Analysis

Is life getting better for China’s tech billionaires?

Wenting He, PhD candidate of International Relations, Australian National University. According to the latest Bloomberg Billionaires Index, Pony Ma, co-founder of Tencent Holdings, is once again China’s richest person, now with a net worth of more than A$65 billion, placing him 27th globally. Close behind him in the rankings are bottled water tycoon Zhong Shanshan, and Zhang Yiming, the main co-founder of tech giant ByteDance, which owns TikTok. Only a few years ago, China’s ruling Communist Party launched a crackdown on billionaires and other business leaders. Some were publicly jailed. Others simply disappeared from public view. Ma’s resurgence might seem like a positive signal of a more permissive market environment. But as we watch China’s private sector grow, we should remember it follows China’s unique playbook. The ascent of Tencent Ma’s wealth primarily comes from his stake in Tencent, which he co-founded in 1998 with its headquarters in Shenzhen. As China’s economy grew, Tencent became a world-leading internet and technology company. Tech billionaire Pony Ma at a government meeting in 2018. Song Fan/AP Tencent is well-known for QQ and WeChat, which quickly became two of the most popular instant messaging apps in China and connect more than a billion people. Tencent is also the largest video game vendor in China, with popular games such as “Honour of Kings” and “League of Legends”. Last month, Tencent released “Black Myth: Wukong”, China’s first-ever “AAA” video game. AAA is a globally recognised gaming industry buzzword that refers to major, high-budget, standalone productions. The much-hyped game surpassed 10 million sales across platforms within three days of its release, becoming one of China’s most successful games of all time. The game itself draws on a 16th century Chinese novel called “Journey to the West” and features various Chinese landscapes. Its popularity aligns with Beijing’s ongoing efforts to boost China’s international cultural appeal. China’s state-owned media outlet Xinhua […]

Beijing E-Town builds demonstration city for robot industry

As a pioneer in high-quality development for the new era, Beijing E-Town (BDA) is seizing the opportunity to lead the development of the embodied intelligent robot industry. The plan is to build a domestically leading and internationally first-class demonstration city for the embodied intelligent robot industry in two steps. “By the end of 2026, we aim to achieve full coverage of over ten interactive service application scenarios, attract more than 100 innovative enterprises, gather over 1,000 high-end talents, and reach a mass production capacity of 10,000 embodied intelligent robots. “By 2030, we plan to create an embodied intelligent robot innovation ecosystem characterised by ‘full-chain layout, full-stack autonomy, and comprehensive empowerment,’ establishing Beijing as a strategic base, a technological origin, an application demonstration, and a main industrial hub for embodied intelligent robots in China,” stated Kong Lei, Deputy Secretary of the Party Working Committee and Director of the Administrative Committee of the Beijing Economic-Technological Development Area (BDA), during the main forum on “Industrial Development” at the World Robot Conference 2024 (WRC 2024) on August 22. To achieve the development goals of the demonstration city, Beijing E-Town will implement the “Five Priorities” plan. In terms of advancing key technologies, Beijing E-Town will focus on critical areas such as the “brain,” “cerebellum,” and “limbs” of embodied intelligent robots. It will support key enterprises in strengthening collaborative research on disruptive and leading technologies, accelerate the construction of an innovative industrial technology system, and seize the high ground in embodied intelligent robot technology. To this end, Beijing E-Town will create an internationally competitive embodied intelligent “brain,” supporting robot companies in collaboration with AI enterprises to conduct research on key technologies of general-purpose large models in the field of embodied intelligent robots. It aims to develop an AI-based general-purpose model that integrates perception, decision-making, and control, […]

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AI and Sustainability in Advanced Manufacturing to take Centre Stage at Industrial Transformation ASIA-PACIFIC (ITAP) 2024

