CX Daily: TikTok’s Chinese Twin Is Taking On Alibaba and Meituan for E-Commerce Market Share
TOP STORIES
E-commerce?/
ByteDance Ltd.’s?Douyin?mobile app, the Chinese version of its enormously popular short-video platform TikTok,?is challenging rivals?Alibaba Group and Meituan Inc. for a slice of the e-commerce and local services business in China.
Having attracted hundreds of millions of users with its video sharing product, Beijing-based ByteDance is pushing to capitalize on that following. Since 2021, the company has pushed TikTok and Douyin to promote online shopping to monetize their user traffic.
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Work report?/
Premier Li Keqiang?called for?“effectively preventing and defusing major economic and financial risks” amid concerns among China’s top policymakers about?dangers lurking in the property sector, in smaller financial institutions and in local government debt.
In his final government work report Sunday to the?National People’s Congress?(NPC), the country’s top legislature, the outgoing premier highlighted?the need to deepen reforms in the financial system, improve financial regulation, and prevent regional and systemic financial risks.
Stocks?/
The stock exchanges of Shanghai, Shenzhen and Hong Kong?expanded their cross-border trading programs?by more than 1,000 stocks — almost 40% — and enabled eligible shares of international companies with primary listings in Hong Kong to be included in southbound trading.
As part of the expansion, 598 Shanghai stocks and 436 Shenzhen stocks will join the stock connect programs, bringing the total of A-shares available to international investors to 3,623.?Securities regulators in the Chinese mainland and in Hong Kong agreed in December to expand the scope of eligible shares in the stock connect programs.
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Singapore?/
Singapore?raised the bar?of its 19-year-old investment-for-permanent-residency program by four- to tenfold after the provision brought in billions of dollars and created thousands of jobs over the past decade.
Starting March 15, foreigners seeking permanent-resident status through Singapore’s Global Investor Program?will have to invest at least S$10 million ($7.43 million) in a new business entity or existing business operation in the country,?the Singapore Economic Development Board (EDB) said Thursday.
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Quick hit?/
NEVs?/
Vehicle data security, aviation biofuel and incentives for rural people to buy new-energy vehicles (NEVs)?are among the items on the agenda?at this year’s “Two Sessions” in Beijing?as proposals trickle out from China’s captains of industry about what the government should focus on in 2023.
Every year, tech industry heavyweights are among the delegates and representatives at the meetings of China’s top legislative and political advisory bodies who make proposals and lobby for their vision of the country’s development.
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5G?/
China?plans to build?around 600,000 5G base stations in 2023,?bringing the country’s total to more than 2.9 million by the end of the year,?Jin Zhuanglong, head of the Ministry of Industry and Information Technology (MIIT) said Sunday during the annual?“Two Sessions”?political meetings.
The additions will go toward expanding service coverage in rural areas and industrial parks, Jin said a press briefing. The country currently has more than 575 million 5G mobile phone users, he said.
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Quick hits?/
Long Read?/
Top legislators and delegates from across the country gather in Beijing again for the annual meetings known as the ‘Two Sessions.’ On Saturday, the opening of the 14th National Committee of the Chinese People’s Political Consultative Conference began. The following day, nearly 3,000 delegates from multiple fields, ranging from sports to entertainment, arrived at the Great Hall of the People in the capital for the 14th National People’s Congress. The Two Sessions will run through March 13
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2 年Thanks for the updates on, China ????.