1.China’s consumer spending sees sharp rebounding. Retail sales are expected to grow 3.6% in H2 in the country. (Global Times)
2. Chinese companies on the Fortune Global 500 list have contributed more revenue than US companies for the first time. The listed Chinese companies span a diverse set of industries, including energy, metals, technology, banking, and insurance. (Technode)
3. China’s accelerating digital economy. The Yangtze River Delta region is developing its digital economy with pilot schemes. The administrative committee of the demonstration zone released 20 measures, such as improving digitalization of public services and enhancing institutional support. (Shine)
4. Offline clothing sales in China drying up? Chinese merchants are protesting high rents and grappling with new trends, such as live-streaming e-commerce, but worry about competing with wholesale clients. Online channels have also been waning amid weakening consumer demand. (South China Morning Post)
5. Ugly is the new hot thing in China. This year’s Qixi festival showcased a variety of odd knickknacks as the “ugly cute” subculture took the Chinese internet by storm. These eccentric presents, which range from goofy face masks to green fish head masks, have an oddly endearing allure that appeals to Gen Z consumers. (Dao insights)
6. Ant Group, operator of popular Chinese online payment service Alipay, contributed less to Alibaba’s net profit in the June quarter than a year earlier, as regulatory pressure and economic headwinds hurt earnings. (Yahoo Finance)
7. China’s foreign trade went up sharply in July. China’s exports in July surged almost 24% YoY to 2.25 trillion yuan ($330 billion) from a year earlier, while imports rose 7.4% to 1.56 trillion yuan. (China Daily)
8. The Anhui province has ordered universities to stop enrolling students for underperforming degrees. The plan aims to better support local talents in crucial industries, as the province seeks to become a domestic tech powerhouse. (Sixth Tone)
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