Latest news with #Jiangxi
Forbes
a day ago
- Business
- Forbes
The Metaverse Was Suppose To Change How We Bank — What happened?
NANCHANG, CHINA - OCTOBER 19: A visitor experiences VR headset and hand controllers during an expo ... More of 2023 World Conference on VR Industry on October 19, 2023 in Nanchang, Jiangxi Province of China. (Photo by Zhu Haipeng/VCG via Getty Images) The metaverse was supposed to be transformative. In March 2022, Meta CEO Mark Zuckerberg called it 'the next chapter of the internet overall.' Three years ago, Satya Nadella, CEO at Microsoft, wrote on LinkedIn, 'The metaverse is here, and it's not only transforming how we see the world but how we participate in it — from the factory floor to the meeting room.' Back then, everyone was talking about it. And then, they stopped. The banking industry embraced the metaverse at the height of its hype, with some institutions even launching their own initiatives. Coastal Community Bank developed Coastal World, for example, a digital banking 3D game and marketplace, while Quontic Bank created an outpost in Decentraland. But, as it did elsewhere, the metaverse eventually lost its luster in financial services. These ecosystems still exist; they haven't been shuttered, but there haven't been any obvious updates lately. And rarely does the metaverse come up in conversations among bank executives anymore. So, what happened? Is the metaverse dead? Is there still any opportunity to be had? Overall, the technology industry took a hit in the last few years as macroeconomic conditions deteriorated and private capital contracted. This is likely at least partly to blame. But beyond that, the metaverse ran into two distinct challenges: limited utility and a lack of societal readiness. In short, there weren't any killer use cases (outside of gaming, which is quite niche) and people were not ready to, as Tesla and SpaceX CEO Elon Musk put it, strap 'a frigging screen to their face all day.' However, the metaverse opportunity may still exist — albeit in a less flashy, less monumental way. This is especially true in the context of two current 'hot' trends: artificial intelligence, including the rise of AI agents, and stablecoins. Here are a few ways that elements of the metaverse could play out as the banking industry grapples with the implications of these two technologies: Supercharged, generative AI-powered customer service is on the horizon. While the technology is not quite ready for primetime with bank customers, it's getting there. The form factor for such interactions today is a chat interface, but that may not always be the case. As agents transform into avatars, a metaverse-like environment may make more sense, especially if it takes the form of a virtual lobby or bank branch. Generative AI is already getting incorporated into learning and development initiatives at community banks. LemonadeLXP, for instance, is a learning platform that uses generative AI to help bank employees create trainings and courses. Over time, such materials could evolve into a virtual setting. According to CEO John Findlay, 'Historically, the issue with 3D experience training is cost. If AI makes 3D environments affordable, it could become an excellent tool for teaching soft skills and situation training such as customer service or sales, and leadership and conflict resolution.' Stablecoins are demonstrating potential utility in areas like online gaming, e-commerce, and cross-border payments. However, users need to be able to convert these digital assets to fiat currency and back again. Banks are well positioned to provide the on and off ramps necessary to facilitate these transactions. And that includes in virtual environments. Banks can also offer secure custody services. These are only a few examples — there are likely many more. Particularly when it comes to AI, any place where there is a chatbot today could benefit from an avatar in the future. And avatars need somewhere to live. As these virtual assistants grow more and more human-like, where they reside may grow more and more world-like. It's unlikely that the metaverse will regain its past momentum. Generally, once a buzzword dies, it stays dead. But that doesn't mean the spirit of the metaverse doesn't continue to present possibilities, for banks and for others. As society further experiments with advanced robots, digital currencies, and other new technologies, virtual ecosystems could emerge as an important mode for interaction. Most likely, though, they'll have a new name.
South China Morning Post
3 days ago
- Entertainment
- South China Morning Post
China boy touches hearts by wearing late mum's photo during exam, visiting grave afterwards
A 19-year-old has moved millions of people online by wearing a photograph of his late mother while sitting for the most important exam of his life. Advertisement Chen, from central China's Jiangxi province, took China's national college entrance exam, also known as 'gaokao', from June 7 to June 9. His father, Li Wenbo, said Chen wore black, a symbol of mourning, on the second day. On the last day of the test, he wore his late mother's photo on his T-shirt. Chen said he wore it in a position close to his heart so that his mother could sit the exam together with him. Chen prepares to place flowers on the grave of his beloved late mother. Photo: Douyin His mother, Yu Jianfang, died from bile duct cancer three years ago, aged 37.
