industries develop fast, and new sectors have been emerging, such as unmanned warehousing, facial recognition payments and new online-to-offline groceries.”
Meng also said that a new version of the nationally unified negative list for market access will be rolled out w
ithin the year. Illegal or implicit entry barriers and locally issued negative lists will be canceled, she said.
The Chinese authorities will also establish and refine mechanisms for adjusting the annually released
list when necessary, she said, adding that the list will better cope with the reforms to delegate power, streamline ad
ministration and optimize government services, and will better meet the needs of market entities for broader access.
Wang Yuanhong, deputy head of the Department of Economic Forecas
ting at the State Information Center, said the fast growth of high-tech industries and the
service sector reflects the ongoing upgrading of traditional industries and the optimization of C
A college admissions cheating scheme in the United States has triggered widespread discussio
n among Chinese netizens during the four-day May Day holiday after it was reported that a w
ealthy family paid $6.5 million to assure their daughter’s admission to Stanford University.
Billionaire Zhao Tao, 52, president and co-founder of Shandong Buchang Pharmaceuticals, a company that spec
ializes in traditional Chinese medicine to fight cardiovascular disease, reportedly funneled money to William Ric
k Singer, the admissions consultant who is at the center of the explosive case brought by US federal prosecutors.
The executive’s daughter, Zhao Yusi, also known as Molly Zhao, got a spot at Stanford University by presenting h
erself as a recruit for the school’s sailing team. The price was $6.5 million, according to the Los Angeles Times.
Zhao’s mother, identified as Mrs Zhao in a statement delivered through her attor
ney, said the family gave $6.5 million to Singer for the school’s scholarship fund and other purposes.
s have accelerated since 2015 as the government sees them as drivers for the economy’s transition.
As a result, a number of supportive policies have been issue
d to support maker spaces, incubators and companies to speed up innovation.
Roee says that the Chinese innovation and entrepreneurship market has “mind-blowing speed and scale”, which, despite short-
term fluctuations, has a growth trajectory from a long-term perspective and might grow more than tenfold in the next decade.
“Chinese enterprises have advanced consumer-oriented thinking and strong manuf
acturing capabilities, and China’s speed of getting from an idea to a product is unparalleled,” he says.
Dylan Huang, who oversees WeWork Labs’ Greater China operations, says the demand a
mong Chinese startups for all-round support is strong, and the platform will leverage its global re
ources to facilitate exchanges between Chinese partners and their overseas counterparts.