Asia-Business

News from China

Families with kids drive cross-border online sales

11th January 2017

YOUNG, well-educated, high-income Chinese consumers, especially families with kids, are now a major driving force for the development of China’s cross-border online shopping, Amazon said in a report yesterday.

Chinese consumers are set to spend US$86 billion on overseas products through cross-border e-commerce this year, up 48 percent, said Beijing-based Analysys International.

Family groups have become the main drivers in cross-border shopping, and families with kids account for 84 percent of the total group, said Amazon, whose cross-border sales doubled during the Black Friday season from a year ago.

The company launched Prime service in China at the start of November, ahead of China’s annual Singles Day shopping spree around November 11.

Source: Shanghai Daily, January 11, 2016

Chinese 2015 GDP revised up to US$9.9t

10th January 2017

THE National Bureau of Statistics yesterday revised the size of China’s economy in 2015 to 68.91 trillion yuan (US$9.9 trillion), up 354.6 billion yuan from its preliminary figure.

Economic growth for 2015 stayed at 6.9 percent, according to a bureau’s statement on its website.

The value of the primary industry was revised down to 6.09 trillion yuan in 2015, with the growth rate remaining at 3.9 percent.

The value of the secondary industry was revised up to 28.2 trillion yuan, a rise of 148 billion yuan on the preliminary figure, with annual growth revised up to 6.2 percent from 6.1 percent.

The value of the tertiary sector was revised up to 34.62 trillion yuan, with growth reaching 8.2 percent.

Source: Shanghai Daily, January 10, 2017

Digital economy big job creator

9th January 2017

CHINA’S digital economy is predicted to create over 400 million jobs by 2035, a new report has said.

The Internet-based economy could be worth US$16 trillion by then, said a Boston Consulting Group report, released at a new economy summit sponsored by Alibaba Group on Saturday.

Alibaba, China’s biggest online trader, may generate over 100 million of those jobs, according to the report, with 30 million created last year.

As jobs are created, digital technology like cloud computing and artificial intelligence will increasingly replace more manpower, the report said.

Meanwhile, 20 percent of the world’s population will become self-employed or freelance via the Internet in the next decade, Alibaba Vice President Gao Hongbing said at the summit.

The digital economy will surpass the manufacturing sector in scale and account for a quarter of the world’s economy, Gao said.

Source: Shanghai Daily, January 9, 2017

Energy use set to rise slightly

29th December 2016

CHINA’S energy consumption is expected to reach 4.36 billion tons of coal equivalent in 2016, up 1.4 percent year on year.

Non-fossil fuel consumption accounts for 13.3 percent of the total amount, up 1.3 percentage points year on year, as China encourages users to switch from coal and oil to cleaner fuels, said Nur Bekri, director of the National Energy Administration.

China aims to raise the ratio of non-fossil fuel consumption to 14.3 percent in 2017, while cutting the ratio of coal to 60 percent, he added.

He also called for efforts to promote clean energy and emission cuts, optimize China’s energy structure and boost global energy cooperation.

Source: Shanghai Daily, December 29, 2016

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