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A former Wall Street Journal reporter began proceedings Tuesday to sue the newspaper for “unreasonable dismissal”, after she said she was fired for taking up a role heading a Hong Kong press union.Selina Cheng reported on the Chinese electric vehicle industry for the newspaper before she was made redundant in July, weeks after she was elected chair of the Hong Kong Journalists Association (HKJA).Cheng said when she was dismissed her supervisor told her the Journal’s employees “should not be seen as advocating for press freedom in a place like Hong Kong”.”I think the Wall Street Journal has done irreparable damage to my own reputation and the Hong Kong Journalists Association’s reputation,” Cheng told reporters after filing a civil claim with the city’s Labour Department.She said she resorted to legal action after the complaint she made within the company “never received a single update and response”, and after her request to be reinstated was rejected.The newspaper’s actions showed “they had very little respect for employee rights here and Hong Kong’s laws”, she said. The Wall Street Journal did not immediately reply to an AFP request to comment.At the time of Cheng’s firing, a spokesperson for the outlet’s parent company Dow Jones confirmed that personnel changes had been made but declined to comment on Cheng’s case.Hong Kong’s press freedom ranking has plummeted since Beijing cracked down on dissent after huge, sometimes violent democracy protests in 2019.HKJA, a legally registered trade union, has been criticised by government officials such as the city’s security minister Chris Tang for inciting violence and hatred against the authorities during those protests. Cheng told reporters she would also file a criminal report against the Journal under the city’s employment law, in addition to the civil claim already filed.Under the former, an employer found guilty of terminating an employee’s contract because of their trade union membership could be fined up to HK$100,000 (US$12,856).

China is looking to slash taxes on home purchases as the government strengthens fiscal support for its ailing real estate sector, a media report said on Tuesday. Regulators are preparing a proposal that would enable major cities such as Shanghai and Beijing to reduce the deed tax for buyers to as low as one percent from the current level of up to three percent, Bloomberg News said, citing people familiar with the matter.The property sector has long accounted for around a quarter of gross domestic product and experienced dazzling growth for two decades, but a years-long housing slump has battered growth as authorities eye a target of around five percent for 2024.China is trying to shore up the sector, and said in October that it would boost credit available for unfinished housing projects to more than $500 billion.  Beijing has in recent months also announced a raft of measures aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions. China last week unveiled an ambitious plan to relieve public debt, aiming to turn local governments away from belt-tightening practices that have exacerbated the domestic downturn.Policymakers approved a proposal to swap six trillion yuan ($840 billion) of hidden debt belonging to local governments for official loans with more favourable terms.Hidden debts are defined as borrowing for which a government is liable, but not disclosed to its citizens or to other creditors.This move would free up space for local governments to better develop the economy and protect people’s livelihoods, state broadcaster CCTV said.Lawmakers are also eyeing the possibility of escalating trade tensions following Donald Trump’s re-election, with China’s top economic planning body on Monday urging the government to bolster domestic demand.Trump has promised punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with sluggish consumption on top of the prolonged housing crisis.”In the coming period, the dominance of the domestic market in the economic cycle will become increasingly apparent,” according to a commentary written by the National Development and Reform Commission (NDRC) in China’s Economic Daily.Focusing on lifting domestic demand is not only a “strategic necessity for national development but also mitigates the impact of external shocks and declining external demand”, the NDRC added.

