“Shut up the ping pong table and put away the mahjong tiles. Seventy-seven percent of Chinese people say that online shopping is their “favorite leisure activity”, according to a report released yesterday by KPMG and online shopping platform Mei.com.
The fourth annual China’s Connected Consumers survey asked 3,004 people in mainland China about their current and future shopping habits. Sixty-seven percent of respondents were millennials, half of whom were born after 1985 and half after 1990.
The report states that online shopping “has effectively become a national pastime” in China, where it enjoys its own festivals such as Single’s Day and Double 12.”
Same time regulators in Beijing drafted rules to strengthen bank funding and follows several alerts about a growing debt problem in the country. The Bank for International Settlements (BIS) — also known as the central bank of central banks — for example, warned that the Chinese banking sector could be facing an imminent blowout, raising worries about its effect on the world economy.
Also The International Monetary Fund (IMF) has said China’s debt is “very high by international standards” and has warned that there was “a high probability of financial distress.”
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