1. Online shopping bolstering recovery? JD said its transaction volume for 618 stood at 379.3 billion yuan ($56.5 billion) as of last week, an increase of 10.3% YoY from 343.8 billion yuan in 2021. (China Daily)
2. Shanghai ranked second in spending power among all 31 Chinese provinces, municipalities and autonomous regions during JD’s 618 festival so far this year. Guangdong is first. Meanwhile, JD has also reported its slowest growth this 618. (South China Morning Post)
3. China betting on infrastructure to revive the economy? China’s National Development and Reform Commission approved 10 fixed-asset investments worth 121 billion yuan ($18.1 billion) in May. (SupChina)
4. Digital walled gardens truly gone? Ads from online merchants on Tmall were seen on WeChat Moments. By clicking the ad, users are directed to a specific online store on Taobao. This marks a step forward in the interoperability relationship between the two Chinese tech giants. (Dao insights)
5. The rapid revival of Chinese education companies’ business is boosting investor appetite. New Oriental has almost doubled in the past 30 days, turning itself from one of the worst-performing US-listed Chinese stocks since the regulatory actions into the best this month. (Bloomberg)
6. More events going virtual? Shanghai Fashion Week will host its autumn-winter 2022 showcase online on Douyin from June 17 to 19. The announcement comes three months after organisers postponed the highly anticipated fashion event due to the Covid-19 outbreak and lockdown in Shanghai. (Radii)
7. China and India back in business? Tencent has purchased $246 million worth of shares in Flipkart from the Indian e-commerce giant’s co-founder Binny Bansal. (Technode)
8. China’s urbanites have gone into the wild for escapist adventures, giving rise to a booming luxury camping and outdoor sports industry. Chinese consumers are forecast to spend 20% more on camping equipment this year. (Financial Times)
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