CX Daily: Strict Rules at Home Push Chinese Metaverse Entrepreneurs, Investors Overseas

Metaverse /

In Depth: Strict rules at home push Chinese metaverse entrepreneurs, investors overseas

Both startups and Chinese tech giants Tencent Holdings Ltd., Alibaba Group Holding Ltd. and ByteDance Ltd. are investing in metaverse and web3 projects.

But developing metaverse and web3 projects in China is difficult, with the government taking a tough stance on cryptocurrency. China has banned issuing cryptocurrencies as well as trading them over concerns about financial risks such as money laundering and illegal fundraising. As a result, many have sought opportunities overseas in markets such as Southeast Asia, where governments have typically had a relatively relaxed stance on cryptocurrency.

Covid-19 /

Expert confirms not all Covid deaths will be included in official tally

An infectious disease expert confirmed that not all deaths of Covid patients will count as Covid deaths in China.

Deceased Covid patients who also suffered from underlying conditions such as cardiovascular disease will not be included in the Covid death tally if it turns out that their condition was the primary cause of death, said Wang Guiqiang, director of the infectious disease department at Peking University First Hospital.

Where have all the antigen test kits made in China gone?

China to boost supply of Pfizer’s Covid pill as demand soars, expert says

FINANCE & ECONOMY

Economy /

World Bank cuts China growth forecasts on property slump, reopening complications

The World Bank cut its China growth projections for this year and next, citing the possibility of longer-than-expected economic disruption amid a surge in Covid cases during reopening and a prolonged downturn in the property sector.

China’s real GDP growth is expected to slow to 2.7% in 2022 before rebounding to 4.3% in 2023, the World Bank said in a report Tuesday. In September, the bank projected China’s economy would expand by 2.8% in 2022 and 4.5% next year. The country’s GDP grew 8.1% last year thanks to a low comparison base.

Quick hit /

China’s budget deficit hits record $1.1 trillion on ‘zero Covid’ slump

BUSINESS & TECH

Xiaomi /

Xiaomi to slash 10% of workforce amid declining revenue

Xiaomi Corp. confirmed Tuesday that it’s reducing headcount and streamlining its business at year-end as the Chinese smartphone maker faces declining revenue amid weak consumer demand.

A person at Xiaomi said the company is letting go almost 10% of its employees, or as many as 3,500 people. The total is less than previous media reports that the company would cut 15% of its workforce.

Electric cars /

EV-maker Arcfox and Huawei launch urban navigation system for Shanghai drivers

Arcfox, a premium brand owned by Beijing-based electric-vehicle company BAIC BluePark New Energy Technology Co. Ltd., launched an urban navigation assistance function for use in Shanghai in vehicles it co-develops with Huawei Technologies Co. Ltd.

The new feature — called Navigation Cruise Assist (NCA) — has been incorporated into the Alpha S cars that come with Huawei Inside, helping drivers handle urban traffic situations including overtaking, changing lanes and keeping an appropriate distance from the vehicles in front, Arcfox said Monday.

Quick hits /

Nio blackmailed for millions in bitcoin by data-stealing hackers

Demand for lemons surges as Chinese seek immunity against Covid

Long Read /

There is more to China’s drop in consumer spending than Covid-19

GALLERY

Covid washes over Shanghai

Recommended newsletter for you /

Caixin Must-Read Newsletter brings you the best of our coverage and stories you can’t miss. You can opt-in now and get hand-picked news coverage delivered to your inbox each week for free.

Thanks for reading. If you haven’t already, click here to subscribe.