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JD.com headquarters in California. Photo: Smith Collection/Gado/Getty Images

Despite rape allegations against its CEO, China's second-largest e-commerce company, JD.com, posted record quarterly earnings Friday with a $1.1 billion profit after a $364.6 million loss last year.

The big picture: The Nasdaq-listed company's stock got a major boost after reporting earnings but investors are starting to worry about its long-term health. As Axios' Erica Pandey reported, the 21% revenue growth posted by Chinese e-commerce giant was its slowest on record, signaling that the rush of new Chinese customers is starting to plateau. JD's chief rival, Alibaba, has also reported slowing growth.

Why it matters: The e-commerce companies experienced massive booms in earlier years as millions of new Chinese users entered the urban middle class and became customers. Now, the pace of growth for that user base is slowing down, forcing both JD and Alibaba to expand into other Asian markets to add shoppers.

My thought bubble: A big key to bullish expectations for China is that the country still has significant room to grow because of the number of rural citizens who could move into higher earning urban areas and occupations.

  • Together, India, China and Nigeria are expected to account for 35% of the projected growth of the world's urban population between 2018 and 2050, with China adding 255 million urban dwellers.

The bottom line: The dramatic slowing in revenue growth for JD and Alibaba suggest that growth may have hit a snag. That could have wide-ranging consequences for China and its trading partners.

Go deeper: JD.com makes 90% of its Chinese deliveries within 24 hours

Go deeper

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

Judge temporarily blocks Biden vaccine mandate for federal contractors

President Biden delivers remarks at the White House on Dec. 6 in Washington, D.C. Photo: Chip Somodevilla via Getty Images

A federal judge on Tuesday temporarily blocked President Biden's vaccine mandate for federal contractors nationwide.

Why it matters: It's the latest setback in the Biden administration's rollout of COVID vaccine requirements. Federal judges in two states temporarily barred the administration from enforcing mandates for millions of workers last week.

Biden threatens Putin

Photo: Kremlin Press Office/Handout/Anadolu Agency via Getty Images

In a video call that lasted for just over two hours on Tuesday, President Biden warned Russian President Vladimir Putin that if Russia invades Ukraine the U.S. will impose unprecedented sanctions and provide additional weaponry to the Ukrainians, national security adviser Jake Sullivan said.

Why it matters: Russia's military activity on the border with Ukraine has triggered alarms from the U.S. and its European allies of a potential large-scale Russian invasion in early 2022. Sullivan said Biden made clear to Putin that, "things we did not do in 2014, we are prepared to do now."