Industrial Transformation ASIA-PACIFIC (ITAP), will be held at Singapore EXPO from 14 -16 October 2024. Focusing on shaping the future with sustainable manufacturing, ITAP 2024 will spotlight the latest AI integration capabilities that enable diverse manufacturing sectors at various stages of technology adoption to foster business growth while contributing towards global climate goals. National AI developments to spur AI integration in manufacturing The Asia Pacific region is leading the smart manufacturing sector, which is expecting to grow at 15.7% CAGR through 2030. This is underscored by the accelerating rollout pace of AI policies that will lead to its greater adoption by manufacturers. Various industries are currently seeing more AI integration. For instance, Rolls-Royce, at their Seletar campus, uses AI for predictive analytics and maintenance of aircraft engines, enhancing reliability and performance while minimizing downtime. At ST Engineering, AI is used in predictive maintenance, enhancing production efficiency, and improving product quality across its various sectors, including aerospace and electronics. At a national level, Singapore revised national AI strategy (NAIS) with one of the aims to triple the nation’s AI workforce to 15,000 by 2029 and plans to invest more than $1 billion (US$743.7 million) over the next five years in AI computing, talent and industry development. Indonesia projects that AI will make a significant contribution of US$366 billion to its economy in the next decade. Indonesia aims to accelerate the growth of Southeast Asia’s largest AI ecosystem with the 2045 Artificial Intelligence National Strategy (Stratnas AI). In Vietnam, the government has approved a national strategy on AI that will enable Vietnam to become a hub for AI innovation and solutions in the Southeast Asian region and globally by 2030. Malaysia is propelling ahead with its Malaysia AI Roadmap 2021-2025, having recently launched the Malaysia Artificial Intelligence Consortium (MAIC) and the AI […]

Stephanie Ledwidge, Associate, Life Sciences, Linesight

From July issue, Women Going Places Women Going Places July 2024 by Media Hawkes Bay Limited – Issuu Top of mind trends in the life sciences sector, opportunities and challenges that businesses should be mindful of? The life sciences sector has been historically consolidated within designated parts of Asia-Pacific, but this has evolved over recent years, and we are now seeing key pharmaceutical hubs emerging across the region with a healthy pipeline of projects underway. As outlined in Linesight’s latest Construction Market Insights Report, skilled labour is a key challenge impacting construction growth opportunities. In developed life sciences markets such as Japan, Singapore, South Korea, and Australia, there is a significant shortage of biotech talent. Although headwinds such as interest rates and skilled labour shortages remain front of mind, the outlook remains promising and there are opportunities for sustained growth in this sector. This is backed by significant investments from governments and the private sector to accelerate R&D activities, and place further emphasis on building supply chain resilience. For large-scale projects in this industry, effective programme and supply chain management as well as collaborating with a local partner to understand regional nuances and identify strategic opportunities, is crucial. How gender equality has evolved in the construction and life sciences industry, and share your experience as a female leader in these sectors The construction industry has predominately been a male dominated field for decades and still is. However, there are now a lot of initiatives in Singapore to promote STEM learning in schools and universities to support a future talent pipeline of women in construction. In fact, approximately 48% of all STEM degree candidates in Singapore’s universities are women. Whilst there is still more work to do to achieve a true gender balance, the life sciences industry has […]

Cisco and Rockwell to accelerate digital transformation in Asia Pacific industrial market

(left to right) Nicole Denil, vice president, Global Market Access, Rockwell Automation • Ruchika Jain, director, marketing and strategy – Asia Pacific, Rockwell Automation • Shovan Sengupta, regional vice president, market Access – Asia Pacific, Rockwell Automation • Scott Wooldridge, regional president – Asia Pacific, Rockwell Automation • Kartika Prihadi, Vice President, Partner Sales & Routes to Market, Asia Pacific, Japan & Greater China (APJC), Cisco • Simon Young, General Manager, Strategic Industry Partners, Asia Pacific, Japan & Greater China (APJC), Cisco • Yadi Karyadi, Country Solution Architect, Indonesia, Cisco. Cisco, a worldwide leader in networking and security, and Rockwell Automation, the world’s largest company dedicated to industrial automation and digital transformation, has announced a collaboration to propel digital transformation of the industrial market in the Asia Pacific, Japan and Greater China region. The announcement was made as the two companies signed a Memorandum of Understanding (MOU) on the same. Cisco and Rockwell Automation provide technologies and services that enable manufacturers to optimise operations, enhance productivity, and ensure the security of their industrial networks. This collaboration will see the two companies coming together to facilitate the implementation of advanced automation solutions, such as connected factories and industrial IoT, while also addressing the unique challenges and requirements of manufacturing environments. “As industries across APJC embark on their digital transformation journeys, our collaboration with Rockwell Automation is poised to deliver significant value for our customers,” said Kartika Prihadi, Vice President, Partners & Routes to Market Sales, Cisco. “By joining forces, we aim to empower industrial enterprises with cutting-edge secure connectivity solutions that drive operational efficiency, enhance productivity and unlock new growth opportunities.” The MOU signifies a deeper commitment to fostering collaboration and innovation between Cisco and Rockwell Automation, as they work together to harness the power of digital technologies and automation solutions […]

