China’s Joyo Amazon, owned by online giant Amazon.com (AMZN.NASDAQ), said it will increase spending on promotions by an extra US$15 million and introduce price cuts as competition in the industry increases, state media reported. Amazon.cn said it will cut book prices by 20% after similar moves by Dangdang (DANG.NYSE) and 360buy.com. Dangdang, China’s biggest online bookstore, said it will spend US$6 million on promotions as well as start pushing consumer electronics on its site. The company recently raised US$272 million in its initial public offering in the US and said it will spend US$6 million on yearend promotions. Online retailer 360buy.com said it would double this amount to US$12 million.
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