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Bruno Lannes, China partner of global market consultancy Bain &Co, said the trend of Chinese consumers focusing more on cost started to take shape in 2019 and the trend has become more noticeable after the COVID-19 epidemic.

Bridgewater (China) Investment Management Co Ltd, a Shanghai-based subsidiary of the world's largest hedge-fund firm Bridgewater Associates, received a Private Securities Investment Fund Manager (PFM) license from the Asset Management Association of China on June 29, according to a report by 21st Century Business Herald.

Broadcom is exploring a 5 billion acquisition of Qualcomm, which kicks off an ambitious attempt at the largest technology takeover ever.

Built in 1956, the company made China's first domestically produced truck. Since then, it has produced 6 million vehicles. In the first nine months of this year, it sold 198,000 vehicles, ranking first in China.

Brands and retailers are eager to recover from the impact of COVID-19 and have doubled down on their investment on Double Eleven to boost sales. China's economy has seen a strong recovery and Chinese consumers' purchase behaviors have already returned to pre-pandemic levels, if not higher, said Wang Xiaofeng, a senior analyst with research firm Forrester.