Bloomberg BusinessWeek, July 16, 2018 (II)

choi

(3) Peter Elstrom and Yuan Gao with Xiaoping Pi, Front-Line City in the Trade War.
https://www.bloomberg.com/news/a ... s-on-silicon-valley

Quote:

"About 300 kilometers (186 miles) up the Yangtze River from Shanghai, the city of Nanjing is developing a research park [or two] to foster China's next generation of technology giants. * * * Nanjing is on the front line of the government’s effort to compete with Silicon Valley * * * One sunny June morning, a crowd gathers in Building B of the Nanjing park to celebrate the arrival of a startup. 'Please put your hands on the screen to officially ignite the opening of our business,' the emcee [standing for MC: master of ceremony] says to government officials and executives invited onstage. 'Three, two, one, ignite!' Simulated lightning shoots up 5 meters from each person's palm, converging in a phantasmagoria. Music blares.

"The startup [mentioned in the previous quotation]—Chuangxin Qizhi 创新奇智 [its website says it was formed in March 2018, and based in 北京市海淀区; CEO Hocking Xu 徐辉; its branch in 南京兴智科技园 held the above ceremony on June 21, 2018], or AInnovation—will use government largesse to expand faster than it could on its own. Hocking Xu, * * * who runs AInnovation, is working with companies * * * Just hours before the Chuangxin Qizhi ceremony, President Trump's administration released a 35-page report [titled 'How China's Economic Aggression Threatens the Technologies and Intellectual Property of the United States and the World'] blasting China for 'economic aggression' * * * Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have already climbed into the ranks of the 10 most valuable companies in the world * * * Among the four most valuable startups in the world, three are Chinese, led by payments giant Ant Financial, at $150 billion.

"Out of their [Alibaba's, Tencent's and Baidu's] success came a slew of startups. * * * The amount of money invested in the country's [China's] startups soared from $4.2 billion in 2013 to $63.1 billion in 2017. * * * In 2014, Premier Li Keqiang gave a speech [opening speech at Annual Meeting of the New Champions, also known as the Summer Davos Forum, on Sept 10 in Tianjin] in which he called for 'mass entrepreneurship and mass innovation 大众创业、万众创新,' giving explicit approval for people to start companies and make their fortunes. More than 1,200 startups have raised venture money since that speech. * * * The country [China] has gained ground against the US in everything from smartphones and supercomputers to missile technology.  Chinese officials tend to be more forceful in supporting new technologies than their American counterparts—what Lee [Kai-Fu] calls 'techno-utilitarianism [he has not put Chinese words to the term].'

"North of the Yangtze in Nanjing's Jiangbei New Area, state-backed Tsinghua Unigroup Ltd's chip design subsidiary Unisic 紫光展锐 [established in 2016 through merger; based in Shanghai]

My comment:
(a)
(i) summary underneath the title in print: Nanjing is a key player among China's high-tech zones going head-to-head against Silicon Valley
(ii) Print and the online version are identical.
(b) phantasmagoria (n; French phantasmagorie, from [noun masculine] phantasme phantasm [a product of fantasy] + -agorie (perhaps from [Ancient] Greek agora assembly) ): "an exhibition of optical effects and illusions"
https://www.merriam-webster.com/dictionary/phantasmagoria
(c) This report is lengthy, and sounds like a propaganda piece of Chinese Communist Party.