Alibaba and Tencent exemplify how robust the nation’s households remain even as China’s political leaders continue efforts to transform the economy into one focused on services rather than heavy industry. Photo: ReutersHong Kong: China’s internet titans are set to supply ample evidence that online spending continues to defy a slowdown in the world’s second largest economy. The wealth of the middle class is fuelling growth in core businesses even as Alibaba and Tencent funnel billions into longer-term bets on Hollywood-style entertainment and web finance. Tencent scored a hit with new mobile title Honor of Kings, while Alibaba likely benefited from the steady expansion of its Tmall shopping site. Alibaba and Tencent exemplify how robust the nation’s households remain even as China’s political leaders continue efforts to transform the economy into one focused on services rather than heavy industry.

Source: Mint May 17, 2017 08:48 UTC