Weekly snapshot of China's local business news
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E-mail Xinhua, May 25, 2019
BEIJING, May 25 (Xinhua) -- The following are highlights of China's key local business news from the past week.
-- 737 MAX COMPENSATION
Several Chinese airlines, including the three largest ones of China Eastern Airlines, Air China and China Southern Airlines, have demanded compensation for economic losses from the Boeing Company after the grounding of the 737 Max aircraft.
China was the first to halt the commercial operations of all Boeing 737 Max 8 airplanes after a deadly Ethiopian Airlines plane crash on March 10. It was the second crash of the aircraft after one operated by Indonesia's Lion Air crashed in October last year, triggering global scrutiny and bans on operating Boeing 737 Max aircraft.
China's airlines own a total of 96 737 Max 8 planes, data from the Civil Aviation Administration of China showed.
-- HIGH-SPEED MAGLEV TRAIN PROTOTYPE
China rolled off the production line a prototype magnetic-levitation train with a designed top speed of 600 km per hour in the eastern city of Qingdao.
The debut of China's first high-speed maglev train testing prototype marks a major breakthrough for the country in the high-speed maglev transit system.
-- OFFSHORE WIND POWER
China will build an offshore wind power project with an investment of 160 billion yuan (about 23.5 billion U.S. dollars) in waters off eastern Jiangsu Province.
The Jiangsu government and China Huaneng Group has signed an agreement on the project with a planned installed capacity of over 10 million kilowatts. The two sides will cooperate to build an industrial base on the development, manufacturing, construction, and maintenance of offshore wind farms.
-- NO IMPACT ON 5G
The U.S. restrictions will definitely not affect Huawei's high-end products, particularly in the 5G sector, said Ren Zhengfei, founder and president of Huawei Technologies Co., Ltd.
Huawei should not be restricted just because of its leading technology position, Ren said, adding that the ban will have an impact on Huawei's low-end products.
"Our work is to benefit the whole humankind," he said, adding that Huawei's 5G equipment would greatly reduce the cost of the global telecom networks construction.
-- SELF-DRIVING
Beijing's Haidian District, the capital's tech hub, is seeking to expand its lead in self-driving vehicles with a plan to create more spaces for tests.
The district will build a demonstration area with 100 square kilometers for self-driving vehicles. The area will be a place to develop intelligent connected vehicles and smart transportation through featuring multiple scenarios, cloud management, simulated tests and data support.
-- TENCENT SERVERS
China's Internet giant Tencent has over 1 million servers, the first Chinese company to do so.
Tencent is now one of the world's top five companies with more than 1 million servers. Tencent has also recently become China's first company with peak bandwidth reaching 100 trillion bytes. Enditem
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