DIRS.INFO The most relevant business & tech news

☆ Antarctic sea ice has been at record low levels for months — here's what that means
▼ + stars: | 2023-07-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

Xinhua News Agency | Xinhua News Agency | Getty ImagesAntarctic sea ice has been at record low levels for the past few months. What the record low sea ice in the Antarctic meansZoom In Icon Arrows pointing outwards The blue line sows the amount of sea ice in the Antarctic in 2023. Why the sea ice levels in the Arctic are more damningThe Arctic is an ocean covered by a layer of sea ice and surrounded by land. So the change below the surface in the Arctic sea ice is much more pronounced than the change in Antarctic sea ice," Meier told CNBC. While the sea ice does not directly contribute to sea level rise, melting land ice does.

Persons: That's, it's, Walt Meier, Howard Diamond, Diamond, Will Hobbs, Hobbs, Meier, Kerem Yucel, that's, Notz Organizations: Antarctic, Xinhua News Agency, Getty, Data, University of Colorado, CNBC, U.S . National, Resources Laboratory, University of Colorado Boulder, Boulder Cooperative Institute for Research, Environmental Sciences, Australian Antarctic Program, NASA Gulfstream, University of Texas, Afp, NOAA Locations: Southern Ocean, Antarctica, New York City

SYDNEY, July 11 (Reuters) - Social media giant Meta Platforms (META.O), owner of Facebook and Instagram, plans to label government-affiliated accounts on its new Twitter-like platform Threads, an executive told an Australian inquiry on foreign interference on Tuesday. The disclosure comes less than a week after Meta launched Threads, which is widely seen as similar to the microblogging site Twitter. Twitter has removed tags from government-affiliated accounts since billionaire Elon Musk took it private in 2022, bringing complaints about degrading users' media literacy. Asked if Russian state-affiliated broadcaster RT or Chinese government-affiliated publisher Xinhua News Agency would be tagged accordingly on Threads, Machin said, "that's our aspiration". "To the effect that any state-affiliated media are violating our policies, we would remove them," he told the inquiry.

Persons: Josh Machin, Meta's, Elon Musk, Machin, James Paterson, Meta, Meta's Machin, Byron Kaye, Lewis Jackson, Jamie Freed Organizations: SYDNEY, Facebook, Meta, Twitter, RT, Xinhua, Agency, Reuters, Australian Communications, Media Authority, Thomson Locations: Australia, Russia, China, Lincoln

☆ Solomon Islands signs China policing deal in upgrade of ties
▼ + stars: | 2023-07-10 | by ( ) edition.cnn.com time to read: +4 min

China and the Solomon Islands on Monday signed a deal on police cooperation as part of an upgrade of their relations to a “comprehensive strategic partnership,” four years after the Pacific nation switched ties from Taiwan to China. “In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful,” Li told Sogavare. China will continue to provide assistance to the Solomon Islands to enhance its law enforcement capacity, according to a joint statement released by China’s state-run Xinhua news agency. China has long supported so-called South-South cooperation, which refers to cooperation between developing nations as equals for mutual benefit. Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.

Persons: ”, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, ” Li, Washington “, ’ Sogavare, Xi Jinping, ” Xi, Xi Organizations: Solomon Islands, Premier, “, US National Security Council, Xinhua, Huawei, “ Sports, Pacific Games Locations: China, Solomon Islands, Pacific, Taiwan, Beijing, United States, Australia, Taipei, Solomon, Japan, Britain, Honiara

☆ China, Solomon Islands sign policing pact in upgrade of ties
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/3] Flags of Solomon Islands and China flutter near the Tiananmen Gate in Beijing, China July 11, 2023. "In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful," Li told Sogavare. The official added that the U.S. was committed to a strong relationship with the region and strengthening longstanding bonds with the people of Solomon Islands. Xi told Sogavare China supports more of its firms investing in the Solomon Islands and will continue to provide economic and technical assistance "without political strings attached". Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.

