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Biotech firm to drive local development, cultivate talents for Xizang

China

China

China

Biotech firm to drive local development, cultivate talents for Xizang

2024-08-28 21:44 Last Updated At:22:17

Southwest China's remote Xizang Autonomous Region is forging partnerships with contemporary enterprises to stimulate local progress and foster indigenous talents in efforts to significantly promote regional socioeconomic development.

Nestled at an altitude of over 3,200 meters on the Qinghai-Xizang Plateau, Angel group, a global leader in yeast production based in central China's Hubei Province, recently opened its first facility specializing in probiotic products in Shannan, a city in the Xizang Autonomous Region.

"The construction of this project was kicked off in August last year. The total investment amounts to 186 million yuan (25 million U.S. dollars). After completion of its construction, the factory will have a capacity of producing 200 tons of freeze-dried probiotic powder from the plateau annually," said He Xinzhang, president of Xizang Angel Zhufeng Biotechnology Company.

This project was established under China's Aid-Xizang initiative launched in 1994. It has seen the high-altitude region in the country's southwest paired with more economically developed provinces and regions for assistance.

Some 100 kilometers away in 2021, Angel group established a research and development center, which focuses on collecting and screening probiotic strains.

Over the past three years, the team has traveled around Xizang and collected over 180 effective samples and isolated more than 1,800 strains.

"The relatively isolated environment of the Xizang region has led to differences in the primary and secondary metabolism of micro-organisms compared to other regions, giving them distinctive characteristics. From an industrial development perspective, I believe they have significant industrial value," said Li Xiao, general engineer of Angel Group.

Xizang's harsh natural conditions have left it with weak economic foundations, heavily reliant on agriculture and animal husbandry. The introduction of the project aims to drive local technological advances, especially in the biotech sector.

Meanwhile, it is expected to cultivate local talent, as most of its employees are locals. And they have all received months of training at Angel's headquarters.

"I've learned a lot about fermentation technology and the operation of different equipment, including freeze-dryers and separators. Adapting to the technologies has made it easier for me to transition from my previous job to this one," said Nyima Tashi, a local employee.

The company plans to collaborate closely with the local government and partner companies to ensure sustainable growth that benefits more locals.

"This industry has tremendous potential and could eventually grow into a tens-of-billion-yuan (billions-of-U.S.-dollar) sector. This is important to Shannan City, to Xizang, to our homeland, as it means a strong support from local characteristic industry," He said.

With the development of more proprietary technologies and equipment, He says they are confident that they can challenge the dominance of international giants in the industry.

Biotech firm to drive local development, cultivate talents for Xizang

Biotech firm to drive local development, cultivate talents for Xizang

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Onshore Chinese yuan strengthens against USD in Aug

2024-09-14 10:56 Last Updated At:11:07

The onshore Chinese currency renminbi, or the yuan, strengthened to below 7.10 against the U.S. dollar in August.

In August, the weighted average rate on new corporate loans registered around 3.6 percent, a decline of over 0.2 percentage points from an already relatively low benchmark in 2023.

This indicates that China has continued to lower the overall financing costs and is encouraging financial institutions to pass on profits to the real economy.

The RMB exchange rate has seen an appreciation. The U.S. dollar index, which measures the greenback against six major peers, has retreated from its peak since August, decreasing from above 104 to below 101, marking a new low in over a year with a decline of about 3 percent.

The onshore RMB exchange rate against the U.S. dollar has strengthened from a high point of 7.27 yuan in mid-July to below 7.10 yuan, a cumulative appreciation of 2 percent.

Cross-border funds continued to flow into the Chinese domestic market, maintaining a net increase trend. In August, overseas investors increased their net holdings of domestic bonds by approximately 17 billion U.S. dollars, marking the 12th consecutive month of net inflows.

Onshore Chinese yuan strengthens against USD in Aug

Onshore Chinese yuan strengthens against USD in Aug

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