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Articles by Sun Yanran
Chinese Exporters Move Quickly After Tariff Rollback, but Remain Cautious
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Chinese exporters are cautiously resuming shipments to the United States after a surprise tariff rollback by Washington and Beijing but remain wary of policy swings. Numerous companies are waiting for customs confirmation before dispatching goods and are speeding up efforts to diversify into domestic and Southeast Asian markets.
In Depth: How Miniso’s Founder Aims to Engineer a Supermarket Turnaround
Ye Guofu, co-founder of Miniso Group, has recently become the driving force behind the restructuring of Yonghui Superstores, one of China’s largest supermarket chains. His involvement includes radical efforts to improve transparency and overhaul procurement systems, as symbolized by his sharing of direct contact details with suppliers to combat corruption and inefficiency.
In Depth: JD.com Wants to Unseat China’s Takeout King
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x When a young Beijinger opened his door to grab his takeout meal in April, he was shocked to see a billionaire on his doorstep. Richard Liu, founder of e-commerce giant JD.com Inc., had just scooted through the Chinese capital’s streets to personally deliver the meal as well as a clear message to the country’s dominant takeout platforms — JD.com is going to shake things up.
In Depth: JD.com Wants to Unseat China’s Takeout King
BUSINESS By Bao Yunhong, Sun Yanran, Qu Yunxu and Elise Mak Published: May. 9, 2025 1:34 p.m. GMT+8 00:00 00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Subscribe now Listen to the full version When a young Beijinger opened his door to grab his takeout meal in April, he was shocked to see a billionaire on his doorstep.
Moutai Hopes Cultural Events Can Win Over Global Drinkers
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x High-end liquor maker Kweichow Moutai Co. Ltd. (600519.SH) is prioritizing cultural adaptation as it pushes for a global expansion, a top executive said at a Caixin forum.
Foreign Travelers to China Jump in Wake of Visa Waivers, Bigger Tax Refunds
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China saw a sharp increase in foreign visitors during this year’s Labor Day holiday, following the implementation of expanded visa-free policies and upgraded tax rebate programs. Foreigners made more than 1.1 million trips into and out of the Chinese mainland during the five-day break, up 43.1% from the same period a year earlier.
In the latest issue of Caixin’s weekly magazine: JD.com Invades Meituan Turf, Reigniting Battle of Deliveries (powered by AI)
2025年1月25日，四年多未公开现身的京东创始人刘强东以参加京东物流新春家宴的方式高调回归，紧接着掀起了一场中国互联网行业多年未见的品类战争：京东祭出“百亿补贴”进军外卖业务。 On January 25, 2025, Richard Liu Qiangdong, founder of JD.com, made a high-profile return to the public eye after more than four years of absence by attending JD Logistics' annual Spring Festival banquet. Soon after, he sparked a product category battle in China's internet sector not seen in years: JD.com announced a "10 Billion Yuan Subsidy" campaign to launch its food delivery business.
In the latest issue of Caixin’s weekly magazine: China’s Brick-and-Mortar Supermarkets Seek a New Path (powered by AI)
美国关税贸易战之下，正在大力推进门店和供应链调改的中国最大本土连锁超市永辉，顺势将外贸供应链纳入视野。 Amid the U.S.-China trade war, Yonghui, China’s largest domestic supermarket chain, which is vigorously advancing adjustments to its stores and supply chain, is now also turning its attention to the foreign trade supply chain.
Walmart Tells Chinese Suppliers to Resume Shipments
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Walmart Inc. has told its Chinese suppliers to resume shipments, nearly a month after it suspended orders in the wake of sweeping new U.S. tariffs, with some of the added costs to be absorbed by the retail behemoth, Caixin has learned. Walmart asked a Jiangsu province-based maker of personal care products to start preparing for upcoming orders, Mu Longsheng, who oversees the firm’s domestic business development, told Caixin.
China Expands Pilot to Liberalize Service Sector Amid Trade Tensions
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China Expands Pilot to Liberalize Service Sector Amid Trade Tensions
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China’s commerce ministry has released a plan to expand a pilot program to further open its service industries across 15 provincial regions, aimed at liberalizing sectors from telecom to healthcare and finance.
