So, what’s up in China? 🇨🇳 Issue 151, covering 18 – 24 Oct

1. China’s 5G user base has surpassed 1 billion. China is installing 5G base stations faster in 2022 vs previous years. 5G applications in industrial, educational and other sectors are also supported to boost the digital economy. (Shine)

2. China’s youth have worsening perceptions of the West? 50.3% said it’s due to the West’s “arrogance and double standards” against China, and 43.3% said it’s due to some Western countries’ ideological conflict with China. (Global Times)

3. China’s GDP grew 3.9% yoy in Q3. The figure slightly beat the median Bloomberg prediction of 3.3%. The data were postponed by nearly a week as China held its 20th party congress. (Bloomberg)

4.  China’s currency reached its lowest level versus the U.S. dollar since 2008. State banks sold dollars in the onshore foreign exchange market to prevent the spot price from weakening past the 7.25 RMB per dollar level. (Reuters)

5. Douyin rolls out virtual social-networking space ‘Xiaowo’ (小窝). Users can freely customise their avatar’s look, socialise through it, and accept virtual guests. (Dao insights)

6.  Hainan to open 2 new offshore duty-free shops. The sales of Hainan’s offshore duty-free shops exceeded 60 billion yuan ($8.3 billion) in 2021, about half of the visitors entered duty-free shops, and 1/6th of the visitors shopped. (Ehainan)

7.  Temu, the American subsidiary of China-based Pinduoduo ranks third in AppStore downloads after a month. Temu now has 370 ratings and 3.8 stars, only behind Amazon Shopping and Shein. (Jing Dairy)

8. Fun fact: Security guard the new sought-after career for Chinese youth? Some young Chinese netizens share their lives as security guards using the hashtag, ‘Security Guard Diary’ (#保安日记#). On Douyin, the hashtag has 3.6 billion views, and on Xiaohongshu, 19 million. (Radii)

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