SINGAPORE, Dec. 20, 2023 /PRNewswire/ — In the dynamic world of digital marketing, FY Ads Singapore has emerged as a trailblazer, masterfully executing an influencer campaign for the renowned international brand Coach. The campaign, which marked the launch of Coach’s latest fragrance, “Love,” on the popular social media platform Xiaohongshu, has set a new standard in luxury brand marketing.

Bringing a New Fragrance to Life with Influencer Magic

In September 2023, the bustling streets of Paragon Orchard in Singapore, and in October, the vibrant heart of Midvalley in Kuala Lumpur, Malaysia, were chosen as the backdrops for this innovative campaign. FY Ads curated a select group of twenty top fashion influencers from Xiaohongshu for each location, ensuring a broad yet targeted reach.

More Than Just Marketing: Creating Authentic Connections

What made the campaign stand out was FY Ads Singapore’s focus on authenticity. Influencers were encouraged to share their personal experiences with Coach’s “Love,” weaving each fragrance note into their own stories of elegance and emotion. This approach went beyond traditional marketing tactics, fostering a genuine connection between the product and the audience.

A Personal Touch: Engraving Emotions onto Bottles

Adding a layer of intimacy, FY Ads introduced a calligraphy artist at the events to personalize perfume bottles for influencers and customers. This bespoke touch transformed each bottle of “Love” into a cherished keepsake, emblematic of personal moments and cherished memories.

FY Ads: A Name Synonymous with Innovative Marketing

This campaign is a testament to FY Ads’ expertise in synthesizing various digital marketing strategies. With a rich history of over four years and more than 100 successful campaigns, particularly on Xiaohongshu, FY Ads has proven its ability to elevate brands, whether they are burgeoning SMEs or well-established players like Coach.

A Milestone Partnership with Xiaohongshu

The campaign’s success is also a reflection of FY Ads’ strategic partnership with Xiaohongshu. As the platform’s official global business agency, FY Ads has been instrumental in connecting international brands with China’s vibrant younger generation, a demographic that significantly influences current market trends.

The success of the Coach “Love” campaign on Xiaohongshu underscores FY Ads’ proficiency in crafting and executing influential marketing strategies that resonate with contemporary audiences. Their ability to integrate authenticity with creative marketing solutions positions them as a leader in the field, poised to elevate more international brands in the digital realm.

For more information about FY Ads and their services, visit https://fy-ads.com/ or contact [email protected].

Source : FY Ads Singapore Revolutionizes Luxury Brand Marketing with Coach's "Love" Campaign on Xiaohongshu

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FOSHAN, China, Dec. 20, 2023 /PRNewswire/ — Bright Scholar Education Holdings Limited ("Bright Scholar" or the "Company") (NYSE: BEDU), a global premier education service company, today announced that it held its 2024 annual general meeting of shareholders on December 19, 2023. At the meeting, the shareholders resolved by ordinary resolutions to ratify the appointment of (1) Deloitte Touche Tohmatsu Certified Public Accountants LLP as the independent registered public accounting firm of the Company for the fiscal year ended August 31, 2023, (2) Mr. Hongru Zhou as a director and chairman of the board of directors of the Company (the "Board") and a member of the nominating and corporate governance committee and the compensation committee of the Company, and (3) Mr. Meng Rui as an independent director and the chairman of the audit committee of the Board.

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service company, which primarily provides quality international education to global students and equip them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.

IR Contact:
Email: [email protected] 

Media Contact:
Email: [email protected]
Phone: +86-757-2991-6814

Source : Bright Scholar Announces Results of 2024 Annual General Meeting

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Expands Aon’s presence in large and fast-growing middle-market segment, with opportunity to enhance distribution through the firm’s Aon Business Services platform to deliver more value to clients Brings together two cultures with a shared commitment to client excellence, colleague opportunity and a one-firm mindset NFP will operate as an independent but connected platform, going to market as "NFP, an Aon company" Purchase price estimated to be $13.4B at the time of close, representing a ~15x multiple on seller-adjusted estimated EBITDA at closing Drives EPS accretion over the long-term and contributes to strong combined free cash flow profile from ongoing strong revenue growth 

DUBLIN, Dec. 20, 2023 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, today announced the signing of a definitive agreement to acquire NFP, a leading middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners (MDP), and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire NFP for a total consideration estimated to be $13.4B at the time of close, which will be funded by $7B of cash and $6.4B of Aon stock.