In Depth: China’s Pet Boom Bites Back
Explore the story in 3 minutes China’s pet economy is experiencing significant growth, driven by urban youth who increasingly view pets as emotional companions in their fast-paced lives. This thriving multibillion-dollar market has benefited from rising demand for domestic brands and the expansion of e-commerce platforms.
In Depth: China’s Pet Boom Bites Back
China’s pet economy is experiencing significant growth, driven by urban youth who increasingly view pets as emotional companions in their fast-paced lives. This thriving multibillion-dollar market has benefited from rising demand for domestic brands and the expansion of e-commerce platforms. However, the industry is grappling with challenges, including price wars reducing profits, closures of veterinary clinics, unethical breeding practices, and declining investment in the sector [para. 1][para. 2].
In Depth: Global Trade Buckles Under Trump’s Escalating Tariffs
Explore the story in 3 minutes Yangshan Port near Shanghai, once a hub of bustling container activity, has experienced a severe slowdown due to the escalating U.S.-China trade conflict. By April 10, cargo sat idle, shipping schedules were canceled, and freight rates fell on key China-U.S. trade routes [para. 1][para. 2][para. 3]. This turnaround highlights the growing economic consequences of U.S. tariff hikes, which surged from 54% on April 2 to 145% by April 10.
Trump's heavy tariffs on small parcels to disrupt China’s cross-border e-commerce
Donald Trump has sharply escalated trade tensions with China, announcing a steep increase in tariffs on small parcels valued under $800 just days after Beijing retaliated with its own 34% tariff hike. The move poses major challenges for China’s cross-border e-commerce exporters. Start your deal-making journey now! Subscribe now to enjoy unlimited access at just $59. Premium coverage on private equity, venture capital, and startups in Asia. Exclusive scoops from our reporters in nine key markets.
China’s Cross-Border E-Commerce Faces Disruption from Trump’s Steep Tariffs on Small Parcels
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Donald Trump has sharply escalated trade tensions with China, announcing a steep increase in tariffs on small parcels valued under $800 just days after Beijing retaliated with its own 34% tariff hike. The move poses major challenges for China’s cross-border e-commerce exporters. Starting May 2, goods from the Chinese mainland and Hong Kong will no longer enjoy duty-free treatment.
In the latest issue of Caixin’s weekly magazine: Mixue’s Hong Kong Listing Show How to Successfully Narrate Dual Stories (powered by AI)
2025年3月3日，全球4.5万家蜜雪冰城加盟店，将新茶饮顶流IP“雪王”送上了香港交易所的上市敲钟仪式。当天，公司市值突破千亿港元。 On March 3, 2025, 45,000 MyTea franchised stores worldwide brought the top tea beverage IP, "Snow King," to the gong-striking ceremony for listing on the Hong Kong Stock Exchange. On that day, the company’s market value surpassed HKD 100 billion.
In Depth: Fans Go Wild for Ne Zha Merchandise, but Challenges Lurk Behind the Hype
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x The success of Chinese animated fantasy adventure film “Ne Zha 2” has ignited a nationwide frenzy that goes far beyond the cinema. Fans are snapping up a wide range of character-themed merchandise, from toys and books to smartphone accessories, driving multibillion-yuan sales for businesses catering to the film’s devoted followers.
In Depth: Fans Go Wild for Ne Zha Merchandise, but Challenges Lurk Behind the Hype
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x The success of Chinese animated fantasy adventure film “Ne Zha 2” has ignited a nationwide frenzy that goes far beyond the cinema. Fans are snapping up a wide range of character-themed merchandise, from toys and books to smartphone accessories, driving multibillion-yuan sales for businesses catering to the film’s devoted followers.
In Depth: Holiday Spending Gives Chinese Consumption a Needed Boost
Explore the story in 3 minutes During the recent Lunar New Year holiday, the animated film “Ne Zha 2” became China's highest-grossing film, accumulating nearly 12.8 billion yuan ($1.7 billion) in sales, positioning it as Asia’s first film in the top 10 global box office charts and the highest-grossing animated film ever [para. 1][para. 2].
