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China’s Beverage Tycoon Says E-Commerce Is ‘Killing’ Traditional Commerce

Nongfu Spring founder Zhong Shanshan has reignited debate over China’s e-commerce model, warning that platform-driven price competition is putting traditional distributors and offline retailers under growing pressure.

China’s e-commerce boom has transformed the country’s retail landscape, but Nongfu Spring founder Zhong Shanshan argues that the shift has come at a cost for traditional commerce.

In an interview with CCTV Finance, Zhong criticised the growing influence of e-commerce platforms over pricing, distribution and access to consumers. He argued that digital platforms have increasingly replaced the role once played by traditional distributors, while algorithms and platform-based pricing have intensified competition among businesses.

E-Commerce’s Growing Influence

Traditional distribution networks historically connected manufacturers, wholesalers, retailers and consumers. According to Zhong, these networks operated through established relationships and relatively predictable commercial arrangements.

The expansion of e-commerce has disrupted that structure. Online platforms now provide brands with direct access to consumers while controlling key elements of the digital shopping experience, including traffic allocation, product visibility and pricing mechanisms.

Zhong believes this has weakened the position of traditional distributors, many of which have struggled to remain competitive as consumers increasingly shift their spending online.

The Cost of Price Competition

At the centre of Zhong’s criticism is the growing emphasis on low prices.

China’s major e-commerce platforms have increasingly relied on discounts, promotions and price-based competition to attract consumers. While this approach can increase affordability and drive transaction volumes, it can also squeeze margins for merchants and suppliers.

For consumer brands, the challenge is particularly significant. Companies must compete for visibility and sales while protecting margins, maintaining product quality and avoiding excessive discounting that could weaken long-term brand value.

Zhong’s comments therefore reflect a broader concern within China’s retail sector: whether increasingly aggressive price competition can remain sustainable for businesses across the supply chain.

Offline Retail Faces a New Reality

Zhong also pointed to changes in consumer behaviour caused by the rise of mobile commerce.

Physical retail has traditionally benefited from spontaneous purchases and consumers discovering products while visiting stores and shopping districts. Online shopping, by contrast, increasingly directs consumers toward products through search, recommendations and algorithms.

This shift has fundamentally changed how consumers discover and purchase goods – and reduced the role of physical retailers in the process.

A Wider Debate for E-Commerce

Zhong’s remarks come at a time when China’s e-commerce industry is entering a more mature phase. The sector is no longer simply focused on moving consumers from physical stores to online platforms. Competition is now centred on pricing, logistics, livestreaming commerce, social shopping, artificial intelligence and increasingly sophisticated consumer data.

The debate highlighted by Zhong raises a broader question for the industry: how can e-commerce deliver greater efficiency and value for consumers without creating unsustainable pressure across the retail ecosystem?

China’s experience demonstrates both the transformative power of digital commerce and the disruption it can create for established business models. As platforms continue to shape how products are priced, promoted and distributed, the relationship between e-commerce and traditional commerce will remain an important issue for the global retail industry.

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Alo Launches Exclusive E-Commerce Platform in China via Tmall

US athleisure brand Alo is expanding its presence in China with the launch of its first official e-commerce store in mainland China on Tmall, Alibaba’s leading B2C marketplace.

The online flagship store will feature more than 300 products and will serve as Alo’s exclusive e-commerce channel in mainland China. Through the partnership, the brand will gain access to Tmall’s customer base, including more than 62 million 88VIP members.

Online-First Strategy

The launch marks the latest step in Alo’s entry into the Chinese market. The brand established its presence in mainland China in June through WeChat and Xiaohongshu, also known as RedNote.

Alo has since expanded its local digital ecosystem by introducing an event-booking platform through a WeChat Mini Program and appointing Chinese K-pop star Ningning of Aespa as a brand ambassador.

The company’s decision to prioritise e-commerce allows it to build on existing social media momentum while testing consumer demand and product preferences before making larger investments in physical retail.

According to Maggie Xie, associate director at S&P Global Ratings, an online-first approach can help Alo enter the market with lower upfront capital expenditure compared with opening physical stores.

Competing in China’s Athleisure Market

Founded in 2007, Alo has developed a strong following among younger consumers through its California-inspired aesthetic and celebrity partnerships, including Kendall Jenner and Bella Hadid.

The brand is entering an increasingly competitive Chinese athleisure market, where international and domestic sportswear companies are competing for consumers seeking premium athletic and lifestyle products.

By combining social media, influencer marketing and a Tmall flagship store, Alo is building a digital-first route into the Chinese market while gaining an opportunity to understand local consumer behaviour.

