Meituan, Alibaba burn 16b yuan in weekend food delivery subsidy battle
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South China Morning Post
25 minutes ago
- South China Morning Post
China doubles down on consumer subsidies to spur household spending
The Chinese government has pledged to tackle consumption bottlenecks with a series of support measures , including direct subsidies and efforts to raise incomes, as it seeks to bolster the domestic market amid global volatility. Advertisement To stimulate household spending, Beijing will allocate 69 billion yuan (US$9.5 billion) in ultra-long special treasury bonds to its trade-in programme – which offers substantial discounts on a range of consumer goods – National Development and Reform Commission (NDRC) officials announced at a press conference on Thursday. The funds will be issued in October, marking the fourth batch this year and bringing the total to the annual target of 300 billion yuan. 'Consumption is increasingly emerging as a cornerstone of China's economic growth,' said Zhou Chen, an official with the top economic planner. The trade-in programme – a tool used by Chinese authorities to drive consumption – has generated over 1.7 trillion yuan in total sales revenue so far this year, with new energy vehicle sales jumping 40.3 per cent year on year, according to NDRC data. Advertisement National retail sales, a key gauge of consumption, grew 5 per cent year on year in the first half of 2025 – 1.3 percentage points higher than the same period last year, according to the National Bureau of Statistics.
South China Morning Post
an hour ago
- South China Morning Post
Chinese drone giant DJI launches its first entry in the 360-degree camera market
DJI , the world's biggest maker of consumer drones , this week introduced the company's latest flagship 8K panoramic video camera, the Osmo 360 – its first entry in the 360-degree imaging market. 'The launch of the Osmo 360 is a testament to DJI's years of experience and innovation in action cameras, responding to users' diverse photography needs,' said Zhang Xiaonan, DJI's senior director of corporate strategy, in a statement on Thursday. The Osmo 360, which weighs 183 grams, is built with a high-performance imaging chip and superior heat dissipation capability, which allows users to record continuously for 100 minutes at ultra-high 8K resolution. It provides ultra-high-definition photos of up to 120 megapixels, delivering sharp details and a panoramic view. It comes with 105 gigabytes of built-in storage and supports Wi-fi 6 and USB 3.1 standards – enabling wireless transfer speeds of up to 90 megabytes per second and fixed-line computer transfer speeds of up to 600MB/s, respectively. The camera's fast-charging function can generate 50 per cent of power in 12 minutes. The Osmo 360 camera supports Wi-fi 6 standard, enabling wireless transfer speeds of up to 90 megabytes per second. Photo: Handout DJI's move into 360-degree imaging comes amid a growing global market for such cameras. Data from Precedence Research showed the global 360-degree camera market would reach US$2.34 billion this year, up from US$1.82 billion in 2024.
South China Morning Post
an hour ago
- South China Morning Post
China's money launderers exploited a gem of a loophole - Beijing just plugged it
China's dealers of precious metals and gemstones – including gold, diamonds and rubies – must comply from today with a new regulation, as the scope of Beijing's anti-money-laundering operations widens and authorities move to counter such criminal activity by plugging creative loopholes. Transactions involving precious metals and gems that exceed a certain threshold will need to be reported to the nation's financial crime watchdog. In this explainer, the Post delves into China's latest anti-money-laundering regulation on transactions involving precious metals and gems, with expert insight into why Beijing imposed the rule. What is the new regulation? The latest regulation sets out compliance requirements for dealers trading physical precious metals and gems – including raw materials and processed items such as coins, standard bars and ingots, and jewellery, according to an announcement from the People's Bank of China. Dealers must report any single cash transaction by a customer – or multiple transactions in one day – that total 100,000 yuan (US$13,870) or more, or the equivalent in foreign currency, to the central bank's anti-money-laundering centre within five working days. Additionally, if a dealer has reasonable grounds to suspect that a customer intends to use such transactions to launder money, they must file a report, regardless of the transaction amount. Why did China enact the regulation now? This is China's first anti-money-laundering regulation that expands the scope of supervision beyond traditional financial institutions to target specific sectors, according to a commentary by lawyers at Shanghai-based Fangda Partners.
