Month: July 2019

As a part of series for Egypt’s 2019 China Tourism and Culture Week, the Chinese Cultural Center in Cairo hosted a lecture on classic styles and fashion of Chinese costumes on June 29.

After the beginning of the lecture, Chu Yan, the founder of her own fashion brand, reviewed the costumes of different periods in China over more than a thousand years, and introduced the long history of costume culture of China. “In recent years, while pursuing fashion trends, Chinese people have begun to pay more attention to the traditional cultural elements of clothing,” Chu said, “and clothing manufacturers have started looking for natural Chinese dyes.” These changes in the fashion world reflect the new idea that China pays attention to the organic combination of traditional culture and fashion elements.

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Explore China’s largest region in our new documentary series. "Discovering Xinjiang". Today, Episode 3: "How education is promoting a bright future".

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The Chinese market will soon witness the first joint venture firm where a foreign company will take an absolute controlling stake as part of the deeper opening up of the country’s financial sector.

According to information from the Shanghai United Asset and Equity Exchange, Shanghai Trust Co Ltd announced on Monday the transfer of its 2 percent stake in CIFM, its joint venture with JPMorgan Asset Management. The transfer price is 241.3 million yuan ($35.1 million).

CIFM was founded in May 2004 with Shanghai Trust holding a 67 percent stake and JPMorgan with a 33 percent share. In August 2015, the stakes of the two companies were adjusted to 51 percent and 49 percent respectively in the joint venture.

Once the stock right transfer is finalized, JPMorgan Asset Management will become the controlling stake holder of the fund company.

Shanghai Trust said the stock transfer is in response to the call for China to further open up the financial sector and it also addresses the group’s strategic development goals.

By the end of last year, CIFM managed assets worth 160 billion yuan. CIFM saw its turnover reach 434.4 million yuan and net profit hit 121.5 million yuan at the end of May 2019.The fund company’s net profit stood at 336 million yuan in 2018 and 335 million yuan in 2017.

In April 2018, the China Securities Regulatory Commission for the first time allowed a foreign company to hold the controlling stake in a Chinese fund company.

Public data showed there are 45 joint venture fund companies in China. About 20 of these fund companies have foreign investors holding a 49 percent stake, while another 10 joint ventures have foreign investors with a 30 percent stake in those companies.

A report jointly released by investment bank Morgan Stanley and consulting firm Oliver Wyman predicted the size of the Chinese public fund sector will surge to $7.5 trillion by 2025, quadruple the number registered in 2018.

The huge potential of the Chinese market is extremely attractive for international asset management companies which face pressure in their domestic markets, the report said. With this in mind, leading international asset management and fund companies have accelerated their attempts to get into China.

In late April, the world’s top asset management company BlackRock appointed Tang Xiaodong as its China head. Tang used to be the deputy general manager of Guangzhou-based GF Securities.

BlackRock Chief Executive Officer Laurence Fink stressed at Tang’s appointment that China is a strategic priority for the company and it plans to remain very engaged in pursuing its long-term strategy in this key market. BlackRock has $6.5 trillion in assets under management worldwide.

Industry insiders said that Black-Rock is negotiating with China International Capital Corporation Limited to acquire a majority stake in the latter’s affiliated public fund company.

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Chinese Super League soccer team Dalian Yifang has created headlines around the world with the appointment of its new coach, former Liverpool, Chelsea, Real Madrid, and Newcastle coach Rafael Benitez.

The 59-year-old Spaniard is one of the most successful managers in contemporary European soccer, having won trophies in England, Spain, and Italy, including the UEFA Champions League with Liverpool in 2005, and UEFA Europa League with Chelsea in 2013.

Mark Douglas has been the Newcastle United correspondent for the Journal, Chronicle, and Sunday Sun newspapers in northeast England for 11 years, and for the last three of those years, the team was coached by Benitez. Douglas told China Daily Newcastle’s loss is most definitely Dalian’s gain-on and off the pitch.

“He’s a highly competent coach who has won trophies wherever he’s been, but it’s more than that-when he arrived at Newcastle, he picked up a failing club that was broken and pieced it back together. That was a major achievement,” he said. “He may not have won trophies here, but the reaction of locals to his departure tells you just how much of a positive impact he had on the team and the city.”

Douglas wrote a book about Benitez’s time at Newcastle, called Inside the Rafalution, and says he will bring more than just sporting experience and knowledge to Dalian.

