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Latest news and trends about tech in China
Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox.
As millions of Chinese re-emerged from the sudden wave of Covid-19 infections experienced after China relaxed control measures in early December, the country’s consumption and travel saw promising rebounds during the week-long Lunar New Year holiday (Jan. 21 to Jan. 27). This recovery may set the stage for major Chinese tech companies to recover some of their losses in the coming months.
Why it matters: China’s major mobile payment platforms, WeChat Pay and Alipay, each saw about a 20% yearly increase in transactions. Meanwhile, food, travel, and entertainment businesses saw a similar yearly increase during the festive period, with spending on restaurants and movies returning to 2019 levels.
Details: The Lunar New Year holiday this year marked the first time in three years that people were able to travel freely across the country. Although it is traditional for people to reunite with their families during the period, since early 2020, the Chinese government had discouraged people from traveling home due to fears of large outbreaks of Covid-19.
Context: An executive meeting of the State Council held on Jan. 28 emphasized consumption as the main driver of the economy. Multiple provinces and administrative regions, including Shanghai and Guangdong, have made reviving consumption and boosting growth a priority, with Guangdong projecting a 6% increase in total retail sales of consumer goods for 2023.
With a small team, TechNode provides timely news and thoughtfully researched articles for worldwide readers interested in learning more about the Chinese tech industry.
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Cheyenne Dong is a tech reporter now based in Shanghai. She covers e-commerce and retail, blockchain, and Web3. Connect with her via e-mail: cheyenne.dong[a]technode.com. More by Cheyenne Dong
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