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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Process Boy who wrote (91740)	11/5/1999 9:39:00 AM
From: greenspirit	Respond to of 186894

PB and thread, Article..Intel chief urges China to boost e-trade... November 5, 1999 BEIJING, Reuters [WS] : China might lose global competitiveness unless it spruces up its electronic commerce industry, Intel Corp's president and chief executive officer Craig Barrett said on Thursday. ``As the world moves to adopt this technology, and if China doesn't move in a parallel fashion, it'll be left out of this, and perhaps decrease its worldwide competitiveness,' Barrett told businessmen and reporters at an e-business seminar. Barrett, in Beijing to inaugurate the Intel China Research Centre, said China currently made up three percent of the world's trade. ``Where China will be in the next several years in terms of percentage of the worldwide e-commerce, I think you see a great disparity. And this is a potential problem,' Barrett said in a speech spiced up with snazzy high-tech e-commerce demonstrations. ``There's a real requirement to drive forward electronic commerce if you want to maintain your current position of world growth in the area of world trade,' Barrett said. ``It will be fundamentally important for economic growth, both internally and externally,' he said. CHINA HAS VAST E-TRADE POTENTIAL Barrett said China had vast potential in e-trade, and the challenges ahead were to improve its infrastructure and restructure Chinese companies to take advantage of that infrastructure. U.S. investment company Goldman Sachs forecasts that by the end of 2001, the number of Internet users in China is expected to overtake Australia, now the largest online market in the Asia-Pacific region. Research house International Data Corp's latest figures obtained by Reuters showed that Internet users in China would grow to 33.1 million by 2004, compared with 7.3 million in 2000 and 3.8 million this year. Barrett said Intel, the world's largest chipmaker, was an exemplary e-commerce company. He said 50 percent of Intel's business, totalling over a billion dollars a month, was done over the Internet. It was supported by a backbone of about 200 servers, over 200 megabits per second of bandwidth, almost equivalent to China's entire internal bandwidth, he said. E-COMMERCE TAKING THE WORLD BY STORM Barrett said e-commerce was taking the world by storm. By 2002, 10 percent of the U.S. gross domestic product of $10 trillion would be earned over the Internet, and that was a ``phenomenal change,' he said. Quoting industry figures which showed that by 2002 $300-400 billion of e-commerce was likely to be done outside the United States, Barrett said: ``I frankly think this is an underestimate.' ``The exact size of the number is not so important. The growth of electronic business is undergoing an exponential increase, which I think is a significant issue,' he said. ____________________________________________________________ Have a great day everyone! Michael