GBA News: 10/28/2021

Talent is lacking, say tech entrepreneurs: Chinese tech entrepreneurs say more needs to be done to address the Greater Bay Area’s biggest challenge, which is a talent shortage. “The fundamental bottleneck for the development of artificial intelligence is still [the lack of] talent,” said one. “There is a big gap between the growth speed of talent supply and the growth speed of the market’s demand for talent.” Measures that could be considered include making it easier for people to move among the cities of the GBA. But it is also clear that more resources need to be put into establishing better universities in the region. SCMP

Tough new cross-border data rules to affect HK: The Cyberspace Administration of China (CAC) has proposed additional requirements for businesses wanting to transfer Chinese data abroad. When they come into effect on November 28, the new rules could potentially affect data flows between the mainland and Hong Kong, as they cover all data leaving China’s “borders”. Under Chinese entry and exit laws, departures from the mainland to enter Hong Kong and Macau are regarded as “leaving the border”. SCMP

China hits back at WTO: Wang Shouwen, China’s vice-minister for commerce, said many of the complaints and demands raised during the WTO’s trade policy review on China last week, including in fields such as intellectual property rights and market access, were not within the scope of the forum or trade overseen by the WTO. Much of the criticism should not be taken as fair assessment but a “wish list” for China, said Wang. SCMP

Shenzhen’s GDP up 7.1%: Shenzhen’s GDP in the first three quarters rose 7.1% YoY to 217.9118 billion yuan. It was a two-year average increase of 4.8%. The primary sector (agriculture and mining) fell 1.2%, for an average two-year decline of 2.8%; the secondary sector (industry) rose 5.1%, for a two-year average growth of 3.0%; and the tertiary sector (services) rose 8.3% year-on-year, for an average growth rate of 5.9% over the two years. Retail sales were up 15.1% YoY, an increase of 4.9% over the same period in 2019. Sales of commodities above a designated size through the Internet jumped 62.4% YoY, an average increase of 27.3% in two years. SZNews

Shenzhen’s average salaries rise: Shenzhen’s average monthly salary in the third quarter (Q3) was 11,976 yuan (US$1,853), ranking third among 38 major cities in the country, behind Beijing and Shanghai, according to a report released by online recruitment platform The figure represented a month-on-month growth of more than 4 percent, showing a strong momentum. SZGOV

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