Increasing Labor Shortages Drive China to Invest in Automation May 27, 2021
As its population ages, China, the world’s second largest economy, is facing growing shortages in the labor market, according to CNBC.
In an interview with CNBC, Jonathan Woetzel, senior partner at McKinsey said “it’s still rapidly evolving that aging population is a reality … China’s now facing the challenge of potentially getting old before it gets rich.”
Chinese Population Boom Slows
According to the National Bureau of Statistics, China’s population of working age people shrank by more than 5 million over the past 10 years. A contributing factor: residual impacts from the one-child policy, put into place in the 1970’s.
From driverless cars to robotic warehouses, China looks to automation to solve population issues CNBC 1 hr ago
Companies such as e-commerce giant JD.com have been pushing forward with automation to boost efficiency.
But automation could also lead to job displacement, a challenge that governments and companies need to overcome.
How China is using automation to reshape its economy
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GUANGZHOU, China Qin Jiahao has been working at Chinese e-commerce giant JD.com s logistics operations for around six years. Now a huge amount of his work has become automated. In the past, almost all the work is manual. After automation, nearly half of our workers job is done by machine. It reduces our work intensity, Qin told CNBC.
Chinese self-driving startup WeRide announced Thursday that it has closed a Series C round of funding, giving it a valuation of 3.3 billion U.S. dollars.
The company did not disclose the exact amount of the latest funding, saying that it was in the hundreds of millions of U.S. dollars.
Tony Han, founder and CEO of WeRide, said the latest investment in autonomous driving came after the company began the trial operation of a self-driving Robotaxi service in the southern Chinese city of Guangzhou and further unveiled its self-driving Mini Robobus.
The startup will expand its team size, continue the research and development and commercialization innovation of autonomous driving technology, and launch large-scale autonomous driving services as soon as possible, Han said.
WeRide, a global leading autonomous driving company, announced today that it has secured another round of fundraising, totaling hundreds of millions . Beijing, California, Guangzhou, IDG Capital, Qiming Venture Partners, Shanghai, Sky9 Capital, startup, Today, Wuhan
Only four months after securing Series B fundraising of $310 million, Chinese autonomous driving company WeRide says it has achieved its Series C funding round that brings its post-money valuation to $3 billion. This is first time the company has disclosed its value. The company did not share how much it has raised this round, […]