Chinese state newspaper blasts 'worship of turnover' after Alibaba's Singles Day

Chinese state newspaper blasts 'worship of turnover' after Alibaba's Singles Day

Information about Chinese state newspaper blasts 'worship of turnover' after Alibaba's Singles Day

Kevin David


SHANGHAI (Reuters) – The focus of China’s Singles’ Day shopping festival should shift from a “traffic and sales war” to one of science and technology, a state-backed newspaper said on Friday, describing the “worship of turnover” as incompatible with China’s new development path.
The article in the Securities Daily comes a day after the annual shopping blitz spearheaded by Alibaba Group, which recorded 540.3 billion yuan in orders over the 11-day event.
The newspaper said the event had achieved many years of record breaking sales, but had also given rise to practices such as spam text messaging of users, unfair competition and merchants faking discounts. The model had become one in which it was hard to achieve “breakthrough innovations”, the paper said.
By using low prices as a selling point, platforms and merchants were stimulating “low-level” consumption, which was in not in …

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