Persons: Florence Lo, Xi, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, Li, Washington, China's, Xi Jinping, Ethan Wang, Ella Cao, Ryan Woo, Kirsty Needham, David Brunnstrom, Himani Sarkar, Robert Birsel, Mark Heinrich, Lincoln Organizations: REUTERS, Solomon Islands, Beijing, BEIJING, Premier, U.S . National Security Council, China's, Xinhua, Huawei, Pacific Games, Thomson Locations: of Solomon Islands, China, Beijing, Florence, Taiwan, Solomon Islands, Pacific, United States, Australia, U.S, Solomon, Japan, Britain, Honiara, Sydney, Washington

☆ China sets wide-ranging rules for $2.9 trillion in private investment funds
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - China published regulations on Sunday for the country's $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation. The wide-ranging rules apply to private investment funds with different organisational forms such as contract, company and partnership. Private investment funds in China can invest in private equity or publicly traded securities. Core rules cover the obligations of fund managers and custodians, fund raising, identifying risk levels, supervision of venture capital funds, and overall supervision and management. As of May, 22,000 private investment managers had registered with the Asset Management Association of China, managing around 21 trillion yuan in 153,000 funds, the statement said.

Persons: Premier Li Qiang, Bernard Orr, Qiaoyi Li, William Mallard Organizations: Premier, State, Xinhua, Asset Management Association of China, Thomson Locations: BEIJING, China

☆ China tamps down on gatherings providing harmful information -media
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - China is tamping down on meetings that provide false information and could harm citizens, state media said, as the authorities step up oversight on what they consider questionable activities in various areas. China wants to curb activities like gatherings and forums that collect fees irregularly and schemes that provide participants money, expensive gifts or securities, it said. The irregular activities include unofficial ventures claiming to be organised by authorities and activities improperly described as "national" "international" or "summits", state media reported. In its recent crackdown, China has shut more than 100,000 online accounts that it said created fake news and content and has targeted rumours that hurt businesses. Reporting by Bernard Orr and Qiaoyi Li; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Orr, Qiaoyi Li, William Mallard Organizations: Department, Communist Party of China Central Committee, Thomson Locations: BEIJING, China, Xinhua

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

Taipei/London CNN —China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance. “We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement. Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma. In April 2021, Alibaba was fined 18.2 billion yuan ($2.5 billion) — a record for China — for behaving like a monopoly. Separately, China’s financial regulators also announced a fine of nearly 3 billion yuan ($415 million) for Tenpay, Tencent’s (TCEHY) online payment platform, according to information posted on the PBOC website on Friday.

Persons: London CNN —, Jack Ma —, Alibaba, Guo Shuqing, Ma Organizations: London CNN, Ant, China Securities Regulatory Commission, People’s Bank of China, National Financial Regulatory Administration, Ma, Communist Party, China, People’s Bank of, Xinhua, Ant Group Locations: Taipei, London, China, People’s Bank of China

☆ China's Xi urges greater innovation amid tech curbs from US
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 7 (Reuters) - China's President Xi Jinping, on an inspection tour of a major industrial province, renewed his call for greater innovation and technological self-reliance, as the United States intensifies curbs on Chinese access to advanced technologies. "With the rapid development of information technology and the emergence of disruptive technologies at any time, it is necessary to maintain a solid footing on the path of innovation and contribute to the realisation of high-level self-reliance in technology," Xi said. The United States is also considering restricting flow of its investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing. Yellen's trip to China comes weeks after a visit by Secretary of State Antony Blinken, who agreed with Xi that the mutual rivalry should not veer into conflict. Reporting by Ryan Woo and Ellen Zhang; Editing by Himani Sarkar and Ros RussellOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Xi, Joe Biden's, Janet Yellen, Li Qiang, Antony Blinken, Ryan Woo, Ellen Zhang, Himani Sarkar, Ros Russell Organizations: Xinhua, Trump, Washington, Treasury, Thomson Locations: BEIJING, United States, China, Jiangsu, U.S, Beijing

Hong Kong CNN —US drugmaker Moderna has signed a deal to make mRNA medicines in China as part of its first major investment in the country, despite escalating trade and political tension between Washington and Beijing. The company currently only markets its mRNA vaccines for Covid-19, but has a number of vaccines and therapeutics in its pipeline. Those focus on addressing infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases and autoimmune diseases, according to the company. Moderna’s Covid-19 vaccine, which received emergency authorization from US regulators in 2020 and full approval in 2022, has not been approved in China. For most of the pandemic, China relied on more traditional platforms for its homegrown Covid-19 vaccines.

