electronic Global Trade Credit Platform/eGTCP's Blog: wechat

2017/04/26

Stickier than Facebook? WeChat has dethroned Mark Zuckerburg as the tech king.

If you are in China, or doing business with Chinese, you must know a chat tool named Wechat. Recently, a report shows that it tops rival Facebook's daily usage.

Image Credit: Internet

Wechat is like facebook, twitter and Instagram all rolled into one. It’s not just a social media platform, but the business tool used in China for calls, messages, group chats and a rang of other features.

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In 2016, one-third of WeChat's 889 million monthly active users spent a solid four hours or more per day on the mobile chatting tool, twice that of a year ago, according to Penguin Intelligence, a research arm of WeChat's developer Tencent Holdings.

The average daily time spent is also up slightly, now at 66 minutes, surpassing that of Facebook's average 50 minutes recorded last year.

A striking 92 percent of respondents to the survey said they prefer mobile payment over cash and credit cards when shopping in stores. Speed, convenience and "not bothering to carry cash" are the top three reasons cited for using mobile wallets to buy movie tickets and pay utility bills.

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Already cementing WeChat's position as the nation's most-used app, users found a majority of newly added contacts are casual acquaintances, notably in work-related communication. About 45 percent of WeChat users reported to have over 200 contacts, up from just 10 percent a few years ago.

Last year, WeChat users helped drive 174.3 billion yuan ($25.3 billion) of information-sector spending and created jobs for 18.8 million people, according to a separate study by the China Academy of Information and Communications Technology released in early April.

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2016/12/13

China's Retail Sales Tops the Year in November

China as the world's No. 2 economy has reportedly gained its hugest retail sales growth in November, which suggests the national economy is healthy and would stabilize for a span of time.

image from internet

With a rocky start to this year, China's economy has performed better than expected and has the possibility to hit Beijing's 6.5% - 7% growth target under the condition with higher government spending and a sizzling housing market fuel a construction boom. Factory output has raised 6.2% off last year, above the views for 6.1%.

Retail sales lifted 10.8%, which is the fastest off last December and topping forecasts for 10.1%. Online sales grow also, thanks to the Singles Day. E-Commerce giant Alibaba witnessed record sales on that day, whose rival competitor JD and Wechat’s Tencent also had greater sales performance, which all have surpassed US’s Black Friday & Cyber Monday on online sales.

Fixed asset investment in urban areas also rose 8.3% from January to November. Despite faster growth & productivity in the private sector, state-run enterprises keep dominating the section of investment & credit. SOE’s fixed investment rose 20.2 percent, sliding from 20.5% in January to October. Private investment growth picked up by 0.2% in first 10 months.

China’s stocks retreated 0.7% on Tuesday. Stronger data only makes monetary tightening more likely by the People's Bank of China. Investors are also looking all around the world to the Federal Reserve, which is expected to raise interest rates at the end of its 2 days’ meeting the next day.