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Owing to poor rain in major <keyword id="13726" type="General" weightage="20" keywordseo="rice" source="Orion">rice</keyword> producing states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Bihar and West Bengal, the Centre on Thursday imposed 20 per cent duty on export of various grades of rice. According to a <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> notification, 20 per cent <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May. Inadequate rainfall in rice producing states has raised concerns of poor output, which has led to the imposition of export duty on the commodity. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/what-does-the-missing-sim-card-slot-on-iphone-14-mean-for-users/articleshow/94075327.cms">What does the missing SIM card slot on iPhone 14 mean for users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/online-festival-sales-likely-to-be-28-higher-than-pre-covid-levels-at-11-8-billion-report/articleshow/94076810.cms">Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report</a>

Government imposes 20% export duty on rice

New Delhi, <keyword id="6358192" type="UNKNOWN" weightage="20" keywordseo="CRUDE">Crude</keyword> oil prices surged on Monday on expectations that '<keyword id="47969" type="COMPANY" weightage="20" keywordseo="Opec">OPEC</keyword>+', the cartel of Organisation of the Petroleum Exporting Countries (OPEC) and its allied oil producing nations would limit the oil output at the current levels. Brent crude crossed the $53 per barrel mark and touched a multi-month high of $53.17 a barrel. It is the highest level since March 2020. Currently, the March contract of <keyword id="10512675" type="COMPANY" weightage="20" keywordseo="brent-on-the-intercontinental-exchange">Brent on the Intercontinental Exchange</keyword> (ICE) was trading at $53.04 per barrel, higher by 2.39% from its previous close. Similarly, the February contract of WTI crude on <keyword id="140139" type="COMPANY" weightage="20" keywordseo="NYMEX">NYMEX</keyword> was trading at $49.53 per barrel, higher by 2.08% from its previous close. Market anticipates that in February the production levels of crude would remain at the same level as last year and with elevated demand, prices could remain firm. On Sunday, <keyword id="3822156" type="PERSON" weightage="20" keywordseo="mohammad-barkindo">Mohammad Barkindo</keyword>, Secretary General of OPEC, said that while crude demand is expected to rise by 5.9 million barrels per day (bpd) to 95.9 million bpd this year, the cartel sees plenty of downside demand risks in the first half of 2021. Tapan Patel, Senior Analyst (<keyword id="35149" type="COMPANY" weightage="20" keywordseo="commodities">Commodities</keyword>), HDFC securities said: "Crude oil prices have held a steady range near the resistance levels of $50. Crude oil prices are supported by vaccine rollout optimism and expectations that OPEC plus nations may keep output quota unchanged when they meet today." SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

Crude oil prices surge on hopes that OPEC+ will limit the output at current levels

(Eds: Adding production estimates of other crops) New Delhi, Feb 18 () India is set to harvest a record 106.21 million tonne wheat in 2019-20 crop year on increase in acreage owing to good rains, according to latest government data. Wheat production has been rising year-on-year and the previous record of 103.60 million tonne was achieved during 2018-19 crop year (July-June). Wheat is the main rabi (winter) crop, harvesting of which will begin from next month. Releasing the second estimate of foodgrain production, the Agriculture Ministry said the cumulative rainfall in the country during the monsoon season (June-September 2019) was 10 per cent higher than the Long Period Average (LPA). Accordingly, production of most of the crops for 2019-20 crop year has been estimated higher than their normal production, it said. Wheat production has been estimated at a record level for this year as acreage under wheat crop has increased substantially due to better soil moisture following good monsoon rains. Wheat was planted in 33.61 million hectares area till January-end of this crop year as against 29.93 million hectares in the year-ago period, according to the ministry's sowing data. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne for 2019-20 crop year, higher than 285.21 million tonne last year. Of the total production, foodgrain output is estimated to be 142.36 million tonne from the kharif (summer) season and 149.60 million tonne from the rabi season of this year. Foodgrain basket comprises of wheat, rice, cereals and pulses. Rice output is estimated to increase marginally to 117.47 million tonne this year from 116.48 million tonne last year, while production of cereals is expected to increase to 268.93 million tonne from 263.14 million tonne. Production of pulses is pegged slightly higher at 23.02 million tonne for this year as against 22.08 million tonne last year, the data showed. Oilseeds output is estimated to increase to 34.18 million tonne for 2019-20 from 31.52 million tonne last year. Among cash crops, sugarcane output is estimated to decline to 353.84 million tonne from 405.41 million tonne in the said period. Cotton output is estimated to increase to 34.89 million bales (of 170 kg each) for this year from 28.04 million bales in 2018-19, while jute/mesta output is expected to remain at last year's level of 9.8 million bales of 180 kg each. The ministry comes out with four foodgrain production estimates before the final one at different stages of harvesting. LUX RVK