Yahoo
4 days ago
- Entertainment
- Yahoo
Connecting the World Through Theater - Exclusive Interview with Director Lai Shengchuan
HUICHANG, China, June 17, 2025 /PRNewswire/ -- Drawing 15 theater groups from five countries to present over 370 performances in Huichang county, Jiangxi province, Huichang Theatre Season 003, which ran from May 23 to June 2 at Huichang Theatre Village, showcased the allure of drama and theater. As the driving force behind this initiative, theater director Lai Shengchuan shared with China Daily's online show Spotlight that the enchantment of theater and drama has the power to connect his home to the world. As a testament to this belief, Lai premiered his latest production within the confines of the Lai family mansion in Huichang. For more details, please watch the video. View original content to download multimedia: SOURCE Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Standard
6 days ago
- General
- The Standard
US-China trade truce leaves military-use rare earth issue unresolved, sources say
A man works at the site of a rare earth metals mine at Nancheng county, Jiangxi province. (Reuters)
CTV News
12-06-2025
- Business
- CTV News
Critical minerals give China an edge in trade negotiations
A town is built amongst the hills near Ganzhou in southern China's Jiangxi province on March 19, 2025. (AP Photo/Ng Han Guan) GANZHOU, China — China's dominance over critical minerals in global supply chains was a powerful bargaining chip in trade talks between Beijing and Washington that concluded with both sides saying they have a framework to pursue a deal. China has spent decades building the world's main industrial chain for mining and processing such materials, which are used in many industries such as electronics, advanced manufacturing, defense and health care. Mines and factories in and around Ganzhou, a key production hub for rare earths, underpin China's control over the minerals. Many residents grew up collecting rocks containing the valuable minerals from the forested hills surrounding the southern city and today make a living from mining, trading or processing them. Critical minerals as a trade issue Responding to ever higher tariffs and other controls on advanced technology, China told exporters of certain key rare earths and other critical minerals to obtain licenses for every shipment abroad. Approvals can take weeks, leading to supply chain disruptions in the U.S. and other countries. President Donald Trump said Wednesday that China would make it easier for American industry to obtain much-needed needed magnets and rare earth minerals, clearing the way for talks to continue between the world's two biggest economies. In return, Trump said, the U.S. will stop efforts to revoke the visas of Chinese nationals on U.S. college campuses. But details remain scarce. Beijing has not confirmed what the negotiators agreed to, and Chinese President Xi Jinping and Trump himself have yet to sign off on it. The Chinese Commerce Ministry said Saturday it had approved a 'certain number' of export licenses for rare earth products, apparently acknowledging Trump's personal request to Xi during a phone call last week. And on Wednesday, the Ganzhou-based rare-earth conglomerate JL MAG Rare-Earth Co. confirmed it had obtained some export licenses for shipments to destinations including the U.S., Europe and Southeast Asia. Experts say, however, Beijing is unlikely to do away with the permit system enabling it to control access to those valuable resources. 'I think what the Chinese have proven is they have now created an entire export control regime for rare earths,' said Daniel Kritenbrink, a partner at The Asia Group consultancy. 'They can turn that spigot on and off at will.' The only scenario in which China might deregulate its critical minerals export is if the U.S. fully removes tariffs imposed on Chinese goods as part of the trade war, said Wang Yiwei, a professor of international affairs at Renmin University, echoing the Chinese government's earlier stance. 'Without that,' he said, 'it will be difficult to blame China for continuing to strengthen its export controls.' An industry built over decades with government support In 1992, Deng Xiaoping, the leader who launched China's ascent as the world's biggest manufacturing power, famously said 'the Middle East has oil, China has rare earths,' signaling a desire to leverage access to the key minerals. Several generations later, Beijing has made its rich reserves of rare earths, a group of 17 minerals that are abundant in the earth's crust but hard, expensive and environmentally polluting to process, a key element of China's economic security. In 2019, during a visit to a rare earth processing plant in Ganzhou, Xi described rare earths as a 'vital strategic resource.' China today has an essential monopoly over 'heavy rare earths,' used for making powerful, heat-resistance magnets used in industries such as defense and electric vehicles. The country also produces around 80 per cent of