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China’s central bank tops global blockchain patents number in 2017

The combined blockchain patents by three branches of PBOC reach 68, topping global enterprises and well surpassing Alibaba, who holds 43 patents in total. (Photo from VCG)

China’s central bank topped the world in the number of patents published for blockchain technology in 2017, according to a top 100 ranking co-released recently by IPRdaily and incoPat, an innovation index research center.

The ranking shows that blockchain patents from China-based enterprises account for 49 percent, followed by the US who contributed 33 percent. Seven Chinese companies were included into the top 10 list, much more than the two from the US.

According to the 2017 Global Enterprise’s Blockchain Patent Ranking (Top 100), three branches of the People’s Bank of China (PBOC) topped the list with a combined 68 patents, surpassing the 43 ones held by e-commerce giant Alibaba.

The three branches include PBOC’s digital currency research institute, institute of printing technology and its subordinate enterprise ZhongChao Credit Card Industry Development Co., Ltd, who ranked in the 3rd, 8th and 18th place with 33, 22 and 13 patents, respectively.

The central bank started to organize symposiums on digital currency three years ago, and set up a research institute on it later, disclosed central bank official at a press conference on the sidelines of the annual session of the National People’s Congress.

Yao Qian, director-general of the research institute, proposed to establish a well-functioning digital currency ecosystem when talking about the bank’s plan at the end of 2017.

He added that in the future, the legal digital currency system will have its own ecosystem, which will be “central bank- commercial banks- end users”.

Early on Jan. 20, 2016, the central bank announced that its research team would focus on key technologies in order to roll out its digital currency as soon as possible.

The central bank’s attitude sends a signal that currency digitalization has become a trend, said Huang Zhen, director of the research institution of financial laws in the Central University of Finance and Economics.

Industrial insiders pointed out that the blockchain technology will help banks improve service quality and lower operating costs.

In addition, the technology, featured by decentralization, ensures equal rights and obligations of all nodes in the blockchain, which means no institution will be able to change the total amount of money as it wants if the technology is applied into digital currency, they added.

G20 seeks unity on free trade

G20 financial leaders are trying to form a united front against protectionism by adopting an endorsement for free trade at a meeting in Argentina, amid rising trade tensions stirred by recent moves from the US.

Trade took center stage at the meeting of G20 finance ministers and central bank governors in Buenos Aires, following the US decision to slap tariffs on steel and aluminum imports and reports on Tuesday that it is planning further trade measures against China.

However, while anti-protectionism sentiment at the meeting is an encouraging sign of global desire to stand against the anti-free trade position of US President Donald Trump, the chances of the G20 establishing a unified position on trade is slim, Chinese experts said on Tuesday.

At the meeting, G20 financial chiefs voiced support for free trade and warned that protectionist moves could lead to a global trade war and drag down global economic growth.

“The first risk is the risk of inward-looking policies and protectionism,” Pierre Moscovici, European Commissioner for Economic and Financial Affairs, said at a press briefing after the G20 meeting on Monday, Reuters reported on Tuesday.

“I am seriously concerned that the foundation of our prosperity – free trade – is being put at risk,” German Finance Minister Olaf Scholz told German newspaper Bild.

“Protectionism is not the answer to the difficulties of our time. The situation is serious.”

Chinese and German officials are coordinating efforts to defend global free trade via the G20 platform, according to media reports.

The G20 financial chiefs are pushing to adopt language that stresses the importance of free trade in a financial communiqué at the meeting.

US pushes back

But these efforts faced an obstacle after US Treasury Secretary Steve Mnuchin said that the US would not sacrifice its national interests for the sake of the global free trade system, according to Reuters.

The final communiqué needs to be approved by each member of the G20, and with opposition from the US, it was unclear if such free trade language could be adopted in the document, which was scheduled to be released early on Wednesday morning, Beijing time.

Jiang Yong, a research fellow at the China Institutes of Contemporary International Relations in Beijing, said it could be very difficult to form a united stance against the US.

“Like it or not, the US holds a lot of leverage over almost all the countries at the table,” Jiang told the Global Times on Tuesday.

“Even if they adopt such language, it doesn’t mean anything. It certainly won’t change Trump’s mind.”

After announcing a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, Trump is reportedly set to announce trade measures against $60 billion worth of Chinese technology and consumer goods annually as soon as this week.

