2025 Calendar Week 04

Posted on January 22, 2025

China’s Urban Unemployment Rate in 2024 Averaged 5.1%, Exceeding Expectations Despite Seasonal Fluctuations

On January 17th, the National Bureau of Statistics of China released its 2024 national urban surveyed unemployment rate, which averaged 5.1%, marking a slight decrease of 0.1 percentage points from the previous year, and falling below the anticipated target of around 5.5%. In January and February of 2024, the unemployment rate rose to 5.2% and 5.3%, respectively, due to seasonal factors, including winter and the Chinese New Year holiday.

From March onwards, the rate began to decline, reaching 5.0% in April and maintaining this level until June. However, during July and August, the unemployment rate increased to 5.2% and 5.3% as a result of challenges faced by recent graduates (aged 16-24 and 25-29) in finding employment. In September, the rate fell back to 5.1%, further decreasing to 5.0% in October and November.

In December, the unemployment rate slightly rose to 5.1%, due to colder weather and the seasonal slowdown in production and operations in certain industries, leading to reduced demand for labor. The unemployment rate for local residents was 5.3%, while the rate for migrant workers stood at 4.6%, with agricultural migrant workers at 4.5%. Among the 31 major cities, the urban unemployment rate was 5.0%.

The average weekly working hours for employees in enterprises nationwide stood at 49.0 hours.

Data Source: https://www.stats.gov.cn/xxgk/jd/sjjd2020/202501/t20250117_1958336.html

China’s GDP Surpasses CNY 130 Trillion, Shanghai’s Economic Growth Targets 5% Expansion in 2024

On January 18, China’s National Bureau of Statistics reported that the nation’s GDP has officially surpassed 130 trillion yuan, reaching CNY 134.91 trillion for the first time(approximately $19.4 trillion USD).

In parallel, on January 15, during the third session of the 16th Shanghai Municipal People’s Congress, it was announced that Shanghai’s GDP is projected to expand by around 5% in 2024, reaching an estimated CNY 5 trillion (approximately $720 billion USD). This growth marks a pivotal shift as Shanghai enters a new phase of economic development, just three years after its GDP first exceeded CNY 4 trillion.

Shanghai has centered its growth on developing new quality productive forces by implementing policies aimed at fostering industries such as blockchain, low-altitude economy, large aircraft manufacturing, new energy storage, new materials, ultra-high-definition displays, and nuclear power. Last year, the city also launched 28 test sites for emerging industries. Notably, Shanghai boasted 1,782 licensed financial institutions in 2024.

The city’s research and development expenditure accounted for 4.4% of its GDP in 2024. Among its leading industries, integrated circuits, biomedicine, and artificial intelligence (AI) collectively reached a scale of CNY 1.8 trillion (approximately $258 billion USD).

Shanghai, a pioneer in China’s reform and opening-up policy, saw its combined import and export value hit a new record high of CNY 4.27 trillion (about $613 billion USD) in 2024. Its port, the world’s busiest, handled a record 51.51 million TEUs (twenty-foot equivalent units), maintaining its position as the global leader in container throughput for 15 consecutive years.

As a major hub for foreign investment, Shanghai recorded 17.5 billion U.S. dollars in foreign capital usage in 2024, and housed 1,016 regional headquarters of multinational corporations and 591 foreign-funded R&D centers. This included 60 new regional headquarters and 30 new R&D centers established last year.

The city aims to stabilize its foreign trade and foreign investment, expand its openness in service sectors like healthcare and cultural tourism, and secure more major foreign investment projects, as highlighted in the government’s work report.

Data Source: https://www.stats.gov.cn/sj/zxfb/202501/t20250118_1958363.html

TikTok Refugees Flock to Rednote as Supreme Court Decision Looms, Chinese App Surges in Popularity

As TikTok nervously awaits a pivotal decision from the U.S. Supreme Court that could determine its fate in the country, users are preemptively migrating to a Chinese social media platform called Rednote (known in China as Xiaohongshu). Over the weekend, around 700,000 people, identifying themselves as “TikTok refugees,” began flocking to Rednote, a platform primarily known for its travel and lifestyle content in China. With over 300 million existing users, Rednote has quickly risen to prominence, and as of January 13, it became the number one most-downloaded app in Apple’s U.S. App Store.

The platform’s sudden popularity was further fueled by the unexpected presence of Maye Musk, the mother of billionaire entrepreneur Elon Musk, who has already become active on the app. Her participation has sparked a flurry of conversations among U.S. netizens, alongside other high-profile names like NBA legend Dwyane Wade. Wade, who posted a video in Chinese saying “Hello” and requesting follows, added to Rednote’s buzz.

Amid the rise of TikTok refugees, some users on Rednote have shared videos about controversial historical topics, including lesser-known atrocities like biological warfare conducted by Japan’s Imperial Army, referring to Unit 731. These discussions have added an element of global intrigue to the platform’s content.

Chinese netizens are increasingly recognizing Rednote’s potential to be more than just a “sanctuary” for displaced American users. It’s becoming a platform to showcase a different narrative of China, offering international audiences a glimpse into the country’s culture, lifestyle, and untold stories.

In addition to the growing user base, Chinese brands are seizing this opportunity to promote their products to an international audience. According to sources close to the platform, Rednote’s internal teams have been working around the clock to optimize features for international users and capitalize on the surge in traffic. At the same time, teams focused on compliance and security are addressing the necessary requirements to ensure smooth and lawful operations as the platform grows beyond its home market.

Trump Considers Delay in TikTok Ban as His Inauguration Approaches

As the January 20 inauguration of President-elect Donald Trump draws near, sources familiar with his plans have revealed that he is considering a strategy to delay the United States’ TikTok ban. The move would grant his incoming administration more time to negotiate a potential deal with a U.S. buyer to keep the highly popular app in operation.

While Trump was a vocal proponent of a TikTok ban during his presidency, his stance has recently shifted. In June, he even posted a TikTok video where he expressed a desire to “save TikTok.” Last month, he asked the U.S. Supreme Court to halt the ban temporarily, allowing his team to work out a possible deal to preserve the app’s availability to American users.

Despite these efforts, it remains uncertain whether Trump will take definitive action before his term concludes. With the ban deadline looming just a day before he takes office, an executive order on January 20 would essentially be a last-minute attempt to save TikTok. However, Trump has refrained from making any significant moves on this front, leaving the situation in limbo as his administration transition.

We’ll continuously monitor the development of this matter.

Tesla Unveils Updated Model Y in China with New Pricing and Features

On January 10th, Tesla China officially launched the refreshed Model Y on its website, with the rear-wheel drive version priced at ¥263,500 and the Long Range All-Wheel Drive version priced at ¥303,500. As the world’s largest automotive market, China was chosen as the global debut location for the updated Model Y. Tesla also introduced a special edition model featuring unique badges on the rear and doors to commemorate the launch.

The new Model Y comes with upgraded features, including the Enhanced Autopilot (EAP) option priced at CNY 32,000, and the Full Self-Driving (FSD) package available for an additional CNY 64,000. In contrast, many domestic Chinese automakers offer smart driving and autonomous driving features as standard at no extra cost.

On the same day, a Tesla store in Hebei reported receiving nearly 300 orders from customers who had already paid deposits to reserve the new Model Y.

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