The strategy highlights the growing importance of marketplaces and social commerce in helping global brands test new markets before committing to extensive physical retail networks.

For Alo, Tmall provides not only a sales channel but also an entry point into one of the world’s largest and most competitive e-commerce markets.

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The EU’s Search to Balance China-origin E-commerce Pressure

Turkish Ambassador Ömer Faruk Doğan writes on the EU’s growing pressure against Chinese e-commerce platforms and its implications for Turkiye.

China, which has made great strides toward dominating world trade, appears to have far exceeded its targets according to the first-half 2026 foreign trade figures. According to data from the China Customs Administration, China’s foreign trade volume in goods reached 3.75 trillion USD in the first six months. Within this framework, China’s exports in the first half of 2026 totalled 2.2 trillion USD, while imports totalled 1.58 trillion USD. In the first six months, China recorded a trade surplus of over 1 trillion USD.

According to the same data, compared with the same period last year, China’s exports grew by 13.4%, while imports grew by 22%. Total trade volume increased by 16.9%. China’s largest markets are led by the United States and the EU.

China’s E-Commerce Surge Puts Pressure on the EU and Turkiye Alike

China is striving to establish dominance not only in goods trade but also in e-commerce, and the EU appears to have been significantly affected by this China-origin e-commerce activity.

According to EU data, China’s e-commerce volume directed toward the European Union (EU) is growing exponentially, particularly influenced by platforms such as Temu and Shein. China’s e-commerce market volume in the EU has reached 167.4 billion dollars, and 91% of low-value packages under 150 euros entering the EU are of Chinese origin. This massive flow toward the EU corresponds to approximately 12 million packages per day. According to European Commission data, 4.6 billion low-value (under 150 euros) e-commerce packages of Chinese origin enter the EU annually, roughly 12 million per day.

China’s share of the EU’s low-price e-commerce segment has reached 91%. Within EU e-commerce, the highest demand is in the clothing and footwear category at 40.31%, followed by consumer electronics and home decoration products.

In order to protect its domestic market and prevent tax losses, the European Union has tightened controls and taxation on e-commerce packages arriving from China. In February 2026, it narrowed the previously applied customs-free exemption for low-value packages and introduced stricter VAT requirements for e-commerce platforms, as well as compliance obligations under the DSA and GPSR. Although these legal regulations placed some downward pressure on China’s growth in the EU market (an estimated 3.2% drag on the annual compound growth rate), they proved insufficient to produce the effect the market expected. For this reason, the EU has increased its pressure on Chinese e-commerce platforms, strengthening import controls on goods from brands such as Temu and Shein and raising taxes on packages valued at under 150 euros.

As this new measure, even the EU’s introduction of a flat 3-euro tariff on packages previously falling below the 150-euro customs threshold failed to produce the desired effect, prompting a serious review of the business models of Chinese online retail giants AliExpress, Shein, and Temu, with the aim of exerting real impact on these platforms.

This is regarded as the latest step in the official proceedings initiated in 2024 over violations of the European Digital Services Act (DSA). The Commission has stated that it has formed the view that AliExpress failed to establish an effective system for detecting and removing products that do not comply with legal standards, and that the platform, taking advantage of delays and possible disruptions arising from the intensity of EU controls, treated the matter lightly.

According to the European Commission’s investigation, despite repeated EU warnings, AliExpress continued to host large quantities of illegal products, including dangerous toys and hazardous cosmetics, leading the Commission to conclude that the platform had exploited the EU’s understanding and approach. The Commission further stated that it had determined AliExpress failed to properly enforce its sanctions policy, allowing stores that sold illegal products to continue actively selling on the platform even after being penalised.

It was also emphasised that the platform’s brand authorisation system, intended to prevent the sale of counterfeit goods, had proven ineffective, as it was being circumvented to offer counterfeit products despite protective measures for brands and sellers, and that insufficient measures had been taken to prevent such abuse. Taking all of this into account, on Monday, July 20, the European Commission decided to impose a 550 million-euro fine on AliExpress, which has 193 million users, for violating the Digital Services Act (DSA).

Prior to this new decision, at a session held before the European Parliament on March 23, experts from the Commission stated that following an examination of more than 30,000 products shipped by Shein, AliExpress, Temu, and Amazon, failure rates were found to be very high across many categories: 65% of cosmetics shipments, 60% of personal protective equipment shipments, and 63% of food supplement shipments were examined, and laboratory tests found health or safety risks in 81% of the products tested.