In Depth: Holiday Spending Gives Chinese Consumption a Needed Boost
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x The biggest highlight of the recent Lunar New Year holiday was undoubtedly the animated blockbuster “Ne Zha 2,” which has become China’s highest-grossing film ever and Asia’s first to break into the top 10 of the global box office charts. As of Friday afternoon, the film had raked in nearly 12.8 billion yuan ($1.7 billion) in ticket sales, according to box office trackers Dengta and Maoyan.
Meituan to Provide Social Security Benefits for Delivery Riders
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Meituan, the Chinese food delivery giant, has announced plans to provide social security benefits to some of its riders, starting in the second quarter of 2025. The move is part of its broader efforts to enhance labor protections and improve employment stability in the gig economy. The program will cover full-time and stable part-time riders, Meituan said in a statement Wednesday.
Xi Emphasizes Private Sector’s Role in Rare Meeting with Business Titans
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Xi Emphasizes Private Sector’s Role in Rare Meeting with Business Titans
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x A high-profile meeting chaired by Chinese President Xi Jinping with a group of private business leaders moved the market as investors watched who was in attendance — and who was not. The meeting, the first of its kind since November 2018, saw Xi reaffirm the role of the private sector and the government’s commitment to supporting it. Among those present were Alibaba Group’s Jack Ma and Tencent Holdings’ Pony Ma Huateng.
In Depth: Meituan Hopes Middle East Expansion Will Deliver Growth
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Among the delivery drivers that crisscross streets and zip between buildings in Riyadh, there is a growing consort of riders and e-bikes donning Meituan’s characteristic black and yellow. Soon, drones clad with the same colors could take to the skies over the Saudi Arabian capital.
In the latest issue of Caixin’s weekly magazine: Caixin Weekly | JD.com and Alibaba Divest Supermarkets: Can Yonghui and RT-Mart Replicate the Myths of Pao Dang Lai? (powered by AI)
文｜财新周刊 孙嫣然 包云红 By Sun Yanran and Bao Yunhong, Caixin Weekly 曾经备受电商平台追捧的线下零售资产——大型连锁超市，正在被战略性放弃。中国互联网巨头在经历十年狂飙突进投资并购后，转向整理资产剥离出售，收缩回归主营业务。 Once highly sought after by e-commerce platforms, offline retail assets—large chain supermarkets—are now being strategically abandoned. After a decade of aggressive investment and acquisition, Chinese internet giants are shifting towards asset divestment, pulling back to focus on their core businesses.
In Depth: E-Commerce Giants Shun Supermarkets as Sales Slump
Explore the story in 3 minutes The landscape of China's retail sector is evolving as traditional e-commerce giants like JD.com and Alibaba reduce their investment in brick-and-mortar outlets, while newcomers such as Miniso and private equity firms are taking their place. Both JD.com and Alibaba have been divesting from large supermarket chains, reflecting a strategic shift away from offline retail [para. 1][para. 2].
In Depth: E-Commerce Giants Shun Supermarkets as Sales Slump
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China’s retail sector is undergoing a major shake-up: E-commerce giants are scaling back their brick-and-mortar investments and new players such as fast-growing Chinese retailer Miniso and private equity firms are stepping in to fill the gap. JD.com Inc. reduced its stake in Yonghui Superstores Co. Ltd.
Chinese Tourists Avoid Thailand After Actor’s Kidnapping
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x More Chinese travelers are avoiding Thailand after the recent kidnapping of a Chinese actor raised safety concerns about the country. On Jan. 5, a social media post revealed that Wang Xing, a minor Chinese actor, went missing in a northwestern Thai town near the Myanmar border after traveling to Thailand for a casting session. He was forcibly taken across a river into Myanmar, where he was coerced into learning scamming techniques.
Cover Story: Tightening the Rulebook to Make China’s Internet Platforms Fairer
Explore the story in 3 minutes China's internet platform economy is facing increased scrutiny as the regulatory landscape evolves to address various issues, such as algorithm transparency, balance of power among stakeholders, and consumer protection [para. 1][para. 2].
