Facebook's plans to launch a cryptocurrency could usher in a new type of "currency competition" and force China to rethink how it deals with the realities of the digital world, analysts said. In the past, Beijing has cracked down on cryptocurrencies like bitcoin, viewing them as a threat to financial stability, and has tried, with little success, to develop a "sovereign" digital currency of its own. Facebook's Libra, which is expected to be launched next year, raises a tough question for Beijing as it may have greater implications for global currencies, payments and financial systems than traditional currencies. That is because it will be pegged to a basket of convertible currencies - so it could serve as a stable online currency - while its payments will be endorsed by Visa and Mastercard meaning it can be used for a range of online services. Also, Facebook has more than 2 billion users. Also, its aim to make payments easier could undermine Beijing's efforts to curb capital outflows, … [Read more...] about How will Beijing react to Facebook’s Libra cryptocurrency?
BEIJING (CHINA DAILY/ASIA NEWS NETWORK) - In China, food has always played a major role in promoting social cohesion. Communal eating is not only family-based and deeply rooted in the nation's cultural heritage, but is also regarded as an indicator of society's health and stability. Given that background, it is little wonder that eating alone, publicly or privately, has long been considered taboo. However, in recent years, things have started to change as a result of demographic shifts and the growing influence of modern lifestyles. According to a report released last year by the global market researcher Kantar, 46 per cent of people interviewed said they had eaten alone in the previous 24 hours, a rise of 9 per cent from 2017, and about 16 per cent expressed a preference for eating solo. In addition, a thread on Weibo, China's Twitter-like comments platform, titled "eating alone" contains 226,000 posts and has garnered 290 million hits. In 2017, WithEating Magazine, a Chinese foodie … [Read more...] about In China, diners