Once confined to rectangular screens, chirpy plumber Mario and pointy-eared Princess Zelda are popping up in theme parks and toy stores as Nintendo goes all out to win non-gamer fans.It wasn’t always this way: for many years, the Japanese company shied away from promoting products or creating media other than video games.But its push for broader brand recognition over the past decade has reached the point where even Mario creator Shigeru Miyamoto describes Nintendo as something of a “talent agency” for its colourful characters.A new area based on the “Donkey Kong” games was unveiled at the Universal Studios Japan amusement park on Tuesday, expanding Nintendo’s zone there — already a major tourist draw.Its doors open on December 11, following last month’s launch of the first ever Nintendo museum in a renovated factory in Kyoto.At the box office, “The Super Mario Bros. Movie” was 2023’s second-highest grossing title, with a sequel due in 2026 and a film based on Nintendo’s “The Legend of Zelda” also on the way.”Over the past decade, there has really been an about-turn” in Nintendo’s strategy, said Florent Gorges, an expert on the company’s history.- ‘Reclusive’ -The gaming giant started life in Japan’s traditional former capital of Kyoto in 1889, producing playing cards.For a long time, it took a “conservative” and “somewhat reclusive” approach to cashing in on its intellectual property, said Gorges.”There was a certain culture of secrecy, taken to extremes within Nintendo, that made it very squeamish about trying new things,” he told AFP.Hiroshi Yamauchi, company president for over half a century between 1949 and 2002, “hated” the idea of any kind of company mascot, Gorges added.An early foray outside of the gaming world also proved tricky.In the 1990s, Nintendo entrusted its Mario IP to a Hollywood production team who made a live-action movie that was roundly panned.The flop may have contributed to its cautious approach, until disappointing sales of the Nintendo 64 and GameCube consoles in the following decade forced a re-think.- Wii success -The two next consoles — the portable DS with two screens, and the remote-controlled Wii — were designed to attract non-gamers.Each sold more than 100 million units and remain among Nintendo’s biggest commercial hits.But when updated versions of these two consoles did not perform so well, the company decided to again venture beyond video games.Fast-forward to today, and Nintendo is “selling soft toys and sweets, allowing its characters into consumers’ everyday lives”, said Hideki Yasuda of Toyo Securities.Nintendo is sometimes compared to Disney, but its business model differs from that of the US giant, which acquires and develops existing franchises, such as Star Wars, said Kensaku Namera of Nomura Securities.Instead the Japanese company “is focused on what it can do on its own”, and so collaborates with external studios and creators for its films and other projects.Going forward the firm may draw inspiration from the success of Pokemon, which began as a Nintendo game but now spans movies, playing cards, and a merchandise empire controlled by several entities.That has “really pushed Nintendo to further exploit its franchises”, Namera told AFP.”Many children love Pikachu, and buy soft toys even if they have never played the game,” he said, referring to Pokemon’s famous electric mouse.Game and console sales account for over 90 percent of Nintendo’s revenues, so exposure to characters such as Mario or friendly dinosaur Yoshi could be “a trigger” to attract more people to consoles, Namera said.

Fighter jets and attack drones took centre stage as China’s largest air show officially opened on Tuesday, an opportunity for Beijing to showcase its growing military might to potential customers and rivals alike.China has poured resources into modernising and expanding its aviation capabilities as it faces off against the United States and others around regional flashpoints like Taiwan. Record numbers of Chinese warplanes have been sent around the self-ruled democratic island, which Beijing claims as its territory, over the past few years.The star of Airshow China, which showcases Beijing’s civil and military aerospace sector every two years in the southern city of Zhuhai, is the new J-35A stealth fighter jet. Video from state media showed the warplane rearing up into the air, engines roaring, before flipping upside down and speeding away as spectators on the ground excitedly cheered. Its inclusion in the airshow suggests it is nearly ready to enter operation, which would make China the only country other than the United States to have two stealth fighters in action, experts said. The J-35A is lighter than China’s existing model, the J20, and looks more similar in design to a US F-35. A group of J20s also performed a display flight on Tuesday morning, in a diamond formation across the sky. State news agency Xinhua quoted military expert Wang Mingzhi as saying the combination of the two models greatly enhances the People’s Liberation Army Air Force (PLAAF)’s “ability to conduct offensive operations in high-threat and contested environments”. For the first time, a PLA naval jet will be present at the airshow, according to state broadcaster CCTV. The J-15T’s design suggests it may be intended for use on China’s newest aircraft carrier, the Fujian.Another key piece of hardware making its debut is the HQ-19 surface-to-air missile system, designed to intercept ballistic missiles and hypersonic glide vehicles, according to state media. – Drone zone -The airshow features a dedicated drone zone for the first time, reflecting their increased prominence in warzones, including Ukraine.The SS-UAV — a massive mothership that can release swarms of smaller drones for intelligence gathering, as well as strikes — will be on display in Zhuhai, according to the South China Morning Post.In October the United States unveiled sanctions targeting China-based companies linked to the production of drones that Russia has deployed in Ukraine.Moscow and Beijing have deepened military and defence ties since Russia’s invasion of its neighbour three years ago, and the secretary of its Security Council, Sergei Shoigu, is due to visit Zhuhai. Russia’s Su-57, a stealth jet with a distinctive grey-and-white mosaic pattern, also took to the skies on Tuesday. In another display, soldiers descended on ropes from helicopters.This year the show’s focus is squarely on the military sector, as it coincides with the 75th anniversary of the PLAAF, but China’s burgeoning space industry will also be showcasing developments.A model of a homegrown reusable space cargo shuttle will debut at the show, Xinhua reported on Monday. Named Haoloong, the shuttle is designed to be launched on a commercial rocket, and then dock with China’s space station Tiangong. “It can re-enter the atmosphere, fly and land horizontally at a designated airport, allowing for recovery and reuse,” Xinhua said. Beijing has poured huge resources into its space programme over the past decade in an effort to catch up to traditional space powers the United States and Russia.

