Daily News Summary (29 July 2021)
WHAT’S NEW
Industry/Regulation
China convenes meeting with bank executives in bid to restore calm after stock rout
The China Securities Regulatory Commission held an online meeting with executives of major investment banks on Wednesday evening to try to alleviate market concerns about Beijing’s crackdown on the private education industry. The message that some bankers left when they left was that the education policy was targeted and had no intention of harming companies in other industries.
Link:
MIIT reports that 14 APPs did not fully stopped pop-up ads.
The Ministry of Industry and Information Technology has conducted a centralized rectification of violations such as harassment of users with open-screen pop-up messages. Recently, when the Ministry of Industry and Information Technology “looked back” on this issue, it still found that some enterprises “have orders not to do it, and there are more restrictions.” The inspection found that 14 apps did not strictly implement the rectification requirements, including QQ reading and Meiyou.
Link:
Nearly 50% Chinese urban households purchased FMCG through O2O platform. China’s fast-moving consumer goods sales in the first half of 2021 will increase by 5.8% year-on-year and 3.8% year-on-year.Among the market shares of major retail malls, Gaoxin retail maintains a leading position with 8.5%. Around 10% of Chinese urban family bought FMCG through Douyin or Kuaishou.
Link:
Experts claim that policies concerning expanding interior demand and promoting consumption are likely to be introduced in 2H21.
Expert analysis said that the next macro policy orientation will also maintain a certain level of growth in the first place. In the second half of the year, a number of new policies to expand domestic demand and promote consumption are expected to be introduced, further enhancing the endogenous driving force of the economy. In addition, this year’s fiscal expenditure, which has been significantly post-positioned, is expected to begin to increase in the third quarter.
Link:
Company News:
Live streaming from merchants on Fliggy increased by 80% in 2Q, and the number of viewers by 200%.
Travel live broadcasting has gradually become a powerful tool for travel businesses to embrace digitalization from the road to self-rescue when the epidemic broke out. Fliggy data shows that the number of live broadcasts of merchants on the platform in the second quarter of 2021 has increased by 80% compared to the first quarter. The number of users who watched the live broadcast of merchants increased by nearly 200% compared with the first quarter. Currently, about 20% of the merchants who broadcast live on the platform in a regular manner maintain at least once a week.
Link:
Alipay implemented fee reduction for SMEs by exempting the fee of cash withdrawals for another 3 years.
Alipay announced fee reduction rules for small and micro merchants: in the next three years, for all Alipay cash-receiving code merchants, the collection and withdrawal will continue to be free, and there will be no single upper limit and single day upper limit for free withdrawal; small and micro enterprises and individual industrial and commercial households that meet the standards , Individuals with business activities can receive a 10% discount on online payment service fees from August 1.
Link:
Taobao and Tmall’s credit collection service fee will be reduced to 0.6%.
Taobao Tmall announced that starting from 0:00 on August 1, the credit collection service fee for all Taobao and Tmall merchants on the platform will be reduced to 0.6%, while the debit collection service fee will continue to remain free.
Link:
Education:
XDF and TAL expanded its business scopes. Xuersi has launched lowly priced calligraphy courses during summer break
Many companies established by New Oriental and Good Future in Suzhou have collectively changed their business scope, including: 1. For-profit private training service institutions engaged in language skills and art training; 2. Custodian services for primary and secondary school students and kindergartens; 3. Leisure and entertainment-oriented activities, family education consulting services for parents, and sports health services. Among them, Xueersi has begun to promote short-term, low-cost hard pen calligraphy training courses this summer.
Link:
MOE initiated special rectification on K12 teachers who participate in AST.
The Ministry of Education has carried out special rectification work on the problems of paid supplementary lessons and illegal receipt of gifts for primary and secondary schools and teachers nationwide. Before the end of August, all localities will focus on reviewing the organization and management system for the investigation and remediation of related problems in the region. By the end of March 2022, each province will formulate specific implementation plans to deal with existing problems seriously in accordance with laws and regulations.
Link?
