BIG FIVE IDEAS

Today’s highly discussed Global Times stories on social media BUDGET DROP

China’s general budget is expected to drop by 7.3 percent year-on-year to 8.28 trillion yuan ($1.17 trillion) in 2020 due to the impact of COVID-19 and tax and fee reductions, among other factors: Chinese finance ministry

RISING CONFIDENCE

Business leaders’ confidence in China increased in May, data from global analytics firm Nielsen showed. On the COVID-19 pandemic’s impact on companies, 75 percent of respondents believed their situation in the second quarter was “optimistic” or “not affected,” an improvement from 40 percent in March.

CROSS-BORDER E-COMMERCE

Department of Commerce of Central China’s Hubei Province has held a joint meeting with AmCham China, aiming to spur economic growth, facilitate a trade upgrade, and launch measures including the promotion of cross-border e-commerce.

FLIGHTS CANCELED

Data from VariFlight showed that 850 flights in and out of Beijing were canceled by Wednesday morning, as the city has raised its COVID-19 emergency response to level 2, under which residents are required to hold negative nucleic acid test results received within 7 days of departure: report

APPS DISCONTINUED IN INDIA

Chinese internet giant Bytedance has announced it will discontinue two apps – Vigo Video and Vigo Lite – in India, the company’s largest market, to focus on other businesses. Vigo Video has already been discontinued in Brazil and the Middle East.