Govt pegs wheat output at record 106.21 mln tn in 2019-20

New Delhi, Feb 18 () India is set to harvest a record wheat production of 106.21 million tonne in the 2019-20 crop year on the back of good rains, according to latest government data. Wheat production has been rising year-on-year and the previous record of 103.60 million tonne was achieved during the 2018-19 crop year (July-June). Wheat is the main rabi (winter) crop, harvesting of which will begin from next month. Releasing the second estimate of foodgrain production, Agriculture Ministry said the cumulative rainfall in the country during the monsoon season (June-September 2019) was 10 per cent higher than the Long Period Average (LPA). Accordingly, the production of most of the crops for the 2019-20 crop year has been estimated higher than their normal production, it said, and added these estimates are subject to revision on account of more precise information flowing over the time. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne for 2019-20 crop year, higher than 285.21 million tonne last year. Of the total production, foodgrain output is estimated to be 142.36 million tonne from the kharif (summer) season and 149.60 million tonne from the rabi season of this year. Foodgrain basket comprises of wheat, rice, cereals and pulses. LUX RVK

Govt pegs record wheat output at 106.21 mln ton for 2019-20

Mumbai, Feb 12 () The production of rabi cereals in 2019-20 is expected to grow 4.52 per cent to 134.23 million tonne compared to the previous year due to good soil moisture following above normal rainfall during the northeast monsoon season (October-December), according to a report.In 2018-19, the total rabi cereals production stood at 128.43 million tonne, according to National Bulk Handling Corporation's (NBHC) rabi crop estimates.The area under wheat is likely to increase 12.03 per cent to 33.44 million hectare and production expected to improve by 9.01 per cent to 111.40 million tonne.However, rabi rice acreage is recorded lower by 23.24 per cent at 2.61 million hectare against 3.40 million hectare last year. Its production is expected to fall significantly by 27.96 per cent to 10.30 million tonne from 14.29 million tonne last year mainly due to marginal shift in farmers' focus to pulses and wheat.Total coarse cereals production is expected to rise 4.92 per cent to 12.54 million tonne in 2019-20. There is likely to be growth in production of jowar (2.43 million tonne), maize (8.28 million tonne) and barley (1.83 million tonne).Jowar acreage has improved significantly by 19.12 per cent while the acreages of maize and barley are expected to show a marginal surge of 6.45 per cent and 6.85 per cent, respectively, the report by NBHC added.Overall, the pulses acreage is expected to increase 1.86 per cent to 15.92 million hectare from 15.63 million hectare last year. However, the production is expected to decline 2.47 per cent to 15.17 million tonne even as there is a growth in gram acreage and production by 10.14 per cent (10.64 million hectare) and 7.90 per cent (10.93 million tonne), respectively.Moong acreage is expected to decline significantly by 26.32 per cent to 0.56 million hectare from 0.76 million hectare last year and production is expected to fall 26.38 per cent to 0.38 million tonne from 0.51 million tonne.Urad acreage is expected to fall 21.44 per cent to 0.74 million hectare from 0.94 million hectare last year and production too is expected to slip 20.17 per cent to 0.56 million tonne.Overall, the pulses acreage is expected to increase 1.86 per cent to 15.92 million hectare and the production expected to fall 2.47 per cent at 15.17 million tonne. However, total oilseeds acreage is expected to decline marginally 0.87 per cent to 7.97 million hectare and production expected to dip 7.39 per cent to 10.17 million tonne from 10.98 million tonne last year.Mustard acreage is expected to decline 0.29 per cent to 6.92 million hectare and production likely to fall 6.92 per cent to 8.69 million tonne from 9.34 million tonne last year.Groundnut and sunflower production is estimated to be lower by 8.87 per cent (1.12 million tonne) and 39.24 per cent (0.08 million tonne), respectively. SM ANU

