Cashless China – China’s latest business and technology news
A summary of the top news in Chinese business and technology for July 13, 2017. Part of the daily The China Project newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.
Until about 2015, commerce in China relied heavily on cash. While ATM cards were already widely used, many small stores did not have card reading machines, and it was never a good idea to go out without cash in hand. But in the two years since then, mobile payment systems have become so common that everyone from Starbucks to streetside beggars use them.
The dominant payment systems are WeChat Wallet from Tencent, and Alibaba’s Ant Financial. On Observer.com, Chiu-Ti Jansen has a good roundup of the current state of digital payments in China, and promotional activities like the upcoming Ant Financial “Cashless Society Week.”
- Finance
What’s on the agenda at China’s five-yearly finance meeting: Q&A / Bloomberg
China central bank adviser calls for zombie company clean-up fund / Financial Times (paywall) - Trade and investment
China June trade beats expectations on robust demand, but headwinds eyed / Reuters
China overseas investment plunges 46 percent / Caixin - FDI
Singapore warehouse giant picks Chinese bidder in Asia’s biggest buyout: sources / Bloomberg
China’s unsatisfied hunger for German companies / Deutsche Welle - Science
Beam me up, Scotty! Scientists teleport photons 300 miles into space / The Guardian
