Little Carrot, Big Money

Little Carrot, Big Money

Local farmers process carrots in Yongqing County, north China’s Hebei Province, on October 13.

The county has greatly developed its carrot industry over the past few years, making it the largest carrot production base in north China with an annual transaction value of 1.26 billion yuan ($198.6 million).

China-Russia Expo

Nearly 10,000 businesspeople from 103 countries and regions have participated in the Second China-Russia Expo that was held in Harbin, capital of northeast China’s Heilongjiang Province, from October 12-16.

More than 4,000 businesspeople are from Russia, which borders Heilongjiang. Some 170 large-scale Chinese enterprises and more than 50 leading Russian enterprises, including Sinara Group, Gazprombank, CTZUraltrak and Rusnano, attended the expo.

Some 46 activities, including seminars, investment promotions and commerce fairs, were held on the sidelines of the expo. Moreover 15 key commerce events covering a range of industries, including railways, forestry, finance, tourism and e-commerce, were held at the expo at the same time.

China and Russia are pushing forward a comprehensive strategic partnership, Chinese Vice Premier Wang Yang said at the opening ceremony of the expo.

China would like to integrate the Belt and Road Initiative with Russia’s strategy of developing the Far East and strengthen cooperation in aerospace, nuclear energy, civil aviation and crossborder transportation, Wang said.

Russia would like to expand cooperation with China and create a more open and favorable environment for cooperation, Russian Deputy Prime Minister Dmitry Rogozin also said on the occasion.

Renamed last year, the expo was formerly called the China Harbin International Economic and Trade Fair, an annual cooperation project between China and Russia since 1990.

GATEWAY

The ship lock of Changsha Comprehensive Hub on the Xiangjiang River. As of October 13, freight volume of the lock had totaled 260 million tons over the past three years

Hear Me Now?

The State Council decided to improve broadband in rural and remote areas on October 14.

Stronger telecom services will help attract investment and fuel coordinated development, narrowing the gap between urban and rural areas, said a statement released after an executive meeting of the State Council.

The meeting urged more input from the central budget, more support from local policies and capital, more telecom construction and maintenance from private capital, more public-private partnerships, and stricter supervision of subsidies.

By 2020, 50,000 more villages will gain access to broadband, and 30 million rural households will enjoy upgraded services. The total investment is estimated to hit more than 140 billion yuan ($22 billion).

The meeting also stressed the importance of e-commerce, saying a faster expansion of e-commerce in rural areas will stimulate consumption, benefit farmers and support the real economy.

REAL Deal

Alibaba Pictures Group Ltd. has signed a memorandum of understanding to invest in REAL, a South Korean action movie, featuring Kim Soo Hyun.

The deal was put together at the recent Busan International Film Festival and reflects the strategic focus of Alibaba Pictures to go global.

The agreement will give it sole distribution rights for the movie in China. China’s e-commerce king Alibaba Group Holding Ltd., which owns Alibaba Pictures, will help market the film through advertising and brand licensing on its e-commerce platforms.

“We’re investing in REAL because the Korean film industry is arguably the most influential in the region. The hugely popular Kim Soo Hyun is the embodiment of that. We aim to support regional movie making in Asia, as well as bigger Hollywood movies,” Zhang Qiang, CEO of Alibaba Pictures, said.

The REAL deal is Alibaba Pictures’second overseas foray after investing in the Hollywood blockbuster Mission: Impossible—Rogue Nation. The movie was released in China in September and has grossed 867 million yuan ($137 million) at the box office.

REAL is expected to start filming by the end of this year.