So, what’s up in China? 🇨🇳 Issue 143, covering 23 – 29 Aug.

1. China’s high-tech zones account for 13% of GDP. China’s 169 high tech parks generated nearly US$198 billion of GDP in 2020 – a YoY increase of about 11.5%. (Shine)

2. Offline stores are back in the game in China. The retail sales of 67 of 96 brick-and-mortar retail companies achieved positive growth of 13.6% year-on-year in 2021, compared with -8.8% in 2020. (SupChina)

3.  China’s public cloud market to triple by 2025. Analysts at McKinsey expect China’s public cloud market to triple in size in the next few years, from US$32 billion in 2021 to US$90 billion by 2025. (South China Morning Post)

4.  China’s industrial profits fell 1.1% in the first 7 months. The fall in profits reversed the 1-percent gain from the first six months. (CGTN)

5. Digital economy expands new space for international cooperation. China’s digital economy grew at an average rate of 15.9% from 2012 to 2021. During the period, the share of the digital economy in its GDP expanded from 20.9% to 39.8%. (China Daily)

6. China’s leading display maker BOE unveils first immersive esports experience cabin. Esports in China has a market value of 167.3 billion RMB ($24.38 billion) as of 2021. It has also driven the demand for display technology to enable a better gaming experience for the savvy generations of players. (Dao insights)

7. Chinese ministry vows measures to tackle record youth unemployment. More targeted support measures are expected to be launched to tackle youth unemployment, after it hit a record in July and pressure lingers as more college graduates enter the job market. (Global Times)

8. New Oriental launches a stand-alone shopping app. The brand’s shopping livestreams have seen great success on Douyin since June. (Technode)

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