CX Daily: China’s Faltering Recovery Is Good for Business — at Least if You’re Pinduoduo
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Pinduoduo?/
A struggling economy isn’t usually good for business, but there’s one Chinese company that?can chalk up?at least some of its recent success to China’s stalling recovery.
PDD Holdings Inc.,?the company behind online discounter?Pinduoduo,?reported that its revenue leapt 58% year-on-year to 37.6 billion yuan ($5.3 billion) in the first quarter, according to its?latest earnings, due in a part to its role as a major reseller of goods that struggling merchants need to offload, as well as a controversial refund policy that its customers love.
Palestine-Israel?/
President Xi Jinping?introduced?a three-point resolution proposal to address the Palestinian-Israeli conflict during a meeting with his Palestinian counterpart in Beijing Wednesday.
Xi proposed the establishment of an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital, and?called for the international community to increase humanitarian efforts to Palestine while also respecting the existing status quo of Jerusalem,?according to a statement from the Ministry of Foreign Affairs.
Jobless?/
China’s youth unemployment rate?hit a record high?in May as economic recovery lost steam, further pressuring policymakers trying to help create jobs for the millions of college graduates entering the labor market this summer.
The surveyed jobless rate among Chinese urbanites ages 16 to 24?reached 20.8% last month,?up from what was already?a record 20.4%?in April, according to data released by the National Bureau of Statistics (NBS) Thursday. May’s youth rate was also four times the national surveyed jobless rate among urban workers, which stayed flat at 5.2%.
Visits?/
Premier Li Qiang?will visit?Germany and France from June 18 to 23, China’s foreign ministry announced Thursday,?marking his first trip abroad since his appointment in March.
Li’s visit comes at the invitation of German Chancellor Olaf Scholz and the French government, ministry spokesperson Wang Wenbin said in a statement.
Insights?/
The world?should prepare for?“massive global turbulence” in the next decade, warned Singapore’s former U.N. ambassador,?noting at least three deep structural conflicts in the global order erupting at the same time.
Kishore Mahbubani, also the founding dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, made the remarks Tuesday at the closing gala of Caixin’s?Asia New Vision Forum.
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Quick hits?/
Cyberbullying?/
China?is taking tougher action on?cyberbullying after a string of high-profile deaths linked to victims of online attacks spurred calls for tougher measures to safeguard the country’s cyberspace, the world’s largest online community.
One case that brought wide attention to the issue was that of a Chinese mother from Wuhan who committed suicide following the death of her child. In a widely circulated video that showed her grieving for her son who died after being crushed by a car at his school,?the woman was picked on by netizens for her clothing and makeup. She eventually jumped from her residential building June 2.
Property?/
Regulators have been?accelerating approvals?for real estate developers’ private share sales, signaling a doubling-down on support to help the companies alleviate liquidity strains.
Since late May, at least six property companies disclosed that their private share placements were cleared by regulators. The planned offerings by the six developers,?including Poly Real Estate Group Co. Ltd., CCCG Real Estate Co. Ltd.?and?China Merchants Property Development Co. Ltd.,?could raise more than 40 billion yuan ($5.59 billion) altogether,?according to a research note by Sinolink Securities.
REIT?/
Southeastern China’s megacity Guangzhou?plans to sell equity in its valuable, heavily traveled subway Line 3 to help pay the multibillion-dollar tab for the 11 other subway lines it is building.?The line is known as “hell Line 3” among local residents because of its heavy rush hour traffic.
The city of 15 million people, part of China’s massive Greater Bay Area project which also includes Hong Kong and Macao,?aims to raise an undisclosed amount by bundling Line 3 into a real estate investment trust (REIT).?Such entities raise funds by selling shares in revenue-generating real estate projects and infrastructure assets to the public.
Quick hit?/
Long Read?/
The Chinese contemporary artist died on Tuesday from an unspecified illness, the Central Academy of Fine Arts announced in an obituary the following day. Born in 1924 in Fenghuang county, Central China’s Hunan province, Huang began honing his talent at a young age. He gained worldwide recognition for his woodblock prints, ink paintings and works of literature, which have been exhibited around the world in countries such as Germany and Australia
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