A deteriorating macroeconomic environment layered with Covid-19 outbreaks saw China’s smartphone market contract sharply in the first quarter of 2022, as consumers opted to hold onto their current models for longer, reports Caixin. In the three months through March, smartphone shipments plummeted 29.2% year-on-year to 68.1 million units, according to a report released on Monday […]
Category: Tech, Media & Telecom
China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing as the broader economy slows, three people familiar with the matter said, reports Reuters. The move by policymakers comes as the world’s second-biggest economy has slowed sharply—and […]
China’s top economic official met dozens of executives and industry experts on Tuesday, pledging “support” for technology companies amid a deepening economic slump, reports the Financial Times. Liu He, a vice-premier and Chinese leader Xi Jinping’s closest economic adviser, said China “must support the platform economy, and sustain the healthy development of the private economy.” […]
China has reemerged as the world’s second-largest miner of bitcoin, according to data released on Tuesday by the University of Cambridge, powered by what appears to be operators working without the permission of authorities, reports Nikkei Asia. China’s share had recently been reduced to zero due to a ban on mining operations, but the Cambridge […]
Ant Group Co. has completed the first sustainability-linked loan arrangement in China’s tech sector. The Chinese fintech company spun off from Alibaba Group Holding Ltd. has arranged a sustainability-linked revolving credit line with French bank BNP Paribas SA, according to a statement Monday. Sustainability-linked loans (SLLs) have interest rates that change depending on if corporations […]