The acquisition of NFP expands Aon’s presence in the large and fast-growing middle-market segment, with capabilities across risk, benefits, wealth and retirement plan advisory. The firm’s Aon United strategy, Aon Business Services operating platform and investments in advanced analytics have driven a long-term track record of results and the acquisition will enable the combined firms to efficiently deliver content and capabilities to the middle-market segment. Doug Hammond, chairman and CEO of NFP, will continue to lead the business as an independent but connected platform within Aon, reporting to Eric Andersen, president of Aon.

"We have continually evolved our leading capabilities to better serve our clients’ growing needs amidst increasing volatility across the marketplace," said Greg Case, CEO of Aon. "The acquisition will advance our relevance to clients, create opportunities for our colleagues and further strengthen our shared cultural values. Doug and NFP have built an exceptional team, with a complementary one-firm mindset, and we expect to both learn from their entrepreneurial culture and share with them the depth and breadth of our capabilities to create more value for clients, colleagues and shareholders."

NFP is a leader in property and casualty brokerage, benefits consulting, wealth management and retirement plan consulting for middle-market clients with more than 7,700 colleagues. Through strong local relationships and a people-first approach focused on well-being, belonging and impact, NFP helps companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. NFP, which was founded in 1999 and is privately held, sees Aon as an ideal partner for growth and serving the dynamic needs of clients.

"This is an exciting milestone in NFP’s evolution that reflects the tremendous quality of the business we’ve built and the exceptional people who drive our success," said Hammond. "Aon is an industry leader in delivering Risk Capital and Human Capital capabilities and this acquisition is compelling for many reasons. Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP. With aligned values and capabilities across different-sized market segments, we look forward to working with the Aon team to elevate performance and make the transaction successful for everyone involved."

"NFP has one of the most high-performing leadership teams and cultures that I’ve come across in the marketplace in my 30-plus years in the business," said Andersen. "NFP’s team shares our one-firm mindset and commitments to client excellence and growth, and I’m looking forward to working with Doug and all the colleagues at NFP when they join our firm as an Aon company."

"NFP has exceeded our expectations in every way over the past decade and is well positioned for more growth and impact as part of Aon," said Vahe A. Dombalagian, a member of the NFP board and managing director and financial services team co-head for MDP. "NFP’s diversified business, exceptional culture, and consultative approach to helping clients will be an outstanding addition to Aon. MDP is grateful to Scot French and HPS for their partnership as well as Doug, NFP’s management team and colleagues for the value they’ve created and we believe will create in the future as an Aon company."

"NFP has done an outstanding job of scaling the platform while maintaining a steadfast focus on serving its clients," said Scot French, a member of the NFP board and governing partner at HPS Investment Partners. "We believe NFP’s differentiated business model and commitment to clients will be highly complementary with Aon’s platform. We thank Doug and the NFP team, as well as Vahe and MDP, for the extraordinary partnership over the past seven years."

Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in mid-2024. However, financial metrics are calculated conservatively based on a June 30, 2025, closing date. Aon and NFP will continue to operate independently until the closing date.

Shareholder Value Creation and Financial Terms

The transaction is expected to generate more than $2.8 billion in value creation from the capitalized value of expected pre-tax synergies and capital structure, net of ~$400 million in expected one-time transaction and integration costs. The transaction is expected to be dilutive to adjusted EPS in 2025, breakeven in 2026, and accretive in 2027 and beyond, with positive impacts to free cash flow beginning in 2026.

