Guangzhou (6do encyclopedia)



Guangzhou, also known as Canton, is the capital and largest city of Guangdong Province in southern China. It is located on the Pearl River, about 120 kilometers (75 miles) northwest of Hong Kong.

History:

The area now known as Guangzhou has a history dating back over 2,000 years. It was developed as a major port, with trade routes stretching from China to Southeast Asia, India, and the Arabian Peninsula. Guangzhou has been a big player in maritime trade, as it was the only major Chinese port to open up to foreign trade in the 19th century. The city was also the capital of the Nanyue Kingdom, the seat of the Taiping Rebellion, and a major site during the Opium Wars.

Culture:

Guangzhou is a city with a rich cultural heritage. Its architecture is a mix of the old and new, with ancient temples and traditional Cantonese buildings coexisting alongside skyscrapers and modern developments. The city is also known for its cuisine, which is renowned for being some of the best in China. Cantonese food is characterized by its delicate flavors and extensive use of seafood.

Tourism:

Guangzhou is a tourist destination that caters to both domestic and foreign visitors. The city boasts a number of attractions, including traditional cultural sites such as the Temple of the Six Banyan Trees and the Chen Clan Ancestral Hall. There are also modern attractions such as the Guangdong Museum of Art and the Guangzhou Opera House.

Transportation:

Guangzhou has a well-developed transportation system that includes a modern metro system, a large bus network, and extensive highways and motorways. The city also boasts one of China’s busiest airports, Guangzhou Baiyun International Airport, which serves as a hub for flights to and from Asia, Europe, and other parts of the world.

Economy:

Guangzhou is a major economic hub in southern China, with a strong manufacturing industry that produces everything from electronics to clothing. The city is also an important center for international trade and finance. Guangzhou has one of the highest GDPs in China, making it a sought-after location for foreign investment.

Education:

Guangzhou has a well-developed education system that includes a number of top universities and research institutions. Some of the most notable include Sun Yat-sen University, South China University of Technology, and Guangzhou Academy of Fine Arts.

Sports:

Guangzhou is a major center for sports in China. The city has hosted several international sporting events, including the 2010 Asian Games, the 2013 East Asian Games, and the 2017 FIFA Confederations Cup. Guangzhou Evergrande FC, a football club based in Guangzhou, is one of the most successful clubs in China, with multiple domestic and international titles to its name.

In conclusion, Guangzhou is a fascinating city that offers a unique blend of history, culture, and modernity. Its strategic location, strong economy, and excellent transportation network make it a hub for both domestic and international trade. With its renowned cuisine, top-notch education institutions and widespread sports culture, Guangzhou is a major player in China and in the global arena.


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US-sanctioned Huawei sharpens focus in home market with local government deals

South China Morning Post

23-05-17 14:30


Huawei has signed cooperation agreements with local governments in Sichuan, Guangzhou and Tianjin, pledging to support smart port, computing resource and telecom infrastructure. 5G, artificial intelligence and cloud computing technologies will reportedly be employed to help Tianjin's digital transformation. Similarly, Huawei has signed a strategic cooperation deal with Sichuan province, which involves expanding local data storage capacity. These initiatives also reflect how China's biggest tech companies are following directives from China's leadership to strengthen job creation across the country in the wake of the pandemic.

https://www.scmp.com/tech/big-tech/article/3220916/us-sanctioned-huawei-sharpens-focus-home-market-through-new-strategic-cooperation-pacts-local
R.F. Kuang wrote a blistering satire about publishing. The industry loves it.

Japan Times

23-05-17 22:00


R.F. Kuang’s new novel "Yellowface" presents her with yet another opportunity to confront her readers with a complex and sometimes uncomfortable mixture of racial issues and social satire. The book highlights a white author who strategically uses a dead Chinese author's children’s novel to boost her own career in a publishing industry dominated by whiteness and racial anxieties. Kuang, in her characteristic style, puts on a thought-provoking, humorous, and sometimes critical tone. The thrust of her argument is simple: the publishing industry is blighted by racism and lazy prejudices that all too often inhibit and frustrate the careers and contributions of talented people of colour. Publishing companies, authors, and editors need to sit up, take notice, and work together to address these crucial and overlapping issues of race and diversity. The book's publication has attracted a lot of industry attention, particularly among independent bookshops, which have made it their top “Indie Next” pick for June.