Australia will move to stem the exodus of its banks from the Pacific Islands, the country’s top economic official said, as concerns mount that China could bolster its influence by filling in the gaps.For years, Western banks have been shuttering branches throughout the South Pacific, citing political turmoil, wafer-thin profits and the high cost of doing business. State-owned Bank of China has indicated it is eager to step in, stoking worries that Beijing could expand its already considerable commercial clout in the Pacific. Treasurer Jim Chalmers said he was close to inking a deal that would keep Australia’s ANZ Bank open in strategically important nations such as Fiji, Vanuatu, Solomon Islands and Papua New Guinea.  “For too long, Pacific ties have been taken for granted. We’ve done our best to reverse that,” he said in a speech on Monday night.  “A big part of that has been about banking. Taking the time, and doing the work, to guarantee the future of finance in the Pacific.”  ANZ Bank confirmed it was in discussions with officials, although it was not clear what this deal would look like or if the Australian government would subsidise its Pacific operations.   Bank of China has been exploring options in Pacific microstate Nauru, which earlier this year severed diplomatic links with Taiwan in favour of Beijing.  The Nauru government signed a memorandum of understanding with Bank of China in March. Australia’s Bendigo Bank, currently the only foreign bank operating on the island, has said it would pull out by mid-2025.  Papua New Guinea’s government has also welcomed Bank of China, saying it would work to help it gain an operating licence in the country. Australia and China are locked in “a state of permanent contest in the Pacific”, Australia’s foreign minister said earlier this year. Analysts say the exit of Western banks opens another avenue for China to expand its reach at the expense of Australia and allies like the United States. “We would be concerned if there were nations operating within the region whose principle objective was advancing their own national interest,” Australian Financial Services Minister Stephen Jones told a forum in July, when asked about Chinese banks stepping in.

Sri Lanka’s new leftist leader has drawn strong support from an unlikely source as he seeks to expand his three parliamentary seats to a house majority in elections on Thursday.President Anura Kumara Dissanayake, 55, who counts Karl Marx and Che Guevara among his heroes, has the backing of the country’s largest and most influential private sector trade and industry body.Dissanayake took power in September on the back of public anger over the island’s 2022 economic meltdown — and the Ceylon Chamber of Commerce (CCC) has said its proposals for economic recovery match the socialist agenda of his People’s Liberation Front (JVP).Business leaders have speculated the country could follow the economic models of China or Vietnam under Dissanayake, whose party sports the hammer and sickle motif of the international communist movement in its logo.”In the first term (of Dissanayake), I would say that they will be far better than Vietnam in terms of having a full democratic setup”, said Imran Furkan, from the Australia-based geopolitical risk analysis firm Tresync.”Democracy is deeply rooted in Sri Lanka, unlike in Vietnam, which has been communist for a long time”.Furkan said he expected Dissanayake’s party to comfortably win Thursday’s parliamentary elections and then pursue reforms, including unpopular austerity measures begun by his right-wing predecessor Ranil Wickremesinghe in line with a $2.9 billion IMF bailout.- Stocks surge  -The JVP, which led armed insurrections in 1971 and 1987 that left some 80,000 people dead, has since joined mainstream politics, in a coalition with professional groups calling themselves the National People’s Power (NPP).Dissanayake, by allowing the debt deal agreed by Wickremesinghe to move forward, has won the confidence of both local and foreign investors that he will not reverse the reforms, Furkan said.Since Dissanayake’s victory, the All Share Price Index at the Colombo Stock Exchange has gained 16.65 percent, underscoring positive investor sentiment.He has also maintained close ties with giant neighbour India and the country’s largest bilateral lender, China.The two compete for influence in the small but strategically located Indian Ocean island, a majority-Buddhist nation of about 22 million people.Voting opens Thursday at 7:00 am (0130 GMT) for 8,880 candidates contesting 225 seats in parliament, with initial results expected as early as Friday morning.But election monitors say there is little enthusiasm among voters.Private monitoring group the People’s Action for Free and Fair Elections (PAFFREL) said voter turnout could be lower than the 80 percent seen in the presidential poll.PAFFREL head Rohana Hettiarachchie said the results were seen as a foregone conclusion given how few opposition party candidates were active.Dissanayake’s party had only three seats in the outgoing legislature but faces little challenge this time.”Campaigning from the opposition side is very, very low,” he said, while noting that campaigns, unlike in the past, had at least been peaceful.