Hainan gain­ing ground as con­fer­ence des­ti­na­tion

China Daily European Weekly - - Business - Au­tonomous driv­ing startup gets li­cense Con­sumer Price In­dex growth to slow in June Ar­ti­fi­cial in­tel­li­gence sec­tor gain­ing strength Wo­long buys GE’s small in­dus­trial mo­tor unit

China’s south­ern­most is­land province of Hainan has seen the rapid de­vel­op­ment of its con­fer­ence and ex­hi­bi­tion in­dus­try in re­cent years. In 2017, Hainan held nearly 18,000 con­fer­ences, at­tract­ing a to­tal of 19.5 mil­lion overnight attendees, and in­dus­try rev­enue reached 14.5 bil­lion yuan ($2.2 bil­lion; 1.8 bil­lion eu­ros; £1.6 bil­lion), ac­cord­ing to fig­ures re­leased at the 9th China In­ter­na­tional Con­fer­ence In­dus­try Week, which con­cluded last week. The av­er­age an­nual rev­enue growth of the in­dus­try hit 12 per­cent over the past three years, the fig­ures show. Hainan is work­ing to build it­self into an in­ter­na­tional con­fer­ence and ex­hi­bi­tion cen­ter. In 2015, the con­fer­ence and ex­hi­bi­tion in­dus­try be­came one of the 12 pil­lar in­dus­tries in Hainan. Pony.ai, an au­tonomous-driv­ing startup, said on July 2 that it has re­ceived a pub­lic road test­ing li­cense in Bei­jing for its driver­less ve­hi­cles. Bei­jing gave its first group of road test per­mits to Baidu in March. Other Chi­nese cities such as Shang­hai and Chongqing have also li­censed driver­less ve­hi­cles. Bei­jing has ear­marked 33 roads with a to­tal length of 105 kilo­me­ters for au­tonomous car test­ing out­side the Fifth Ring Road and away from densely pop­u­lated ar­eas. China’s con­sumer price in­dex, a main gauge of in­fla­tion, is ex­pected to show 1.7 per­cent year-on-year growth in June, slightly slower than the pre­vi­ous month, ac­cord­ing to a re­search re­port. CPI growth is likely to mod­er­ate as food prices fell last month due to abun­dant sum­mer veg­etable sup­plies, the Bank of Com­mu­ni­ca­tions fi­nan­cial re­search cen­ter said in the re­port. CPI rose by 1.8 per­cent year-on-year in May, ac­cord­ing to the Na­tional Bureau of Sta­tis­tics. The June data will be re­leased later this month. The ar­ti­fi­cial in­tel­li­gence in­dus­try has un­der­gone ex­plo­sive growth in China since 2015, with the num­ber of AI en­ter­prises reach­ing 4,040 as of May, Sci­ence and Tech­nol­ogy Daily re­ported on July 2. Bei­jing has 1,070 AI com­pa­nies, ac­count­ing for 26 per­cent of the na­tional to­tal, ac­cord­ing to a re­port on Bei­jing AI in­dus­try de­vel­op­ment, re­leased by the Bei­jing Com­mis­sion of Econ­omy and In­for­ma­tion Tech­nol­ogy at the 22nd China In­ter­na­tional Soft­ware Expo on June 30. Among the 1,237 AI com­pa­nies that have al­ready ac­quired ven­ture in­vest­ment, 431 are based in Bei­jing, ac­count­ing for 35 per­cent, ac­cord­ing to the re­port. Wo­long Elec­tric Group Co Ltd, China’s largest elec­tric mo­tor pro­ducer, has closed a deal to ac­quire Gen­eral Elec­tric Co’s small in­dus­trial mo­tor di­vi­sion for $160 mil­lion (137 mil­lion eu­ros; £121 mil­lion) in an all-cash trans­ac­tion. Chen Jiancheng, Wo­long Elec­tric chair­man, and Rus­sell Stokes, pres­i­dent and chief ex­ec­u­tive of­fi­cer of GE Power, jointly signed the clos­ing doc­u­ments for Wo­long Elec­tric’s ac­qui­si­tion of GE’s mid- and

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