Such moves have fueled concerns about a potential trade war that would seriously damage the global economy.

But there are encouraging signs, as countries have shown more willingness to work together to stand up to protectionist moves from the US, experts said.

“Everyone is very unhappy with the US right now, including its allies, and everyone wants to counter the US moves,” Wang Jun, deputy director of the Department of Information at the China Center for International Economic Exchanges in Beijing, told the Global Times on Tuesday.

Wang noted that, while it is unlikely that the G20 countries will take concerted action against the US, there are signs that countries could work together and coordinate their efforts in fighting protectionism.

In a phone call on Saturday, Chinese President Xi Jinping and German Chancellor Angela Merkel agreed to strengthen cooperation at the G20 platform to jointly preserve the multilateral order, the Xinhua News Agency reported.

During the call, Xi told Merkel that China and Germany should be the driving forces of a new type of international relations and should work to preserve economic globalization and multilateralism, support free trade and oppose protectionism, according to the Xinhua report.

Source: Global Times

Belt and Road cooperation presents fruitful results

Workers conduct a final check on vehicles before they go off the production line at an assembly workshop of a passenger vehicle manufacturing base of Dongfeng Liuzhou Motor Co., Ltd., a subsidiary of Dongfeng Motor Group, Jan. 2018. (Photo from CFP)

Last year, trade volume between China and countries along the Belt and Road amounted to $1.1 trillion, up 14.8 percent year-on-year, which is 3.4 percentage points higher than the growth of the country’s total foreign trade, Chinese Minister of Commerce Zhong Shan told a press conference on March 11.

The Belt and Road initiative, proposed by Chinese President Xi Jinping in 2013, refers to building a Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Over the past five years, the initiative has been positively echoed by over 140 countries and regions, and fruitful cooperation achievements have been yielded under its framework, Zhong told the press conference held on the sidelines of the first session of the 13th National People’s Congress.

Praising a more diversified investment portfolio, the minister said that China has altogether invested over $60 billion to on-route countries in various sectors such as agriculture, manufacturing and infrastructure.

He pointed out that a group of big projects are making steady progress as well, including the construction of railways, expressways and ports, cooperation programs on energy and resources and the operation of manufacturing projects.

The international freight service on a sea-rail combined transport route linking southwestern Chongqing to the eastern port city of Ningbo kick off as a train carrying goods sets off from Tuanjiecun train station in Chongqing on Jan. 23, 2018. (Photo from CFP)

China has established 75 zones for economic and trade cooperation in countries along the routes, with a total investment of more than $27 billion, Zhong said.

The minister said the Belt and Road should be built into a road of peace, prosperity, opening up as well as innovation, and one that connects different civilizations.

For the next step, the ministry will launch new cooperation platforms including the first China International Import Expo, build major investment and foreign aid projects and make them well received like “shiny pearls along the Belt and Road,” the minister pledged.

China will also facilitate e-commerce through big data, promote the liberalization and facilitation of trade and investment along the Belt and Road and implement major foreign aid projects, he added.

The first unit of Port Qasim coal-fired power plant is inaugurated on Nov. 29, 2017, in Karachi, Pakistan. It is the first energy project under the cooperation framework of China-Pakistan Economic Corridor (CPEC). (Photo from CFP)

China’s cross-border e-commerce trade sees 80% growth in 2017

Cross-border e-commerce is booming in China as trade figures show it surged 80.6% in 2017 from a year earlier to 90.24 billion yuan ($14.32 billion).

An employee of a supervision center for cross-border e-commerce prepares a package. (Photo by Zhang Jingang from People’s Daily Online)

The growth rate has been over 50% for three consecutive years, show statistics from China Customs.

With China’s online retail market growing at breakneck speed, a new group of shopping platforms, represented by Xiaohongshu and Kaola, are gaining more followers with innovative business models, Japan’s business-oriented newspaper Nihon Keizai Shimbun said in a recent article.

Statistics show that the annual value of China’s e-commerce market stood at 5.5 trillion yuan ($868.5 billion) in 2017, up 28% over the previous year. About 10% of the volume came from offshore products.

Experts say the Belt and Road Initiative has injected strong momentum in cross-border e-commerce.

Urumqi, capital city of northwestern China’s Xinjiang Uygur Autonomous Region, expanded its export by seizing opportunities brought by China-Europe freight trains.