“Off the field, he was brilliant. He got involved with the community and really embedded himself at Newcastle in the same way he did at Liverpool. Newcastle is the sort of place where people soon work out if you’re a bluffer who just says the right things without meaning them, but he wasn’t like that at all-he was as good a person as he was a manager,” Douglas said. “A lot of people might still be a bit sniffy about the Chinese League, thinking people just go there for the money, but Dalian getting Benitez should make people sit up and take notice. He could have gone elsewhere, but he chose China, and it won’t just be because of the money, it’ll be because he wants the challenge. Particularly, if he’s away from his family, he’ll be an absolute workaholic who will give the job everything and will do all he can to build the profile of the club.”

Benitez’s weakness, Douglas said, is that his intense attention to detail means he can sometimes overthink things, and his instinct can sometimes be too cautious.

But he insisted Dalian has got lucky in attracting such an in-demand coach, and one that will leave the UK with the best wishes of the Newcastle fans after having departing the club following a lengthy dispute with the club’s owners.

“I think he’ll look to come back to Europe at some point in the future, but he won’t have one eye on what’s happening here when he’s in China because he’s not like that,” Douglas said.

Another good character reference came from Reuven Fletcher, a Newcastle fan with extensive experience of both working and traveling in China.

“Rafa has all the qualifies to be a success, because of his humanity,” he said. “He’s very respectful of the people and the place wherever he goes, be it the people he works for or the local population. He’s a very open and generous person, so I think he’ll fit in well in China. He communicates well and leaves people with a smile on their face. He’s a real leader and the sort of talisman great institutions need.”

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Details of sexual assault allegations against the principal of a primary school in Huludao, Liaoning province, were revealed by Suizhong county’s publicity authority on Tuesday.

The suspect, surnamed Wang, confessed to rape and sexual offenses against minors at the county’s Shuikou Primary School. He has been detained on criminal allegations since June 1, the authority said.

It added that local prosecutors have taken over the case and are preparing an arrest warrant for him.

On May 31, a student at the Shuikou Primary School, accompanied by her mother, reported to the police that she was forced to have sex with the principal three times between March and November last year.

On the same day, four other students and their parents approached the police to accuse Wang of sexual misconduct.

Wang was immediately placed in custody and, after interrogation, confessed to raping the student who first reported him to the police and sexually assaulting other students. Further investigation into the case continues.

According to the authority, the suspect, 50, had been teaching at the Zhongxin Primary School since 1989 and was promoted to head the Shuikou Primary School in 1991.

Both the principal and the Party secretary of the Zhongxin Primary School of Gaotai, which oversees Shuikou Primary School, have been removed from their positions for their lax supervision and failure to report the scandal.

A teacher at the Zhongxin Primary School has been appointed as the interim principal since June 2.

Psychological counseling services were offered to the victims and their parents.

Separately, Shanghai police said on Wednesday that another man surnamed Wang, 57, and a woman, surnamed Zhou, 49, have been arrested on suspicion of molesting a 9-year-old girl in a hotel.

Local media Xinmin Evening News identified the man as Wang Zhenhua, chairman of the board of Seazen – a real estate developer based in Shanghai and listed in both Shanghai and Hong Kong. It reported that the alleged crime happened in a five-star hotel in Shanghai on Saturday, leaving the girl with lacerations on her vagina.

The girl, who hails from Shanghai’s neighboring Jiangsu province, made a phone call to her mother, who was in Jiangsu, about the incident. The mother contacted Shanghai police, it reported.

The 9-year-old and another 12-year-old girl were brought to the hotel by Zhou, a friend of the 9-year-old’s mother. Zhou told the mother that she took the girl to Shanghai to visit Disneyland, according to the report.

The report said Wang paid Zhou 10,000 yuan ($1,400) in cash after committing the alleged molestation.

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The Oranje were made to work for 120 minutes to secure their place in the final and face a long road to recovery to challenge the USA

After Sweden’s pre-match press conference, head coach Peter Gerhardsson wandered around the Stade de Lyon’s carpet-like turf.

“This will be impressive,” he said, ahead of their Women’s World Cup semi-final clash with the Netherlands. He was wrong. 

If the United States, through to their third successive final after beating England yesterday, were looking for something to learn from this game, it’s that they have little to fear on Sunday.

Jackie Groenen’s arrowed strike would eventually see the Netherlands through in extra time, winning 1-0 after a gruelling 120 minutes of football, but now they face a long road to recovery before Sunday’s final – all with a day less to do so, too.

Static going forward and lacking creativity in the middle, it was not a performance we have become accustomed to seeing from Sarina Wiegman’s side given the star quality throughout their front line, key in helping them surprise all by winning the 2017 Euros.

It may have been a come down from the pure exhilaration of yesterday’s semi-final between England and the USA, but few would complain at voting this the worst game of the tournament.