Leaders share issues facing businesses head of Singapore APEX Business Summit

Key themes addressed include the impetus for globalisation, how businesses can foster diversity and the importance of technology as a business driver. The Singapore Apex Business Summit (SABS®) today held a preview event in the build-up to the Summit which will take place between 23 and 25 July 2024 at Sands Expo and Convention Centre, Singapore. The event brought together business leaders who shared their perspectives on pertinent challenges and opportunities facing businesses across the region. Hosted by Kok Ping Soon, Chief Executive OBicer, Singapore Business Federation (SBF) and Jason Ng, Managing Director, MP Singapore, key themes addressed included the pivotal role of technology, sustainability, and the role of trade partnerships in shaping the future of business in Singapore and globally. Further discussion focused on why engendering a corporate purpose is central to business competitiveness and how it can be embodied within organisations and through philanthropic practices. According to SBF’s National Business Survey 2023/2024, 9 in 10 businesses acknowledge the importance of business transformation but require support with digitalisation, internationalisation and sustainability challenges. The upcoming SABS® will equip business leaders and decision makers with the knowledge they need to tackle these challenges head on, while equipping attendees with actionable strategies that can be implemented to deliver positive impact in these key areas. Joining Mr Kok and Mr Ng at the media conference to share their insights on key topics were: • Tony Soh, Chief Executive OXicer, NVPC, shared insights on the linkages between corporate purpose and business competitiveness • Liew Nam Soon, EY Asean Regional Managing Partner; EY Singapore and Brunei Managing Partner, provided a sneak peek into the upcoming future economy conference • Pamela Chng, Founder, Bettr Group, shared her perspectives on demographic challenges and how businesses can foster diversity • Kelvin Tan, Managing Director, Head of Sustainable Finance […]

Women Going Places – new magazine out now

Aspiration finds success Women Going Places, a new magazine from Media Hawkes Bay Limited, profiles aspirational women with a story to tell. The women included in July issue are from Australia, New Zealand and ASEAN. In future issues, profiles from further afield will appear. Read July issue here: Women Going Places July 2024 by Media Hawkes Bay Limited – Issuu Over the past few years, within our magazines, on our media platforms and on Linkedin, we have included individual profiles from fascinating women who are following their dream and bringing about change to their environments. Their stories – as with the stories within this issue – are about ability, determination and a desire to succeed. There is nothing quite like aspiration! There are many stories out there to be told and shared…and we are happy to provide the platform to do so. If you are a woman or know of a woman wanting to let readers know about your journey in this challenging and highly competitive world, let us know and we can have your story read by our readers. Enjoy the read. Regards, Doug Green, Publisher publisher@xtra.co.nz

