China’s public cloud services market (IaaS/PaaS/SaaS) reached $18.84 billion in the second half of 2022, according to the latest report from International Data Corporation (IDC). The IaaS market saw year-on-year growth of 15.7%, while the PaaS market grew at 31.8%. Compared to the first half of 2022, the combined IaaS and PaaS market growth slowed […]
Chinese Millennials Lead the Way in Internet Insurance Adoption
The Yuanbao Group, in collaboration with the China Insurance and Pension Research Center at the School of Finance of Tsinghua University, recently published the “2022 China Internet Insurance Consumer Insight Report” (hereinafter referred to as the “Report”). As the economy recovers and market confidence improves, insurance awareness and demand awakened during the pandemic are expected […]
China public cloud market share in 2021; IaaS+PaaS grew by 43% in H2
In the second half of 2021, the overall market of China’s public cloud services (IaaS/PaaS/SaaS) reached US$15.13 billion, of which the IaaS market increased by 40.1% (47.5% in H1) and the PaaS market increased by 55.7% (53.9% in H1) year-on-year, according to data from IDC.
China’s Labor Day Tourism Booms, Smaller Destinations Shine Amid Record Numbers
China’s Labor Day holiday, from 29 April to 3rd May 2023, witnessed an unprecedented boom in domestic tourism this year, with popular hotels fully booked and tickets to famous scenic spots selling out.
China’s Economy Sees Steady Recovery in Q1 2023; GDP Grew 4.5%
In Q1 2023, China’s GDP growth reached 4.5%, driven by solid performances across various sectors, according to National Bureau of Statistics of China. GDP in Q1 reached reached 28,499.7 billion yuan.
China’s Big Data & Analytics Market Set to Double by 2026, Driven by Healthcare, Manufacturing, and Government Sectors
China’s big data and analytics market’s total IT investment in 2022 is approximately $17 billion, doubling to $36.49 billion by 2026, according to an IDC report.
China’s AI Market Booms with Focus on Professional Services, Government, and Finance
China’s AI market spending will grow to $14.75 billion in 2023, accounting for one-tenth of the global total, according to IDC data. Due to the impact of the pandemic, geopolitics, and macroeconomic factors, IDC slightly lowered its forecast for China’s AI market size in 2022, with a growth rate of approximately 17.9% compared to 2021. […]
The Billion-Dollar ‘Planting Grass’ Economy: Content, Commerce, and Social Shopping
It’s hard to pinpoint when it started, but major Chinese tech companies have become obsessed with “planting grass” (Zhongcao). “Planting grass”, or Zhongcao, refers to recommending quality products to others to entice purchases or generating a desire to experience or possess something based on external information. In recent years, internet giants such as Tencent, Alibaba, […]
China’s EV Market Booms, with BYD Leading Outperformance
China’s passenger electric vehicle (EV) market continues to grow at an impressive rate, with EV sales rising by 87% YoY in 2022, according to the latest research from Counterpoint.
China internet user snapshot 2023
As of December 2022, the number of Internet users in China reached 1.067 billion, an increase of 35.49 million over December 2021, and the Internet penetration rate reached 75.6%, according to China Internet Network Information Center (CNNIC).
China’s CBDC Digital RMB App Launches Express Payment Function on WeChat Pay
The Digital RMB app, which is China’s CBDC, has recently launched an express payment feature on WeChat Pay. The app is currently in a pilot phase and enables users to pay using their digital currency wallet, including the Alipay digital currency wallet. Users need to register with the same phone number associated with their WeChat […]
Beijing Releases New Guidelines for Advertising and Financial Investment Compliance
Recently, the Beijing Municipal Bureau of Market Supervision has issued the Beijing Advertising Release Behavior Compliance Guidelines and the Beijing Financial Investment and Wealth Management Advertising Release Compliance Guidelines. The spokesperson in advertising is prohibited from promoting goods or services who never used the products themselves. Internet pop-up ads must allow users to close them […]
China’s mobile payment market overview 2023: Alipay vs. WeChat Pay
QR code payment is still the most commonly used payment method for mobile payment users in China according to China Payment & Clearing Association’s research. “Which payment do you use more in daily life?” According to recent research conducted by the China Payment & Clearing Association, QR code payment remains the most frequently used payment […]
Chinese New Year Holiday Sees Surge in Domestic Tourism with 375 Billion Yuan Revenue
308 million domestic tourism trips were made during the Chinese New Year (CNY) holiday this year, up 23.1% year on year, and recovered to 88.6% in the same period of 2019, according to the Ministry of Culture and Tourism.
China smartphone shipment down 12.6% in Q4 2022
Chinese smartphone market shipped approximately 72.92 million units in the fourth quarter of 2022, down 12.6 percent year-over-year, according to data from IDC. The full-year 2022 Chinese smartphone market shipped approximately 286 million units, down 13.2 percent year-over-year, the largest decline on record.