China’s Singles Day shows buyers’ commitment issue

News Snapshot:

The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020. REUTERS/Aly Song/File Photo Acquire Licensing Rights HONG KONG, Nov 13 (Reuters Breakingviews) - Chinese consumers are not heeding Beijing’s call to spend. The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers. That points to shoppers’ fatigue after the rebound in consumption following the post-pandemic reopening. President Xi Jinping needs buyers to do more to power the country’s economy. Alibaba (9988.HK), , the e-commerce giant behind Singles...