CX Daily: TikTok’s Chinese Twin Is Taking On Alibaba and Meituan for E-Commerce Market Share

E-commerce /

Cover Story: TikTok’s Chinese twin is taking on Alibaba and Meituan for e-commerce market share

ByteDance Ltd.’s Douyin mobile app, the Chinese version of its enormously popular short-video platform TikTok, is challenging rivals Alibaba Group and Meituan Inc. for a slice of the e-commerce and local services business in China.

Having attracted hundreds of millions of users with its video sharing product, Beijing-based ByteDance is pushing to capitalize on that following. Since 2021, the company has pushed TikTok and Douyin to promote online shopping to monetize their user traffic.

Work report /

Premier Li highlights financial, real estate risks in final report to China’s top legislature

Premier Li Keqiang called for “effectively preventing and defusing major economic and financial risks” amid concerns among China’s top policymakers about dangers lurking in the property sector, in smaller financial institutions and in local government debt.

In his final government work report Sunday to the National People’s Congress (NPC), the country’s top legislature, the outgoing premier highlighted the need to deepen reforms in the financial system, improve financial regulation, and prevent regional and systemic financial risks.

China sets 2023 GDP growth target at around 5%

Editorial: To boost confidence, actions speak louder than words

FINANCE & ECONOMY

The number of A-shares available to international investors through the Hong Kong-Shanghai-Shenzhen stock connect programs will rise to 3,623 after an expansion.

Stocks /

China adds more than 1,000 stocks to Hong Kong-Shanghai-Shenzhen trading

The stock exchanges of Shanghai, Shenzhen and Hong Kong expanded their cross-border trading programs by more than 1,000 stocks — almost 40% — and enabled eligible shares of international companies with primary listings in Hong Kong to be included in southbound trading.

As part of the expansion, 598 Shanghai stocks and 436 Shenzhen stocks will join the stock connect programs, bringing the total of A-shares available to international investors to 3,623. Securities regulators in the Chinese mainland and in Hong Kong agreed in December to expand the scope of eligible shares in the stock connect programs.

Singapore /

Singapore jacks up the price of permanent residency

Singapore raised the bar of its 19-year-old investment-for-permanent-residency program by four- to tenfold after the provision brought in billions of dollars and created thousands of jobs over the past decade.

Starting March 15, foreigners seeking permanent-resident status through Singapore’s Global Investor Program will have to invest at least S$10 million ($7.43 million) in a new business entity or existing business operation in the country, the Singapore Economic Development Board (EDB) said Thursday.

Quick hit /

PBOC to keep yuan steady against the dollar, Yi Gang says

BUSINESS & TECH

Several new-energy vehicles charge up in Southwest China’s Chongqing municipality in July 2022. Photo: VCG

NEVs /

Business leaders push tech agenda at China’s ‘Two Sessions’

Vehicle data security, aviation biofuel and incentives for rural people to buy new-energy vehicles (NEVs) are among the items on the agenda at this year’s “Two Sessions” in Beijing as proposals trickle out from China’s captains of industry about what the government should focus on in 2023.

Every year, tech industry heavyweights are among the delegates and representatives at the meetings of China’s top legislative and political advisory bodies who make proposals and lobby for their vision of the country’s development.

5G /

China to build 600,000 5G base stations in 2023

China plans to build around 600,000 5G base stations in 2023, bringing the country’s total to more than 2.9 million by the end of the year, Jin Zhuanglong, head of the Ministry of Industry and Information Technology (MIIT) said Sunday during the annual “Two Sessions” political meetings.

The additions will go toward expanding service coverage in rural areas and industrial parks, Jin said a press briefing. The country currently has more than 575 million 5G mobile phone users, he said.

Quick hits /

Boeing scores 737 Max order from HK’s Greater Bay Airlines

China rooftops could host enough solar capacity to nearly match global total

Long Read /

How a lack of conviction in values leaves ambitious movies feeling hollow

GALLERY

China’s ‘Two Sessions’ kick off

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