1. Dior under fire in China again? This time for their “hallmark” skirt that resembles attire from the Ming and Qing dynasties. (Global Times)
2. China has been attempting to control the country’s online credit and consumer loan sector in recent years. However, among the younger generation, the practice of “purchase now, pay later” is still commonplace.
(South China Morning Post)
3. ByteDance debuts its first metaverse-like social app Party Island. Users can meet and even attend events like concerts and movies, all through their avatars. Its appeal is that it provides access to large media sources within the ByteDance empire, such as live sessions, movies and dramas owned by Douyin and Xigua Video. (Dao insights)
4. Alibaba’s stock tumbled 6% on a report that company executives had been questioned in relation to the country’s largest known cybersecurity breach. The Hang Seng Tech Index slumped 3.2%, taking its weekly drop to 7.7% which was the largest decline for the period in over 2 months. (Bloomberg)
5. China’s economy expanded 0.4% YoY from April to June, below the 1.2% forecast by economists, and down from the 4.8% recorded in Q1. The weak second-quarter growth might make it hard for the economy to achieve Beijing’s target of 5.5% annual growth for 2022, itself a three-decade low. (Financial Times)
6. Shanghai residents can now use the e-CNY to ride the metro. The first 10,000 e-CNY users will receive daily discounts in order to promote the payment method. For a 4-yuan metro ticket, they simply have to pay a penny, or they can get a 4-yuan deduction. (Shine)
7. ByteDance is actively searching for chip development engineers. The corporation is trying to fill positions in semiconductor-related sectors such system on chip (SoC) and core design, model performance analysis, and chip security. (Technode)
8. Ice cream that doesn’t melt. Chicecream, a Chinese luxury ice cream brand, got into controversy as videos of its popsicle not melting after an hour and under a fire went viral. Many netizens claimed the popsicle was overloaded with additives, which is opposite of the company’s claim of natural ingredients. The company reaffirmed that its products were in line with national food safety regulations. (CGTN)
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