The transaction is another step in Aon’s ongoing Aon United strategy and follows the recently announced restructuring charge of ~$900 million, which is expected to drive ~$350 million in annual, run-rate savings by the end of 2026. Aon maintains an ongoing commitment to long-term financial goals of mid-single or greater organic revenue growth, adjusted operating margin expansion and double-digit free cash flow.

Conference Call, Presentation Slides and Webcast Details

The Company will host a conference call on Wednesday, December 20, 2023, at 7:30 a.m., central time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at www.aon.com.

Advisors

UBS Investment Bank served as the exclusive financial advisor to Aon on the transaction. Citi served as a financial advisor and is advising Aon on the transaction financing. Cravath, Swaine & Moore LLP and McDermott Will & Emery LLP acted as external legal counsel to Aon. Evercore acted as lead financial advisor with support from BofA Securities, Inc., Deutsche Bank Securities Inc., Jefferies LLC and TD Securities to NFP, Skadden, Arps, Slate, Meagher & Flom LLP and Ropes & Gray LLP acted as external legal counsel to NFP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to NFP’s capital sponsors.

About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.  

Follow Aon on LinkedIn, Twitter, Facebook and Instagram. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here. 

About NFP
NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,700 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 7th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance).

Visit NFP.com to discover how NFP empowers clients to meet their goals.

About Madison Dearborn Partners
Madison Dearborn Partners, LLC ("MDP") is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across five dedicated industry verticals, including financial services; basic industries; health care; technology and government solutions; and telecom, media and technology services. For more information, please visit www.mdcp.com.

About HPS Investment Partners
HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share a common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $107 billion of assets under management as of December 2023. For more information, please visit www.hpspartners.com.

Investor Contact

Aon
Leslie Follmer
+1 312-381-3310
[email protected]

Media Contacts 

Aon
[email protected] 
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114 
International: +1 312 381 3024 

NFP
Josh Wozman
[email protected]
415.318.6441

Safe Harbor Statement
This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon’s operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including, without limitation, statements about the benefits of the proposed acquisition, including future financial and operating results and synergies, Aon’s, NFP’s and the combined firm’s plans, objectives, expectations and intentions, and the expected timing of the completion of the proposed acquisition, are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "should", "will", "would" or similar expressions, it is making forward-looking statements.

The following factors, among others, could cause actual results to differ materially from those set forth in or anticipated by the forward looking statements:  the possibility that the proposed acquisition will not be consummated, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed acquisition, adverse effects on the market price of Aon’s securities and on Aon’s operating results for any reason, including, without limitation, because of the failure to consummate the proposed acquisition, the failure to realize the expected benefits of the proposed acquisition (including anticipated revenue and growth synergies), the failure to effectively integrate the combined companies following consummation of the proposed acquisition, negative effects of an announcement of the proposed acquisition, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business acquisitions or disposals, or any announcement relating to the consummation of or failure to consummate the proposed acquisition on the market price of Aon’s securities, significant transaction and integration costs or difficulties in connection with the proposed acquisition and/or unknown or inestimable liabilities, potential litigation associated with the proposed acquisition, the potential impact of the announcement or consummation of the proposed acquisition on relationships, including with suppliers, customers, employees and regulators, and general economic, business and political conditions (including any epidemic, pandemic or disease outbreak) that affect the combined companies following the consummation of the proposed acquisition.

Any or all of Aon’s forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon’s performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon’s financial results, is contained in Aon’s filings with the SEC. See Aon’s Annual Report on Form 10-K for the year ended December 31, 2022 and additional documents filed by Aon with the SEC for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Any forward-looking statements in this communication are based upon information available as of the date of this communication which, while believed to be true when made, may ultimately prove to be incorrect.  Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.