Figures from local customs show the city, located at a key point on the Silk Road Economic Belt, exported 562,400 items purchased through cross-border e-commerce in 2017, with a commodity value of nearly $3.88 million.

As a new business model, cross-border e-commerce has also brought huge challenges to customs supervision. To cope with the increased volume of trade, China has explored innovative ways to help the industry develop in a well-regulated manner.

Staff prepares freight destined for offshore customers at a warehouse of Shanghai Customs Supervision Center. (Photo from the official website of the first Global Cross-Border E-Commerce Conference)

China’s General Administration of Customs, in 2014, introduced a new customs supervision code to standardize management of cross-border e-commerce, following a pilot program initiated in some cities in 2012.

In 2016, the country implemented the supervision and service systems to more places and the whole industry was brought on to a fast track.

A framework of standards was formulated by global customs organizations at the first Global Cross-Border E-Commerce Conference in Beijing this February.

The framework, initiated by China’s General Administration of Customs, serves as a guide for the world to regulate and serve the cross-border e-commerce, sharing Chinese experience to help the sustainable development of the industry.

Chinese scientists a step closer to decode secret of human embryos

A researcher prepares for a test at a national key laboratory of silkworm genome biology in Southwest University, Chongqing municipality, May 31, 2017. (Photo by CFP)

Chinese scientists have identified the crucial factor that activates gene expression in human embryos, providing significant theoretical basis for the studies on eugenics, said Xue Yongbiao, a member of the 13th National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

The new discovery brought Chinese scientists a step closer to decode the mystery of human development at a very early embryonic stage.

The research was finished by a team from Beijing Institute of Genomics (BIG) under Chinese Academy of Sciences (CAS), a group from Center for Reproductive Medicine affiliated to Shandong University as well as a group from Guangzhou Medical University, said Xue, also director of the BIG, adding that the result was published on scientific journal Cell on Mar. 9.

Fertilized eggs are where human lives start. How a fertilized egg develops into a complex organ-ism with 36 vital organs is one of the biggest puzzles for life science.

During human growth, the genes are expressed at the right time and place in accordance to a particular sequence. The process is called genome expression programming.

However, the activation sequence of gene expression at early embryonic stage have long been troubling scientists.

The cover of the journal Cell published on Mar. 8, 2018. (Photo from the website of Cell)

Given a lack of research data, the Chinese scientists created a method that only consumes very few amount of cells. They are the first in the world to have a probe into the activation mechanism of embryonic genomes.

The research found that Oct.4, a transcriptional factor, plays a crucial role in activating zygotic genome expression.

According to their research, older genes usually start expression at early embryonic stages, and younger ones at later stages because the older genes, shared by more life species, are needed during earlier development.

They also discovered that the mutation of DNA would drive human evolution. To be more specific, transposons, a class of DNA elements, can jump from one position to another in a genome, and cause DNA mutations.

Transponsons are active in early embryos, and the mutations caused by their mobility are more likely to be passed to the germ line, and then to the next generations, scientists added.

Xue believes that the research opens a door for the mankind to decode secret of human embryonic development and evolution, and will lay a theoretic foundation for the study of eugenics.

A researcher works on new medicine product at a bio-pharmaceutical enterprise based in Yantai, eastern China’s Shandong province on Aug. 9, 2017. (Photo by CFP)

By dropping paper tickets, China’s national museum says goodbye to 2 km-long queue

Visitors to National Museum of China (NMC) no longer need to wait in a long queue before enjoying the exhibitions as it has announced to ditch paper tickets starting from late February, in order to save visitors’ time.

Visitors wait in long queues in front of National Museum of China during the National Day holiday last year. (Photo from CFP)

Visitors can now enter the museum only by showing their valid certificates including identity card or passport. The decision made NMC the second museum in Beijing to cancel paper tickets after the Palace Museum who also did so last October.

As a museum with the largest construction area in the world, the NMC has adopted a free admission system (special exhibitions excluded) since 2012. But physical tickets are still needed before the visits.

Visitors had complained about the long queuing time spent in collecting their paper entrance tickets, security check and depositing bags.

An employee at NMC disclosed that last year, there was once a 2km-long queue waiting outside for the exhibition “A History of the World in 100 Objects”, a traveling exhibition curated by the British Museum.