Vivianne Miedema, the Netherlands’ 22-year-old star who broke the country’s scoring record earlier this month, was as isolated as ever, with Lieke Martens, The Best FIFA Women’s Player of the Year in 2017, hauled off at half time.

For Sweden, their creative spark, Kosovare Asllani, struggled before being stretchered off with a serious-looking injury, with the contrasting colours of orange and yellow behind opposite goals the most eye-catching aspect of a very cagey affair.

But what Jill Ellis and her coaching team will know if that they will have to work much, much harder to break down the Netherlands in the final than they did England in the semi-final.

While the Lionesses were shaky at the back, suspect to errors and messy in their marking, the Oranje were tight and compact, allowing Sweden little to no opportunity in breaking them down.

Dominique Bloodworth and Stefanie van der Gragt were immense, with Desiree van Lunteren unbeatable down the right-hand side – the latter particularly pleasing for Wiegman given Christen Press’ display against England and Megan Rapinoe’s potential return for the final.

When Sweden did break through, they found Sari van Veenendaal in their way. Her reflex save in the first half to deny Lina Hurtig was impressive enough, but a fingertip save to push Nilla Fischer’s strike onto the post was even better.

There was no glitz and glamour here. No superstars grabbing headlines with their celebrations and certainly no game for the ages.

But if the Netherlands – who had been unconvincing at the back this tournament up until this game – can be this tight defensively against Alex Morgan and co., there is no reason to write them off.

After finishing third in their group at the 2015 World Cup, the Oranje suddenly have a chance to hold the titles of European champions and world champions at the same time – and against all the odds.

Now that, would be impressive. 

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Atletico Madrid welcomed their big money signing in a very unique way. What other clubs also made some different but memorable announcements?

Atletico Madrid chose to announce the signing of Benfica starlet Joao Felix on Wednesday in a very particular way.  

The Spanish side picked up the Benfica star in a club record €126 million (£113m/$142m) deal, making him the third most expensive signing in football history.  

As such, they seemed to feel the need to do more than posting a message on Twitter with the player’s photo, and the Madrid club went much further, releasing one of the most curious announcements of signings in recent memory.  

Under the slogan #PureTalent, Atletico took the former Benfica forward to the National Museum of the Prado, located in Madrid, and recorded a video in which the footballer and art are both central figures. 

With that in mind, here are some other transfer announcement which were made public in memorable and striking ways…

Villarreal – Santi Cazorla (August 2018)

Marseille – Mario Balotelli (January 2019)

Fenerbahce – Miha Zajc (January 2019)

Liverpool – Mohamed Salah (June 2017)

Sevilla – Jesus Navas (August 2017) Roma – Lorenzo Pellegrini (June 2017)

Leon – Vinicio Angulo (January 2019)

Real Betis – Pau Lopez (July 2018) Manchester United – Alexis Sanchez (January 2018) Sampdoria – Ronaldo Vieira (August 2018)

Leon – Joel Campbell (January 2019)

Barcelona – Arthur Melo (July 2018)

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Nantes – Lucas Evangelista (July 2018)

Aston Villa – Andre Moreira (August 2018) Pachuca – Ismael Sosa (December 2018)

Lianne Sanderson called the striker’s celebration “disrespectful”, but her team-mate claimed the reaction has been a storm in a teacup.

Megan Rapinoe has leapt to Alex Morgan’s defence after the United States captain was accused of being “disrespectful” for her tea-sipping celebration in the Women’s World Cup semi-final win over England.

Morgan headed in her sixth goal of the tournament in Lyon on Tuesday to seal a 2-1 victory for USA, who advanced to a third-straight final, and she celebrated the winner by pretending to drink tea with her little finger raised.

Some construed that as a shot fired at her opponents given the beverage’s popularity in Britain, with England forward Lianne Sanderson, who is working as a pundit for beIN SPORTS at the tournament, calling it “distasteful” and “disrespectful”, and television presenter Piers Morgan saying it was “bordering on a declaration of war”.

USA players had also come under fire for their goal celebrations in a 13-0 win over Thailand earlier in the tournament, long after the game had already been won, and Rapinoe appeared sick of the latest round of criticism.

“Wah-wah-wah. I mean, it’s like, we’re at the World Cup – what do you want us to do?” Rapinoe said.

“This is the biggest stage, the biggest moment. I don’t think anyone truly believes that we disrespect the game or disrespect our opponents. We have the utmost respect for England and every team that we’ve faced and every team that we will face forever and ever, that’s just part of the DNA of this squad.

“With that said, we work hard, we like to play hard and we like to have fun and enjoy ourselves, and these are the absolute biggest moments to do that.”