the world's tungsten, gallium and antimony, and 60 per cent of the world's germanium -– all minerals used in the making of semiconductors, among other advanced technologies. The risks of dependency on Chinese suppliers first came into focus in 2010, when Beijing suspended rare earths exports to Japan due to a territorial dispute. The ban was lifted after about two months, but as a precaution, Japan invested in rare earths processing plants in other countries and began stockpiling the materials. Beijing's across-the-board requirement for export licenses for some critical minerals has put pressure on world electronics manufacturers and automakers. Some auto parts makers in Europe have shut down production lines due to delays in supply deliveries, according to the European Association of Automotive Suppliers. In the U.S., Tesla CEO Elon Musk said a shortage of rare earths is affecting his company's work on humanoid robots. China's critical minerals resources are dwindling In the drab industrial hub of Ganzhou, cradled by the scenic Dayu Mountains, the U.S.-China trade war is still a distant stressor. Miners and small mineral traders interviewed by The Associated Press said they are more concerned about depleting the mountains' once-abundant resources. Zhong, a tungsten factory manager in Ganzhou who would only give his last name, worked his way up to manager from a miner, but he's unsure there is a future for him and others in the industry. 'I find growing difficulties to source tungsten these days,' he said, adding that smaller mines and trading companies are slowly disappearing as the resources are dwindling. Tungsten is an ultra-hard metal used in armor-piercing ammunition, nuclear reactors and semiconductors. At least five tungsten mines have closed in the area in recent years, according to state media. Remaining reserves are deeper and harder to extract and process after decades of exploitation, said Li Shangkui, chairman of the Ganzhou-based Jiangxi Yuean Advanced Materials Co., Ltd. Processing factories in Ganzhou now routinely source materials from other provinces or other countries. Zhong's plant imports some raw materials from places like Africa and Cambodia. Major state-owned and private companies in Ganzhou are also ramping up investments abroad. Tungsten producer Ganzhou Haisheng, for instance, announced last year a $25 million investment in a new tungsten plant in Thailand. Whatever the challenges in procuring raw materials, China likely will seek to maintain its dominance in critical minerals, said Fabian Villalobos, an engineer and critical minerals expert at the RAND think tank. The U.S. lags far behind China on critical minerals Between 2020 and 2023, the U.S. imported at least 70 per cent of the rare earth compounds it used from China, according to the U.S. Geological Survey. It has diversified its sources in recent years, but still mainly relies on China. Since beginning his second term in office, Trump has made improving access to critical minerals a matter of national security. But the U.S. has an incredibly long way to go to catch up with China, experts say. The sole operational U.S. rare earths mine, in Mountain Pass, California, is unable to separate heavy rare earths. It sends its ore to China for processing. The U.S. Defense Department has provided funding to the mine's owner, MP Materials, to build new separation facilities. It will take months to build and still only produce a fraction of what is needed. Friction over the issue has opened the way for government-backed financing that was unavailable before, said Mark Smith, who ran the Mountain Pass mine in the early 2010s and now leads NioCorp. It's seeking about $780 million in financing through the U.S. Export-Import Bank to build a processing facility in Nebraska for critical minerals including rare earths. The Defense Department has committed $439 million to building domestic rare earth supply chains, but building a complete mining and processing industrial chain like China's could take decades. 'There are going to be some real issues here unless we can figure out how to get along with China for a period of time while we're developing our own resources and our mainstream processing,' Smith said. The spotlight on critical minerals also provides opportunities for smaller miners to invest in extracting and processing some critical minerals, such as tungsten, considered 'niche' because they are needed in relatively small amounts in key industries, said Milo McBride, an expert on sustainability and geopolitics at the Carnegie Endowment for International Peace. 'For many of these companies, the business strategy hedges on a scenario where the U.S. and China become more confrontational and where trade relations become more uncomfortable,' McBride said. 'And all of a sudden, what was once an uneconomic project somewhere outside of China starts to make more sense.' ___ Associated Press news researcher Shihuan Chen contributed to this story. Simina Mistreanu, The Associated Press
