Weekly snapshot of China’s local business news

Xinhua News Agency | Jun 15, 2019 at 3:28 PM

BEIJING, June 15 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- SCI-TECH INNOVATION BOARD

China inaugurated its science and technology innovation board in Shanghai, kicking off the country's much-anticipated capital market reform this year.

The new market will support tech companies that are in line with the national strategies, make breakthroughs in core technologies and are well accepted by the market to grow stronger, Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), said at the launching ceremony of the sci-tech innovation board at the Lujiazui Forum in Shanghai.

Yi pledged to push forward key institutional innovations and implement the registration-based initial public offering (IPO) system on the new board that underlines sufficient information disclosure.

-- GEELY SMART BUS

Chinese auto carmaker Geely unveiled a smart bus assisted by the 5G mobile network in the city of Hangzhou, capital of east China's Zhejiang Province.

The bus can support face-scanning payment and real-time connection with bus stations, which enables passengers to check the status of the vehicle.

Equipped with 20 cameras and a millimeter wave radar, the 5G-powered vehicle can have real-time interaction with China Mobile's high-definition live cameras in the city, as well as bus stops and traffic cameras.

-- CHINA'S INCUBATORS

China's 11,800-plus incubators had helped nurture about 620,000 startup enterprises and teams by the end of last year, said a report by Torch High Technology Industry Development Center.

As of 2018, China was home to 11,808 incubators, which helped generate job opportunities for 3.95 million people working in startups, according to the report.

-- SHANXI'S NEW ENERGY

China's major coal base Shanxi Province is estimated to see 36 billion kWh of electricity generated by new energy in 2019, up 9 percent year on year, as the province pursues cleaner development.

The estimate means the province can replace 11.34 million tonnes of standard coal for generating electricity and reduce 30.62 million tonnes of carbon dioxide emissions, according to the provincial branch of the State Grid.

-- SAIC GOING GLOBAL

Chinese automaker SAIC Motor Corporation Limited has launched a new car-shipping line connecting Shanghai with ports on the west bank of South America, speeding up domestic carmakers going global.

The new route can deliver cars to their destinations within 30 to 35 days, 25 percent quicker than before, which would further promote the competitiveness of Chinese auto industries in South America.

-- GUIYANG-MELBOURNE AIR SERVICE

Guiyang, capital of southwest China's Guizhou Province opened a direct air route to Melbourne, according to its operator Sichuan Airlines.

The direct service by an Airbus A330 aircraft every Wednesday is expected to cut the travel time between the two cities by at least eight hours.