According to Tencent’s quarterly results, the number of monthly active users (MAU) of WeChat grew slightly to 1,313 million in the fourth quarter of 2022. Smart device MAU of QQ was 572.1 million.
Pinduoduo Reports Strong Q4 Revenue Growth Driven by Online Marketing and Transaction Services
Pinduoduo, a leading Chinese e-commerce platform, reported a 46% increase in total revenues for Q4 2022, reaching RMB39,820.0 million (US$5,773.4 million). The company attributed the boost to a rise in revenues from online marketing and transaction services, which increased by 38% and 86%, respectively, compared to the same quarter in 2021. However, revenues from merchandise […]
China Ships Over 1 Million XR Headsets in 2022 with Pico Leading the Pack
The shipment of Augmented Reality (AR) and Virtual Reality (VR) devices, or Extended Reality (XR), devices in China surpassed 1.1 million units in 2022. According to Counterpoint Research, VR remains the leading segment within XR, accounting for more than 95% of total sales in 2022. The Chinese market has significant untapped potential but is expanding […]
China’s EV Market Booms, with BYD Leading Outperformance
China’s passenger electric vehicle (EV) market continues to grow at an impressive rate, with EV sales rising by 87% YoY in 2022, according to the latest research from Counterpoint.
China internet user snapshot 2023
As of December 2022, the number of Internet users in China reached 1.067 billion, an increase of 35.49 million over December 2021, and the Internet penetration rate reached 75.6%, according to China Internet Network Information Center (CNNIC).
China smart wristwear device sales down 13% in 2022
In 2022, the sales volume of China’s smart wristwear device market was 44.55 million units, down 13.0% year on year, according to data from IDC. Affected by weak demand and limited product iteration, the sales of wristwear market are facing challenges. Adult smartwatch market In 2022, the market sales of adult smartwatches reached 17.18 million, […]
China’s CBDC Digital RMB App Launches Express Payment Function on WeChat Pay
The Digital RMB app, which is China’s CBDC, has recently launched an express payment feature on WeChat Pay. The app is currently in a pilot phase and enables users to pay using their digital currency wallet, including the Alipay digital currency wallet. Users need to register with the same phone number associated with their WeChat […]
Beijing Releases New Guidelines for Advertising and Financial Investment Compliance
Recently, the Beijing Municipal Bureau of Market Supervision has issued the Beijing Advertising Release Behavior Compliance Guidelines and the Beijing Financial Investment and Wealth Management Advertising Release Compliance Guidelines. The spokesperson in advertising is prohibited from promoting goods or services who never used the products themselves. Internet pop-up ads must allow users to close them […]
China discount etailer Vipshop’s active customers fell in Q4 2022
Vipshop Holdings Limited has released unaudited financial results for the quarter and year ended December 31, 2022.
China’s mobile payment market overview 2023: Alipay vs. WeChat Pay
QR code payment is still the most commonly used payment method for mobile payment users in China according to China Payment & Clearing Association’s research. “Which payment do you use more in daily life?” According to recent research conducted by the China Payment & Clearing Association, QR code payment remains the most frequently used payment […]
Beijing, Shanghai the highest per capita disposable income in 2022
In 2022, the per capita disposable income of Shanghai and Beijing residents exceeded 70,000 yuan, far ahead of other provinces in China.
China smartphone shipment down 12.6% in Q4 2022
Chinese smartphone market shipped approximately 72.92 million units in the fourth quarter of 2022, down 12.6 percent year-over-year, according to data from IDC. The full-year 2022 Chinese smartphone market shipped approximately 286 million units, down 13.2 percent year-over-year, the largest decline on record.
Chinese New Year Holiday Sees Surge in Domestic Tourism with 375 Billion Yuan Revenue
308 million domestic tourism trips were made during the Chinese New Year (CNY) holiday this year, up 23.1% year on year, and recovered to 88.6% in the same period of 2019, according to the Ministry of Culture and Tourism.
China’s automobile exports surpassed Germany in 2022
China’s export of automobiles exceeded 3 million, reaching 3.111 million in 2022, an increase of 54.4% year on year, due to the shortage of overseas supply and the substantial increase in the export competitiveness of Chinese automobile enterprises, according to the data of the China Automobile Association.
China GDP Grew 3% in 2022
China’s GDP in 2022 was 121,020.7 billion yuan, an increase of 3.0 percent over the previous year.