China’s e-commerce huge Pinduoduo launches U.S. searching web-site Temu

Chinese e-commerce huge Pinduoduo has been behind its rivals Alibaba and JD.com when it arrives to intercontinental enlargement. Now Pinduoduo has launched a U.S. e-commerce web site identified as Temu.

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Pinduoduo launched its U.S. on line buying web page as the Chinese e-commerce large can make its to start with big force abroad.

The internet site called Temu, which went on the web Thursday, lists goods throughout a range of classes such as apparel, jewelry, pet supplies and property and backyard, and could mark a new challenge to U.S. e-commerce leader Amazon.

Pinduoduo did not answer to a ask for for comment when contacted by CNBC.

Temu marks Pinduoduo’s major push overseas however as the domestic Chinese economic climate faces a selection of difficulties from a resurgence of Covid-19 to an electrical power crunch. That has hurt financial growth in China and dampened purchaser sentiment.

China’s most important technological know-how providers from Tencent to Pinduoduo’s e-commerce rivals Alibaba and JD.com keep on to go after worldwide markets. Pinduoduo, a considerably young firm than Alibaba and JD.com, acquiring only been launched in 2015, is behind its rivals when it arrives to the overseas push.

Alibaba took a managing stake in Singapore-based mostly Southeast Asian e-commerce web site Lazada in 2016 and has because invested income in the small business to increase its existence in the region. Alibaba also has a different web page named AliExpress that companies marketplaces like Europe and the U.S.

JD.com meanwhile operates Joybuy.com for global clients.

Pinduoduo’s Temu is a cross-border e-commerce site with most merchandise probable to arrive from overseas, specifically China. Temu said transport to the U.S. could just take 7-15 company days.

“It’s important to continue to keep in thoughts that you may see

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China’s state-backed blockchain company to launch important overseas undertaking

China’s Blockchain-based mostly Provider Network (BSN) is preparing a significant worldwide enlargement project in August.

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China’s condition-backed blockchain firm is setting up its 1st important intercontinental growth, its CEO instructed CNBC, as Beijing proceeds to make the know-how a important precedence.

Blockchain-dependent Company Community (BSN) charges itself as a “a single-cease store” to deploy blockchain programs in the cloud, a course of action that could if not be pricey and time consuming. It aims to url distinctive blockchains collectively to assistance organizations deploy the technological innovation.

Hong Kong-headquartered start-up Purple Date Know-how is 1 of the founding customers of BSN. The firm’s CEO Yifan He advised CNBC that BSN is preparing to start a job termed BSN Spartan Network overseas in August.

Blockchain arrived to prominence with the cryptocurrency bitcoin but its definition has due to the fact expanded. It refers to a program of shared ledgers of action, which could be general public and accessible for all to see, or personal, wherever only sure members can use and modify it. Bitcoin is an case in point of a public blockchain.

BSN’s blockchain networks, even so, do not work with any cryptocurrencies mainly because China has cracked down on electronic coins.

Proponents of blockchain technological innovation say that it can reduce the price tag and enhance the speed of some business enterprise procedures. Chinese President Xi Jinping has individually endorsed the engineering, elevating it to a countrywide precedence.

The intercontinental program will be a major force for BSN.

The Spartan Community will at some point be made up of half a dozen community blockchains that do not function with cryptocurrencies. A person of those people will be a non-crypto model of the Ethereum blockchain when the project launches in August.

Blockchain transactions generally

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China’s e-commerce giants, led by Alibaba and JD.com, kick off promotions for midyear 618 searching pageant

China’s main e-commerce support providers, led by rivals Alibaba Group Keeping and JD.com, have kicked off promotions for the once-a-year 618 shopping competition, supplying steep reductions and various actions to guidance on the web retailers amid the nation’s faltering financial system.

The midyear retail gala, which began in 2004 as a easy product sales promotion by Beijing-centered JD.com to rejoice its June 18 founding anniversary, has considering that develop into the country’s next-largest purchasing pageant following Singles’ Working day, which Alibaba had turned into an yearly retail extravaganza in 2009. Alibaba owns the South China Morning Publish.

JD.com and Pinduoduo started their 618 presales programme on Might 23, whilst Alibaba started its presales marketing campaign on May perhaps 26. The presales period of time lets buyers to make a deposit, which guarantees a very low rate, on products they want to obtain from an e-commerce platform forward of the start off of 618 income.

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This year’s version of the 618 browsing competition is envisioned to provide as a barometer to measure client spending nationwide, as extended Covid-19 lockdowns across the country have taken a large toll on livelihoods and usage, placing a lot of people today out of work, shuttering enterprises and suppressing both of those source and demand.

JD.com started off the 618 shopping pageant in 2004 as a simple gross sales promotion to celebrate its June 18 founding anniversary. Image: Shutterstock alt=JD.com started the 618 purchasing pageant in 2004 as a straightforward income promotion to celebrate its June 18 founding anniversary.

