In­for­ma­tion use boom­ing in China

China Daily European Weekly - - Business - Bei­jing sees spurt in for­eign trade China’s job mar­ket re­mains sta­ble Bank gets cus­tody ser­vice license Pol­icy lender is­sues $4b in stu­dent loans In­sti­tute, Huawei launch cy­ber­se­cu­rity con­test Bit­coin min­ing may boost cli­mate change Kenyan ex­porters of fr

In­for­ma­tion con­sump­tion grew rapidly dur­ing the first three quar­ters, with telecom­mu­ni­ca­tions ser­vices notch­ing 139.8 per­cent year-on-year growth in busi­ness vol­ume, ac­cord­ing to the Min­istry of In­dus­try and In­for­ma­tion Tech­nol­ogy. Wen Ku, di­rec­tor of the tele­com depart­ment at the min­istry, said the to­tal rev­enue of the in­ter­net ser­vice and re­lated sec­tors grew 20.2 per­cent on an an­nual ba­sis in the Jan­uary-Septem­ber pe­riod. Bei­jing saw its for­eign trade in­crease by 25.1 per­cent year-onyear to 2.01 tril­lion yuan ($289 bil­lion; £224 bil­lion; 254 bil­lion eu­ros) dur­ing the first three quar­ters of the year, lo­cal cus­toms of­fi­cials said. Im­ports grew 24.2 per­cent to 1.65 tril­lion yuan while ex­ports rose 29.1 per­cent to 362.4 bil­lion yuan. The city saw its trade with the Euro­pean Union rise 16.9 per­cent to 248.7 bil­lion yuan, while trade with the As­so­ci­a­tion of South­east Asian Na­tions rose by 48 per­cent to 188.7 bil­lion yuan. China’s job mar­ket re­mained sta­ble in the first three quar­ters as the ur­ban un­em­ploy­ment rate con­tin­ued to drop, with emerg­ing in­dus­tries as the big­gest em­ployer, of­fi­cial data showed on Oct 31. Some 11.07 mil­lion new jobs were cre­ated from Jan­uary to Septem­ber, 100,000 more than the same pe­riod a year ago, ac­cord­ing to the Min­istry of Hu­man Re­sources and So­cial Se­cu­rity. The reg­is­tered un­em­ploy­ment rate in ur­ban ar­eas came to 3.82 per­cent at the end of Septem­ber, edg­ing down from 3.83 per­cent three months ago. The ro­bust job cre­ation is at­trib­uted to boom­ing new eco­nomic driv­ers, which con­trib­uted to two-thirds of the new jobs. Standard Char­tered be­came the first for­eign bank to re­ceive a do­mes­tic fund cus­tody license in China on Oct 29, a mile­stone that al­lows the Bri­tish bank to cap­i­tal­ize on the grow­ing trend of Western funds in­vest­ing in China’s stock and bond mar­kets. The license al­lows Standard Char­tered to hold and safe­guard Chin­abased as­sets owned by its cus­tomers, in re­turn for a fee. China De­vel­op­ment Bank, a ma­jor pol­icy bank, has is­sued stu­dent loans to­tal­ing 28.7 bil­lion yuan ($4 bil­lion; £3.1 bil­lion; 3.5 bil­lion eu­ros) this year. The loans have funded 4 mil­lion stu­dents with fi­nan­cial dif­fi­cul­ties at 2,904 Chi­nese uni­ver­si­ties and col­leges, the bank said in a state­ment. The in­sti­tu­tion es­ti­mated that it would ex­tend cu­mu­la­tively more than 160 bil­lion yuan in loans to 12 mil­lion stu­dents. Chi­nese high-tech com­pany Huawei and the Span­ish Na­tional Cy­ber­se­cu­rity In­sti­tute have launched a com­pe­ti­tion on cy­ber­se­cu­rity to en­cour­age young tal­ent in the “key area for a safer so­ci­ety”. “The pur­pose is not so use­ful for Huawei, but for so­ci­ety. We need to pro­mote cy­ber­se­cu­rity in Spain. We have to in­spire peo­ple to con­trib­ute to cy­ber­se­cu­rity, this is just the be­gin­ning,” Huawei CEO in Spain Tony Jin Yong said. Reg­is­tra­tion for the con­test, called the Cy­ber­se­cu­rity Tal­ent Chal­lenge, will be open un­til Nov 18. Re­searchers at the Uni­ver­sity of Hawaii at Manoa found that bit­coin, if im­ple­mented at sim­i­lar rates at which other com­mon tech­nolo­gies have been in­cor­po­rated, could pro­duce enough emis­sions to raise global tem­per­a­tures by 2 C as soon as 2033. “Bit­coin is a cryp­tocur­rency with heavy hard­ware re­quire­ments, and this ob­vi­ously trans­lates into large elec­tric­ity de­mand,” said Randi Rollins, a mas­ter’s stu­dent at the uni­ver­sity and co-au­thor of the pa­per pub­lished on Oct 29 in the jour­nal Na­ture Cli­mate Change. The re­searchers an­a­lyzed in­for­ma­tion such as the power ef­fi­ciency of com­put­ers used in bit­coin min­ing, the ge­o­graphic lo­ca­tion of the min­ers who likely mined the bit­coin, and the car­bon diox­ide emis­sions of pro­duc­ing elec­tric­ity in those coun­tries. They es­ti­mated that the use of bit­coin in 2017 emit­ted 69 mil­lion met­ric tons of car­bon diox­ide. “The emis­sions from trans­porta­tion, hous­ing and food are con­sid­ered the main con­trib­u­tors to on­go­ing cli­mate change. This re­search il­lus­trates that bit­coin should be added to this list,” said Katie Tal­a­day, a mas­ter’s stu­dent and co-au­thor. Fresh pro­duce ex­porters from Kenya are look­ing forward to the up­com­ing China In­ter­na­tional Im­port Expo, which opens on Nov 5 in Shang­hai. Hosea Machuki, chief ex­ec­u­tive of the Fresh Pro­duce Ex­porters As­so­ci­a­tion of Kenya, said on Oct 31 that the expo meets the needs of lo­cal ex­porters. Ac­cord­ing

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