So, what’s up in China? 🇨🇳 Issue 99, covering 11 – 18 October.

1. LinkedIn as we know it exits China. LinkedIn’s social media functionalities will be shut down later this year, and new job listing features will be added, making China service as a portal purely for recruitment. (Kr Asia)

2. Tencent, Baidu, Xiaomi, Alibaba Group, Ant Group, ByteDance, NetEase, Pinduoduo, Vipshop, Oppo, Vivo and Didi have all helped Shanxi, which has been devastated by heavy downpours and floods. Donations by tech companies have reached RMB 350 million (USD 54.2 million). 🌀 (Kr Asia)

3. Virtual Celebrity market in China is expected to expand further to 333.47 billion RMB ($51.71 billion) by 2023. (Dao Insights)

4. Huawei reported that the penetration rate of 5G users in China, South Korea, Kuwait and other countries has crossed the critical point of 20%. Once it exceeds the critical point of 20%, 5G will enter a stage of rapid growth. 🚀 (Pan Daily)

5. Tencent Bans 1463 WeChat Accounts, after China kicked off a two-month regulatory sprint on commercial platforms and social media accounts posting financial information. (Bloomberg)

6. ByteDance’s “Xindong Waimai” food delivery service mini program receives approval. (Pan Daily)

7. China faces cybersecurity talent shortage amid push to secure data and develop the digital economy. (SCMP)

8. China’s GDP slows, and banks change their forecasts as follows. 💰👇 (CNBC)

ANZ: Cut to 8.3%, from 8.8%
Morgan Stanley: Cut to 7.9%, from 8.2%
Bank of America: Cut to 8%, from 8.3%
Citi: Cut to 8.2%, from 8.7%
Deutsche Bank: Cut to 8.4%, from 8.9%
Goldman Sachs: Cut to 7.8%, from 8.2%
HSBC: Cut to 8.3%, from 8.5%
Nomura: Cut to 7.7%, from 8.2%
Standard Chartered: Cut to 8.2%, from 8.8%
JPMorgan: Cut to 8.3% from 8.7%
Credit Suisse: 8.2% no change
DBS: 8.8% no change
UBS: 8.2% no change

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