Rabi cereals output in 2019-20 estimated 4.5 pc higher at 134 MT: Report

<ul><li>Total rainfall in India came in at 91% of the 50-year average between June to September, according to the Indian Meteorological Department, as opposed to predictions of 97%. </li><li>This was largely due to the fact that the northeastern parts of India, which usually receive higher rainfall than the rest of the country, experienced a shortage in rainfall. </li><li>However, despite the weak <keyword id="6358301" type="DEFINITION" weightage="20" keywordseo="monsoon">monsoon</keyword>, India’s crop production this kharif season is expected to reach a record level of 141.6 million tonnes. </li></ul>India’s rainfall this monsoon season fell short of forecasts for the second consecutive year, according to the Indian Meteorological Department (IMD). Total rains came in at 91% of the 50-year average between June to September, as opposed to predictions of 97%. This was largely due to the fact that the northeastern parts of India, which usually receive higher rainfall than the rest of the country, experienced a shortage in rainfall. Infact, 69% of the country received a normal or excessive rainfall this monsoon season, with the flood-ravaged <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> receiving 23% higher rainfall than normal. Gujarat had an uncharacteristically dry season, receiving 24% less rain than normal, while UP and Bihar had the most rain-deficient districts. It bears mentioning that the 97% forecast for this year was reaffirmed despite a dry spell in the first half of the season. A normal monsoon involves rainfall in the range of 96%-104% of the 50-year or long-term average. A drought season occurs when rainfall is 90% of the long-term average or less. A record <keyword id="6417335" type="UNKNOWN" weightage="20" keywordseo="harvest">harvest</keyword> The June-September period is particularly crucial for India’s agriculture industry as this season provides 70% of the country’s annual precipitation. However, despite the weak monsoon, India’s crop production this kharif season is expected to reach record levels. As per government forecasts, production of summer <keyword id="18620" type="ORGANIZATION" weightage="20" keywordseo="crops">crops</keyword> should reach 141.6 million tonnes in 2018-19, a slight jump from last year’s record bounty of 140.7 million tonnes, owing to a 2% jump in the output of <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword> to nearly 100 million tonnes - which bodes well for exports. This is even more significant as there has been a slight shrinkage in the total acreage occupied by kharif crops this year. The record harvest this year is largely due to the fact that farmers are prioritising crops that don’t require excessive rainfall. They’re choosing crops based on the existing moisture level in the soil, thereby making their harvest less dependent on the monsoon. According to research by the IMD, soil moisture was found to be adequate in most districts that received a rainfall of 20% less than the average. In addition, farmers are also planting crops that will fetch them better prices - for example, choosing soybeans over pulses - and factoring the monsoon less in their decisions. A double-edged sword However, despite the obvious cause for celebration, a record harvest can prove to be a drag on farmer incomes. A high level of food grain production translates into lower prices - which is great for households - but hurts farmers. If wholesale prices remain below the government’s minimum support prices, then it will have to step in and procure more grains from farmers than budgeted.

Despite a second consecutive deficient monsoon, India is poised for a record harvest

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3JPQ6_U&amp;SMLS=1&amp;RW=1277&amp;RH=906&amp;PN=6&amp;POPUPPN=343&amp;POPUPIID=2C0408WEBRO1B">Reuters/Athit Perawongmetha</a>A migrant worker unloads sacks of rice from a barged to a cargo ship on The Chao Phraya River in Bangkok.</div></div></div>Back in 2011, Thailand was the world's largest exporter of rice, accounting for about 30% of the global market.Then, prime minister Yingluck Shinawatra introduced a <a href="http://www.businessinsider.com/thailands-giant-pile-of-rice-threatens-to-flood-global-markets-2012-10">controversial rice scheme</a> where the government would pay farmers almost 50% more than market prices. The idea was that the since almost 40% of Thailand's labor force worked in agriculture, it would make the average Thai wealthier while also <a href="http://thediplomat.com/2015/05/the-rice-and-fall-of-yingluck-shinawatra/">creating a rice shortage</a> by taking supply off of the market. In theory, the government would then be able to sell the rice at an even higher price. However, prices didn't rise as much as the Thai government was anticipating, and then <a href="http://world.time.com/2013/07/12/how-thailands-botched-rice-scheme-blew-a-big-hole-in-its-economy/">competitors (India and Vietnam)</a> began to flood the market and lower their prices. That left Thailand with a ballooning inventory of rice and warehouses filled to their brims. Fast forward to 2016, and Yingluck has been out of office for two years after being removed by a military coup. Thailand is now the <a href="http://www.worldstopexports.com/rice-exports-country/">number two rice exporter in the world</a>, trailing rival India, and its rice stockpile is still enormous. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Deutsche Bank</div></div></div>However, there might finally be some relief in sight. The El Niño of 2015/2016 has caused <a href="http://www.businessinsider.com/extreme-drought-problematic-for-thailand-2016-1">drought conditions</a> across much of China, India, and Southeast Asia. And while <a href="http://www.businessinsider.com/r-thailand-plans-steps-worth-285-million-to-help-drought-hit-rice-farmers-2016-2">farmers in Thailand</a> and elsewhere in the region are being devastated by the weather, the Thai government has an opportunity to unload a good portion of its stockpile. Here's Deutsche Bank (emphasis ours):According to the US Department of Agriculture (USDA), Thailand's rice inventory is set to drop by almost 50% to 5.2mn MT in 2016 on the back of a projected decline in domestic output to a five-year low of 15.8mn MT. And the good news doesn't stop there. Deutsche Bank says (emphasis ours)"It is highly plausible, in our view, that Thailand would take this El Nin~o episode as an opportunity to clear its huge stockpile and regain market share as shipments of rival exporters will likely be curbed by reduced domestic output. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/global-economy-biggest-threat-2016-4">FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4wNWo1MzE6mCXkk1XHZUEjn1PYYwkNot" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A crazy decision led Thailand to stockpile tons of rice, but everything could be about to change

