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Why China wants to tone down its biggest online shopping day

November 11, 2021
Source: csmonitor.com csmonitor.com
News Snapshot:
By Zen Soo Associated Press Hong Kong China’s biggest online shopping day, known as “Singles’ Day” on Nov. 11, is taking on a muted tone this year as regulators crack down on the technology industry and President Xi Jinping pushes for “common prosperity.” The Singles’ Day shopping festival – also known as Double 11 – is a day for single people to treat themselves to gifts and celebrate their independence. It is a massive event for China’s e-commerce companies. Last year, consumers spent $74 billion on Alibaba’s online shopping platforms over the 11 days of the festival. Smaller rival JD.com...
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