Rapinoe was one of three players conducting interviews on Wednesday when Jill Ellis’ squad were leaving their hotel, with Morgan curiously spotted hot drink in hand as she walked past the cameras to the team bus.

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Despite the storm in a teacup that has followed, Morgan had suggested the pose Rapinoe pulled after her first goal in the quarter-final win over France was the best celebration of the tournament.

“I think I might have been upstaged,” Rapinoe said when asked about that comment.

“That was next level from Alex. Maybe we will have to do it at the same time and we’ll duke it out!”

Rapinoe was in the news earlier on Wednesday when she continued her feud with U.S. President Donald Trump.

“I expect him to have better things to do,” she said referring to the President criticising her on Twitter.

 

A €20 million signing from Porto, Atletico Madrid’s new centre-back does not intend to follow in the Uruguayan’s footsteps

New recruit Felipe is not concerned about filling Diego Godin’s boots at Atletico Madrid.

Godin has signed a three-year deal with Inter, ending a nine-year stay in the Spanish capital that yielded a La Liga title and two Champions League final appearances, though Atleti lost on both occasions to neigbours Real Madrid.

After joining from Porto for €20 million ($22.6 million/‎£18 million) and agreeing to a three-year contract with the Spanish club, Felipe is widely expected to be Atletico’s replacement for captain Godin.

The defender has earned one senior cap for Brazil, while also guiding Porto to two trophies after joining the club from Corinthians. 

Felipe had been a constant presence for Porto during his time with the club, having made at least 44 appearances in each of his three seasons with the Portuguese side.

But the 30-year-old Brazilian defender is not feeling the pressure of following in the footsteps of one of the club’s modern greats as he instead looks to make his own mark on a club that expects to contend for a title once again next season.

“Godin is Godin, he’s a great player and he’s made a great story,” Felipe said of the two-time Europa League winner following his move.

“I’m here to make my story. I want to play a great role, I know the club is huge.

“I really wanted to come in. I have very high expectations of having a good season.”

Atletico face a substantial rebuild with Lucas Hernandez joining Bayern Munich and veteran right-back Juanfran leaving, while striker Antoine Griezmann has announced his intention to depart and left-back Filipe Luis also expected to be on his way out.

Spain midfielder Rodri is close to completing his move to Manchester City , with the Premier League champions paying his release clause, though Marcos Llorente has arrived from Real Madrid.

The club finished second in La Liga last season, behind champions Barcelona but ahead of rivals Real Madrid.

After winning the Europa League title in 2017-18, Atletico Madrid made it to the knockout round of the Champions League this year before falling to Juventus due to a Cristiano Ronaldo hat-trick in the second leg.

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China’s opening-up presents huge opportunities for international companies, according to Chief Strategy Officer of Deloitte Global John Meacock, who spoke to China Daily at the 2019 World Economic Forum’s Annual Meeting of the New Champions, or Summer Davos, in Dalian, Northeast China’s Liaoning province, on Monday.

After speaking to companies from across the globe at Summer Davos, Meacock believes China’s opening-up has created a huge opportunity for everyone.

“There is a real desire among so many multinationals to do more in China, and they see China’s initiatives to open up the economy and protect IP as making it very attractive for them to come in and do more, so I think they see that as a huge opportunity,” Meacock said.

Deloitte sees big demand for professional services as more Chinese join the middle-income population, and regards China as a great growth market from a global perspective. This is particularly true now that international companies have observed China’s achievements in protecting their IP rights, according to Meacock.

“I think there’s been huge improvements and huge strides made in that (IP protection). China being more open about the fact that it wants to protect IP and changing rules and regulations, that is actually being seen very positively by many multinational corporations, so I think it’s a real positive we’re starting to see,” Meacock said.

Meanwhile, Deloitte also sees great potential in helping Chinese companies embark across the globe.

“We’re spending a lot of time on how we can help Chinese companies spend time in and grow in Europe and America, so we see huge opportunities because of what China is doing and the way it’s progressing,” Meacock said.

China’s long-term policies give Deloitte confidence in the country for long-term development, with the 175-year-old firm having celebrated its 100-year anniversary in China in 2017.

“It’s nice to be able to work in a country where there’s a clear plan and a clear longer-term vision of where it is going. One of the challenges in so many places is that they are changing all the time and you can’t get that clarity of where the country is going. Then it’s hard as an organization to know where we should be investing and placing our focus,” Meacock said.

Meacock is very positive about the Chinese economy’s long-term development and outlook, although over the next year or two China’s economic growth will witness a slight slowdown.

As China is transitioning to a more consumer-based economy, there is always going to be a degree of slowing, but China is still likely to be one of the world’s fastest-growing economies and get even bigger, Meacock said.

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