<ul class="summary-list"><li>Generative AI could soon be trained on AI-generated content — and experts are raising the alarm. </li><li>The phenomenon, which some experts call "model collapse," could result in AI producing low-quality outputs down the line. </li></ul>Experts warn that AI-generated content may pose a threat to the AI technology that produced it.In a recent paper on how generative AI tools like ChatGPT are trained, a team of AI researchers from schools like the University of Oxford and the University of Cambridge found that the large language models behind the technology may potentially be trained on other AI-generated content as it continues to spread in droves across the internet — a phenomenon they coined as <a target="_blank" href="https://arxiv.org/pdf/2305.17493.pdf">"model collapse."</a> In turn, the researchers claim that generative AI tools may respond to user queries with lower-quality outputs, as their models become more widely trained on "synthetic data" instead of the human-made content that make their responses unique.Other AI researchers have coined their own terms to describe the training method. In a paper released in July, researchers from Stanford and Rice universities called this phenomenon the <a target="_blank" href="https://arxiv.org/pdf/2307.01850.pdf">"Model Autography Disorder," </a>in which the "self-consuming" loop of AI training itself on content generated by other AI could result in generative AI tools "doomed" to have their "quality" and "diversity" of images and text generated falter. Jathan Sadowski, a senior fellow at the Emerging Technologies Research Lab in Australia who researches AI, <a target="_blank" href="https://twitter.com/jathansadowski/status/1625245803211272194">called this phenomenon "Habsburg AI,"</a> arguing that AI systems heavily trained on outputs of other generative AI tools can create "inbred mutant" responses that contain "exaggerated, grotesque features."While the specific effects of these phenomena are still unclear, some tech experts believe that "model collapse" and AI inbreeding could make it difficult to pinpoint the original source of information an AI-model is trained on. As a result, providers of accurate information such as the media may decide to limit the content they post online — even putting it behind paywalls — to prevent their content from being used to train AI, which could create a "dark ages of public information," according to <a target="_blank" href="https://www.raywang.org/blog/2023-08/mondays-musings-will-generative-ai-drive-humanity-dark-ages-knowledge">an essay written by Ray Wang, the CEO of tech research firm Constellation Research</a>.Some tech experts are less worried about the growth of AI-generated content on the internet. Saurabh Baji, the senior VP of engineering at AI-firm Cohere, told Axios that <a target="_blank" href="https://www.axios.com/2023/08/28/ai-content-flood-model-collapse?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioswhatsnext&amp;stream=science">human guidance</a> is "still critical to the success and quality" of its AI-generated models, and others told the outlet that the rise of AI-generated content will only make human-crafted content more valuable.These new terms come as AI-generated content has flooded the internet since <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">OpenAI launched ChatGPT last November</a>. As of August 28, NewsGuard, a company that rates the reliability of news websites, <a target="_blank" href="https://www.newsguardtech.com/special-reports/ai-tracking-center/">identified 452 "unreliable AI-generated news outlets with little to no human oversight" </a>that contain stories filled with errors. AI-generated sites with generic names like iBusiness Day, Ireland Top News, and Daily Time Update may appeal to consumers as accurate sources of information, which would bolster the spread of misinformation, according to NewsGuard.It's not just AI-generated websites that have produced articles filled with inaccuracies. In January, tech publication CNET <a target="_blank" href="https://www.businessinsider.com/cnet-slashes-10-staff-says-cuts-unrelated-ai-generated-content-2023-3">published 77 articles</a> using an "internally designed AI engine" and had to issue significant corrections after learning that its articles were riddled with basic math errors. Months later, Gizmodo <a target="_blank" href="https://www.businessinsider.com/gizmodo-goof-proves-ai-errors-basic-facts-star-wars-chronology-2023-7">criticized company executives</a> after the media outlet published AI-written articles with factual inaccuracies. Most recently, Microsoft removed a string of articles from its travel blog, one of which was found to be an AI-generated article recommending visitors in Ottawa to <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-written-article-recommend-food-bank-tourist-attraction-2023-8">visit the Ottawa Food Bank</a> and to "consider going into it on an empty stomach."Now that AI-content detectors like <a target="_blank" href="https://www.businessinsider.com/social-media-flooded-spammy-ai-content-2023-8">ZeroGPT and OpenAI's Text Classifier</a> have been found to be unreliable, people may find it harder to discover accurate information with human oversight online, Kai-Cheng Yang, a computational social science researcher who has written <a target="_blank" href="https://arxiv.org/abs/2307.16336">a paper about the malicious actors that could take advantage of OpenAI's chatbot</a>, previously told Insider."The advancement of AI tools will distort the idea of online information permanently," <a target="_blank" href="https://www.businessinsider.com/social-media-flooded-spammy-ai-content-2023-8">Yang said</a>

