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Singles’ Day: Chinese e-commerce giants target new wave of budget-conscious consumers and lower tier cities
Spending patterns of Chinese consumers during Singles’ Day will be closely watched by the government as a key barometer of economic health. The nation’s leading e-commerce players have already cottoned on to more bargain-conscious buyers, eyeing the segment as a new growth opportunity.
All the things that allowed China’s Internet innovators to become big, powerful and hugely profitable are under threat. The implications are chilling for established players.
Tencent Holdings Ltd just turned in an impressive quarter, reporting record net income that beat estimates by the most in two years. But the timing is a bit unfortunate.
Governments around the world are taking major steps to clamp down on the anticompetitive practices of large technology companies. But the quest to rein in the power of these giants may have an unfortunate side effect for consumers: less free stuff.
China's increasing oversight of Internet platforms is both "timely and necessary", Alibaba Group CEO Daniel Zhang told the World Internet Conference on Nov 23.
In a letter read at the opening ceremony of the 7th World Internet Conference in Wuzhen, Chinese president Xi Jinping emphasised the importance of digital technology amid the pandemic. China is ready to work with other countries to build a shared cyberspace community and ‘create an even better future for mankind’, he says.
India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars.
China’s ‘wild era’ of Internet may be ending as new personal data protection law seeks to curb Big Tech’s control over user data
The draft version of the new law significantly increases penalties for companies responsible for data breaches, proposing fines of up to US$7.6mil. Given the huge size of the Chinese big data market, some believe the penalties under the new law are light and that it has some shortcomings.
SAIC Motor, an early adopter of the smart car, sets up US$1bil fund to invest in Internet-linked vehicles with Alibaba
SAIC Motor would invest 5.4bil yuan to create the 7.2bil yuan fund with Shanghai Zhangjiang Hi-tech Park Development, according to an exchange filing. Hengxu Capital will separately contribute less than 0.1 per cent of the fund’s capital to invest in smart electric vehicle technologies.
JD Digits, the e-commerce giant’s big data arm, is building up a smart city operating system that uses artificial intelligence. Alibaba, Tencent and Baidu all have their own plans for Xiongan, a smart city project personally backed by Chinese President Xi Jinping.