BEIJING, March 29 (Xinhua) -- The following are highlights of China's local business news from the past week.
SHANGHAI
Shanghai moved up one place to fourth for the first time in the 27th edition of Global Financial Centers Index (GFCI 27) published by the British think tank Z/Yen Group and China Development Institute.
The top 10 financial centers in the world are New York, London, Tokyo, Shanghai, Singapore, Hong Kong, Beijing, San Francisco, Geneva and Los Angeles, according to the index.
E-VOUCHERS
The eastern Chinese city of Hangzhou announced a plan to issue e-vouchers worth 1.68 billion yuan (237 million U.S. dollars) to boost consumption hit hard by the novel coronavirus outbreak.
Local consumers can get the e-vouchers on Alibaba's online-payment service Alipay starting from Friday and enjoy cash rebate when making offline payment at shops.
HUAWEI
Huawei launched its P40 series smartphones during an online event at a time of the novel coronavirus outbreak.
The newest flagship phones, the P40, P40 Pro and P40 Pro+, are powered by the Kirin 990 5G chipset and pre-installed with Huawei's self-developed Huawei Mobile Services (HMS) Apps eco-system.
MORGAN STANLEY, GOLDMAN SACHS
Morgan Stanley and Goldman Sachs have received approvals from the China Securities Regulatory Commission to take majority stakes in their joint ventures in China.
Morgan Stanley announced it will increase its shareholding in its China securities joint venture, Morgan Stanley Huaxin Securities Company Limited, from 49 percent to 51 percent.
Goldman Sachs announced it will raise its stake in its China joint venture, Goldman Sachs Gao Hua Securities Company Limited, from 33 percent to 51 percent.
TAOBAO
Alibaba's e-commerce platform Taobao announced an initiative to deploy its consumer-to-manufacturer (C2M) system, which will bring 10 billion new orders to factories across China over the next three years while prompting up the digital transformation of traditional factories.
According to the company, the initiative also plans to transform 1,000 manufacturers into "Super Factories" with each output exceeding 100 million yuan (14.1 million U.S. dollars) and build 10 digital industrial clusters nationwide of more than 10 billion yuan each.
ZTE
Chinese telecom equipment maker ZTE saw net profit rise 173.7 percent year on year to 5.15 billion yuan (726 million U.S. dollars) in 2019. Meanwhile, its revenue grew 6.1 percent year on year to 90.74 billion yuan, according to its annual report.
The company announced that it had acquired 46 5G commercial contracts and had engaged in close cooperation with more than 70 telecom operators worldwide.
