1. Second-hand luxury goods’ price in China falls. More than a dozen popular brands of luxury watches and bags have lost between 20% and 50% of their value on the secondary market. (Financial Times)
2. China’s retail sales rose 2.7% YoY in July. The country’s retail sales of consumer goods totaled around 3.59 trillion yuan (about 532.6 billion U.S. dollars) in July. (XINHUANET)
3. China drafts national guidelines for commercial driverless robotaxis. A set of draft rules was published that will allow self-driving companies to offer rides and charge fees for fully autonomous vehicles. The move is part of the country’s ongoing efforts to become a global leader in AI. (Technode)
4. China’s value-added industrial output, an important economic indicator, went up 3.8% YoY in July. (CGTN)
5. Competition races ahead in China’s ride-hailing market. Didi, a ride-hailing company, is still struggling to restore its presence on the country’s app stores. The heated race has translated into hefty discounts for ride-hailing customers across the country. (South China Morning Post)
6. China continues to lead the global e-commerce market with over $2 trillion in sales in 2022. The market is expected to grow by 10.4% in 2022, reaching 14.5 trillion yuan ($2.3 trillion). (China TechNews)
7. Billboard, a music and entertainment magazine, is launching a Chinese edition. The news was met with enthusiasm by Chinese netizens, with a related hashtag going viral on Weibo with more than 320 million views. (Radii)
8. Domestic tourism in China has skyrocketed but is dealing with Covid restrictions. Urumqi and Ngari Prefecture – two of most popular tourism destinations in China – has escalated their Covid response levels by imposing “static management” in a bid to contain this wave of Covid resurgence. (Global Times)
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