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China Business News (2021-04-19)

1. China's GDP grew by 18.3% (YoY) in Q1 2021

China's GDP grew at the fastest pace in three decades in Q1 of 2021. Data shows that China's GDP grew by 18.3% to CNY 24.9 trillion (USD 3.82 trillion). However, a 6.8% decline was seen last year when the economy came to a standstill because of the coronavirus. Nevertheless, these are very encouraging growth figures that make analysts very optimistic for the rest of the year and believe that growth could exceed the government's target of over 6%.


2. Tencent announces a platform for autonomous driving data processing

At the Tencent Big Data Summit Forum, Tencent officially unveiled its fourth-generation intelligent fusion computing platform that combines sensory data from various sources. Based on the latest technical concept, the platform is expected to help "autonomous driving" by analyzing trillions of data under the critical premise of ensuring data security. The aim is to integrate the development of big data and artificial intelligence technology into one platform.


3. Huawei announces it will monetize data for high-precision maps this year

The general manager of Huawei's intelligent vehicle cloud services product department has announced that national high-speed roads and high-precision maps should be commercialized in 2021. In the process, it should be able to cover more than 20 cities by 2022. High-precision maps are a necessary condition for the automatic driving program in China. Companies that provide automated driving solutions need high-precision map support so that vehicles can locate information and obtain environmental information.


4. Xiaomi is building its first mobile phone factory in Turkey

Turkey is the fourth country where Xiaomi will build a factory, after China, India, and Indonesia. The production facilities are equipped with modern technology, and annual productivity of 5 million phones is expected. The Turkish management further says that the US sanctions against China will not affect Xiaomi's investment progress, as Xiaomi is a stock-listed private company that is fully independent.


5. Wuling Motor stock rises 20% after product release

The Hong Kong stocks of Wuling Motor rose 20%. In the process, they have a joint venture with General Motors called SAIC-GM-Wuling (SGMW). This is one of the largest manufacturers of basic commercial vehicles in China, starting at around 30,000 yuan. Only recently, SAIC-GM-Wuling (SGMW) launched its first convertible, which has started well.


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