- ‘Unity over division’ -CCC chief Duminda Hulangamuwa is not only backing the new administration’s plans but has also accepted an honorary position as Dissanayake’s economic adviser.Hulangamuwa told reporters last week that Dissanayake wanted to push ahead with the IMF bailout, which requires reforms to loss-making state-owned enterprises as well as the elimination of subsidies and tax holidays.Dissanayake’s policy is to implement reforms and then bring about macro stability, Hulangamuwa said, adding the president wanted “growth in a more inclusive manner.”Ex-president Wickremesinghe was voted out of office after doubling income taxes and imposing other reviled austerity measures.His policies ended the shortages of essentials such as food, fuel and medicines, along with runaway inflation, and returned the country to growth, but left millions struggling to make ends meet.The IMF has stated that Wickremesinghe’s administration made significant progress in repairing the nation’s ruined finances after a $46 billion foreign debt default in 2022.The IMF is due to send another mission to Colombo on the day of the polls to review progress, after declaring that Sri Lanka was “not out of the woods yet”.Hotel sector executive Anura Lokuhetty said a stable government was needed.”Now that we have a president from the NPP, the parliament should support the system to carry on a good environment for business,” Lokuhetty told AFP.Lawyer Shanthini Walgama said Dissanayake’s coalition offered the best promise of tackling endemic corruption.”In this election, it is all about progress over stagnation, unity over division, honesty over corruption,” she told AFP.

Huge cranes loom over Peru’s massive new Chinese-funded Chancay port, a symbol of Beijing’s growing influence in South America which is set to be inaugurated by President Xi Jinping on Thursday.”It’s nearly ready,” Gonzalo Rios, deputy general manager of the Peruvian subsidiary of Chinese port operator Cosco Shipping, which has a 60 percent stake in the facility, said during a recent visit to the deep-water port.Situated around 50 miles (80 kilometers) north of the capital Lima, the $3.5 billion complex is expected to become a major hub for trade between South America and China.Chancay’s maximum depth is 17.8 meters (58.4 feet), two meters deeper than Lima’s Callao port, making it capable of handling the world’s biggest container ships.”With the addition of this port, this part of the Pacific and Peru in particular could become the logistical hub of South America,” Rios told AFP.The facility will be unveiled by Xi and his Peruvian counterpart Dina Boluarte on the sidelines of this week’s Asia-Pacific Economic Cooperation (APEC) summit in Lima.- South America’s ‘Silk Road’ -The port is the latest addition to the vast collection of railways, highways and other infrastructure projects built under China’s massive Belt and Road Initiative.Launched in 2013, the program initially focused on better connecting China with Europe, Africa and the rest of Asia but has since expanded to include South America.Chancay, a fishing town of around 50,000 inhabitants, was chosen for its strategic location in the heart of South America.Cosco Shipping Ports, which has a 30-year concession to operate the terminal, has forecast it will handle up to one million containers in its first year of operations.Chancay is expected to be a major hub for imports of Asian electronics, textiles and other consumer goods and for the export of minerals, including lithium — a metal used in mobile phone and laptop batteries — from Chile and copper from both Chile and Peru.”Peru is a source of raw materials for China,” Oscar Vidarte, professor of international relations at the Pontifical Catholic University of Peru, told AFP.Bilateral trade between the Asian giant and Peru, one of Latin America’s fastest-growing economies for the past decade, stood at nearly $36 billion in 2023, making Peru China’s fourth-largest Latin American trading partner.”Our goal is to become the Singapore of Latin America,” Peruvian Transport Minister Raul Perez told reporters at Chancay.”We will have direct routes to Asia, in particular to China, which will reduce (shipping time) by 10, 15, even 20 days, depending on the route,” compared to 35-40 days currently, he said.Chancay port will also serve Chile, Colombia and Ecuador, among other South American countries, allowing them to skirt ports in Mexico and the United States for trade with Asia.”It will allow China to position itself in this part of the world,” Vidarte said.Francisco Belaunde, a professor in international law at Lima University and other faculties, called it “part of the battle for geopolitical influence” in South America pitting China against the United States.Connected to the Pan-American highway — a network of roads linking most of North and South America along the Pacific — through a mile-long tunnel, the port will use artificial intelligence to inspect containers for drugs and other illicit goods, according to Perez, the transport minister.Peru is the world’s biggest cocaine producer after Colombia.Currently, much of the drug is smuggled through the port of Guayaquil in neighboring Ecuador.”We will use the most advanced technology to ensure the safety of the containers,” Perez said.