A disturbing AI phenomenon could completely upend the internet as we know it 

<ul class="summary-list"><li>Chinese President Xi Jinping spoke against having a "street stall economy" in Beijing last week.</li><li>China cracked down on street vending for years, but some cities relaxed restrictions recently.</li></ul>China's President Xi Jinping isn't on board with reviving street stalls in Beijing — even amid record-<a href="https://www.bloomberg.com/news/articles/2023-05-16/china-s-youth-jobless-rate-jumps-to-record-20-4-in-danger-sign" target="_blank" rel="noopener">high youth employment in the country.</a>The Chinese leader made his stance clear on May 14 when he spoke against a "street stall economy" during a speech at the <a href="https://www.businessinsider.com/china-building-a-brand-new-city-2017-4">Xiongan New Area,</a> a city south of Beijing that's being built to ease the congestion and pressure in the capital city of 22 million people."The capital city is first and foremost a political center and not a 'hodgepodge.' It cannot operate 'factories in alleys' and engage in the 'street stall economy," Xi said, according to Insider's translation of his speech which was first reported by state news agency <a href="http://www.news.cn/politics/leaders/2023-05/14/c_1129612436.htm" target="_blank" rel="noopener">Xinhua.</a>Xi's comments from last week are rare — this is the first time he has publicly spoken against recent local government efforts to revive the economy through a "street stall economy," <a href="https://edition.cnn.com/2023/05/18/economy/china-xi-jinping-street-stalls-beijing-intl-hnk/index.html" target="_blank" rel="noopener">CNN</a> reported on Thursday."Street stall economy" in China refers to recent efforts by local governments to revive their regional economies and to create jobs by promoting small entrepreneurship. These efforts were especially vital during the COVID-19 pandemic when movement restrictions hit the economy hard.These promotional efforts — endorsed by former premier Li Keqiang — reversed a crackdown on street stalls for years before the pandemic, <a href="https://asia.nikkei.com/Editor-s-Picks/China-up-close/China-s-street-stall-debate-puts-Xi-and-Li-at-odds" target="_blank" rel="noopener">Nikkei reported in June 2020.</a>The movement took on new life after Zibo, a previously little-known city, was <a href="https://www.businessinsider.com/china-zibo-city-shandong-travel-hotspot-golden-week-holiday-bbq-2023-5">swamped with tourists</a> on the back of demand for its small outdoor barbecue street food stalls. In March, Zibo received 4.8 million visitors — more than its local population of 4.7 million people, <a href="https://www.businessinsider.com/china-zibo-city-shandong-travel-hotspot-golden-week-holiday-bbq-2023-5">Insider reported on May 2.</a>Big Chinese cities that started allowing street vending recently include Beijing, the southern tech hub of <a href="https://baijiahao.baidu.com/s?id=1764985038628697245&amp;wfr=spider&amp;for=pc" target="_blank" rel="noopener">Shenzhen</a>, and the north-central city of <a href="https://www.thepaper.cn/newsDetail_forward_22950195" target="_blank" rel="noopener">Lanzhou,</a> according to local media reports.It's unclear if Beijing will now roll back recent moves that relaxed restrictions on street vending.<h2>China's youth unemployment rates are at a record high</h2>Xi's opposition to the "street stall economy" could dash local government efforts to boost the economy through small entrepreneurship, even as <a href="https://data.stats.gov.cn/easyquery.htm?cn=A01&amp;zb=A0E01&amp;sj=202304" target="_blank" rel="noopener">China's youth unemployment rate</a> hit a record high of 20.4% in April. This means 11 million Chinese people aged 16 to 24 are out of work, per CNN's calculations on April 30.There is such a dearth of job prospects that <a href="https://www.businessinsider.com/china-youth-government-jobs-iron-bowl-unemployment-2023-3">more than 7.7 million youths</a> took exams to secure 200,000 jobs in China's government sector this year — considered to be "iron rice bowls" because of the stability and job security they bring — according to a <a href="https://www.cnbc.com/2023/03/16/china-sees-record-7point7-million-applicants-for-200000-government-jobs.html" target="_blank" rel="noopener">CNBC analysis in March.</a><a href="https://www.businessinsider.com/us-companies-china-spending-airbnb-starbucks-disney-mgm-coty-covid-2023-5">China's post-lockdown economic growth</a> has been disappointing after an initial spurt — with April industrial output and retail sales coming in well below analyst expectations.In April, China's industrial output grew 5.6% from a year ago — outpacing its 3.9% growth in March, according to <a href="https://data.stats.gov.cn/tablequery.htm?code=AA020B" target="_blank" rel="noopener">official data.</a> However, this was still way lower than the 10.9% growth <a href="https://www.reuters.com/world/china/chinas-factory-output-consumption-highlight-slack-post-covid-economic-momentum-2023-05-16/" target="_blank" rel="noopener">analysts polled by Reuters</a> had expected.And while <a href="http://www.stats.gov.cn/sj/zxfb/202305/t20230516_1939485.html" target="_blank" rel="noopener">April retail sales</a> jumped 18.4% from a year ago — it was also lower than the 21% the analysts had predicted."China's post-Covid recovery has been rapidly losing steam," Nomura economists in a May 17 note seen by Insider. The economists attribute the trend due to weak confidence among consumers and business investors.The Beijing municipal government did not immediately respond to Insider's request for comment.

