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COMING UP:Share Opener Variant 3

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Transcript

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Facebook finally has a footprint in China, for now at least. The company has set up a subsidiary in the city of Hangzhou, trying to ramp up its presence in a country where it's largely blocked. It's social media site has been banned there for a decade. And the company spent that time jockeying to get in Beijing's good graces.
00:00:19
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> Some of that might have paid off. Facebook says soon it'll open up something it calls an innovation hub. Reuters Kate Cadell explains.>> There are different versions of this that is opened in other countries like Brazil and in Europe. But we don't really have a clear idea of what this would look like.
00:00:40
So first of all to clarify, there is virtually no chance that Facebook will be able to launch its social media site in China. Or it's WhatsApp, the chance of that ever happening is very, very low. And under Xi Jinping we've seen that censorship has gotten a lot stricter.
00:01:01
But there are other things that it's able to do. It can target Chinese companies that can then in turn sell their ads overseas. But other than that, Facebook doesn't have a presence here like other companies that are banned like Google.>> Facebook clarified in an email to Reuters, setting up a company owned enterprise in China doesn't mean Facebook is changing it's approach in the country.
00:01:23
It says it's still learning what it takes to be in China.>> So obviously, the biggest difficulty is the censorship here. Facebook is kind of used by Chinese officials as a case study for why censorship is a good idea sometimes. That just shows how opposed they are to this idea of an unfettered, uncensored social media network.
00:01:43
And the issues that Facebook has been having with US politics is only reaffirm with the government that they don't want that side of Facebook in the country.>> Facebook says, the innovation hub with support Chinese developers, innovators, and startups. Its website remains banned and its messaging app WhatsApp was also blocked early last year.