So, What’s Up in China? 🇨🇳 Issue 159, Covering 13 Dec – 19 Dec

1. People panic-buying lemons in China for Covid? This came after a doctor mentioned lemons in a press conference in Shanghai. Several Chinese e-commerce companies are out of lemons, and offline fruit retailers are hiking prices. (The China Project)

2. AI art banned in China? From January 10 next year, all AI-generated material will be restricted in China. All such platforms will also need official registration. This comes after a popularity boom in AI artwork in the country. (Radii)

3. China on track for rapid post-Covid economic recovery in H1 2023, some say. While China is set to miss this year’s 5.5% GDP growth target set in March, the market expects economic growth to be around 5% for 2023. (SCMP)

4. Chinese mental health apps attract investment as Covid spreads. According to VBDATA, 24 investments have been made since 2021 in the field of mental health with an accumulated amount exceeding 1.5 billion yuan ($215 million). (PanDaily)

5. China pledged support for internet-enabled services and sharing economy. China’s National Development and Reform Commission introduced a 13-year plan aimed at expanding domestic demand. The development of live e-commerce services are also being pushed forward. (TechNode)

6. Consumption = top priority for China’s economic development. Consumer prices in China remained stable throughout 2022. Consumer Price Index rose by around 2%. China will “continue to follow a proactive fiscal strategy and prudent monetary policy to ensure economic stability in the coming year”, officials say. (CGTN)

7. Tech giants bank on VR for metaverse opportunities. IDC said the IT-related expenditure in China’s AR and VR market reached about $2.13 billion in 2021 and will increase to $13.08 billion in 2026, making it the second-largest market in the world. (China Daily)

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