed from TikTok, and Aziz was temporarily unable to access her account. But after the incident was picked up by news outlets, TikTok apologized, overrode her ban, and brought back the video, claiming these issues were due to a “human moderation error” and a separate, unrelated issue with Aziz’s account. Whatever happened, Kuo says this kind of lack of clarity keeps with standard Chinese censorship practices. When loading a forbidden website in China, users often encounter the same standard error page you might find with a weak Wi-Fi signal. “The line has always been sort of deliberately blurry,” Kuo said. “They deliberately keep it fuzzy so that the idea is if you’re not sure whether you’re going to step over it, you’re going to self-censor. You’re going to be more careful about what you say.”... 

Kuo, who worked at the Chinese search engine Baidu, says companies’ willingness to censor is often just a means to an end. “When the Cyberspace Administration of China sends somebody over, or when they’re having these conversations about what videos, or search terms, or topics need to be censored, it’s not like these companies are saying, ‘Oh, hey, let me suggest a few more to add to this blacklist,’” he said. “They’re trying to comply as minimally as possible. What goes on that list will be different every time and it will change day to day.”

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Patriotism not key for consumer purchases - Shaun Rein

Shaun Rein

Quality, price, and value drive China's consumers, not patriotism, says business analyst Shaun Rein in the LA Times. They might say something patriotic, but that is not key for their purchases, although China's media might suggest nationalism is more than window-dressing.

LA Times:

“Typically, they will say something patriotic or nationalistic,” Shaun Rein, business analyst and founder of the China Market Research Group, said of the Chinese survey respondents. “But when it comes to actually buying something, they don’t care about that so much. They care more about quality, price, and value.”... 

There is a trend of rising Chinese preference for Chinese goods, Rein said, particularly in consumer electronics, where Huawei mobile phones have taken over Apple’s market share in China. But patriotism still isn’t as important as getting a good deal when it comes to consumer decisions, he said. “If the product is not comparable quality, they won’t boycott. It’s just like people still want to buy Canada Goose, because there’s nothing comparable in China,” he said, referring to the Canadian parka brand.

More in the LA Times.

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Long work hours do not work in China anymore - Shaun Rein

Shaun Rein

Tech companies in China became big by asking their workers to make long hours, 996 in jargon. But those days are over says business analyst Shaun Rein to CBS. Not only is it illegal to let people work those long hours, but qualified workers also leave their jobs, because they want to have a life next to their work too.

CBS:

The term "9-9-6" means nine in the morning to nine in the evening, six days a week. That includes hours and hours of unpaid overtime. It's illegal -- but the government turns a blind eye, because long hours build China's tech giants, like Alibaba and Huawei, that employ millions and make billions. 

But change could be coming. "If you're going to have 9-9-6 work culture, I'm sorry, you're not going to be able to get the top Chinese talent anymore," said Shaun Rein of the China Market Research Group. Rein said that a decade ago, young people were inspired by the race to make China a world leader in tech. But now the thrill – and the promise of striking it rich – are largely gone. 

"Younger Chinese just don't want to slave away either working for a multi-national company…" Rein said, "[or] work in a factory or even work for a Chinese billionaire like Jack Ma. And they're starting to push back."

More at CBS.

Not everybody agrees with Shaun, though, like William Bao Bean: "Chinese tech leaders must build an environment where everyone feels they are part of a team, not just an employee, where they are empowered to make a difference."

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Panic among businesses grows fast - Ben Cavender

Ben Cavender

Uncertainty among China-based companies grows fast after the US blacklisted Huawei and others, and China threatens to hit back, says Shanghai-based business analyst Ben Cavender to Reuters. Panic would be an understatement.

Reuters:

Analysts said U.S. companies had been more sanguine in the initial stage of the trade war, with many believing that it could not possibly go on, but that began to change after Washington last month accused Beijing of reneging on previous promises, prompting fresh tit-for-tat tariffs. 

The United States also last month put China's Huawei on a blacklist that effectively blocks U.S. firms from doing business with the Shenzhen-based telecoms equipment maker, aggravating existing frictions. 

"We have in the last three weeks fielded more calls from firms wondering about the political risk here than we probably have in the last 10 years," said Ben Cavender, an analyst at China Market Research Group, whose clients have ranged from clothing retailers to chemical firms. 

"Right now there's a lot more concern that the situation regarding the negotiations has become so unstable and so emotional, when or if there's going to be a resolution."... 

"It would not be inconceivable that China will look at, for example, large retail brands that are operating here and saying, well maybe they should also have fire code violations too. That would create immediate harm to a lot of businesses," Cavender said.

More at Reuters.

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Tit for tat: China's retaliates with blacklisting in trade war - Harry Broadman

Harry Broadman

By blacklisting Huawei, the US started a new phase in the trade war, and China's intention to blacklist US companies in retaliation does not really come as a surprise, says former US negotiator Harry Broadman to CNN Business.

CNN Business:

The US campaign against Huawei, one of China's most powerful tech companies, reached new heights earlier this month when the Trump administration added it to a list of companies said to undermine American interests. That forced crucial suppliers like Google and ARM Holdings to cut ties with the Chinese company, while top carriers in the United Kingdom and Japan delayed the launch of Huawei smartphones. 

