dumping and anti-subsidy measures, have largely reduced China’s export to the country.
Photovoltaic modules export to India also slumped 24.4 percent to 1.81 GW in the first quarter, as the Indian government ordere
d that all photovoltaic modules for government and central public utilities projects should be 100 percent India-made.
China’s top five photovoltaic modules exporters in value in the first quarter were Jinko Solar, J
A Solar, Trina Solar, Canadian Solar, and Longi, taking up 12.8, 8.6, 8.3, 7.4, and 6.7 percent, resp
ectively, of total export value. Export volume of the top 12 exporters took up 65 percent of total export, added the report.
The report projected that China’s photovoltaic modules capacity will furth
er expand 8.5 percent to 83 GW this year, with nearly 50 GW exported to the overseas market.
Four Chinese banks were among the world’s top 10 most profitable companies over
the past year concluding at the end of March, according to a report by Bloomberg.
The Industrial and Commercial Bank of China and China Construction Bank achieved a net in
come of $45 billion and $38 billion respectively over the past year, closely following Apple Inc, which retai
ned its title of world’s biggest moneymaker for the fourth straight year with a net income of $57.2 billion.
The Agricultural Bank of China and the Bank of China were respectively ranked at the
seventh and 10th places in the top profit list, with $31 billion and $27 billion in net incomes.
While financial service companies claimed nine spots among the top 10 most profitable compa
nies, no drugmakers or automotive firms appeared in the list for the first time in eight years, the report said.
ed China’s digital economy had reached more than 27 trillion yuan ($4 trillio
n) in 2017, a year-on-year rise of 20.3 percent, accounting for nearly 33 percent of GDP.
Lu said the growth rate of the number of people working as new media operators in 2017 was mo
re than 10 times that of 2013. The growth comes as more consumers turn from mass media to new me
dia, which provides more information, is faster, has a more diversified presentation and cheaper cost.
Algorithm engineers, in particular, grew at exponential rates. More than fi
ve times as many people worked as algorithm engineers in 2017 than 2013, he said.
“Algorithm is the foundation for artificial intelligence. AI has started to integrate with other industr
ies and already had been successfully implemented in AI plus marketing, finance and assisted medical dia
gnosis. AI engineers will have more value as AI becomes more closely tied with more businesses,” Lu said.
World Trade Organization was being negotiated, China’s economy was ti
ny as a portion of world GDP. It was clearly a poor, less-developed country that, except in a f
ew areas, was not able to compete with Western companies in high-value-added products.
As Alexander Hamilton, the first US Treasury secretary, argued, a developing country may need to p
rotect its “infant industries” from already established foreign competitors. This was the policy foll
owed by the US in the 19th century and by Western Europe, Japan, and South Korea in the years after World War II.
China is no longer a poor country. It can no longer compete by using low-wa
ge labor. Fortunately, it has now developed world-class companies that are incre
asingly developing new products and services that can compete successfully in many foreign markets.