“Made in China” Setbacks
Various technology companies based in China are struggling despite Beijing’s efforts to modernize its industrial sector. Foxconn Industrial Internet’s net profit during H1 2018 was relatively flat, while Contemporary Amperex Technology Ltd. and BOE Technology Group, the world’s largest producers of automotive batteries and liquid crystal displays, experienced a sharp drop in profits. These struggles suggest that the “Made in China 2025” initiative, which focuses on developing information technology, has yet to translate into profits in many cases.
China-Africa Relations Song
The two-day Forum on China-Africa Cooperation (FOCAC) Summit finished on 4 September in Beijing. The event was a major milestone in China-Africa relations and was considered to be a great success. Tabou, a Senegalese singer living in Guangzhou, Guangdong Province, performed the song “one forall and all for one” to celebrate Guangdong-Africa friendship ahead of the summit. Since then, the song has gained a great deal of attention and popularity. On 2 September, the song’s music video had already received one million views on websites and apps of Nanfang Media Group and WeChat and Weibo.
为期两天的中非合作论坛（FOCAC）峰会于9月4日在北京结束。这次活动是中非关系的一个重要里程碑，被认为是一次巨大的成功。生活在广东省广州的塞内加尔歌手塔布在峰会前表演了一首名为《One for all and all for one》（中文名：粤非颂）的歌曲，以庆祝广东与非洲的友谊。从那以后，这首歌获得了极大的关注和普及。9月2日，这首歌的音乐视频已经在南方传媒集团，微信和微博的网站和应用上播放100万次。
AirAsia Plans Collapse
Despite the company’s failed effort to establish a low-cost carrier terminal, AirAsia intends to continue to expand its footprint in China and offer more flights. Last week, AirAsia revealed that the preliminary agreement signed last year for a JV with China Everbright Group and the Henan government had fallen through and would not be extended. The company may revisit its plans to establish a low-cost carrier terminal in the future, but only “when the time is right.”
Will China’s Economy Surpass the US?
A recent OECD paper sketching scenarios for the world until 2060 predicts that the US economy might actually grow faster than that of China. This goes against many expert predictions that China’s economy will soon surpass that of the US and continue to grow rapidly in size. The paper predicts that China’s share of global output will peak in the 2030s, then decline due to demographic setbacks. The authors note that the US is not on track to experience some sort of economic miracle, but rather, they acknowledge that China has set itself up for a tough demographic collapse as the country begins to feel the pressures of the one-child policy and a rising average age that the working population cannot support.
Zimbabwe Supports BRI
Zimbabwe President Emmerson Mnangagwa believes China’s Belt and Road Initiative (BRI) will contribute to genuine, all-encompassing globalization and help the country achieve its goal for middle-income status by 2030. Mnangagwa made these comments during the recent 2018 Beijing Summit ofthe Forum on China-Africa Cooperation. “Today, the BRI has taken everybody on board so that our economies can talk to each other, and so that our economies can help each other modernize and mechanize. We are getting connected and benefiting from each other.”