So, what’s up in China? 🇨🇳 Issue 148, covering 27 Sep – 03 Oct

1. Chinese National Day has upped consumption. The Golden Week holiday spending boosted travel services, hospitality, catering, and movies, as consumption continues to recover. (Global Times)

2. China’s manufacturing is recovering. In September, China’s manufacturing PMI rose from 49.4 to 50.1. Economic stabilisation measures continue to take effect this month as heat waves subside, the manufacturing PMI has returned to expansion. (CGTN)

3. China’s yuan has hit fresh record lows. The internationally-traded yuan plummeted to its lowest level since 2011. The yuan has reached its weakest point since the 2008 financial crisis. (BBC News)

4.  China’s tech pivot hobbled by skills mismatch. “Hard Tech” businesses including EVs, biopharmaceuticals, and AI have seen 382% more job posts yoy. The gap between demand and talent explains some of China’s high unemployment rate and may cripple talent-strapped firms. (The Standard)

5. Shenzhen supporting the local e-sports industry. Shenzhen will offer financial support for esports projects worth up to 10 million yuan ($1.38 million) each. The measures aim to build a local esports industrial chain, set up esports facilities, and encourage content production. (Technode)

6. Ant Group to accelerate sustainable growth for the tech sector. Ant Group has gotten a green loan from Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA). This comes as the company ratchets up environmental, social and governance (ESG) projects. (South China Morning Post)

7.  Shanghai Fashion Week features Pepsi’s virtual clothing. Virtual outfits unveiled by Pepsi were innovated from the brand’s recycled bottles as part of its sustainability efforts. (South China Morning Post)

8. Ethiopian coffee garners popularity among Chinese consumers. ☕ Ethiopia exported 11,936 metric tons of coffee to China during the last Ethiopian fiscal year which ended on July 7, earning 65.31 million U.S. dollars, up by 84% yoy. (Coffee Talk)

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