On the other hand, our country too is under trade pressure from China. According to recent statistics, the total foreign trade volume between Turkiye and China has reached approximately $ 53 billion. While Turkiye’s imports from China stand at roughly 49-50 billion dollars, our exports to China remain at 3.3-3.4 billion dollars. In light of these figures, Turkiye’s foreign trade deficit with China has risen above 46 billion dollars.

Within the framework of our Customs Union agreement with the EU, many countries with which we have signed FTAs, having increased their exports on the basis of the advantages Turkiye obtained under those FTAs, have unilaterally revised the agreements on the grounds that the trade balance had turned against them, and have imposed additional customs duties on Turkish-origin consumer goods. Many North African countries can be cited as examples of this.

It is inevitable that, in the long term, the unsustainable imbalance in our bilateral trade with China will have a significant negative impact on our medium-scale manufacturing SMEs, particularly those producing consumer goods. The number of retail chains selling extremely low-priced consumer goods, disconnected from any real cost logic, is increasing significantly across all our provinces, especially in shopping malls.

Although additional customs duties have been introduced for products entering the country via e-commerce by post, this has proven insufficient to curb the cost-detached pressure exerted by China and to restore balance in the domestic market.

Our current Customs Union agreement with the EU, based on Decision 1/95, directly enables Turkiye to adopt a common stance against third countries. It is important to emphasise this point, and it is legally possible for a similar process to be pursued in our own country, based on the laboratory examinations and assessments conducted by the European Commission’s SANCO and related units regarding third-country products.

It is considered an essential requirement that our Ministry of Trade effectively exercise its Market Surveillance and Inspection authority, that the relevant units under our jurisdiction, foremost among them the Turkish Standards Institute (TSE), which plays an active supervisory role in imports, evaluate the matter with the utmost care and fairness, that additional measures parallel to those of the EU be adopted without delay for the protection of both consumers and our SMEs against unfair competition, and that serious initiatives be undertaken to correct the otherwise inexplicable foreign trade deficit in our trade balance with China. It is likewise considered essential that the relevant provisions of the Customs Union Agreement No. 1/95 be evaluated in favor of our country, our consumers, and above all our medium-scale producers, and applied as a means of preventing unfair competition.

Ömer Faruk DOĞAN – Ambassador

China Expands Cross-Border E-Commerce Strategy Amid Global Trade Shifts

China is accelerating its efforts to strengthen the country’s e-commerce ecosystem, with a growing focus on artificial intelligence, cross-border trade, and global digital commerce expansion. The move comes as international competition and regulatory pressure around global e-commerce continue to intensify.

China Prioritizes AI and Cross-Border E-Commerce

Several Chinese government departments, including the Ministry of Commerce and the Ministry of Industry and Information Technology, recently released new guidance aimed at supporting the high-quality development of the country’s e-commerce sector. The policy highlights “AI-powered e-commerce” and the expansion of cross-border e-commerce as major strategic priorities.

China has remained the world’s largest online retail market for 13 consecutive years, and authorities are now focusing on integrating digital commerce more deeply with the real economy. The guidance encourages platform innovation, international market expansion, overseas procurement networks, and improved global supply-chain infrastructure.

The new framework also supports Chinese companies in establishing overseas warehouses and procurement centers while creating faster import channels for international products entering China. Analysts say the strategy reflects Beijing’s long-term ambition to strengthen its role in global digital trade and cross-border commerce.

Global Digital Trade Faces New Challenges

China’s latest e-commerce push arrives during a period of increasing global debate around digital trade regulation, customs duties, platform responsibility, and product safety standards. European regulators have recently raised concerns over low-value imports and marketplace accountability, especially related to Chinese e-commerce platforms.

At the same time, discussions at the World Trade Organization (WTO) regarding e-commerce duties have created uncertainty across the global digital economy. Several countries, including the United States, Japan, and South Korea, recently agreed on a separate pact to maintain duty-free digital trade after WTO negotiations failed to reach a broader consensus.

Industry experts believe the future of cross-border e-commerce will increasingly depend on regulatory alignment, platform compliance, data governance, and international cooperation rather than pure growth alone.

Cross-Border E-Commerce Market Continues Rapid Growth

Despite growing geopolitical and regulatory complexity, China’s cross-border e-commerce market is expected to maintain strong momentum over the coming years. Market forecasts project the sector could exceed $300 billion by 2034, driven by AI integration, social commerce, digital payment adoption, and expanding global logistics infrastructure.

Experts say the latest policy direction signals that China aims not only to expand its global e-commerce footprint but also to play a more active role in shaping the future rules of international digital trade.