https://www.japantimes.co.jp/culture/2023/05/18/books/r-f-kuang-yellowface/
$10 Billion Property Bond Defaults Are Just Around the Corner

Bloomberg

23-05-18 21:24


The bank and China SCE Group Holdings Ltd. and Central China Real Estate Ltd. are among those at risk of default despite China's stabilised economy and reopened housing market. KWG Group Holdings Ltd. failed to make its redemption payment and triggered defaults on all of its dollar bonds. Municipalities are tightening up on consumer protection, meaning there may be less scrutiny on pre-sale process from developers. However, local authorities have imposed stricter scrutiny on these cash escrow accounts, causing non-payments from property developers. The struggles for these developers are not over as they rely on support from the government.

https://www.bloomberg.com/opinion/articles/2023-05-18/china-property-10-billion-bond-defaults-are-looming?srnd=next-china
To revive private sector, city officials urge ‘soft approach’ to minor offences

South China Morning Post

23-05-19 13:00


Local governments in China are being urged to make it easier for private enterprises to operate by creating a “continuous and stable policy environment” for start-ups. In a note posted on WeChat, officials from Luoyang, in Henan province, argued that frequent and unpredictable policy changes could deter business people from investing. They called for law enforcement to adopt a “soft approach” and handle minor offences by first “convincing” rather than punishing offenders. The city’s economy is dominated by manufacturing and the petrochemical, aluminium and oil industries. China’s central government has recently emphasised the need for an upswing in private economic activity to counterbalance a sluggish economy and revive property markets. However, the latest official data showed that first quarter investment in the state sector grew by 10%, compared to private sector fixed-asset investment, which saw growth of just 0.6%.

https://www.scmp.com/economy/china-economy/article/3221130/beijing-seeks-revive-private-sector-officials-one-chinese-city-urge-soft-approach-minor-offences
China Budget Retailer Opens Times Square Store in Bold US Plan

Bloomberg

23-05-19 23:00


Miniso, the Chinese retailer specialising in a wide range of household goods, toys and electronics, reported a surge in North American sales for Q1 this year, driven by the strong performance of its US stores, and has announced plans to have more than 100 stores in the US by the end of 2021. The company has also geared up its overseas expansion and has cited ambitions to become a “global super brand”. To achieve this, it said it wants 70% of its business to come from overseas by 2028, up from around 30% in the latest quarter.

https://www.bloomberg.com/news/articles/2023-05-19/china-budget-retailer-opens-times-square-store-in-bold-us-plan?srnd=next-china
Miniso aims to be ‘on par with Nike’ as it opens flagship shop in New York

South China Morning Post

23-05-20 01:00


Chairman of Miniso Group Holdings, Ye Guofu, has its sights set on becoming an international “super brand” it looks to expand beyond its core markets of Asia and North America. Guofu stated that he hopes the brand will be renowned for “fashionable, trendy and constantly rolling out new products adored by young people all around the world. “In the future, every consumer in the world will use Miniso’s products like they turn to Nike for clothes and sneakers, Starbucks for coffee and Coke for drinks," Guofu stated.

https://www.scmp.com/business/china-business/article/3221196/big-nike-miniso-founder-states-his-aim-chinese-discount-chain-opens-flagship-store-new-yorks-times
Here are 3 anti-corruption tools in China’s arsenal that may be underutilised

South China Morning Post

23-05-20 23:00


The Chinese government's ongoing anti-corruption campaign has seen an improvement in scrutiny of state-owned enterprise executives' business practices and family assets. In addition to annual asset declarations, there are new tools being used to aid the fight against corruption. One of these is the e-CNY, China's central bank digital currency, which can be traced and is being used to pay civil servants and other state sector employees in one of the country's cities. The national real estate registration system has also been completed, potentially allowing investigation of the housing assets of officials and their families, whilst financial institutions have been heavily reliant on compliance with anti-money laundering regulations to discourage criminal money laundering. Furthermore, cryptocurrency mining has been banned.

https://www.scmp.com/economy/china-economy/article/3221192/here-are-3-anti-corruption-tools-chinas-arsenal-may-be-underutilised
Why Is China Suddenly Shutting Down Concerts and Events?

