China business news digest

China makes major breakthroughs in 5G technology and China UnionPay teams up with US tech giant Apple.

The number of Chinese students studying in the United States increased 8.1 per cent between 2013 and 2014. Chinese international students currently account for 31 per cent of the foreign student body in the US. Indian students account for 12 per cent and South Korea another 7.7 per cent. (Caijing)

China has reportedly made major breakthroughs in 5G technology, which is 10 to 100 times faster than 4G telecommunication technology. The Ministry of Industry and Information Technology has reportedly invested 300 million yuan to support the R&D effort. (Sohou IT)

The party secretary of Shanghai has told Chinese media that the government would lift capital control on personal accounts within the Shanghai Free Trade Zone. The move would allow individual citizens to invest in overseas asset classes such as housing, shares and bonds.

There has been no expected baby boom after Beijing significantly relaxed its controversial one child policy one year ago.  The Family Planning Commission has admitted that only 700,000 eligible couples applied for permission to have a second child, two million short of the official prediction. (Caijing)

Chinese demographers are concerned that China has already lost the best window of opportunity to reverse the damaging trend. Young couples from cities appear to be unwilling to have a second child. (Caijing)

China UnionPay, the country’s largest card payment system, has formed a partnership with US tech giant Apple, which allows UnionPay card-holders to shop on the popular App store. China is the second largest market after the US in terms of number of apps downloaded.

China UnionPay has issued more than 4.5 billion cards wordwide.

Chinese tech giants Alibaba, Tencent and Baidu, collectively known as BAT, are branching out into the notoriously protected health care system in China. Alibaba unveiled its future hospital strategy back in May this year.

BAT is using their technical prowess to modernise the country’s bureaucratically run and inefficient health care system. (Caixin)

On the first day of the new trading link between Shanghai and Hong Kong stock exchanges, Hong Kong based investors seem to be keener than their mainland counterparts to take advantage of the new scheme.

The 13 billion yuan daily quota for mainland shares was used up before 2 pm with the 16 per cent of the quota for Hong Kong shares was used. (21st Century Business Herald)