Quotable

"Backed by Alibaba's vast resources, the academy needs to outlive Alibaba... and ought to shoulder the responsibility to serve the whole of society."

JACK MA, chairman of Alibaba Group Holding Ltd.

The company announced on Oct 11 the launch of a global research academy. The investment of 100 billion yuan ($15.2 billion; 12.8 billion euros; ￡11.5 billion) over three years in the Alibaba DAMO Academy takes the internet giant one step closer to fulfilling its ambition to serve 2 billion people in two decades.

"Although China lags behind Western countries in the fossil (fuel) car era, with more policy support and technological breakthrough, we can prevail in the electric car era."

HAN XIAOPING, chief information officer of China Energy Net Consulting.

"It is a wise time to launch the bond when the US dollar is weakened by a relatively lower interest rate, which means a cheaper issue cost."

GEORGE WU, chief economist with Huarong Securities

The Chinese mainland will soon issue $2 billion (1.7 billion euros; ￡1.5 billion) in dollar-denominated sovereign bonds in Hong Kong, the Ministry of Finance announced on Oct 11, a move to encourage foreign exchange to flow into the onshore market amid a further opening of the financial sector.

(China Daily Africa Weekly 10/13/2017 page24)