Q & A: Aanchal Gupta, Managing Director of APAC at Tulip

What is Tulip’s role in Industry 4.0? Tulip’s role is to provide an easy to use, digitalised solution for manufacturers to enable a more efficient production process. The Industry 4.0 revolution is transforming industrial and manufacturing processes rapidly and we aspire to provide companies with opportunities to ease into this growing and evolving industry. How is Tulip assisting enhance productivity across APAC? Tulip’s Frontline Operations Platform has been developed for precisely this reason – to enhance productivity among manufacturing and production players by enabling them to develop digital solutions. In addition, our platform provides productivity and quality measurements for manufacturers and producers to enhance their effectiveness and efficiency. At Tulip, we focus primarily on frontline workers and believe there is an exponential potential in this area. To date, this area of the workforce has been left out of digitisation considerations. This is where Tulip comes in with our human-centric and low-code approach. Without any programming effort, the people who are really affected and involved in manufacturing and production daily can develop digital solutions that really improve efficiencies in their work. For example, these could be digital work instructions, quality assurance measures or documentation. In this way, productivity can be increased step by step throughout the entire production process. How do you see manufacturing’s future at present? We believe the manufacturing industry will continue to evolve significantly with new areas of growth and pockets of opportunity emerging. More and more companies are beginning to understand the challenges of having a single monolithic solution due to each site having different needs and requirements. A composable approach, where companies can fit their sites and stations with the tools, machines, and capabilities they need—but with oversight visibility—is critical in today’s rapidly evolving world. In today’s dynamic manufacturing environment, the ability to adjust to changes […]

Made in China

This is the surprising story of how Cold War foes found common cause in transforming China’s economy into a source of cheap labor, creating the economic interdependence that characterises our world today. For centuries, the vastness of the Chinese market tempted foreign companies in search of customers. But in the 1970s, when the United States and China ended two decades of Cold War isolation, China’s trade relations veered in a very different direction. Elizabeth Ingleson shows how the interests of US business and the Chinese state aligned to reframe the China market: the old dream of plentiful customers gave way to a new vision of low-cost workers by the hundreds of millions. In the process, the world’s largest communist state became an indispensable component of global capitalism. Drawing on Chinese- and English-language sources, including previously unexplored corporate papers, Ingleson traces this transformation to the actions of Chinese policymakers, US diplomats, maverick entrepreneurs, Chinese American traders, and executives from major US corporations including Boeing, Westinghouse, J. C. Penney, and Chase Manhattan Bank. Long before Walmart and Apple came to China, businesspeople such as Veronica Yhap, Han Fanyu, Suzanne Reynolds, and David Rockefeller instigated a trade revolution with lasting consequences. And while China’s economic reorganisation was essential to these connections, Ingleson also highlights an underappreciated but crucial element of the convergence: the US corporate push for deindustrialisation and its embrace by politicians. Reexamining two of the most significant transformations of the 1970s—US-China rapprochement and deindustrialisation in the United States—Made in China takes bilateral trade back to its faltering, uncertain beginnings, identifying the tectonic shifts in diplomacy, labor, business, and politics in both countries that laid the foundations of today’s globalised economy.

Supply chain shifts to drive more manufacturing to Southeast Asia and India

Diversification of supply chains to create opportunities but will require companies to be flexible on factors including land selection. Singapore– The next decade will accelerate shifting supply chains whereby manufacturing and production locations will diversify to multiple locations across Southeast Asia and India. According to JLL,Southeast Asia and India stand to be net beneficiaries of companies diversifying manufacturing capabilities to complement existing bases in China, however, companies will need to be flexible when considering locations and funding options to take advantage of volatility in supply chains. Over the past few years, companies have begun exploring the relocation of manufacturing outside of China. In Asia Pacific, this near/re/friend shoring trend has resulted in the China+1 strategy where companies add additional manufacturing bases outside of China to hedge against supply chain disruptions by reducing reliance on a single country. According to JLL analysis, the impact has been mostly felt at the destination country, especially in Southeast Asia and India. As a result, governments are supporting these opportunities and implementing more policies that aim to boost their local manufacturing industries, placing a premium on land availability and access to capital sources. “Diversification within supply chains is a natural step for companies involved in manufacturing within the wider economic lifecycle of this region. We see Southeast Asia and India representing a natural complement to the existing production strength of China but feel that for companies to respond quickly to supply chain shifts, they need to adopt a flexible mindset towards land selection and funding options,” says Michael Ignatiadis, Head of Manufacturing Strategy, Asia Pacific, JLL. The driving force behind this trend is not only the need for supply chain diversification, but also to capitalise on the strong economic fundamentals of this region, including a large population and labour pool, favourable costs, and various incentives. […]

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