Economic Outlook

Jianwen Liao, Chief Strategy Officer of JD Group

Throughout changing times, we can find that a whole era has evolved from the past one featuring "machines capable of working" to the one characterized by "machines capable of learning." The former is the First Machine Age that witnessed a 200-year industrial revolution, while the latter is the Second Machine Age, which is symbolized by the PC era beginning in 1980. The Second Machine Age, a supplement to brainpower, is during its early period.

Two reports, produced by the China Association of Auctioneers and art market website Artnet respectively, showed in August 2017 that after a two-year adjustment, the mainland China art market rebounded in 2016. According to the 2016 Chinese Art Auction Market Report and the 2016 Global Chinese Art Auction Market Report, China retook the top position in the world with a total turnover of $4.83 billion USD.

The internationalization of the RMB is moving fast globally, with many recent developments. Taipei and Singapore won the rights to clear RMB in December 2012 and April2013.Also in 2013, working groups in Toronto reviewed plans to make the city first North American RMB hub in June, and the Mayor’s Office of San Francisco met for preliminary talks with PBoC executives to the same end in September.