Virtual China: Information Technology - Press Reviews, May 24, 1999

Weekly Press Review

May 24, 1999

Wu Jichuan, Minister of the Ministry of Information Industry (MII) opened the China Inet '99 Internet conference and exhibition last Tuesday, emphasizing that China would liberalize its information technology sector and open its doors wider to foreign investment. Wu's opening speech was his second major public appearance in as many weeks after strongly denying rumors he would be announcing his resignation in the wake of China Telecom's immanent restructuring.

The MII sponsored 3 day conference included exhibits from more than 40 international and local IT companies, predominantly in the telecom and infrastructure sectors. Hot topics at the conference included electronic commerce, network security, and IP telephony. Although presence from China's online content and service sector was limited, Internet set-top box and web portal company MyWeb generated enthusiasm with the announcement of its new Chinese web portal service and a deal within China Telecom to distribute more than 200,000 of its WebTV-type appliances throughout China by year end. The event was hit by cancellations from some high profile western speakers, including "father of the Internet" Vinton Cerf, but according to event director Jie Liang, western attendance was not significantly affected by the demonstrations following NATO's bombing of the Chinese embassy in Belgrade.

In other news, Shanghai International Commodities Auction Co., a state-owned company, will hold China's first Internet-based stock auction later this month. The share auction will include three companies Shanghai Raw Water Co., the Tianjin Global Magnetic Card Co., and the Shanghai Bank. Companies wishing to participate in the online auction must register in advance and pay an RMB 100,000 (US $12,080) security deposit. Upon registering, corporate bidders will receive a user name and password to access the site. The auction is open to Chinese nationals only.

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