Persons: Yicai, Janet Yellen, Biden, Moderna’s, Johnson Organizations: Hong Kong CNN, CNN, Xinhua, CSPC Pharmaceutical Group, Pfizer Locations: Hong Kong, China, Washington, Beijing, The Cambridge , Massachusetts, Shanghai’s Minhang, Shijiazhuang

☆ China's Xi tells military to deepen war, combat planning - Xinhua
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 6 (Reuters) - Chinese President Xi Jinping on Thursday urged the military to deepen war and combat planning to increase the chances of victory in actual combat, Xinhua news agency said, renewing his call to troops to safeguard China's sovereignty and territory. The Eastern Theater Command, headquartered in Jiangsu province, is responsible for the security of eastern China, including the East China Sea and the Taiwan Strait. In 2005, it passed a law giving Beijing the legal basis for military action against Taiwan if it secedes or seems about to. "We must persist in thinking and handling military issues from a political perspective, dare to fight, be good at fighting, and resolutely defend our national sovereignty, security, and development interests," Xi told the Eastern Theater Command. In April, Xi inspected the Guangdong-headquartered Southern Theater Command, whose sphere of responsibility includes the South China Sea, much of which is claimed by Beijing.

Persons: Xi Jinping, Xi, Nancy Pelosi, Janet Yellen, Ryan Woo, Jason Neely, Hugh Lawson Organizations: Xinhua, Eastern Theater Command, East China, ., Treasury, U.S, Southern Theater Command, Thomson Locations: BEIJING, Jiangsu, China, East, Taiwan Strait, Taiwan, Beijing, U.S, Guangdong

☆ 4 things making it harder for Janet Yellen to repair the US-China relationship
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +9 min

The global economy stands to gain if Washington and Beijing can mend fences, but analysts say this appears unlikely. Here are four things likely to make it harder for Yellen to repair US-China ties, and one thing keeping the relationship going. Sequoia’s executives said in a statement that it has become “increasingly complex” to run a decentralized global investment business. On Wednesday, US pharmaceutical firm Moderna (MRNA)signed a deal to make its first major investment in China. “Both sides are ramping up commercial restrictions in the name of national security and national interests,” she said.

Persons: Janet Yellen, China, ” Wei Jianguo, ”, Anna Ashton, Biden, Beijing’s, Wei, Capvision, Xi Jinping’s, “, Li Qiang, Xi, Alex Capri, ” Ashton, —, Jennifer Hansler, Wayne Chang, Bryan Mena Organizations: Hong Kong CNN, Eurasia Group, Micron Technology, China Daily, Analysts, China, Capvision, Bain & Company, Group, Forrester Research, Ontario, Republicans, Hawks, Shanghai Cooperation Organization, Xinhua, US Commerce Department, “, National University of Singapore Business School, Moderna Locations: Hong Kong, Beijing, United States, China, Chinese, Washington, Japan, Europe, Shanghai, New York, decouple, Moscow, Ukraine, Russia, Taiwan, Tianjin

☆ Do you believe a serious recession is imminent? The IPO for you may have arrived
▼ + stars: | 2023-06-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Michael Nagle | Xinhua News Agency | Getty ImagesDo you believe a serious recession is imminent? They run 317 thrift stores under various brands in the U.S., Canada and Australia. That is a very respectably sized IPO, and is a sign that IPO market is (slowly) starting to reopen. Yes, Savers Value Village has a compelling story on its own, but for all those who believe in the "imminent serious recession" story, this would seem to be the IPO for them. If the U.S. goes into a serious recession, what would benefit more than thrift stores?

Persons: Michael Nagle, You've, It's Organizations: New York Stock Exchange, Xinhua News Agency, Getty, Donation Centers, Walmart Locations: New York, United States, U.S, Canada, Australia

☆ Blast at BBQ shop in northwest China kills 31
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 22 (Reuters) - A gas explosion at a barbecue restaurant on Wednesday night in China's northwestern Ningxia region killed 31, according to state-run Xinhua news agency, prompting President Xi Jinping to order stronger safety checks. The blast in Yinchuan, capital of Ningxia region, was caused by a leaking liquefied petroleum gas tank at the restaurant, Xinhua reported on Thursday. Xi told authorities to go all out to treat the wounded, and said safety supervision in key industries and sectors should be strengthened, China state television reported. Accidents due to gas and chemical blasts are not uncommon in China despite years of attempts to improve safety. Reporting by Ryan Woo; Editing by Jacqueline Wong and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Xi, Ryan Woo, Jacqueline Wong, Tom Hogue Organizations: Xinhua, Thomson Locations: BEIJING, China's, Ningxia, Yinchuan, China, Tianjin