President Xi Jinping says he doesn't want a hodgepodge 'street stall economy' in Beijing, even as China's youth unemployment rates hit a record high

<ul class="summary-list"><li>Graduating college students in China are posting photos of themselves "lying flat."</li><li>Some are posting photos of themselves slumped on benches and even sprawled on the ground — "zombie-style."</li></ul>A legion of 20-something Chinese youth rejecting and quietly defying the rat race <a href="https://www.insider.com/disenchanted-chinese-youth-join-a-mass-movement-to-lie-flat-2021-6">sparked the "lying flat" </a><a href="https://www.insider.com/disenchanted-chinese-youth-join-a-mass-movement-to-lie-flat-2021-6">or tangping social movement</a><a href="https://www.insider.com/disenchanted-chinese-youth-join-a-mass-movement-to-lie-flat-2021-6"> that went viral in 2021.</a>Now, recently graduated Chinese students facing a harsh job search this year are continuing to reject the hustle culture — they are marking their new phase in life with photos of themselves in defeatist poses.Some in the recent graduating cohort posted photos of themselves lying flat or slumped on benches and chairs and even sprawled on the ground. The pose is hashtagged "zombie-style" on Chinese social media platforms including <a href="https://www.businessinsider.com/china-instagram-killer-xiaohongshu-explained-2022-3" target="_blank" rel="noopener">Xiaohongshu,</a> China's answer to Instagram.On June 13, the <a href="https://twitter.com/RADII_Media/status/1668449930804084737" target="_blank" rel="noopener nofollow">Radii media outle</a>t tweeted a photo collage of some of these graduating students donning black or purple graduation gowns in various poses.One image appears to show a student partially lying on a sidewalk in a black graduation gown. A graduation cap has been placed on her face. While this particular pose is trending this year, this graduation season's posts were often accompanied by other happier pictures of the graduating students. It also isn't the first time graduates in China have taken <a href="https://www.globaltimes.cn/galleries/132.html" target="_blank" rel="noopener">unusual graduation photos,</a> according to posts seen by Insider on Xiaohongshu.These trending poses of despondence come as China's youth unemployment rate hit a record high of 20.8% in May, according to <a href="http://www.stats.gov.cn/sj/zxfb/202306/t20230615_1940628.html" target="_blank" rel="noopener">official statistics.</a> This means one out of five of those between 16 to 24 years old are out of work.Chinese Gen Zers are facing a particularly tough time in the economy and job market after nearly <a href="https://www.businessinsider.com/china-economy-gdp-zero-covid-property-tech-crackdown-disappointment-2023-1">three years of draconian COVID-zero restrictions</a> battered the world's second-largest economy.<a href="https://www.insider.com/china-zero-covid-changes-tweaks-policy-2022-12">The country started relaxing</a> its pandemic restrictions late last year and has fully exited its lockdowns. But China's <a href="https://www.businessinsider.com/us-companies-china-spending-airbnb-starbucks-disney-mgm-coty-covid-2023-5" rel="">post-lockdown economic growth</a> has been disappointing after an initial spurt. In May, <a href="https://data.stats.gov.cn/tablequery.htm?code=AA020B" target="_blank" rel="noopener">China's industrial output</a> grew 3.5% from a year ago — slowing from a 5.6% growth in April and below the 3.6% increase. Meanwhile, <a href="http://www.stats.gov.cn/sj/zxfb/202305/t20230516_1939485.html" target="_blank" rel="noopener nofollow">retail sales</a> growth also slowed from 18.4% in April to 12.7% in May."The post-Covid recovery appears to have run its course, an economic double dip is nearly confirmed," economists at Nomura wrote in a June 16 note seen by Insider.The youth unemployment rates in the country are so worrying that <a href="https://www.businessinsider.com/china-youth-government-jobs-iron-bowl-unemployment-2023-3" rel="">more than 7.7 million youths</a> took exams to secure 200,000 jobs in China's government sector this year — considered to be "iron rice bowls" because of the stability and job security they bring — according to a <a href="https://www.cnbc.com/2023/03/16/china-sees-record-7point7-million-applicants-for-200000-government-jobs.html" target="_blank" rel="noopener nofollow">CNBC analysis in March.</a>"Throughout the three years of the pandemic, my classmates were just stuck in the dormitory taking online courses, like being locked up in prison," Brenda Lu, a 21-year-old media and communications student, <a href="https://www.washingtonpost.com/world/2023/06/30/lying-flat-chinese-college-graduates/" target="_blank" rel="noopener">told the Washington Post in a report first published on Friday.</a>"So many people have had no social life for three years and are desperate to find a way out. This year's job search can only be described as particularly dismal," Lu, who shared a photo of herself lying on a bench with the Post, told the publication.