Bloomberg

23-05-21 05:50


The Chinese government has cancelled and postponed notable events in the past week, ranging from a folk festival to a convention for female tech entrepreneurs. Some individuals relate these sudden cancellations to a $2m fine and suspension of performances of production company Xiaoguo after a comedian made a joke about a military slogan. However, the cancellations are not solely based on assumed criticism of the government. Xiaoguo’s scandal and subsequent measures could be a reason for the heightened amount of event cancellations, but this has yet to be confirmed by the Chinese Government. Beijing musicians have also stated they believe cultural shows are given more focus during a crackdown and that international performers are typically the first to be targeted during such times of law enforcement. Event organisers issued apologies citing 'force majeure', however, this is perceived a euphemism for higher powers such as government agencies that can halt events.

https://www.bloomberg.com/news/articles/2023-05-21/why-is-china-suddenly-shutting-down-concerts-and-events?srnd=next-china
'China's Hawaii' lures top global brands with tax-free promise

Nikkei Asia

23-05-21 05:01


Foreign brands are setting up strongholds in Hainan, an island province in southern China, as the country aims to turn the area into a free port by 2025. This plan has attracted the attention of an increasing number of international firms.

https://asia.nikkei.com/Business/Business-trends/China-s-Hawaii-lures-top-global-brands-with-tax-free-promise
China’s $23 Trillion Local Debt Mess Is About to Get Worse

Bloomberg

23-05-21 23:00


China's local government debt has been making investors increasingly nervous and will be a potential drag on the economy for years to come. While the risk of default in municipalities in China is currently relatively low given Beijing’s implicit guarantee on the debt, the worry is that local governments may have to make painful spending cuts or divert money away from growth-boosting projects to continue to repay their debt. The city of Hegang was China's first to be forced to undergo financial restructuring, with more set to follow, making the situation for President Xi Jinping an ominous one. Xi is looking to double income levels by 2035 while reducing income inequality, which is a key factor for social stability and his aim to rule the Communist Party for potentially the next decade or more.

Majority of China’s regions have a debt-income ratio over 120%, with most provinces exceeding the threshold to represent “high debt risks.” China’s total government debt is estimated to be $23tn, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities. Hegang has debt of more than double its fiscal income and is suffering from leadership’s belt-tightening measures, including a lack of heating in freezing winter temperatures and the cutting of public-sector wages.

Without loan extensions, more than two-thirds of Chinese localities won’t be able to repay their debt on time. Cities like Liaoning and Inner Mongolia, with large amounts of bond interest payments that are close to breaching the threshold, need to tread carefully in addressing their debt. In trying to curtail the implications of China’s local government debt problem from spreading throughout the country, Beijing has sought to ease public concerns by saying local government finances are generally “stable.”


https://www.bloomberg.com/news/features/2023-05-21/china-s-23-trillion-local-debt-crisis-threatens-xi-s-economy?srnd=next-china

As Macau bets on change, what role will Hengqin play in the Greater Bay Area?

South China Morning Post

23-05-21 22:00


Plans to transform Hengqin, a Chinese special zone designated to help boost the economy of Macau, have been put in doubt by some visiting diplomats over the feasibility of the plan in the small island region. China aims to capitalise on the Greater Bay Area development, which consists of nine cities alongside Hong Kong and Macau, creating a large economic powerhouse able to compete with other regions such as Tokyo and San Francisco by 2035. The new special zone is meant to help Macau move beyond a reliance on gambling. Central government officials have often spoken about Macau-Hengqin collaboration, but visiting diplomats are skeptical whether technological aspirations would play out in a small, underdeveloped island. Alexandre Leitao, the Portuguese consul general in Macau and Hong Kong, said he found the concept of these in-depth cooperation zones “a challenge in itself” because of how new it is.

https://www.scmp.com/economy/china-economy/article/3221188/macau-bets-diversification-what-role-will-neighbouring-hengqin-island-play-greater-bay-area-dream
China’s New Covid Wave Set to See 65 Million Cases a Week

Bloomberg

23-05-22 07:22


China may see up to 65 million Covid-19 cases a week peaking towards the end of June, according to the country's senior health adviser. XBB is fuelling this resurgence in cases, with an estimated 40 million Covid-19 cases expected by the end of May, before climbing to 65 million by the end of June, says respiratory disease specialist Zhong Nangan, providing rare insight into how the much-anticipated second wave may play out. Meanwhile, China is preparing to roll out new vaccines to target the latest omicron variants, including three vaccines that Zhong says will be cleared soon and will "lead the pack internationally in developing more effective vaccines".

https://www.bloomberg.com/news/articles/2023-05-22/china-s-new-covid-wave-set-to-see-65-million-cases-a-week?srnd=next-china