Meanwhile in China: Weekly News Roundup [10/9-10/13]

  • Chinese startup’s ‘8K’ VR headset is surprisingly advanced

    A Chinese startup by the name of Pimax simply went ahead at CEATEC. The Pimax 8K headset which not only features an incredible 7,680 x 2,160 resolution (more on that later), but also laser tracking that works with HTC Vive’s base stations, plus an impressive 200-degree FOV which is almost double that of existing offerings. There’s a more affordable Pimax 5K based on the same headset design but houses two 2,560 x 1,440 CLPL panels instead. Still, this resolution is higher than what PlayStation VR, HTC Vive and Oculus Rift are offering, so this “5K” model will no doubt appeal to those who want to try high-end VR with a smaller budget.

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Source: Engadget



  • Alibaba Is Spending Billions on a Network of International Research Hubs

    China’s top e-commerce firm Alibaba is launching a $15 billion drive to build overseas research hubs, using its deep pockets to compete with global leaders in e-commerce, logistics and cloud technology. The Alibaba ‘Damo’ academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech.

    The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with Amazon, as well as global payments, cloud, and logitics firms.

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Source: Fortune


  • China’s Fintech contributes to world in technology and business models

Fintech has greatly changed people’s life and altered established structures in finance sector. The EY FinTech Adoption Index 2017 showed that Chinese consumers’ Fintech service adoption rate reached 69 percent, well above the global average of 33 percent.

Another report by World Economic Forum said that China’s innovation-friendly atmosphere and not consumer-focused traditional finance sector boosted such a remarkable development.

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Source: China Daily



  • Chinese Online payment methods grow abroad

During the eight-day National Day holiday break, the number of Chinese consumers using the online payment method Alipay abroad surged seven times, and per capita spending has also jumped by nearly 50 percent. Consumers born after 1990 accounted for 44 percent of those who used Alipay in foreign countries, and they spent 1,301 yuan ($196) on average during the holiday. Meanwhile, Alipay has played an important role in helping Chinese travelers to simplify their tax reimbursements processes overseas. Alipay and WeChat have started to expand their overseas presence since late last year, in a bid to meet the increasing demand for shopping from Chinese travelers and to cooperate with more local enterprises.

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Source: China Daily