China's youth unemployment is so dire that it's inspired recent college grads to post pictures of themselves sprawled on the ground in 'zombie-style' poses

<ul class="summary-list"><li>Wang Chuanfu grew up as an orphan in one of China's poorest regions.</li><li>Now one of China's richest people, his company BYD has just overtaken Tesla in global EV sales.</li></ul>It's a fairytale for the modern age: an orphan from one of China's poorest regions rose to become the billionaire founder of the world's leading producer of electric cars.BYD's vehicles are now sold in more than 60 countries and the company has just <a target="_blank" href="https://www.businessinsider.com/china-byd-evs-beats-tesla-rewards-car-dealers-1-2024">kicked Tesla off the top spot</a> as the world's biggest EV maker, selling 42,000 more cars than its US rival last year.But the man at the center of the story, Wang Chuanfu, has often flown under the radar. Instead, the almost 30-year history of BYD gives us glimmers into his strategic thinking, adaptability, and vision.<h2>Origin story</h2>Born in 1966 in east China's agricultural Anhui province, Chuanfu was raised by his older siblings after his parents, both rice farmers, died.He got a scholarship to study chemistry at Central South University, known back then as Central South Industrial University, and later received a master's degree in battery technology from the Beijing Non-Ferrous Metal General Research Institute, now known as the GRINM Group.<div type="image" title="BYD Company Chairman and President Wang Chuanfu, visits the charging station during the trial operation ceremony of two BYD Company all-electric K9 e-bus at the Gaoxin District on November 16, 2011 in Xian of Shaanxi Province, China.The environmentally-friendly K9 is the first pure-electric bus designed by BYD and produced independently at BYD Company Changsha-based Bus manufacturing site." height="2026" width="3000" msid="106612973" hostid="261" sizebytes="144860"></div>After a few years as a government researcher, Chuanfu moved south to Shenzhen, a growing innovation hub thanks to its designation as a Special Economic Zone.There, 29-year-old Chuanfu and his cousin, Lu Xiangyang, founded a cellphone battery manufacturing company and named it BYD.Chuanfu has <a target="_blank" href="https://money.cnn.com/2009/04/13/technology/gunther_electric.fortune/">said in interviews</a> that the name didn't stand for anything at the time. It's since acquired two apt nicknames: "Build Your Dreams" and "Bring Your Dollars."<h2>Cellphone battery success</h2>Within four months, they had an office building and a factory thanks to a $300,000 injection from his cousin, <a target="_blank" href="https://www.wsj.com/business/autos/how-chinas-byd-became-teslas-biggest-threat-5edfd080">The Wall Street Journal</a> reported.From the start, BYD had a clear-cut strategy: emulate successful products and keep costs as low as possible.The goal was to replicate products made by the likes of Toyota, Sanyo, and Sony, but make them cheaper than their Japanese suppliers.Instead of expensive machinery, Chuanfu hired a huge workforce on short-term contracts, enabling him to avoid wage increases, per the Journal.By 2002, BYD dominated the rechargeable battery market. Its customers included Motorola, Nokia, Sony Ericsson, and Samsung. Chuanfu had also made it onto the Forbes Chinese rich list.<h2>Early disrupter</h2>The following year Chuanfu purchased failing state car manufacturer Tsinchuan Automobile and renamed it BYD Auto.Together with BYD electronics, which manufactures batteries and handset components, these two subsidiaries comprise the company's main operations.In 2005, BYD launched a sedan called the F3. It was far cheaper than the Toyota Corolla it resembled and topped sales charts in China by the end of the decade, the Journal reported.<h2>Warren Buffett's endorsement</h2><div type="image" title="Charlie Munger gives a thumbs-up with BYD founder Wang Chuanfu in 2010." height="1358" width="1811" msid="106612974" hostid="261" sizebytes="197670"></div>In the late 2000s, <a target="_blank" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a> was looking to capitalize on the growing demand for cars in China and, on the recommendation of his partner <a target="_blank" href="https://markets.businessinsider.com/news/stocks/munger-daily-journal-buffett-elon-musk-tesla-byd-ev-china-2023-2">Charlie Munger</a>, turned his attention to BYD.Referring to Chuanfu, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/munger-daily-journal-buffett-elon-musk-tesla-byd-ev-china-2023-2">Munger said he told Buffett</a>: "This guy is a combination of Thomas Edison and Jack Welch — something like Edison in solving technical problems, and something like Welch in getting done what he needs to do. I have never seen anything like it."During a tour of their operations, Chuanfu reportedly took a sip of battery fluid to impress investors and prove how clean his batteries were, according to the Journal.Reluctant to part with a large chunk of his company, however, he turned down Berkshire Hathaway's initial offer to buy 25% of BYD.Chuanfu's principled approach was viewed positively. In 2008, Berkshire Hathaway invested $232 million in BYD.The endorsement caught investors' attention worldwide and accelerated the company's rise.BYD gained $5.1 billion in value and Chuanfu topped <a target="_blank" href="https://www.forbes.com/global/2009/1116/china-billionaires-09-chuanfu-yongxing-china-40-richest-list.html?sh=663a98fc1a90">Forbes China's rich list</a> for the first time in 2009.