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Pastor brands China’s artificial intelligence tech ‘demonic’

A Christian pastor launched a scathing rant after finding out about artificial intelligence technology that aims to prosecute criminals in China.

The AI tech, which was developed and tested by the Shanghai Pudong People’s Procuratorate, can charge a suspect with more than 97% accuracy based on a description in a criminal case.

While it may seem to be a futuristic method for tackling crime and keeping people safe, Pastor Tom Hughes was less than enthused and made wild claims that the advancements are ‘demonic’ and are out to ‘control’ people.

In a video posted to his YouTube channel yesterday (May 12), he explained: “Folks when I look at the department of homeland security information, with the direction that they are going with, in 2022, it is coming and then to see that in China they’ve got an AI prosecutor to be able to prosecute people in real-time.



Pastor Tom Hughes branded the technology ‘demonic’ on YouTube

“They’re claiming with 97% accuracy, they’ll be able to prosecute people for crimes. Listen, this stuff is demonic. This artificial intelligence is going to be controlling every single thing that we say and that we do.

“[Pastor] Matt Ward wrote about this back in 2018 and he said when he was projecting what was going to be coming in the future. He said that by 2022 we will see this in place. Folks we are watching it now.”

The advancement was first announced in December 2021 as Professor Shi Yong, director of the Chinese Academy of Sciences’ big data and knowledge management laboratory claims it will help as reduce prosecutors’ daily workload.

However, prosecutors have had their concerns about the risk of mistakes.



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The AI tech will be able to
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China’s Covid-19 Challenge Could Boost Luxury E-Commerce Again

SHANGHAI — When Janet Wang returned to Alibaba as general manager of its Tmall Luxury Pavilion in early 2021, she found much had changed since she had left the Chinese e-commerce behemoth five years before.

In 2014, when Wang helped bring Burberry on board as the platform’s first luxury brand, the idea of selling on Tmall was still anathema to most top-end players.

Today, almost 200 brands operate stores on Tmall’s Luxury Pavilion, a dedicated space for the segment which the platform first launched in 2017.

The clambering by luxury brands to join China’s biggest e-commerce platform has been particularly heated since the beginning of 2020, when the country first entered widespread lockdowns to stem the spread of Covid-19. That year, an average of one new flagship store per week opened on Luxury Pavilion, which is now home to brands including Cartier, Gucci, Prada, Armani and Hermès.

“The first outbreak accelerated the penetration of online luxury, which doubled or even tripled,” Wang explained. For brands, “it’s more than just a sales channel. It’s a vehicle that they can use [to harvest] consumer insights and then build their strategies around it.”

The platform’s broad reach and immediacy can make it a bellwether for how the interests of China’s luxury consumers are evolving: Today, Wang says, watches have overtaken handbags as the preferred luxury category among online shoppers from lower-tier cities, with even sales of million-yuan ($157,000) Vacheron Constantin timepieces becoming an increasingly regular occurrence.

In first- and second-tier cities, sales are increasingly driven by young women who use the platform to access niche designer brands that are not widely available in China. This trend has been accelerated by the opening of multi-brand giant Farfetch’s store on Luxury Pavilion 12 months ago, which brought 3,000 labels to the platform.

Owner Alibaba doesn’t

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China’s finance ministry on tax breaks, investing on homegrown tech

A worker in a dust-proof go well with controls an LED epitaxy chip manufacturing line at a semiconductor workshop in Nanchang, Jiangxi Province, on Jan. 26, 2022.

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BEIJING — China will minimize taxes and costs on a larger scale this calendar year, though concentrating on supporting the nation’s tech enhancement, Finance Minister Liu Kun reported Tuesday.

China’s financial development slowed just after a rebound from the first shock of the coronavirus pandemic in early 2020. Analysts expect far more fiscal and monetary policy assistance this 12 months.

The initially fiscal coverage job is to cut taxes and service fees by a greater scale than last 12 months, Liu instructed reporters at a press meeting, without having specifying a determine. Those reductions totaled 1.1 trillion yuan ($173.5 billion) in 2021.

The 2nd place Liu brought up was help for technological “self-reliance” and secure production offer chains. National expenditures on science and technological innovation rose by 7.2% in 2021 to 970 billion yuan, he stated, noting the money supported improvement of chips and new energy vehicles.

Escalating tensions with the U.S. have reduce China off from suppliers of critical technologies, and prompted Beijing to introduce procedures to assist homegrown tech. Very last calendar year, the central governing administration introduced it prepared to raise paying on analysis and growth by additional than 7% a yr involving 2021 and 2025.

“The Ministry of Finance sticks to the precedence of ensuring the nationwide advancement tactic of scientific and technological self-reliance and self-improvement,” vice minister Yu Weiping instructed reporters at the exact meeting, in reaction to a issue about the ministry’s get the job done on tech. That is in accordance to a CNBC translation of the Chinese.

Yu mentioned the central federal government elevated shelling

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