The artworks mainly from the world-renowned National Center for Visual Arts and the Parisian School of Fine Arts are on exhibit at the National Museum of China, Jan. 30, 2018. (Photo from CFP)

The decision came after a number of spectacular exhibitions were introduced by the museum in recent years to enrich public spiritual life and boost cultural exchanges between China and the world.

For instance, the NMC, together with the Louvre Museum and the British Museum, hosted the exhibitions of “Invention of Louvre” and “A History of the World in 100 Objects”.

Another exhibition to commemorate the 100th anniversary of Russia’s October Revolution was also presented to the public under joint efforts of the NMC and the State Historical Museum of Russia, attracting lots of domestic and foreign tourists.

The latest data report says that NMC opened for 312 days in 2017 and received about 8.06 million visitors, an average of 26,000 visitors per day. Among them, 770,000 were foreigners, accounting for 9.5 percent of the total.

Bitcoin ‘not accepted’ as legitimate payment tool in China: central bank governor

China does not recognize Bitcoin and other virtual currencies as legitimate tools like paper money, coins and credit cards for retail payment, Zhou Xiaochuan, the governor of the People’s Bank of China, told a recent press conference.

Zhou Xiaochuan, governor of the People’s Bank of China, fields questions at a press conference on the sidelines of the first session of the 13th National People’s Congress in Beijing, capital of China. (Photo by Zhang Qichuan from People’s Daily Online)

“The banking system does not accept it,” Zhou said at a press conference on the sidelines of the annual session of the National People’s Congress, adding that direct trading between Bitcoin and yuan is not supported by the central bank.

“We don’t like speculative cryptocurrency products since it is not a good thing to give people an illusion of getting rich overnight,” the governor said.

Zhou’s statement came as Chinese authorities, including the People’s Bank of China, have taken a string of steps in recent years to clamp down on cryptocurrency market.

Chinese officials said that Bitcoin’s downward trend has been accelerated after China ordered a ban on initial coin offerings and continued its crackdown on a series of domestic and foreign trading platforms for digital currencies.

A rapid expansion of the blockchain and distributed ledger may exert a big negative impact on consumers, Zhou warned, adding that it could also bring some unpredictable effects on financial stability and monetary policy transmission.

He pointed out that the development of a digital currency should be a prudent and cautious process, and those promising products also need to be watched, tested and verified before being launched in market.

Any virtual currency, according to him, must focus on convenience, rapidity and low cost in a retail payment system while taking into account security and protection of privacy. They should also not conflict with the current financial order, Zhou added.

A Russian investor posts an online photo of an alleged Bitcoin mine. (Photo:

The central bank is now working with industry insiders to research digital currency and electronic payment, he said, adding that tests will be made if the research project makes certain progress.

A seminar on cryptocurrency was hosted by the bank in January 2016, and a research institute of digital currency under the bank was set up 10 months later.

Warning of the risks in the current cryptocurrency market, Zhou said research in the field now mainly focuses on get-rich quick schemes, which has veered off the original goal of using digital currency for retail payment.

“If nobody accepts the technology for payment then the value would be 0,” a Morgan Stanley analyst noted in a report released in December.

The financial services firm also said in a previous report that five online merchants out of the world’s top 500 e-commerce merchants accepted Bitcoin in 2016, but that figure shrank to three in 2017.

China to offer its first-ever training for foreign maritime pilots

Five Chinese organizations including the China Maritime Pilots’ Association are going to conduct the country’s first long-term training for foreign maritime pilots.

Workers at the Port of Shanghai. (Photo from Shanghai Maritime Pilots’ Association)

A total of 15 maritime pilots and 6 tug masters from Ghana’s largest port, the Tema Harbor, and the second largest one, the Takoradi Harbor will receive the training in batches. A signing ceremony for the training was held in Shanghai on Mar. 12.

The first batch of trainees includes maritime pilots and tug masters from the Takoradi Harbor. As the second largest harbor and one of the economic pillars of Ghana, the second largest economy in West Africa, the port exports over 90% of Ghana’s mineral production.

There are only 9 berths at its major docks with maximum depth of 10 meters, handling bulk carriers of 45,000 deadweight tonnage (DWT) at most.

