China’s Tech Sector Has Left Its Copycat Phase Far Behind It
China now has a life and an innovative force of its own, backed by a relentless state-backed investment and driven increasingly by the huge opportunities of its internal market. That’s one of the main takeaways from a panel at Fortune’s Global Forum in Guangzhou that featured Cisco Systems CEO Charles Robbins, Yahoo co-founder Jerry Yang and General Electric’s chief executive for China, Rachel Duan.
China’s JD partners with accelerator program Plug and Play to reach US startups
E-commerce giant JD.com, the closest rival to Alibaba in China, is broadening its presence in Silicon Valley after it announced a collaboration with accelerator firm Plug and Play to seek out and work with promising U.S. startups. The e-commerce giant said it will share technologies, including AI, cloud and smart supply chain tech, with the program generally and work together to launch a new cohort that taps into its extensive presence in China.
One of the world’s largest bitcoin exchanges is coming back to life
Following a ban on initial coin offerings, the Chinese government shut down all local crypto exchanges in September. Today, one of the biggest victims, Huobi, announced its comeback. It would set up two crypto exchanges in Japan early next year, through a partnership with Japanese financial group SBI. The deal represents a turning point for Chinese exchanges and wallet services that are seeking a second life in friendlier Asian jurisdictions, such as Japan, South Korea, and Singapore.
Ford recruits Alibaba to help break into China’s electric vehicle industry
Ford has put a lot of focus on China’s electric vehicle market — with a local joint venture expected to lead to 15 electric or hybrid models on sale in the country by 2025 — and today the automotive giant announced a tie-in with Alibaba to fulfill its ambitious goals. The scope of the alliance is fairly broad and vague at this point, but a large chunk of the”strategic collaboration” appears to be based around developing a direct sales channel to reach consumers in China.