No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.  No offer of securities shall be made in the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Explanation of Non-GAAP Measures
This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating margin, and adjusted earnings per share that exclude the effects of intangible asset amortization and impairment, pension settlements, Accelerating Aon United Program expenses, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions, divestitures, transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Free cash flow is cash flows from operating activity less capital expenditures. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon’s Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

Source : Aon to acquire NFP, a leading middle-market provider of risk, benefits, wealth and retirement plan advisory solutions

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

HONG KONG, Dec. 20, 2023 /PRNewswire/ — On December 20, NaaS (NASDAQ: NAAS), a global new energy asset operator and its subsidiary Sinopower Holding (Hong Kong) Co., Ltd. (Sinopower HK) formed strategic partnerships with Shandong Hi-Speed New Energy Group Limited (SHNE) (01250.HK). The signing ceremony was held in Hong Kong Science Park. The parties plan to exploit respective resources, know-how and experience and team up with all ecosystem partners, to make a foray into all segments of the national or international new energy market, which include photovoltaic project development, construction and operation of charging stations, and development of smart microgrid systems, with a view to promoting regional low-carbon and green development.

Wang Yang, Founder and CEO of NaaS, said, "In cooperation with SHNE, we take one step forward in expanding our new energy service landscape and engaging in the segment and overall cooperation in the new energy industry chain. By delivering more solutions and exemplary cases that can be widely applied, we help facilitate the green transformation in transport energy sector and bring our vision ‘Empower the World with Green Energy’ to a reality."

Heretofore, NaaS and Sinopower HK had participated in building a slew of new energy projects. In Anji, Zhejiang, NaaS set a paradigm of "integrated PV-storage-charging-battery swapping" heavy truck stations. The project is intended to provide charging and battery swapping services to 1,800 heavy trucks and compact EVs in Anji County, alongside smart integration of photovoltaic power generation, energy storage, charging and battery swapping. The solar power system project, engineered by Sinopower HK, helps ensure the supply of solar power generated from a clean and green source for the Hong Kong Times Square in Causeway Bay, with an installed capacity of 55.1 KW.

Statistics from the China Association of Automobile Manufacturers (CAAM) show, from January to November 2023, 8.426 million and 8.304 million EVs were made and sold, respectively, up 34.5% and 36.7% from a year earlier; EVs accounted for 30.8% of vehicles on the market; and in November alone, EV output and sales separately exceeded 1 million. The authority predicts that the sales of EVs in China will reach 11.5 million in 2024, with a penetration rate of 40%. NewLink Research Institute predicts, by 2030, the sales volume of EVs in China will reach 26 million and China will have nearly 145 million EVs.

China Insights Consultancy (CIC) estimates that by 2030, China will boast 26.3 million public charging piles and 1.32-2.6 million charging stations, with cumulative charging pile investment nudging RMB 3 trillion. So to speak, the new energy service market is a blue ocean.

NaaS is the first U.S. listed EV charging service company in China. It provides the new energy sector with a one-stop industry chain service package from charging station siting consultation, software/hardware procurement, EPC, operation & maintenance, energy storage, PV, to autonomous charging robot inclusive. In Q3 2023, NaaS’ charging volume reached 1.383 billion kWh, representing 21.8% of the public charging volume in China; as of September 30, 2023, NaaS connected 767,000 chargers, covering 73,000 charging stations.

Sinopower HK, a subsidiary of NaaS, is a one-stop integrated PV-storage-charging service provider. The company now has total supremacy on local roofing and commercial/industrial BIPV project, as evidenced by market share of 35%. It has a proven track record of solar power station design and construction projects, including Hong Kong Exchanges and Clearing Limited (HKEX), expansion of Terminal 2 for the third runway of Hong Kong International Airport, the Hong Kong Jockey Club, Knowfx, Times Square Hong Kong, and COSCO Container Terminal. Sinopower HK, under the banner of NaaS HK, has launched EV "charging", "installation" and "rental" services in Hong Kong.

