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China

Chinese Workers Leaving the Valley

Successful Chinese employees are leaving Silicon Valley to make fortunes in China.

Editor’s Remarks: Silicon Valley is increasingly populated by talent drawn from China and India, and while there is no sign of shortage in Indian workers moving to California, there are signals the same is not true for the Chinese. Indeed, Chinese tech giants such as Alibaba and Tencent are relying more heavily on the so-called “reverse brain drain”, by which US-trained, Chinese-born employees are returning to their homeland to lead tech efforts. This is a potentially huge shift away from the one-time status quo, which saw Chinese graduates scramble for jobs overseas and foreign citizenships.

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China

China’s 2017 GDP Beat Estimates as Xi Announces Change

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china gdp 2017

China’s economy grew by 6.9% in 2017, the fastest rate in two years.

For the fourth quarter, GDP grew by 6.8%, exceeding government expectations which had estimated a growth rate of 6.5%.

The announcement on Thursday comes at a time of great economic change for China. Following his re-election to a second term, Chinese Premier Xi Jinping announced plans to refocus future economic development in the PRC, with emphasis on industrial upgrading and environmental protection.

China’s rapid rise to the world’s second-biggest economy has been attributed to quantitative-focused government targets, like long-term GDP targets, which have led to higher industrial output year-on-year. However, officials are worried that continuing stimulus policies of this kind will become too aggressive, with projects that are unlikely to see any meaningful return.

Nevertheless, China is still expected to announce a high growth target at the 2018 annual session to be held in March.

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China

Tencent Targets Game Cheats

Tencent Cheats

Ahead of releasing PlayerUnknown in China, Tencent is cracking down on cheat software.  

Editor’s Remarks: The world’s largest video game company, Tencent, is collaborating with Chinese police to unearth criminal rings that make and sell programs that allow players to cheat. So far, there have been 30 such cases with over 120 people arrested and many doing jail time. PlayerUnknown has around 27 million users worldwide, and shattered video game records in 2017; around half of these users are in China despite the game not yet being officially released there. It is suspected that there are around 5m cheats on the game’s network – the majority of whom, it is believed, are also Chinese.

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Americas

Bitmain Considers Canada Move

Bitmain Canada

The Chinese bitcoin miner is looking to expand abroad and is eyeing up Canada.

Editor’s Remarks: Although Bitmain has not confirmed that it is seeking an overseas relocation because of China’s recent announcement that it will clamp down on cryptocurrency trading, it is unlikely to be a coincidence. Just a few days ago, the company said it had also opened a new branch in Switzerland, which would play an essential role in its further global expansion. Now, it has publicly said that it is considering an expansion to Canada’s Quebec region, which will give Bitmain access to cheap hydropower to power its mining operations, leading a number of crypto miners to move there.

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