In order to speed up the conveyance of mineral exports, the port uses unloading vessels at anchor ground to suit bulk carriers with size of over 80, 000 DWT and drafts of more than 11 meters.

In addition, the port has commenced an expansion project, proposing to build a berth with a capacity of 100,000 tons in phase-1 and one with a capacity of 200,000 tons in phase-2.

The Independence Arch on the Black Star Square of Accra, capital of Ghana. (Photo by People’s Daily Online)

Over the 40 years since China launched the “reform and opening up” policy, China’s ports have witnessed steady growth in both handling capacity and the number of visiting vessels, resulting an improvement in its proficiency.

Besides, the country has gained rich experience in piloting and tugging services. Chinese workers piloted 385,000 vessels in 2017, ranking the first in the world.

Considering that the port of Takoradi has never been visited by ships with a tonnage above 100,000, the major content of the training will be focused on navigation, u-turn, as well as berthing and unberthing of large vessels in complex and narrow waters, so that the unloading vessels of the port will better cooperate with large-tonnage ships.

The training will also include the piloting and tugging of container ships.

Pilots at the Port of Shanghai board a vessel. (Photo from Shanghai Maritime Pilots’ Association)

Op-ed: Sustain talks on Korean Peninsula until good outcomes achieved

The Korean Peninsula has entered into a critical period for dialogue, as a summit will be held between the Republic of Korea (ROK) President Moon Jae-in and the Democratic People’s Republic of Korea (DPRK) top leader Kim Jong Un in late April, and US President Donald Trump has reportedly agreed to meet Kim by May.

These positive changes among the intensive high-level interactions between the ROK and DPRK since the PyeongChang Winter Olympics have been applauded by the international community and drawn heated discussions.

But some concerns, ambivalence and worries mixed the harmonious atmosphere and bullish attitude towards the US-DPRK dialogue. Some media reports are bearish about whether the dialogue will really happen, after reviewing the evolution of the Korean Peninsula issue.

Some others doubt the actual effects of the dialogue, worrying about the post-dialogue situation on the peninsula. Some experts calculate gains and losses the dialogue might bring to concerned countries.

But all voices come to a clear conclusion that the development of the situation on the peninsula is much better than the eyeball-to-eyeball stalemate before.

“At present, the positive changes in the situation on the Korean Peninsula are conducive to putting the denuclearization process back on the right track of settlement through dialogue”, Chinese President Xi Jinping told his US counterpart Trump via a phone conversation on March 9.

Clear awareness of this will help relevant sides take control of the current situation, make the right choice at the important moment, and make more achievements in pushing the Korean Peninsula issue toward the direction that the international community commonly expects.

Up to now, there have been tensions, turnabouts and light on the Korean Peninsula issue. The key reason for the lingering tensions on the peninsula is a lack of trust between the DPRK and the US.

Security and development are the common need of all parties concerned and the standard to measure their sense of security. In order to maximize the interests of all involved in the complicated issue, all sides must pursue a concept of common, comprehensive, cooperative and sustainable security.

Security and development promote each other, this is not only the ROK and the DPRK, but also all parties concerned should keep in mind, in order to promote long-term peace and stability on the Korean Peninsula.

The progress made on the Korean Peninsula issue, though seemingly unexpected, is an inevitable trend. The sudden change of the situation resulted from the DPRK and the US’ willingness to improve relations, the efforts of the ROK in promoting the DPRK-US dialogue, as well as China’s role as mediator to solving the issue.

China’s role and solutions have been witnessed by the whole world over the last few days. In his phone conversation with Xi, Trump said that the US side highly appreciates and values China’s significant role in resolving the Korean Peninsula issue.

Chung Eui-yong, top national security advisor for Moon, thanked China for its important leading role in helping with positive changes on the Korean Peninsula, during his meeting with Xi on March 12.

These comments have fully recognized China’s positive and unique role, and its persistent promotion of peaceful resolution to the Korean Peninsula issue.

As a close neighbor of the Korean Peninsula, for a long time, China has stood for the settlement of the nuclear issue, and supported all relevant parties to solve their reasonable security concerns via dialogue and consultation and advance the process of denuclearizing the peninsula.

China, though not a country directly involved in the issue, has never stopped its efforts for denuclearization and peace on the Korean Peninsula.