<div type="image" title="Wang Chuanfu (L), chairman of Chinese alternative-energy auto maker BYD, presents California Governor Arnold Schwarzenegger with a gift at a press conference April 30, 2010 at City Hall in Los Angeles,CA to announce that the Chinese solar energy and automobile firm will locate its US headquarters in Los Angeles, potentially creating hundreds of new jobs. BYD, which stands for Build Your Dreams, is a manufacturer of batteries, solar panels and electric-hybrid vehicles partly financed by billionaire Warren Buffett." height="2792" width="4001" msid="106613074" hostid="261" sizebytes="887374"></div><h2>Adaptability and focus</h2>Unlike high-profile personalities such as <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> or Jack Ma, Chuanfu has consistently kept out of the limelight, avoiding unwanted scrutiny."It's never about feeding an ego. I think they all point back to the vehicles, they always point back to the company," Tu Le, founder of Sino Auto Insights, a consulting firm, told Business Insider.After a slight downturn in sales, BYD found itself back on track.It won public transport contracts from the Chinese cities of Shenzhen and Hunan, as well as deals with Amsterdam, Frankfurt, and Los Angeles, per<a target="_blank" href="https://www.bloomberg.com/news/features/2019-04-16/the-world-s-biggest-electric-vehicle-company-looks-nothing-like-tesla"> Bloomberg</a>.BYD is now the world's biggest maker of <a target="_blank" href="https://en.byd.com/bus/about">battery-electric buses</a> with more than 50,000 on the road globally, and more than 1,000 vehicles on the road or in production in the US. It has a huge factory in Lancaster, California that makes buses as well as other vehicles such as trucks and forklifts. <div type="image" title="Visitors are seen at the booth of BYD during the 67th IAA Commercial Vehicles in Hanover, Germany, on Sept. 20, 2018. TO GO WITH XINHUA HEADLINES OF APRIL 30, 2021" height="3155" width="4553" msid="106613075" hostid="261" sizebytes="416590"></div>Since 2009, the automaker has also benefitted from billions in Chinese subsidies and indirect assistance to nurture <a target="_blank" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">emerging EV companies</a>.But that's not to say Chuanfu's achievements don't measure up to the world's top entrepreneurs."I say he'd be very successful in any country that he wanted to create a company in. He's not any less ambitious than <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a>, Elon Musk, Steve Jobs. Look at the output," Tu told BI.Chuanfu is worth $14.8 billion, according to the <a target="_blank" rel="noopener noreferrer" class="notion-link-token notion-focusable-token notion-enable-hover" href="https://www.bloomberg.com/billionaires/profiles/chuanfu-wang/">Bloomberg Billionaires Index</a> and is in 132th place on the list.The company controls every part of its manufacturing process. This approach paid off during the pandemic when BYD managed to avoid supply chain issues and still made a profit.Chuanfu was one of the first Chinese business figures to start producing masks during the pandemic, per the <a target="_blank" href="https://www.scmp.com/magazines/style/celebrity/article/3188247/forget-elon-musk-meet-wang-chuanfu-chinese-billionaire">South China Morning Post</a>, becoming the world's largest manufacturer within months.<h2>Tesla rivalry</h2><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Musk</a> laughed at BYD's cars in a 2011 Bloomberg interview, saying "I don't think they have a great product."Following months of analyst speculation, BYD <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">took Tesla's crown</a> as the world's largest manufacturer of electric cars, meaning that Musk likely isn't laughing anymore.Earlier this year, he replied to the old clip, saying: "That was many years ago. Their cars are highly competitive these days."<div type="image" title="The new BYD Atto 3 is displayed on the BYD booth at Parc des Expositions Porte de Versailles on October 17, 2022 in Paris, France. The Paris Motor Show will present the latest models from the world's leading car manufacturers at the Paris Expo Exhibition Center from October 17 to October 23, 2022." height="2333" width="3500" msid="106613076" hostid="261" sizebytes="372182"></div>And while BYD is now worth about $78 billion, that's only about a tenth of <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's market value</a>.Next, BYD has its eye on markets outside China with plans to build its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/driving-forward-byd-prepares-to-unveil-a-hungarian-ev-plant-1032923135">first European factory</a> in Hungary. This November, executives said that it wanted a 10% share of the global EV market, excluding the US and Europe, per <a target="_blank" href="https://www.ft.com/content/22527628-733e-4188-9678-ab3210fdb1ba">the Financial Times</a>.That would require overseas sales jumping from about 240,000 vehicles this year to more than 2 million.Tu Le adds that if the last 10 years are anything to go by, BYD will only become a more dominant force: "I would subtract that label of being an automotive company. It's one of the best-run companies in the world, full stop."

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