SHNE is a state-owned holding company co-founded by Shandong Hi-Speed Group under the administration of Shandong Provincial State-owned Assets Supervision and Administration Commission, Beijing Enterprises Water Group Limited (BEWG) under the umbrella of Beijing Municipal State-owned Assets Supervision and Administration Commission, and CITIC Private Equity Funds Management Co., Ltd (CITICPE). The company is listed on the Main Board of HKEX. The company is specialized in investment, development and operation of projects regarding power generation from clean sources, e.g., wind and PV, and using clean power in heating. The company has over HKD 50 billion assets, 54 centralized PV power stations, 18 wind power stations and around 200 distributed PV stations across 23 provinces (autonomous regions/municipalities) nationwide under its management. With an installed capacity of over 4GW, it annually generates electricity of more than 6 billion kWh while reducing nearly 5 million tons of carbon emissions and incorporating approximately 50 million square meters in clean heating service.

Media Contact:
Sabrina Wang
wangxuedong@newlink.com

Source : NaaS Technology Establishes Strategic Partnership with SHNE to Jointly Build New Energy Market

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BEIJING, Dec. 20, 2023 /PRNewswire/ — Outside the US fast food chain McDonald’s restaurant in Shenzhen’s Luohu district, the streets are bustling with people, just like many commercial centers across China. There is hardly a sign that attests to the significance of this place.

Yet, this particular place provides a vintage point to view unprecedented changes China’s 45 years of reform and opening-up brought to Shenzhen, the country as well as the world. Luohu is a frontier in the reform and opening-up, with many "firsts" – it was home to the first securities exchange, the first foreign-funded bank and the first McDonald’s restaurant in the Chinese mainland. 

Forty-five years have passed since the beginning of China’s reform and opening up, Luohu remains a vibrant district, and Shenzhen has transformed from what was once a small fishing village to a world-class metropolis that aptly epitomizes China’s transformation from a poor and backward country to a modern social economic powerhouse. In fact, Shenzhen has become the first stop for many foreign leaders on official trips to China, including Zambian President Hakainde Hichilema and Venezuelan President Nicolás Maduro Moros, as they sought to learn about China’s development story and latest innovation trends. 

All of these are snapshots depicting the miraculous achievements of China’s reform and opening-up over the past 45 years, its rising global significance, as well as the clear path forward as China is in full swing to pursue Chinese modernization. Deepening reforms and expanding high-level opening-up remains a top priority in China’s development strategy, which will not only underpin China’s path to modernization but also greatly contribute to development around the world, businesses and analysts said. 

From December 18 to 22, 1978, the Third Plenary Session of the 11th Central Committee of the Communist Party of China (CPC) was held, which ushered in a period of reform, opening-up, and socialist modernization.

‘Shenzhen speed’ 

When McDonald’s opened its restaurant in Luohu in 1990, many could not imagine how fast it would grow, according to Raymond Ye, Franchising Division President of McDonald’s China.

"They think it’s amazing because they can’t imagine that there can be so many people in one city, and it’s amazing that there is such a high turnover," Ye told the Global Times, referring to his US colleagues’ response to the success of the restaurant in Shenzhen. 

From the first restaurant in the mainland in 1990 to more than 5,600 now, McDonald’s rapid growth in the Chinese market reflects the rapid development in both Shenzhen and China as a whole. Such a development pace – known as "Shenzhen speed" – is seen across many industries in Shenzhen. 

Tang Lingli, general manager of MBE International, a Shenzhen-based logistics company, has engaged in the foreign trade business for more than 20 years, and also witnessed the booming of foreign trade.

"It was good if we could handle 1,000 tons of goods per month 20 years ago, now I think it is normal to handle 16,000 tons of goods," she told the Global Times. In the past, majority of the goods were labor-intensive products like clothing and shoes, but now the types of goods have also changed to more value-added products such as electronic devices, she added.

