According to the Chinese Ministry of Culture, investment in domestic I-cafés has exceeded RMB 20 billion ($3.1 billion) in the past year. The Ministry of Culture encourages I-cafes to upgrade systems and facilities, and to improve management according to the law, sustainable development and good judgment.
McKinsey enlightens readers with its views of five myths of the Chinese economy, deflating the trend toward pessimism about the giant economy.
Alibaba processed $14 billion in sales on its platforms during the 24 hours of “Singles Day” (11/11/15). On the day when Chinese consumers flock to buy things online and in retail shops, Alibaba seems to have risen to the top of the sales charts. An important part of this was sales of international products, which Alibaba says generated higher value in the first 2 minutes of Singles Day than they did in the entire 24 hours of Singles Day 2014. The company is striving for a greater portion of international products on Taobao and T-mall. Sales of counterfeit products still plague Alibaba. After more than 3 years of tackling the issue, including building algorithms and other technical ways to combat the sales of counterfeit items and spending $161 million on solutions, the volume of sales of counterfeit products is declining.
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