- China’s central bank digital currency, the digital yuan, has been used in transactions worth nearly $10 billion, according to an official with the Chinese central bank, the People’s Bank of China.
- The digital yuan has been used in transactions totaling about 62 billion yuan, Reuters reported.
- Also, the government’s digital wallet has been downloaded by about 140 million people.
- China dropped a bombshell on the country’s young gamers.
- For one, the new rule was instituted by the National Press and Publication Administration, the regulatory body that approves gaming titles in China and that in 2019 froze the approval process for nine months, which led to plunges in gaming stocks like Tencent.
- While China curtails the power of its tech behemoths, it has also pressured them to take on more social responsibilities, which include respecting the worker’s rights in the gig economy.
- China’s President Xi Jinping on Thursday said the country would set up a stock exchange in its capital, Beijing, to serve small and medium-sized enterprises.
- Reuters reported in March that China was considering establishing a bourse to attract overseas-listed companies and bolster the global status of its onshore share markets, citing sources with knowledge of the matter.
- China’s securities regulator said setting up a Beijing stock exchange would help deepen financial supply-side structural reforms and improve capital market systems.
The Confederation of All India Traders (CAIT) has said the Diwali sales in major markets across the festive season has jumped to as high as Rs. 72,000 crores and this has happened despite there being a total ban on all Chinese products.
It is expected that the Chinese traders have suffered losses up to Rs. 40,000 crores. CAIT had earlier issued a call to boycott all Chinese products following the skirmishes seen between these two neighbors.
Chinese ecommerce platforms have so far been shipping goods to Indian consumers by marking them as ‘gifts’, to exempt them from customs duty under the current rules which applies to gifts valued under Rs. 5,000.
This is all set to change as the government is planning to introduce taxes and customs duties which may total to as much as 50% of the value of the consignments. A mix of integrated goods and services tax and customs duty will be applied to buyers at payment stage is what is being reported in some sections of the media.
The customs department has been looking to crackdown on this practice of marking low value shipments as ‘gifts’ and it appears that this time they mean business. Many Indian ecommerce players such as Shein depend upon Chinese suppliers and this may affect their business model drastically.
OTT or Over The Top media is the term used to describe the delivery of tv and film content over the internet.
Screens have been disrupting each other, as they get smaller. The TV disrupted the cinema screen and now the TV screecreasingly disrupted by the mobile screen. With the roll-out of 4G services in India, we have seen the explosion in mobile content consumption. Bigger disruption is happening closer to us, with the launch of 5G services.
In China, the growth rate of OTT content is soon going to be double to that of traditional television.
According to PwC’s forecast, China’s OTT sector will see a 16.3% growth in revenue from 2017 to 2022, almost twice the growth rate of traditional television and home video.
OTT will take share from TV and home viewing over the next five years, as an added 148 million households will install high-speed internet access. 381 million more will have high-speed mobile internet connections through 2022, along with the rollout of 5G.
The popular genres are period dramas, romance and stories of court rivalries. It is almost the same of what is generally viewed on television.
Though the number of web series released have gone down in China by 22% in first half of 2018, the total views have gone up by 56% compared to 2017.
People are preferring high quality content and not falling bait to each and everything.
Eric Schmidt predicts that within the next decade there will be two distinct Internets: one led by the U.S. and the other by China.
“I think the most likely scenario now is not a splintering, but rather a bifurcation into a Chinese-led internet and a non-Chinese internet led by America.
If you look at China, and I was just there, the scale of the companies that are being built, the services being built, the wealth that is being created is phenomenal. Chinese Internet is a greater percentage of the GDP of China, which is a big number, than the same percentage of the US, which is also a big number.
If you think of China as like ‘Oh yeah, they’re good with the Internet,’ you’re missing the point. Globalization means that they get to play too. I think you’re going to see fantastic leadership in products and services from China. There’s a real danger that along with those products and services comes a different leadership regime from government, with censorship, controls, etc.”