JD.com also boasted stellar achievements. Sales in the first four hours (from 8 pm of October 20 to midnight) jumped nearly 40 percent higher (in Chinese) compared to the same period last year. It reported that the top ten categories of the pre-sale orders were computers, home appliances, mobile phones, sports shoes and bags, facial and skincare, kitchen and bathroom appliances, household appliances, photographic equipment, as well as kitchen and sanitary ware.
Indicator analyst : China has announced they want consumption + services to represent a higher percentage of GDP versus real estate going forward. They would prefer their citizens own a part of the real economy (similar to American's with the 401k) and not just spend 30 years paying down an apartment + education for their children and retire poor.
Major Chinese Tech giants are aligned with this vision, shady real estate companies elevating prices + stealing from customers + employees will be made example of
IT farmer Indicator analyst : That makes sense. I hope you're correct. Thanks.
Oavbab Indicator analyst : 1998 Chinese govt announced they were going to tax savings account interest withdrawals to boast consumption.
Sound familiar?