Here are this week’s news and highlights for China:
China Moves to Expand, Upgrade Consumption: The Chinese Government has announced measures to boost and upgrade domestic consumption to drive China’s economy. In the first three quarters of 2014, consumption contributed 48.5% of GDP, up from 45.9% in 2013.
China Rich List: Jack Ma leads the Forbes rich list in China, more than doubling his wealth from last year to $19.5 billion. Second and third on the list are also tech billionaires, Robin Li from Baidu, and Ma Huateng from Tencent. Just eight women made the top-100.
Here’s What It’s Like To Go Supermarket Shopping in China: Observations from a trip to a Chinese supermarket by an American visiting China.
7 Key Differences Between Chinese and Western Consumers: 75% of online Chinese consumers post feedback on their purchases at least once a month, versus under 20% in the US.
Smartening Up Their Act: More than 100 million smartphones sold in China in the second quarter of this year – over a third of all phones in the world – and eight of the top-10 brands were Chinese. Now they are taking on the world.
For First Time Ever, Baidu Now Sees Most of Traffic Come From Mobile: Mobile contributed 36% of Baidu’s revenue in Q3, up from 30% three months ago.
China Considers Regulating Smartphone Apps: With ¥1 out of every ¥10 spent in China now being spent online, the Chinese Government is looking at ways to reign in privacy leaks and malware through apps.
Developed Asia Wearies of Tech: Koreans and Singaporeans are likely to believe that “too much technology can make you disconnect from people,” however most Chinese don’t agree according to a Y&R poll. Young Chinese are also much more likely to relate to “I love sharing my life via social media.”
Amazon Will Offer Global Shopping and Ultra-Fast Delivery in China Starting This Singles Day: Amazon is hoping to get its piece of next week’s Single’s Day by offering delivery within 3-days to Chinese consumers who purchase from Amazon’s US, German, Spanish, French, and Italian stores.
How Do You Say Sangiovese In Chinese? The Language Of Wine, Translated: It is much more effective describing wine in a way that is meaningful to Chinese consumers – geographically, linguistically, and culturally – such as using taste descriptors that Chinese can relate to.
Growing Seafood Appetite an Opportunity: Chinese average consumption of seafood is picked to reach 37.7kg this year, 57% more than in 2000. The global average is just under 20kg.
China Eases Monopoly on Handling of Credit-Card Payments: Domestic and foreign firms such as Visa and MasterCard can now apply to settle payments between banks and vendors in China, without requiring branding with UnionPay.
Meet Yang Li, a Designer Putting China on Fashion’s Biggest Stage: China is shaking off negative connotations that “Made in China” is poor quality; even brands such as Prada, Michael Kors and Coach have set up production in the Mainland. We’re likely to see more world-class designs come out of China with initiatives such as the Council of Fashion Designers of America establishing an exchange program that has sent New York-based designers to China and brought Chinese designers to New York.
Design Passion Grows Alongside China’s Auto Industry: Although Chinese consumers are yet to warm to local auto brands, some of their designs are being internationally recognised, such as Chery TX’s Shanghai-designed concept SUV, named Concept Car of the Year for 2012 by the UK-based Car Design News.
Chinese Brands to Storm Luxury Market: Just 9% of Chinese consumers only buy Western luxury brands. 51% bought Western brands first, but also considered Chinese brands. Authenticity is the most defining element of a luxury brand according to 61% of luxury consumers, customer service 58%, craftsmanship 56%, quality 53%, sophistication 53%, great design 52% and heritage 48%.
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