CFLD Expands out of Areas around Beijing
The creation of the Xiongan New Area has spotlighted China Fortune Land Development Co., Ltd (CFLD). The developer, which labels itself as “developer & operator of new industry cities” and is well-known for its good government relations, has been commissioned to develop over 2,000 square kilometers in industrial parks around Beijing. After the establishment of Xiongan New Area, CFLD will continue to profit from the outflow of industries and population from Beijing.
CFLD managed to keep growing because it is able to meet the government’s demand for stimulating consumption, creating jobs, and raising income through commercial means. But one question remains: as CFLD is expanding nationwide, will its New Industry City Model, which has proved highly successful in areas around Beijing, succeed nationwide?
Migrant Children Return Home to Get Educated
In 2014, the central government decided to “strictly control the population size of megalopolises with an urban population of more than 5 million.” The Beijing municipal government then rolled out multiple population control measures, including restricting migrant workers’ children from attending public schools in Beijing.
However, migrant workers continue to flock into megacities such as Beijing and Shanghai because of the amount of job opportunities. But more and more school-aged children have to return to their hometowns to go to school because they do not have a permanent residence registration. Experts say the development of cities should not prevail over the public’s right to get educated.
Grain Industry Reform Zigzags
By now, the direction of the reform in the grain industry is basically clear: the state’s direct control of the grain industry will gradually shift to indirect control characterized by policy guidance. The reform will mainly focus on the rigid system of grain purchasing and storage, loopholes in grain depot management, and the lack of law. It will also touch upon sensitive issues such as the positioning of Sinograin and the safety of genetically modified food.
Currently, the most prominent problems in the grain industry are high inventory, high imports, and high cost. Meanwhile, there are too many loopholes in various grain subsidies. The rigid system and mechanisms affect a series of circulation links including grain purchasing and storage, safekeeping, and auction.
Standalone Version of AI Proves Powerful
Go World Champion Ke Jie lost to AlphaGo, the artificial intelligence program created by Google, in all three games in May 2017. AlphaGo was not connected to the Internet in these games, which means it drew its strong computing power from its own TPU chip rather than the Internet.
The role played by the Internet in artificial intelligence (AI) technology is changing. As the computing power of computer terminals continues to increase, the Internet increasingly becomes a supplement. This means AI is gradually weaning itself from the Internet, and AI technology that remains powerful offline is quietly emerging.
Lianhe Dazhong’s Credit Swindle
Zhejiang Lianhe Dazhong Automotive Network Services Co., Ltd.’s suspected illegal absorption of public deposits, which was exposed at the end of 2016, continues to wreak havoc. About 2,300 people were tricked into buying a credit product issued by Lianhe Dazhong and became debtors of banks after the company’s cash crunch. The case involved a total of more than 100 million yuan. So far, there is a funding gap of nearly 47 million yuan.
With the rapid development of consumer credit, personal consumption loans has become a high-quality business that major financial institutions are fiercely fighting over. However, the path of financial innovation is full of obstacles. Blind pursuit of boosting business volume without strict audit and risk control could bring on huge risks.