1. China kicked off a formal campaign to rein in the potential abuse of algorithms by internet giants from ByteDance to Tencent, taking aim at the way social media platforms serve up ads and content to hook users. (Bloomberg)
2. Alibaba’s Eleme, Hema and Cainiao send 3,000 frontline workers to aid in the Shanghai lockdown. They have actively organized qualified local frontline workers and mobilized staff to ensure Shanghai’s supply and distribution of goods. (Pandaily)
3. Digital yuan coming soon? China moves closer to rolling out its digital yuan with the latest push by WeChat. The app has broadened regions for trialling its app payments with digital currency to include another 11 Chinese cities. (Dao insights)
4. China will continue supporting small and micro businesses. In the latest announcement, it pledged to continuously improve financial service supplies for micro and small businesses this year, steadily increase bank credit, optimize credit structure and promote a reduction of comprehensive financing costs. (China Daily)
5. Tencent is shutting down its video game streaming platform Penguin Esports, citing a change in business strategy — months after Beijing shut down a $6 billion merger that would have made the Tencent a major player in the area. (CNBC)
6. Chipmakers in Shanghai are remaining operational to ensure normal outputs despite a temporary lockdown. To protect the local semiconductor supply chain from disruptions, the municipal government of Shanghai has allowed chip manufacturers to operate under a “closed-loop” system. (CGTN)
7. More Chinese companies dabbling in the metaverse. Shandong Television plans to build its own blockchain infrastructure to support its digital collectibles, while developing ‘a series of metaverse products’. (South China Morning Post)
8. More tech hires. Chinese internet companies have added 79,100 jobs in the last 9 months. This is despite reports of large-scale job cuts by some of the industry’s biggest players. (Caixin Global)
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