While Shenzhen’s first foreign business arrived just over 40 years ago, the city is now one of the largest hubs for global businesses in China. In the information shared with the Global Times, Commerce Bureau of Shenzhen Municipality said the city currently has attracted nearly 300 foreign companies, including Airbus, Sanofi and Siemens. In 2022, 91 countries and regions invested in Shenzhen, with investments from the Netherlands, the UK and Germany seeing significant growth.

Official data show that China’s foreign direct investment has surged from just $80,000 at the beginning of the nation’s reform and opening-up in 1979 to over $189 billion in 2022. Overall, China has become the world’s second-largest economy and the world’s biggest trading country.

"Reform and opening-up has changed China, and it has also played a huge supporting role in economic growth," Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Monday. "Chinese modernization is the result of reform and opening-up, which was true in the past, still is at present and will be in the future."

Huo said since the 18th CPC National Congress in 2012, China entered a new era of high-level opening-up, and after the 20th CPC National Congress, new forms of institutional openness have been proposed, and at each step, openness and reforms have played a crucial role in supporting China’s continuous development.

High-level opening-up

In the just closed Central Economic Work Conference which set out plans on economic work for 2024 last week, Chinese leaders said high-standard opening-up should be expanded. 

One of the priorities for the work of 2024 is that reforms will be deepened, and the meeting also called for nurturing strategic emerging industries including biological manufacturing, commercial space industry and low-altitude economy, and opening up new arenas for future industries such as quantum technology and life sciences.

On the opening-up front, efforts should be made to foster new drivers of foreign trade, consolidate the overall performance of foreign trade and foreign capital, and expand the intermediate goods trade, service trade, digital trade and cross-border e-commerce export.

In September of this year, the 2023 China International Fair for Trade in Services, the world’s largest services trade fair held in Beijing, yielded more than 1,100 outcomes in the form of agreements, deals and academic papers, highlighting China’s commitment for wider opening-up and sharing development opportunities with the world.

The Sixth China International Import Expo, the world’s biggest import fair, wrapped up in Shanghai in November. The fair saw tentative deals worth $78.41 billion signed, 6.74 percent higher than 2022’s figure, demonstrating China’s vital role in the international market and its unswerving determination to open up its market.

China’s commitment to deepening reforms and expanding high-level opening-up offers great boost for global businesses’ confidence in China. 

China’s high-level opening-up is also reflected in the continuous promotion of an environment that respects the value of knowledge and the improvement of the intellectual property protection system. The drive for innovation has been well protected, further strengthening our confidence in investing in and rooting in China, Huang Guoqiang, senior vice president of LEGO Group and the general manager of Lego China, told the Global Times.

Read more:
Path to modernity: 45 years on, continuous reform and opening-up underpins pursuit of Chinese modernization
https://www.globaltimes.cn/page/202312/1303881.shtml 

Source : Global Times: Path to modernity: 45 years on, continuous reform and opening-up underpins pursuit of Chinese modernization

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BEIJING, Dec. 20, 2023 /PRNewswire/ — Minhang District of east China’s Shanghai City won the award of "China’s Happiest District" at the Happy Cities of China Forum 2023, which held in November, becoming one of the three directly administered municipality district to win this title.

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Located in the geographical center of Shanghai, Minhang district is the bridgehead linking the Yangtze River Delta as well as an important hub for global communication, with obvious geographical advantages, rich resource endowment and profound cultural heritage.

Documentary film "The City, the River" made by Minhang District through vivid stories presents the beautiful Minhang scene of the economic and social vitality of the streets and towns along the Huangpu River and the happiness of people’s life, and showcases the extraordinary cultural heritage, spiritual accumulation and development achievements of Minhang in the past decade.

Original link: https://en.imsilkroad.com/p/337801.html 

Source : Xinhua Silk Road: Shanghai's Minhang District awarded China's Happiest District

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DUBAI, UAE, Dec. 20, 2023 /PRNewswire/ — Bybit, the world’s third largest crypto exchange by volume, has again demonstrated its dedication to transparency and security by expanding its proof-of-reserves audit to encompass an industry-leading 32 cryptocurrencies.

