1. China saw over 73 million domestic tourist visits during the Mid-Autumn Festival holiday. With domestic tourism generating revenue of 28.68 billion yuan ($4.14 billion). 2021’s Mid-Autumn Festival period reached 88.2 million travellers with 37.1 billion yuan ($5.7 billion) in revenue. This showed a decrease of 18.9% and 32.7% respectively. (Shine)
2. China’s retail activity flatlined in August with e-commerce demand especially weak. In fact, over the last 18 months, Alibaba has seen a -65% total return, Pinduoduo -74% and JD -34%, as of August 2022. (Bloomberg)
3 . China vows to regulate digital collectibles copyright infringement. The campaign targets offences involving digital collectibles based on art, cartoons, music and others. Many Chinese companies have already scaled back their NFT operations. (South China Morning Post)
4. China has promised further aid to a subset of the country’s “little giants” tech firms. China’s regulator said it has nurtured over 9,000 “little giants” firms. The figure is anticipated to climb to 10,000 by 2025. (Technode)
5. China’s convenience stores have high growth potential. The number of convenience stores across the country exceeded 250,000 last year, with their total sales amounting to 349.2 billion yuan ($50.53 billion). (China.org.cn)
6. China explores personalising and digitising carbon emissions. Since 2022, cities like Beijing and banks have produced phone app-based carbon computation and reduction solutions in exchange for cash coupons. (CGTN)
7. Premier Li Keqiang emphasised stabilising economic growth, employment, and pricing. The State Council dispatched working groups to 16 provincial-level regions to supervise and assist with policy implementation. (Xinhua.net)
8. Auto market expects to rev up sales going ahead. China’s automobile market produced 2.4 million units and sold 2.38 million in August, rising 38.3% and 32.1% on a yearly basis. (China Daily)
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