Besides a full-on and strict implementation of all DRPK-related resolutions adopted by the UN Security Council, the country has been stressing that sanction is a means not a purpose, and the pressure imposed by sanctions should be turned into the impetus for dialogues.

The situation on the peninsula is moving toward the same direction as China’s advocates. The country believes that the core at the Korean Peninsula nuclear issue is security, and as two involved parties, the DPRK and the US should conduct dialogue as soon as possible, improve mutual understanding and build mutual trust.

Facts have proved that China’s suspension-for-suspension proposal is a right prescription in creating the basic conditions needed for improving inter-Korea ties.

China’s proposals in solving the Korean Peninsula issue will be important for maintaining the positive momentum on the Korean Peninsula.

Those proposals include synchronized, reciprocal and coordinated steps taken by all parties concerned, the principle of “commitment for commitment, action for action” included in The September 19 Joint Statement, and the dual-track approach of remaining committed to the goal of denuclearization and working actively to establish a peace mechanism on the Peninsula.

In order to move forward dialogues on the Korean Peninsula nuclear issue, China has also put forward to launch bilateral and multilateral dialogues by lowering the threshold and taking synchronized and small steps.

China has played and will play a positive and unique role in denuclearizing the Korean Peninsula through dialogue and negotiation. Undoubtedly, China always makes choices based on the long-term interests of people on the Korean Peninsula and sustained regional peace and stability, demonstrating a responsible attitude in a real sense.

The country will continue to play its unique role in getting the talks started and sustaining the talks till good outcomes achieved.

China Int’l Import Expo not solo, but chorus: official

The first China International Import Expo (CIIE) to be held in Shanghai from Nov. 5 to 10 this year will “not be a solo for China but a chorus comprising all countries,” said Minister of Commerce Zhong Shan at a press conference during the first session of the 13th National People’s Congress.

The National Exhibition and Convention Center (Shanghai), where the China International Import Expo is expected to be held. (Photo by National Exhibition and Convention Center (Shanghai))

The minister noted that the CIIE is an opportunity for China to open its market to the world and a platform for participating countries to showcase their products. Aiming for mutual benefit and win-win results, it will not only push for trade cooperation, but also build new paths to drive domestic consumption.

The event has gained huge attention. Over 1,000 companies from more than 120 countries and regions have submitted applications for the exhibition, including almost 100 companies on the Fortune Global 500 list and industrial leaders, according to the official statistics.

Nearly 200 companies from over 50 countries and regions have signed letters of intent, booking exhibition areas of 50,000 square meters. Data also shows that 35% of these companies are from Asia, 32% from Europe, 16% from Americas, 16% from Oceania, and 6% from Africa.

The exhibits would encompass not only high-end products such as industrial robots, digitalized factory, unmanned vehicles, but also daily necessities such as clothes, food and agricultural products.

The National Exhibition and Convention Center (Shanghai), where the China International Import Expo is expected to be held. (Photo by National Exhibition and Convention Center (Shanghai))

The exhibition covers not only the traditionally competitive industries of each country, but also their less-known products and services.

With its economic take-off and enlarging population of middle class earners, China now enjoys an increasing global purchasing power. Given the backdrop, this event, which introduces high-quality products to Chinese market, not only satisfies the demands of Chinese residents, but also creates opportunities for enterprises to seek cooperation and upgrade economic structure.

The CIIE will not only meet the demand of China’s development, but also serve as a public platform for global trade, said Zhong, adding that such an international public event will contribute to the building of open economy and the community with shared future for mankind.

The National Exhibition and Convention Center (Shanghai), where the China International Import Expo is expected to be held. (Photo by National Exhibition and Convention Center (Shanghai))

The CIIE will offer necessary support and aid for least-developed countries. A 20 percent discount on raw space and standard booths, for instance, will be offered for them, and every participating country will be provided with two free standard stands.

Hongqiao International Trade Forum will be held contemporaneously during the expo to discuss the new development of international trade and pool suggestions on how to advance the economic globalization and build open world economy.

The National Exhibition and Convention Center (Shanghai) covers a gross floor area of 1.47 million square meters and provides about 400,000 square meters of indoor and 100,000 square meters of outdoor exhibition zones, 150,000 square meters used as a business district, 180,000 square meters of office facilities and another 60,000 square meters of five-star hotels. (Photo by National Exhibition and Convention Center (Shanghai))