thanks to measures to stimulate innovation, optimize the business environmen
t and public services, and to strengthen opening-up and cooperation in the digital sector.
“China’s high-tech industries, represented by new technologies, new industr
ies, and new products, have maintained rapid growth in recent months,” she said.
According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye
ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma
nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year.
Output of the electronics and communication equipment manufact
uring sector, pharmaceutical manufacturing and aerospace and equipment manufacturing wer
Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday.
The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370
locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.
It brought in $125 million in revenue last year, but spent much more than
that on coffee beans, store rent and other costs. Last year, it lost $475 million.
Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.
It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.