US and European stocks mostly climbed, while the dollar rose and bitcoin extended a record run on Monday, as traders took their lead from events in the United States and China.Chinese stock markets closed mixed and oil prices slid after China’s latest plans to stimulate its economy fell short of expectations.Wall Street’s three main indices pushed solidly into record territory at the opening bell.”Last week’s huge post-election rally hasn’t run out of gas yet,” said Briefing.com analyst Patrick O’Hare.Stocks rallied last week on hopes that a second Donald Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.O’Hare said there were no new developments fuelling the rise.”In effect, it is a carryover of the ‘old’ news of the election outcome powering an ongoing momentum trade and a fear of missing out on further gains,” he said.But the S&P 500 trimmed its gains during morning trading and the Nasdaq Composite was essentially flat as European markets closed.”All that remains to be seen is when this rally effort runs out of gas,” said O’Hare.Another cut in US interest rates by the Federal Reserve also helped fuel the record run last week.While Fed officials declined to provide further guidance until updated projections are ready for its December meeting, the market still largely expects it to cut rates again then.”If more rate cuts from the Fed continue to be what is expected, then we could see further positive sentiment in US stocks,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.Bitcoin hit an all-time high above $84,000 Monday on optimism that Trump would ease regulations surrounding the cryptocurrency.”We shouldn’t expect this bullish trend to be interrupted for a long time — about a year,” Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.”The next level for me is $100,000.”European stocks saw solid gains.”European markets are enjoying an upbeat start to the week, with the uncertainty around trade relations with the US seemingly being put on the backburner,” said Joshua Mahony, analyst at traders Scope Markets.The mood was less upbeat in Asia after China said Friday it would ramp up a local debt ceiling, but fell short of announcing any new growth-boosting measures.Hopes had been building all last week that officials would deploy a “bazooka” stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.Observers said there were concerns about the impact of Trump’s planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its pre-weekend announcement.”Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” he noted.- Key figures around 1630 GMT -New York – Dow: UP 0.8 percent at 44,324.36 pointsNew York – S&P 500: UP 0.2 percent at 6,007.79New York – Nasdaq Composite: UP less than 0.1 percent at 19,290.72London – FTSE 100: UP 0.7 percent at 8,125.19 (close)Paris – CAC 40: UP 1.2 percent at 7,426.88 (close)Frankfurt – DAX: UP 1.2 percent at 19,448.60 (close)Tokyo – Nikkei 225: UP 0.1 percent at 39,533.32 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 20,426.93 (close)Shanghai – Composite: UP 0.5 percent at 3,470.07 (close)Euro/dollar: DOWN at $1.0648 from $1.0724 on FridayPound/dollar: DOWN at $1.2872 from $1.2921Dollar/yen: UP at 153.81 yen from 152.62 yenEuro/pound: DOWN at 82.73 pence from 82.95 penceWest Texas Intermediate: DOWN 3.3 percent at $68.05 per barrelBrent North Sea Crude: DOWN 3.0 percent at $71.67 per barrelburs-rl/giv

Major stock markets diverged, the dollar gained and bitcoin extended a record run higher Monday, as traders took their lead from events in the United States and China.Chinese stock markets closed mixed and oil prices slid after China’s latest plans to stimulate its economy fell short of expectations.Europe saw solid gains around midday, tracking events in the United States where president-elect Donald Trump is putting together his cabinet.”European markets are enjoying an upbeat start to the week, with the uncertainty around trade relations with the US seemingly being put on the backburner,” said Joshua Mahony, analyst at traders Scope Markets.Stocks rallied last week on hopes that a second Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.However, the mood changed after China said Friday it would ramp up a local debt ceiling, but fell short of announcing any new growth-boosting measures.Hopes had been building all last week that officials would deploy a “bazooka” stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.Among them were interest-rate cuts and an easing of home-buying measures as leaders try to address a crisis in China’s vast property sector.Wall Street indices hit fresh record highs Friday, helped also by another cut in US interest rates by the Federal Reserve.Observers said there were concerns about the impact of Trump’s planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its pre-weekend announcement.”Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” he noted.Weston added that there were downside risks to Chinese stock markets and yuan in the short term.Bitcoin hit an all-time high $82,387.50 Monday on optimism that Trump would ease regulations surrounding the cryptocurrency.”We shouldn’t expect this bullish trend to be interrupted for a long time — about a year,” Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.”The next level for me is $100,000.”- Key figures around 1100 GMT -London – FTSE 100: UP 0.8 percent at 8,135.06 pointsParis – CAC 40: UP 1.1 percent at 7,418.18Frankfurt – DAX: UP 1.3 percent at 19,465.13Tokyo – Nikkei 225: UP 0.1 percent at 39,533.32 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 20,426.93 (close)Shanghai – Composite: UP 0.5 percent at 3,470.07 (close)New York – Dow: UP 0.6 percent at 43,988.99 (close)Euro/dollar: DOWN at $1.0663 from $1.0724 on FridayPound/dollar: DOWN at $1.2880 from $1.2921Dollar/yen: UP at 153.74 yen from 152.62 yenEuro/pound: DOWN at 82.76 pence from 82.95 penceWest Texas Intermediate: DOWN 1.8 percent at $69.10 per barrelBrent North Sea Crude: DOWN 1.6 percent at $72.69 per barrel

China’s largest online shopping bonanza wraps up on Monday, with analysts and investors watching for signs that consumption is rebounding in the world’s second-largest economy after recent efforts by Beijing to boost activity.”Singles Day” — launched by tech giant Alibaba in 2009 — has ballooned into an annual blockbuster period for retail, with days of discounts luring customers to the country’s online shopping platforms.Its name is a riff on the four ones in its date of November 11, or “11.11” — the tongue-in-cheek celebration of singlehood is a key driver of sales for Alibaba and its main competitor, JD.com.Neither firm released detailed sales figures on last year’s Singles Day for the second time running, with Alibaba saying only that it recorded growth during the period.Sluggish domestic consumption is among the top issues now facing policymakers in China, which has struggled to achieve a full post-pandemic recovery.Beijing has in recent weeks announced a slew of the most aggressive measures in years aimed at bolstering growth, including key rate cuts and increasing the debt limit for local governments.But many economists argue that in the absence of large-scale fiscal stimulus aimed at encouraging consumer spending, a return to the country’s robust pre-pandemic trajectory may be difficult to attain.This year’s Singles Day could represent a major boon for retail giants as analysts watch for signs that recent measures are having an impact.Analysts from the ING banking group said in a note last week that it expects to see “solid growth numbers” during the event, which it said “should comfortably outpace the overall consumption growth momentum”.At a warehouse visited by AFP on Monday, employees from Chinese e-commerce giant JD.com were seen sorting a steady stream of parcels loaded on conveyor belts.At the end of the line, workers quickly stacked the packages onto trolleys, before transferring them to scooters for delivery to customers. Consumer prices in China rose at a slower rate in October, official data showed Saturday, in a further sign of languid demand.Singles Day 2024 “is expected to generate over 1.2 trillion yuan ($167 billion)… representing a growth of 15 percent compared to the previous year”, wrote VO2 Asia Pacific, a consultancy specialising in the digital economy.While the promotional campaigns could be effective in driving short-term sales, managing partner Vincent Marion warned that the strategy could have negative repercussions.”Many consumers buy in bulk to reach discount thresholds, only to return the products afterward,” said Marion, warning that the practice “erodes profit margins and damages brand perception”.Alibaba, like its main rival JD.com, withheld sales figures on the Singles Day period for the first time ever in 2022, saying instead that sales were flat from the previous year.