China’s Information and Communications Technology (ICT) spending for developing and operating digital businesses is projected to exceed US$2 trillion over the next four years, according to a report shared by the International Data Corporation (IDC) at its Directions event in Shenzhen. Amid global economic, political, and social disruptions, businesses are expected to leverage the latest […]
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China’s Public Cloud Services Market Growth Slows in H2 2022, Still Shows Promise for Future
China’s public cloud services market (IaaS/PaaS/SaaS) reached $18.84 billion in the second half of 2022, according to the latest report from International Data Corporation (IDC). The IaaS market saw year-on-year growth of 15.7%, while the PaaS market grew at 31.8%. Compared to the first half of 2022, the combined IaaS and PaaS market growth slowed […]
Chinese Millennials Lead the Way in Internet Insurance Adoption
The Yuanbao Group, in collaboration with the China Insurance and Pension Research Center at the School of Finance of Tsinghua University, recently published the “2022 China Internet Insurance Consumer Insight Report” (hereinafter referred to as the “Report”). As the economy recovers and market confidence improves, insurance awareness and demand awakened during the pandemic are expected […]
China’s AI Market Booms with Focus on Professional Services, Government, and Finance
China’s AI market spending will grow to $14.75 billion in 2023, accounting for one-tenth of the global total, according to IDC data. Due to the impact of the pandemic, geopolitics, and macroeconomic factors, IDC slightly lowered its forecast for China’s AI market size in 2022, with a growth rate of approximately 17.9% compared to 2021. […]
The Billion-Dollar ‘Planting Grass’ Economy: Content, Commerce, and Social Shopping
It’s hard to pinpoint when it started, but major Chinese tech companies have become obsessed with “planting grass” (Zhongcao). “Planting grass”, or Zhongcao, refers to recommending quality products to others to entice purchases or generating a desire to experience or possess something based on external information. In recent years, internet giants such as Tencent, Alibaba, […]
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 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’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 […]
China’s IoT spending to reach US$298 billion by 2026
In 2021, the global enterprise-level investment in the Internet of Things was about US$681.28 billion, which is expected to increase to 1.1 trillion US dollars in 2026, with a five-year compound growth rate (CAGR) of 10.8%. Affected by the epidemic, IDC slightly reduced the total spend forecast of China’s Internet of Things market in 2022. […]
Consumer VR shipment in China up 166% in H1 2022
Most of the new VR products in China are standalone headsets, with many using Pancake lenses for the consumer market, which sees increasing shipments of VR products as the VR content ecosystem dominated by gaming and fitness is developing, according to IDC. Consumer standalone VR shipments in China increased by 166.2% year-over-year in the first […]
Top 3 private traffic platforms for merchants in China
WeChat, Alipay, and short video platforms (Douyin, Kuaishou, etc) have become the most important platforms for Chinese merchants’ private traffic operation according to a report from iResearch. More than 80% of businesses believe that the cost of private traffic has increased by 40%, so the conversion rate and leveraging public traffic have become the core […]
China Fashion Industry in the Next Decade
The domestic demand for shoes and clothing in China has continued to grow rapidly and has leaped to the largest single footwear and clothing consumer market in the world, accounting for a quarter of the total, according to a recent McKinsey whitepaper. In this period of rapid development, driven by various factors such as economy, […]
Why are Chinese sportswear brands launching coffee products?
It is not new for Chinese shoe and apparel brands to get involved in coffee, tea, and even catering products and services. Earlier, some luxury fashion brands tried to sell coffee drinks in the store. According to the information on China Trademark Network, Xtep (China) Co., Ltd. recently applied for the registration of 3 “TE […]