CX Daily: Hong Kong Prepares to Launch First Spot Crypto ETFs in Asia
TOP STORY
Crypto /
Hong Kong prepares to launch first spot crypto ETFs in Asia
Ten fund management companies are preparing to launch spot Exchange-Traded Funds backed by virtual assets in Hong Kong, according to an executive of crypto exchange operator HashKey Group.
Up to eight of the fund companies are at an “advanced stage” for the launch, Livio Weng, HashKey’s chief operating officer, told Caixin in an interview. He didn’t provide any more details.
FINANCE & ECONOMY
GDP /
China’s economy expands at 5.3% in 2023, Caixin survey shows
Economists surveyed by Caixin estimated an average 5.3% growth in China’s gross domestic product in 2023 as the world’s second-largest economy gradually returns to its feet after the Covid pandemic.
Caixin’s survey of 16 domestic and foreign institutions showed that estimates of China’s 2023 growth range between 5.1% to 5.4% year-on-year, with an average rate of 5.3%. The economy expanded by 3% in 2022, as the country struggled with repeated lockdowns.
Personnel /
China province reveals head of new public complaints department
Inner Mongolia has named its local head of the Social Work Department, the first provincial-level region to reveal a leader of the authority, created last year to better handle public complaints. The national-level organ operates directly under the Communist Party’s Central Committee.
The northern Chinese autonomous region has appointed Wu Zhiqiang, former director and party secretary of the region’s Public Complaints Bureau (PCB), as head of the local party committee’s Social Work Department, according to an article published on the local PCB’s official WeChat account Tuesday. The report referred to Wu using his new title as he conducted an inspection of the local PCB Monday.
Quick hits /
China provides strongest boost to yuan via fixing since November
China central bank consults with economists about effective monetary policy
BUSINESS & TECH
TikTok /
TikTok and Disney+ outshine games in record year for mobile apps
ByteDance Ltd.’s TikTok became the first app to pass $10 billion in cumulative consumer spending, helping power mobile app sales to a new high in a year in which revenue from games was down, according to the latest report by data.ai.
Video-streaming platforms such as TikTok and Disney+ drove an 11% rise in consumer app sales in 2023, showing resilient demand while the games industry dealt with a double-digit sales decline in China that dragged global sales down 2%.
Quick hit /
China Aoyuan’s $6 billion debt plan jolted by creditor dissent
Energy Insider /
China plans two-way charging system between EVs and grids, domestic oil and gas output sets new record
Long Read /
Why China’s last dynasty failed in its efforts to modernize
GALLERY
A ride through transportation history
The Beijing Public Transport Hall, a museum exhibiting a century of transportation in China’s capital, opened on Dec. 1 and has since attracted large crowds. The museum covers an area of about 5,000 square meters and has over 6,000 exhibits ranging from old trams and buses, as well vintage tickets and uniforms.