Singles Day: a Chinese Black Friday to measure the recovery in consumption

In Hangzhou, the capital of the Chinese province of Zhejiang, the electronic scoreboard at the headquarters of the giant Alibaba is now ready to

.

Welcome to

,

, Chinese Black Friday.

The greatest consumer spectacle sponsored by a country that calls itself communist.

The largest barometer to measure the health of the pockets of the second world economy.

China is hungry for consumption.

to strike a blow at the depleted global playground and show that it is true that it is recovering like no other country from the economic aftermath of the pandemic.

To do this, the Asian giant will dress up, mixing entertainment and sales programs on digital platforms that lead consumers to break last year's purchase record: 35,000 million euros in 24 hours.

On November 11, 201

starring in the largest shopping spectacle ever seen in such a short time, doubling the pace of Black Friday and Cyber ​​Monday.

For Wednesday, the father of this party,

last year's

.

The electronic giant founded by Jack Ma needs to get up after

of

parent of Alipay, the company's payment platform.

Last week the Chinese government overthrew what was going to be the largest IPO (29.2 billion euros) in history -with the excuse that fintech did not meet the requirements for the operation-, also causing Ma's empire to collapse a few days ago 7% on the Hong Kong stock market.

However, the good news for Alibaba was that it

, increasing its revenue by 30% (19.846 million euros), mainly thanks to the local market.

In China, which is experiencing a normality very similar to that which existed before the pandemic, Communist Party politicians have long encouraged domestic consumption, which is the source of 57.8% of the country's wealth.

The proposal that came out at the end of October from the meeting of Chinese leaders to draft the

which will set the course for the economy of the second world power until 2025, was to promote the domestic market in search of self-sufficiency.

Bachelor's day

Now is Singles Day and millions of mobiles are fuming with online offers.

Discounts started in early November and sales records were already set during the first few hours.

In 111 minutes,

The Chinese company said it would introduce two million new products, double the number last year.

Eleven years ago, Daniel Zhang, who last year replaced founder Jack Ma as Alibaba's chief executive officer but was then a company director, came up with the idea of ​​taking over a holiday that four students from Nanjign University had invented in the 1990s to celebrate their singleness by giving each other gifts.

A kind of "anti Valentine".

Little by little, Alibaba -with its subsidiary AliExpress- was turning this date into a must-see shopping day until it became a golden day for Chinese e-commerce.

According to the criteria of The Trust Project

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