Cover Story: Tightening the Rulebook to Make China’s Internet Platforms Fairer
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China’s internet platform economy is coming under closer scrutiny as a new wave of regulatory action gets underway. Unlike previous rounds, which focused on curbing platform expansion and monopolistic behavior, this phase is putting the emphasis on setting rules, increasing algorithm transparency and balancing the power dynamics among suppliers, users and platforms.
In the latest issue of Caixin’s weekly magazine: Growing Challenges of Internet Platforms Spur Calls for Reform (powered by AI)
岁末年初，新一轮针对中国互联网平台经济的治理行动拉开序幕。和上一轮关注平台扩张和竞争不同，此轮整治着眼于平台规则和算法，在商品或服务供给方、用户和平台等几方角力中，置入新的监管框架和目标。 At the turn of the year, a new round of governance targeting China's internet platform economy has commenced. Unlike the previous round, which focused on platform expansion and competition, this phase is oriented towards platform rules and algorithms.
Surge in Chinese Overseas Tourism Set for Lunar New Year
Explore the story in 3 minutes Chinese travelers are showing a keen interest in visiting East and Southeast Asian destinations for the upcoming Lunar New Year holiday, indicating a slow but steady recovery in outbound travel. During the period from January 28 to February 4, searches for travel to Japan and South Korea have more than doubled compared to the previous year's holiday period, while interest in Southeast Asia has risen by 47%, according to Trip.com.
Surge in Chinese Overseas Tourism Set for Lunar New Year
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Many Chinese travelers are opting to head to destinations in East and Southeast Asia for the upcoming Lunar New Year holiday, underscoring a gradual recovery in outbound travel. Searches for travel to Japan and South Korea during the holiday period from Jan. 28 to Feb.
Mainland Bubble-Tea Makers Brewing Up Expansion as North American Market Grows
The burgeoning market for bubble tea in North America is attracting an increasing number of brands from mainland China aiming to diversify and capture the evolving consumer tastes there [para. 1]. Traditionally dominated by Taiwanese brands like Gong Cha and Happy Lemon, the North American bubble tea market is currently valued at around $1.4 billion for 2024 and is projected to grow at a rate of 10.3% annually, potentially reaching $3.5 billion by 2033 [para. 2][para. 3].
In the latest issue of Caixin’s weekly magazine: Can China’s Supermarket Reshuffle Create Success? (powered by AI)
曾经备受电商平台追捧的线下零售资产——大型连锁超市，正在被战略性放弃。中国互联网巨头在经历十年狂飙突进投资并购后，转向整理资产剥离出售，收缩回归主营业务。 Offline retail assets, namely large chain supermarkets, which were once highly coveted by e-commerce platforms, are now being strategically abandoned. After a decade of rapid investment and acquisitions, Chinese internet giants are turning to asset divestitures and sales, scaling back to focus on their core businesses.
China Expands Visa-Free Travel to Nine Countries Including Japan
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x China announced an expansion of its visa-free travel policy, effective Nov. 30, allowing ordinary passport holders from nine additional countries including Japan, Bulgaria and Romania to enter China without a visa for up to 30 days. The additions, which also include Croatia, Montenegro, North Macedonia, Malta, Estonia and Latvia, expands visa-free travel to a total of 38 countries.
Nongfu Spring Founder Attacks Livestream Sales Model and Low-Price Platforms
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Zhong Shanshan, the billionaire founder of Nongfu Spring Co. Ltd., has criticized the livestream sales model and low-price e-commerce platforms such as Pinduoduo, arguing that they harm Chinese brands by lowering price systems and he called on the government to intervene. Speaking on Tuesday during a visit to a navel orange factory in Jiangxi, he said: “I will never engage in livestream sales, and I distain those entrepreneurs who do so.
Saudi Tourism Minister Pushes for Visa-Free Travel With China
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Saudi Arabia’s tourism minister suggests Beijing and Riyadh could do more to enable visa-free travel as the oil-rich country looks to make Chinese visitors central to its plan for tourism to become a much bigger part of its economy. The two governments should further relax visa requirements, Ahmed Al Khateeb said in an Oct. 17 interview during a trip to China.