☆ An albino giant panda thought to be the only one in the world was filmed in the wild in China — take a look
▼ + stars: | 2023-06-04 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +2 min

An all-white giant panda was spotted in China's Wolong National Nature Reserve. It is thought to be the only albino giant panda in the world. Footage captured at the Wolong National Nature Reserve in Sichuan Province shows the panda with a female panda and a cub, per China Xinhua News. It is believed to be the only albino giant panda in the world, according to South China Morning Post. The panda in Wolong National Nature Reserve, Sichuan province, southwest China.

Persons: —, Li Sheng Organizations: Nature Reserve, Service, China Xinhua, China Morning Post, Nature, ABC, Peking University Locations: Sichuan Province, China, Sichuan, ABC Australia

☆ China is drilling a hole over 33,000-feet-deep to explore the Earth's crust
▼ + stars: | 2023-06-03 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

China has begun drilling a hole over 10,000 meters (32,808 feet) deep into the Earth's crust. Chinese President Xi Jinping named deep Earth sciences one of four strategic frontiers to explore. The drilling project, led by the country's largest oil producer China National Petroleum Corp., would be among the deepest ever drilled. In a 2021 speech addressing the nation's top scientists, Chinese President Xi Jinping named deep Earth sciences one of four strategic frontiers to explore. The deepest hole is still the Kola Superdeep Borehole in Russia, which reached 12,262 meters (40,230 feet) in 1989 after 20 years of drilling.

Persons: Xi Jinping, Wang Chunsheng Organizations: Service, Privacy, Scientists, China National Petroleum Corp, Xinhua, Chinese Academy of Engineering, Bloomberg Locations: China, Xinjiang, Xinhua, Russia

☆ Elon Musk wrapped up his first visit to China in years. Here's what the Tesla CEO was up to
▼ + stars: | 2023-06-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

His first visit in 3 years saw the Tesla CEO meet with top government officials and speak to staff at the Shanghai Gigafactory. Tesla opposes "decoupling" and is willing to continue to expand its business in China, the statement said. On Wednesday, Musk met with Jin Zhuanglong, China's minister of industry and information technology. On Thursday, Musk met with Chen Jining, the Shanghai party secretary. Musk visits the Shanghai Gigafactory

Persons: Elon Musk, Ding Ting, Musk, Qin Gang, Qin, Tesla, Jin Zhuanglong, Chen Jining, Tesla's, Chen, Ding Xuexiang, Ding, Xi Jinping, Xi, Zeng Yuqun, Zeng, CATL Organizations: Xinhua News Agency, Getty, Musk, Reuters, EV, CATL, CNBC, Bloomberg, Shanghai Locations: China, Shanghai, U.S

☆ China issues guidance for basic elderly care system by 2025
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 21 (Reuters) - China has issued guidance to all provinces to build a basic elderly care system by 2025, state-run Xinhua news agency said on Sunday, in the latest step to prevent a demographic crisis. "Promoting the construction of the basic elderly care service system is an important task for implementing the national strategy of actively responding to population ageing and achieving equalisation of basic public services," Xinhua said. It said the guidelines require all provinces to implement a list of basic elderly care services, based on factors such as economic and social development level and financial situation. Provinces must improve the basic pension system service and implement a long-term care security system that connects insurance, welfare and assistance, the statement said. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035.

☆ Xi Jinping says no to ‘street stall economy’ in Beijing
▼ + stars: | 2023-05-18 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese President Xi Jinping has opposed the lifting of curbs on street vendors in Beijing, signaling splits within government over a policy shift aimed at tackling rising unemployment. In a recent tour of the Xiongan New Area, a city south of Beijing, Xi unusually revealed his personal views about the “street stall economy,” according to a report earlier this week by China’s state-owned Xinhua news agency. “The capital city is first and foremost a political center, not a ‘hodgepodge’, where ‘factories in alleys’ and the ‘street stall economy’ are not allowed,” he said. It’s unclear whether the capital must now comply with Xi’s views and outlaw street vendors once again. But the recent policy reversal was made against a backdrop of growing challenges facing the world’s second largest economy.