Bybit Affirms Full Backing of Assets in Landmark Proof-of-Reserves Audit

This rigorous audit affirms that all assets are fully backed, ranging from 100-124%, by Bybit’s meticulously managed wallets.

In response to the growing demand for transparency within the cryptocurrency industry, Bybit has expanded its proof-of-reserves audit, providing assurance that customer assets are comprehensively backed and secure. The latest audit confirms that each of the 32 cryptocurrencies surveyed are fully collateralized, with reserves amounting to 100-124% of the assets held in Bybit’s multi-tier wallet system.

Bybit’s commitment to transparency is further solidified by its outstanding rankings, including a perfect 10/10 in CoinGecko’s Trust Score and an ‘AA’ rating from the 2023 CCData Crypto Exchange Benchmark Report. These accolades underscore the exchange’s leadership in industry best practices.

"Our proactive approach to transparency with regular proof-of-reserves audits reflects our core belief in trust through verification," said Ben Zhou, co-founder and CEO of Bybit. "In a dynamic landscape like crypto, proof-of-reserves are critical. They empower our users with confidence, knowing that their investments are secure and managed with the utmost integrity."

Bybit’s custom-designed system of wallets includes cold, warm, and hot wallets, ensuring optimal security and swift access to funds when required. In conjunction with leading third-party custodians Fireblocks and Copper, Bybit provides the security necessary to continue to lead the crypto exchange market.

Bybit / #TheCryptoArk

About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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Source : Bybit Affirms Full Backing of Assets in Landmark Proof-of-Reserves Audit

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

BEIJING, Dec. 20, 2023 /PRNewswire/ — Entering the Qianhai and Shekou Area of the China (Guangdong) Pilot Free Trade Zone in Shenzhen, one can immediately feel the sheer size and vibrancy of one of the busiest ports in China: there are rows of high-rise buildings and enormous warehouses and logistics centers; and trucks carrying containers pass by constantly.

December usually marks one of the busiest periods for the port area, as everything from spare parts to electronic devices are shipped from here to all over the world for the upcoming holiday seasons. The annual import and export value of the port area through the area skyrocketed from 71.2 billion yuan ($10.06 billion) in 2015 to 304.6 billion yuan in 2022, with an annual average growth rate of 23 percent.

The bustling scenes at the port area and the exponential growth over such a short period put on vivid display the quintessential "Shenzhen speed" – which refers to the rapid transformation of the city from a fishing village to a world class metropolis in just a few decades. More importantly, this is where the construction of the Shekou industrial zone began in July 1979, widely considered as the "first shot" of China’s reform and opening-up.

This year marks the 45th anniversary of the beginning of China’s reform and opening-up. On December 18, 1978, about seven months before the "first shot" was fired, the 11th Central Committee of the Communist Party of China (CPC) held its third plenary session, where the Party decisively abandoned the policy of taking class struggle as the key link, and initiated a strategic shift in the focus of the Party and country’s work, thereby ushering in a new period of reform, opening up, and socialist modernization.

Miraculous achievements

That fateful decision has led to miraculous achievements in all aspects of China over the past 45 years, essentially transforming the country from a poor, agrarian society to a modern global power and propelling the country from margins of the world to the center. In 1978, China’s GDP was $149.54 billion – only about 1.75 percent of global GDP, but in 2022, China’s economy, at about $18 trillion, is the world’s second-largest and accounts for about 18.6 percent of global GDP. China’s GDP growth averaged more than 9 percent annually since its reform and opening-up and more than 800 million people have been lifted out of poverty, according to the World Bank.

Reform and opening-up is the right and necessary path for China because it is the only path that fits China’s national conditions and has achieved unparalleled results.

"China’s success provides ideas for developing countries today that it is better to rely on their own resources and local realities, while better using high-quality conditions from outside than to copy alternative models," Cao Heping, an economist at Peking University, told the Global Times on Sunday, adding that reform and opening-up not only changed Chinese life for the better, but also strengthened Chinese people’s confidence in the country’s institutions, path forward and future prospects.