In the latest issue of Caixin’s weekly magazine: Can the Duty-Free Expansion Boost Consumption? (powered by AI)
2024年10月1日，位于北京市中轴线景区南端、前门大街附近的北京坊“三阳号”，正式成为北京市第二家市内免税店；而另一家位于朝阳区蓝色港湾商区的市内免税店已经运营五年，也将转型改造、迎接新政策。 On October 1, 2024, "Sanyanghao," located at the southern end of Beijing's central axis tourist area near Qianmen Street, officially became the second downtown duty-free shop in Beijing.
Alibaba’s RT-Mart Exit Accelerates Amid Buyout Offer
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Alibaba Group Holding Ltd.’s Sun Art Retail Group, the operator of supermarket chain RT-Mart, received a privatization offer from a potential buyer, marking a significant step in Alibaba’s efforts to divest its offline retail assets. Shares of Sun Art Retail surged 15.08% Wednesday, when the company confirmed an offer from an interested party to acquire all issued shares. The stock had been suspended since Sept.
In Depth: The Supermarket Sensation Defying China’s Industrywide Slump
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In Depth: The Supermarket Sensation Defying China’s Industrywide Slump
Explore the story in 3 minutes [para. 1][para. 2] In the face of increasing competition from foreign retail giants such as Sam’s Club, Costco, and Aldi, the local Chinese supermarket chain Pangdonglai has managed to defy the odds and emerge as a noteworthy player in the market. Known for its customer and employee focus, Pangdonglai operates a limited number of stores in Henan province yet has become an internet sensation nationwide. [para. 3][para.
In Depth: Fine Dining Hits a Rough Patch in China
Explore the story in 3 minutes Upscale Western and Japanese restaurants, traditionally favorites in cities like Beijing and Shanghai, are experiencing a decline. This downturn is attributed to an uneven economic recovery, increased competition from affordable eateries, and supply chain issues exacerbated by Japan's discharge of nuclear-contaminated wastewater. Consequently, diners are opting for cheaper food options like noodles and grab-and-go meals instead of high-priced dishes [para. 1][para.
In Depth: Fine Dining Hits a Rough Patch in China
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Top-priced dishes including oysters and sashimi have long been favorites among discerning diners at upscale Western and Japanese restaurants in two of China’s biggest and most cosmopolitan cities.
Meituan Debunks Rumor it Employs 80,000 Masters of The Road
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Meituan’s Research Institute denied an online rumor claiming that the takeout delivery platform has 80,000 riders with master’s degree and 300,000 college graduates, stating that such data lacked verification and was not based on fact.
Analysis: Mid-Autumn Festival Spurs Patchy Tourism Rebound
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Chinese travel spending picked up from pre-pandemic levels during the recent Mid-Autumn Festival holiday, but lower flight and hotel prices, driven in part by a growing shift toward local tourism, underscore the persistent and patchy recovery of China’s domestic consumption.
Analysis: Mid-Autumn Festival Spurs Patchy Tourism Rebound
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x Chinese travel spending picked up from pre-pandemic levels during the recent Mid-Autumn Festival holiday, but lower flight and hotel prices, driven in part by a growing shift toward local tourism, underscore the persistent and patchy recovery of China’s domestic consumption.
China Regains Its Appetite for Travel as National Day Bookings Abroad Double
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x After several years of pandemic lockdown and economic gloom the people of China are regaining their appetite for travel. Outbound travel bookings during China’s National Day holiday have doubled compared with last year, encouraged by visa-free travel and lower air fares. International flight and hotel prices have fallen by 15% and 9%, respectively, data from online travel platforms show.
Delivery Rider’s Death Shines Light on Fierce Competition in China’s Gig Industry
00:00/00:00 您的浏览器不支持 audio 标签。 Listen to this article 1x The sudden death of a takeout deliveryman in the eastern Chinese city of Hangzhou has thrown into stark relief the strenuous nature of this gig industry, where drivers are working ever-longer hours to chase shrinking fees as competition grows amid China’s bleak job market.
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