1. Morgan Stanley predicts sharp slowdown in China next year. An extended zero-Covid policy and a likely recession in developed markets might drag China’s 2023 growth by more than 300bps. (Livemint)
2. City’s financial industry grows at a faster pace. The Shanghai Financial Prosperity Index grew by 12.9% yoy, to hit 5,560.27 points, a faster pace compared with the 5.6% growth in 2020. (Shine)
3. China’s services activity fell for the first time since May. The Caixin services PMI fell to 49.3 from 55 in August as zero-Covid disrupted supply and demand and restricted national travel. (Reuters)
4. Meituan mulling first global push as China growth slows. The company will first attempt to break into the Hong Kong food delivery market. Plans are still at a preliminary stage and could change. (Bloomberg)
5. ByteDance losses tripled to more than $7 billion in 2021. ByteDance’s operating losses tripled to $7.15 billion in 2021, while revenues rose 80% to $61.7 billion. (Technode)
6. Picking up trash is suddenly cool among young Chinese. Stooping is the practice of collecting trash off city sidewalks. In the face of an economic slump, young Chinese citizens are embracing anti-consumerism views. (The China Project)
7. Shein sheds up to one-third of its value in stake sales. Shein has shed up to one-third of its value in private markets in recent months after reaching a valuation of more than $100bn earlier this year. (Financial Times)
8. ‘Crocodile crawling’ is popular among China’s elderly. A form of crawling exercise by a fast-growing band of followers dubbed the ‘Crocodile Group’ from eastern China has taken mainland social media by storm. (South China Morning Post)
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