Underneath China’s economic miracle is the improved lives of the Chinese people. In 1978, per capita disposable income in the urban area was only 343 yuan, but that figure jumped to 36,883 yuan in 2022. The Engel’s Coefficient – the proportion of money spent on food in household expenses, a reliable barometer of income growth – of rural households dropped from 67.7 in 1978 to 33 in 2022.

Since the 18th CPC National Congress in 2012, China has continued to deepen reform and expand opening-up, leading to rapid development in all respects. Since 2012, China remained the world’s second-largest economy, the world’s top manufacturing power and top trader.

China is leading in many fields, including in the number of Fortune 500 companies, the number of 5G stations, the number of broadband users, and the length of high-speed railways and highways.

Global contribution

Beyond improved Chinese life, China’s economic miracle has also greatly contributed to global development. Between 2013 and 2021, China’s annual GDP growth rate averaged 6.6 percent, far higher than the global average of 2.6 percent. Its contribution to global growth averaged about 38.6 percent during that period, higher than the combined contribution of G7 countries.

In addition to contribution to global growth and steady supply of affordable and high-quality goods for the world, China’s vast market and its opening-up have created massive opportunities for global businesses.

US iconic fast food chain McDonald’s is one of the first foreign businesses that benefited from China’s reform and opening-up. In 1990, the company opened its first restaurant in the Chinese mainland in Shenzhen’s Luohu district.

Recalling the opening day 33 years ago, Raymond Ye, franchising division president of McDonald’s China, described quite a bustling scene. "The line started from our counter on the second floor all the way to the front door … With the number of people waiting in line likely exceeding 800," Ye told the Global Times. "That was basically every day for the first year.”

More than 30 years later, the restaurant, now surrounded by countless other shops on a busy commercial center, is still bustling with consumers. And the number of McDonald’s across China also grew exponentially. McDonald’s plans to increase the number of restaurants from more than 5,600 currently to 10,000 by 2028.

 "The development of McDonald’s to the present – from the first one to more than 5,600 stores – is a result of the reform and opening-up. We also believe that reform and opening-up must move forward … And shouldn’t stop," Ye said.

The confidence in China’s development prospects and continued reform and opening-up is also shared by many foreign businesses, as more and more companies, including high-tech ones, are exploring and expanding in the Chinese market.

In the Lingang new area of Shanghai, also a frontier of China’s reform and opening-up, office buildings of foreign companies are scattered in every corner of the area. Inside the workshop of the German company Lenze, a leading automation specialist, the automated production line runs smoothly, converting components into finished products.

The company set up the plant in 2006, started a second phase expansion in 2012 and moved its Asia research and development center to Lingang in 2019. "The first reason for choosing Lingang and choosing China is that the Chinese market has the biggest potential and is the largest for automation. The second reason is that China’s business environment has been very good in recent years, with great emphasis on opening-up, innovation and reform," Xie Weidong, president East Asia and general manager China at Lenze Group, told the Global Times.

After the tremendous success of the past 45 years, China will continue to deepen reform and expand high-level opening-up going forward, creating greater opportunities for global businesses, analysts said. Going forward, "new technologies, the digital economy, green development will be the main engine of growth," Cao said.

The recently concluded Central Economic Work Conference, a tone-setting meeting for economic policy in 2024, stressed that it is crucial to strengthen the endogenous driving force for development through reform and opening up, ensure the advancement of both profound reforms and high-level opening-up. Among specific measures, the meeting said that barriers shall be removed to make it easy for foreigners to do business, study and travel in China.

Read more:
Path to miracle: 45 years of reform and opening-up propel China to center of global stage
https://www.globaltimes.cn/page/202312/1303815.shtml 

Source : Global Times: Path to miracle: 45 years of reform and opening-up propel China to center of global stage

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network