A frenzy of online consumption | Business News | SupChina

A frenzy of online consumption

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Interesting news from the Chinese internet:

  • “WeChat drove a total of 209.7 billion yuan ($33 billion) in information consumption in 2017, an average annual growth of over 30% from 2014, representing 4.7% of China’s total information consumption,” according to TechNode.
  • Alipay’s international transactions over the Sunday–Tuesday Labor Day holiday
    grew fivefold over the last year, according to Jing Daily. Alipay is the digital payment system of Alibaba affiliate Ant Financial. Hong Kong, Thailand, South Korea, Japan, and Macau were the top-five destinations in terms of transaction volume this year and last.
  • Alibaba’s revenue in the quarter that ended March 31, 2018, was 61,932 million yuan ($9,873 million), an increase of 61 percent from last year, according to the company’s quarterly report.
  • “WeChat Economic and Social Impact Report 2017” is a new publication from a state research institute that you can download here. It includes a section on the ways that “WeChat helps the government to build up the capacity of public services,” including “precision poverty alleviation” and “safeguarding cybersecurity.” The report notes approvingly that “WeChat’s face recognition and authentication capability provides  support for government services.”
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Jeremy Goldkorn

Jeremy Goldkorn is co-founder of the Sinica Podcast and currently edits SupChina and its daily newsletter.