China economy

Report: Amazon plans to shut down its marketplace business in China

Amazon will cease its domestic marketplace business in China within the next 90 days, redirecting attention to more profitable overseas ventures, as well as to the sale of goods and cloud services, Reuters reports.

The big picture: Amazon's Chinese marketplace has struggled to defeat homegrown e-commerce rivals like JD.com and Alibaba. Starting in mid-July, customers will no longer be able to buy from third-party Chinese merchants on Amazon. However, they will still be able to buy products from the U.S., U.K., Denmark and Japan on Amazon's global store. And Amazon will continue offering cloud services in China through AWS.

Stimulus measures boost China's first quarter GDP growth

A Chinese national flag flies at the construction site for new buildings in Beijing's central business district
A Chinese flag at a construction site in Beijing's business district. Photo: Greg Baker/AFP via Getty Images

China's economy grew 6.4% in the first quarter of 2019 on an annual basis — the same pace the economy grew in the previous period and below the 6.8% seen in last year’s first quarter — exceeding analysts' 6.3% growth estimate, the government said Tuesday.

Why it matters: The better-than-expected GDP growth is the latest economic indicator to surprise to the upside after the economy was feared to be slowing as recently as December. It has previously been accused of providing inaccurate statistics.