Total electrical generation increased by 128 billion kilowatt-hours (4.9%) between January and April compared with the same period in 2022, according to the National Bureau of Statistics (NBS). Increases from thermal power plants (+83 billion kWh), wind farms (+64 billion kWh), solar farms (+16 billion kWh) and nuclear units (+6 billion kWh) more than offset reduced hydro-electric output (-42 billion kWh). Renewables wind and solar provided 14% of generation up from just 3% in 2014, while nuclear supplied 5% up from 2%. Ensuring sufficient electricity generation to meet rapidly rising demand from industry and households is the more urgent priority in the short term while reducing emissions is a more long-term goal. INDUSTRY FOCUSOn the consumption side, electricity demand growth in the first four months shows a clear emphasis on industry rather than households.

☆ Cramer discusses recent stock wins and losses: 'We refuse to accept defeat in the long term'
▼ + stars: | 2023-05-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

We remonstrate, but we act and stubbornly refuse to accept defeat in the long term. Start with some of the challenges DIS YTD mountain Disney YTD performance We got started too early with Walt Disney (DIS) and we got too close to the company. EMR YTD mountain Emerson Electric YTD performance Emerson Electric (EMR) infuriates me. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Housing inflation slows, with potentially bullish implications for stocks
▼ + stars: | 2023-05-10 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Most notably, shelter inflation — the chart below measures the annual rate of CPI shelter inflation — slowed for the first time since February 2021. If future data bears this out, it would be a material milestone in the Fed's war on inflation. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, on May 3, 2023. The U.S. Federal Reserve on Wednesday raised the target range for the federal funds rate by 25 basis points to 5-5.25 percent, saying that the Fed "remains highly attentive to inflation risks."

HONG KONG, May 8 (Reuters) - China wants to work with the International Olympic Committee (IOC) to oppose the politicisation of sports, Premier Li Qiang said, amid demands on the sporting body to exclude athletes from Russia in the wake of its invasion of Ukraine. Premier Li made the comments at a meeting with IOC head Thomas Bach in Beijing over the weekend, according to the state-run Xinhua news agency. The Olympic Council of Asia (OCA) has already offered to let Russian and Belarusian athletes compete at the Asian Games in China this year. "Li said that China is willing to work together with the IOC to oppose the politicisation of sports and to make greater contribution to the Olympic movement," Xinhua reported. Bach said China plays an important role in maintaining world peace and promoting mutual development and IOC is willing to strengthen cooperation with China to promote the development of the Olympic movement.

☆ Elon Musk threatened to hand NPR's Twitter handle to 'another company' if the organization didn't start tweeting again, report says
▼ + stars: | 2023-05-03 | by ( Mia Jankowicz | Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Elon Musk has threatened to reassign NPR's Twitter handle, according to the broadcaster. NPR announced in mid-April that it would no longer tweet from its 52 official Twitter accounts. The move came after Twitter labeled NPR as "state-affiliated media." Elon Musk threatened to reassign NPR's Twitter handle to another entity if it didn't start tweeting again, the broadcaster reported. In a further email, Musk reportedly wrote: "Our policy is to recycle handles that are definitively dormant.

☆ China tourism rebounds to pre-COVID levels during May Day holiday
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 3 (Reuters) - China's tourism business during the May Day holiday rebounded to pre-COVID levels, as the number of domestic trips rose by 70.8% from a year earlier, government data showed on Wednesday. During these trips, Chinese tourists spent 148 billion yuan ($21.42 billion) in total, a 128.9% increase from a year earlier, and on a par with 2019 levels. Asset manager Vontobel said it believes China's recovery should accelerate, benefiting companies that cater to domestic consumers across leisure and e-commerce, as well as travel-focused businesses in China and across Asia. The travel boom during the May holiday "can be seen as a turning point of China's tourism sector", official Xinhua News Agency said on Wednesday. The China Tourism Academy estimates that about 4.55 billion domestic tourist trips will be made this year, up 73% from 2022, Xinhua reported.

Search resuls for: "Xinhua News"

25 mentions found