Weekly snapshot of China's local business news
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E-mail Xinhua, September 14, 2019
BEIJING, Sept. 14 (Xinhua) -- The following are highlights of China's key local business news from the past week.
-- JACK MA
Jack Ma officially stepped down as group chairman of Alibaba Tuesday, handing over the position to the company CEO Daniel Zhang.
Ma, a former English teacher, turned 55 Tuesday, which also marked the 20th anniversary of Alibaba Group and coincided with Teachers' Day.
Ma handed over the CEO position in 2013 and made an announcement in an open letter on Sept. 10, 2018, saying that he would step down in a year, with Zhang taking over.
-- ALIBABA E-COMMERCE PROGRAM
China's e-commerce giant Alibaba on Wednesday launched its first undergraduate cross-border e-commerce program for African students.
The 22 students from Rwanda arrived in the eastern Chinese city of Hangzhou, where Alibaba is headquartered, on Tuesday, the 20th anniversary of the tech giant.
-- IKEA
Global home furnishing giant IKEA began constructing its first store in southwest China's Yunnan Province.
The outlet store in Kunming, the provincial capital, is scheduled to open for business at the end of 2020. With an investment of over 1 billion yuan (141 million U.S. dollars), the three-story building will have over 120,000 square meters of floor space.
-- SHANGHAI FTZ
The Lingang area of the China (Shanghai) pilot free trade zone (FTZ) attracted 23 projects with a total pledged investment of 11 billion yuan (1.55 billion dollars) Thursday.
The inked deals focus on the key development fields of the Lingang area, such as integrated circuits, AI, biomedicine, civil aviation, new energy vehicles and equipment manufacturing.
-- CIFIT
The 2019 China International Fair for Investment and Trade (CIFIT) concluded Wednesday with a total agreed investment of 559.1 billion yuan (79 billion dollars).
A total of 2,100 cooperation agreements have been signed at this year's CIFIT held in Xiamen, east China's Fujian Province. The four-day event has attracted more than 100,000 merchants with 1,008 business groups from over 130 countries and regions seeking cooperation and investment opportunities in the coastal city. Enditem
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