Weekly snapshot of China's local business news
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E-mail Xinhua, December 14, 2019
BEIJING, Dec. 14 (Xinhua) -- The following are highlights of China's local business news from the past week.
SAMSUNG CHIP PLANT
Samsung is investing further 8 billion U.S. dollars in the second phase of its memory chip plant in Xi'an, capital of northwest China's Shaanxi Province.
Construction on the second part of the plant's second phase has started and is scheduled to finish in the second half of 2021, said Samsung Electronics vice president Kang Bong-yong in talks with the city's Party chief and mayor.
The second phase is designed to increase the monthly production capacity by 130,000 wafers.
AI MARKET
The artificial intelligence (AI) market in China is expected to reach 11.9 billion U.S. dollars by 2023, said a white paper.
Driven by favorable policies, China's AI market is expected to account for 12 percent of the global total in 2019, with an annual growth of 64 percent, making it the world's second largest AI market, according to the white paper released by the global market intelligence firm International Data Corporation (IDC) and QbitAI, a Chinese technology media outlet.
PETS SPENDING
Urban residents in China are estimated to spend a total of 202.4 billion yuan (about 28.8 billion U.S. dollars) on their pet cats and dogs in 2019, up 18.5 percent year on year, according to a report jointly published by Goumin.com and Pet Fair Asia.
The number of pet dogs and cats kept by urban residents in China is projected to reach nearly 100 million, an 8.4-percent increase from a year ago, according to the study on China's pet industry.
BEIJING-INNER MONGOLIA RAILWAY
The first high-speed railway linking Beijing and north China's Inner Mongolia Autonomous Region completed a trial operation without passengers.
The China Railway Hohhot Group said a train arrived at Hohhot East Railway Station in the regional capital Hohhot after departing from Beijing North Railway Station to complete the trial run.
COAL PRICE
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in northern China's major ports, stood at 550 yuan (about 78 U.S. dollars) per tonne Wednesday, down 1 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co., Ltd. Enditem
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