Alibaba Group Holding is pushing millennials, who are representatives of the generation born in the early 1980s – mid-1990s, to take leading roles in the Chinese online market, since currently this e-commerce giant, based in Huangzhou, is going through a kind of transformation period to resist the pressure of competitors such as PDD Holdings.
The Chinese social network Xiaohongshu Technology Co., which in terms of functional content resembles Instagram in many ways, plans to make a profit this year.
China’s largest state-owned banks are reducing deposit rates for the third time since the beginning of this year.
The Chinese authorities decided to stop the export of several rare earth technologies.
In China, local financial authorities on Wednesday, December 20, decided to keep benchmark lending rates at a monthly level, which corresponds to preliminary market expectations and is a predictable action that does not go beyond the most likely scenarios.
China’s Central Bank Digital Currency (CBDC) – e-yuan – will be now used for cross-border payments between China and Singapore, facilitating tourist spending between the two countries.
The Monetary Authority of Singapore (MAS) has instructed companies providing money transfer services to suspend the use of non-bank and non-card channels when interacting with individuals interested in cross-border transactions to China.
Media reports that in China, the number of state organizations and companies supported by the country’s government is gradually increasing, which prohibits their employees from using iPhone smartphones developed by the American technology giant Apple in the workplace.
In China, regional authorities have issued a record number of special bonds to provide support to small banks that are facing problems.
Commerce Secretary Gina Raimondo said that the United States is currently looking into the characteristics of three new artificial intelligence accelerators that Nvidia is developing for the Chinese market.
Chinese chip manufacturer Changxin Memory Technologies Inc. has postponed its initial public offering and currently has plans to explore the possibility of raising funds worth 140 billion yuan ($19.5 billion).
In China, local financial authorities are struggling with falling prices, while in many other countries, central banks are taking measures aimed at curbing the process of increasing the cost of goods and services.
This year’s Singles Day highlighted the growth of livestreaming e-commerce sales, fueled by virtual avatar hosts and AI chatbot use.
The Chinese authorities have promised to take measures to strengthen fiscal policy next year to maintain the economic system of this country, the situation within which tends to become synonymous with weakness, but has not yet reached a catastrophic level and there are chances to remedy the situation.
The Chinese economy has a long way to go, during which it is necessary to overcome steep hill.
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