China's Singles' Day loses sheen amid regulatory crackdown, slowing economy

Photo: Reuters

After more than a decade of explosive growth, China’s Singles’ Day, the world’s biggest online shopping fest, is losing its gloss and bracing for more modest growth in coming years, hurt by a slower economy and tighter regulatory scrutiny.

E-commerce giant Alibaba Group Holding Ltd said on Friday its sales – or gross merchandise value – during the 11-day event grew just 8.5%, the slowest rate ever, underscoring the headwinds for China’s tech firms.

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