Sep 27, 2024 11:44 PM
CHINA
Briefing: Alibaba’s Taobao Starts Accepting Rival Tencent’s WeChat Pay
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A run-down of key developments in China over the past 24 hours:
Online payments: Shoppers on Alibaba’s online marketplace Taobao can finally pay for their purchases with WeChat Pay, the digital payment service of its Chinese tech rival Tencent Holdings Ltd. On Friday, Taobao began offering WeChat Pay as one of its payment options, fulfilling a plan it announced earlier this month. In the past, Taobao shoppers had to use Alipay, the digital payment service created by an Alibaba Group Holding Ltd. affiliate.
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- Taobao has started accepting WeChat Pay, in addition to Alipay, for online purchases.
- China's central bank cut its main policy rate and financial institutions' reserve requirement ratio to bolster the economy.
- Shenzhen's Grade A office space vacancy rate rose to nearly 30%, highlighting economic recovery challenges.
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Who’s Who
- Alibaba Group Holding Ltd.
- Alibaba Group Holding Ltd. is a Chinese tech company that operates the online marketplace Taobao. Recently, Taobao has begun offering WeChat Pay as a payment option, in addition to its own digital payment service, Alipay. This move fulfills a plan announced earlier this month.
- Tencent Holdings Ltd.
- Tencent Holdings Ltd. is the tech company behind WeChat Pay, a digital payment service. As of Friday, shoppers on Alibaba’s Taobao can now use WeChat Pay for purchases, in addition to Alibaba's Alipay.
- Savills Plc.
- Savills Plc. is a property specialist firm that reported nearly 30% of Shenzhen’s highest-grade office space was vacant as of Sept. 24. The vacancy rate for Grade A office buildings increased 1.6 percentage points compared to the same period in 2023, due to ongoing new supply hitting the market.
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What Happened When
- As of September 24, 2024：
- Nearly 30% of Shenzhen’s highest-grade office space was empty.
- Thursday, September 26, 2024：
- Nasdaq Golden Dragon China Index rose nearly 11% following news of an economy-focused Politburo meeting.
- Friday, September 27, 2024：
- Taobao began offering WeChat Pay as one of its payment options.
- Friday, September 27, 2024：
- Shanghai Stock Exchange experienced an unexplained transaction delay.
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