Now China's blacklist could target those same companies, penalizing them for complying with the US ban. 

"They have not identified which companies this means but I'm sure, knowing the Chinese as I do, that they will do counterpart targeting matching the US," said Harry Broadman, a former US trade negotiator. He added: "Clearly their buttons have been pressed, with the way we're dealing with Huawei."

More at CNN Business.

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Huawei: too late to save its international image? - Tom Doctoroff

Tom Doctoroff

China's telecom giant Huawei turned on an unprecedented PR machine after it got into rough weather and even exposed its reclusive founder to foreign journalists. Too late, too little, but not untypical for most Chinese companies, even when they have global aspirations, says marketing veteran Tom Doctoroff to the Holmes Report.

The Holmes Report:

Huawei's reluctance to communicate, furthermore, is only compounded when the stakes rise, as exemplified by the company's experiences over the past 18 months.  "Huawei's mismanagement of its international image is typical of Chinese entities — governmental or corporate — who simply can't respond to challenge," says former JWT China CEO Tom Doctoroff, now chief cultural insights officer at Prophet. "The instinctive impulse to lurch into a defensive, self-protective hunch precludes mutual understanding and win-win collaboration."

More at the Holmes Report.

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Meng arrest: huge impact on business relations - Rupert Hoogewerf

Rupert Hoogewerf

The arrest on Meng Wanzhou, the Huawei CFO in Canada, has a huge impact on business relations, says Hurun chief researcher Rupert Hoogewerf, who was in Canada for the Hurun Canada Fortune Forum on Sunday in Markham, to the China Daily.

The China Daily:

At a Hurun Canada Fortune Forum on Sunday in Markham, hundreds of business people from the Federation of Canadian Chinese Chamber of Commerce, along with Canadian government officials, gathered to discuss wealth management and trade between the two countries amid tensions over the Dec 1 arrest of Huawei Chief Financial Officer Meng Wanzhou at the behest of the United States. 

The Hurun Report is recognized as an authority in tracking the rapid change among China's high net-worth individuals. 

The chairman and chief researcher of the Hurun Report, Rupert Hoogewerf, also known by his Chinese name Hu Run, said at the forum that the arrest of Meng has affected local businesses. 

"Everybody in our community is talking about it because it has impacted our business and travel, and we don't want to see this tension escalating," he said, adding that the globalization of wealth needs "more connection rather than disconnection". 

There has been a lot of wealth created in China over the last 20 years, and the current trend is to spread out and diversify such wealth to the rest of the world, Hoogewerf said. 

"The first choice is North America. We see the US and Canada are the preferred destinations for Chinese to live. Many Chinese want to do business in North America, but the current situation needs to be resolved first to facilitate trade and business activities," he said.

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China tech firms withdraw from CES Las Vegas - Shaun Rein

Shaun Rein

The US-China trade war has another casualty: the CES consumer electronics trade show in Las Vegas, says business analyst Shaun Rein, author of The War for China's Wallet: Profiting from the New World Order to the South China Morning Post.

The South China Morning Post:

It still marks a significant reversal for an event which has jokingly been referred to as the Chinese Electronics Show in recent years as big names such as Huawei Technologies and fleets of component suppliers from the Pearl River Delta region have flocked to the casino town to show off their latest wares. 

“Chinese companies are concerned about tariffs from the trade war,” said Shaun Rein, managing director of Shanghai-based China Market Research Group. “Attending a show like CES is expensive, and with [US President] Trump’s rhetoric towards Chinese technology, companies in China are rethinking their strategy of investing in the US.”... 

“Trump’s trade war makes it impossible for Chinese companies to be treated fairly and invest properly, especially in the tech sector so [many] do not want to go,” said CMRG’s Rein. “And because of the Meng situation, [many] Chinese are also afraid of travelling to the US in case they get arrested.”

More at the South China Morning Post.

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How China can hit Canada - Shaun Rein

Shaun Rein

China threatened Canada with severe consequences after it arrested Huawei's CFO Meng Wanzhou on the request of the USA. Business analyst Shaun Rein, author of The War for China's Wallet: Profiting from the New World Order, spells out what those consequences could be for AFP.

AFP:

China’s state-run Global Times, a nationalist tabloid, cited experts as saying the consequences may include trade sanctions, a degradation in bilateral ties and fewer visits to Canada by Chinese tourists and businesspeople. 

Canada exported goods worth US$18.2 billion to China last year, and it would be “very easy” for Beijing to shut down key energy and agricultural products with bans or boycotts, said Shaun Rein, the founder of Shanghai-based China Market Research Group. 

The spat could also endanger exploratory talks on a free trade agreement between Ottawa and Beijing that have been ongoing for two years. 

“I think the free trade agreement is definitely in a precarious situation, because Canada needs it with China more than China needs it with Canada, economically,” Rein said. 

China could also hit back by detaining an executive from a large Canadian company, Rein added.

More at AFP.

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