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Dubai Chambers China Forum 2026 to Accelerate Digital Economy and Trade Growth

Dubai Chambers has announced that the next edition of the Dubai Business Forum – China will take place in Shenzhen on October 14, 2026, aiming to strengthen trade, investment, and innovation ties between Dubai and China. The event will be held under the theme “Momentum at Scale: Accelerating Shared Success.”

Organized by Dubai Chambers, the forum is expected to bring together senior business leaders, investors, technology firms, policymakers, and multinational companies from both markets to explore opportunities across the digital economy, logistics, advanced manufacturing, venture capital, and emerging technologies.

How Dubai Chambers Is Expanding UAE-China Digital Economy Partnerships

Dubai Chambers stated that the forum is designed to create new channels for cross-border collaboration while positioning Dubai as a strategic global hub for Chinese companies seeking international expansion. Officials highlighted that the initiative aligns with the goals of the Dubai Economic Agenda (D33), which aims to double Dubai’s economy and strengthen its position among the world’s top global business cities.

According to Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, the event will focus on “high-impact opportunities” in sectors including the digital economy and emerging technologies.

Shenzhen was selected as the host city due to its global reputation in technology, innovation, and advanced manufacturing. Located in China’s Greater Bay Area, the city has become a major center for digital transformation, smart mobility, logistics, and venture capital development.

The upcoming edition marks the fifth international Dubai Business Forum and the second one hosted in China. Previous editions were held in cities including Beijing, London, Hamburg, and New York. The Beijing edition in 2024 attracted more than 800 business leaders and investors.

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China’s Streaming Giant Bets Big: 5 Risky Steps Toward AI-Made Films

China’s entertainment industry may be heading into its most radical transformation yet and it’s being driven by code, not cameras.

One of the country’s biggest streaming platforms, iQIYI, is now openly pushing toward a future where most of its films are created with artificial intelligence. Not assisted by AI. Created by it.

The idea sounds futuristic, but the strategy is already in motion.

Inside the company, new AI tools are being developed to handle everything from storytelling to visual production. Scripts, characters, scenes, tasks that once required entire creative teams-are increasingly being handed over to algorithms. The goal is simple: produce more content, faster, and at a fraction of the cost.

China Is Rewriting How Films Are Made

For streaming platforms, that promise is hard to ignore.

The business model of streaming has always depended on volume. More shows, more films, more reasons for users to stay subscribed. But traditional production is slow, expensive, and difficult to scale. AI changes that equation almost overnight.

Instead of months of production, content can be generated in significantly shorter cycles. Instead of large crews, smaller technical teams can manage output. In a market where competition is relentless, that kind of efficiency is not just attractive – it’s strategic.

China has already been testing the waters. AI-generated short dramas and micro-content have quietly exploded in popularity, flooding platforms with quick, algorithm-driven storytelling. Audiences didn’t reject it. In many cases, they consumed it at scale.

Now, the industry is taking the next step: turning those experiments into full-length films.

That’s where things get complicated.

Because while AI solves the problem of scale, it raises a different set of questions, ones the industry hasn’t fully answered yet. Who owns an AI-generated story? What happens to actors, writers, and directors when machines take over core creative roles? And perhaps most importantly, will audiences accept films that are built by systems rather than people?

There’s also a growing concern that speed could come at the cost of substance. When content becomes easier to produce, the risk isn’t just automation – it’s oversaturation. A flood of films that look polished but feel empty.

Still, momentum is clearly on AI’s side.

What’s happening in China rarely stays in China for long, especially in tech-driven industries. Streaming platforms globally are facing the same pressures: rising costs, constant demand, and shrinking attention spans. AI offers a solution that directly addresses all three.

Whether the rest of the world follows quickly or cautiously, one thing is becoming clear: filmmaking is no longer just a creative process. It’s becoming a technological one.

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Chinese Sellers Gain 1 Big Advantage on Russia’s Fast-Growing Shopping Platforms

Chinese sellers are expanding their presence across Russia’s fast-growing shopping platforms, as cross-border e-commerce between the two countries continues to strengthen. A new CGTN report published on April 19 highlights how Chinese merchants are finding new momentum in Russia’s online retail market, supported by rising demand, improving logistics, and a broader shift in regional trade patterns.

This trend reflects more than just marketplace growth. It shows how digital trade is becoming a practical bridge between neighboring economies at a time when supply chains, payment systems, and market access are being reshaped. Russian consumers are increasingly turning to large online marketplaces for price-competitive goods, while Chinese sellers are responding with a wider product range and faster fulfillment options.

Why Every Seller Is Targeting Russia’s E-Commerce Growth

One of the key reasons behind this growth is infrastructure. As cross-border logistics routes improve, Chinese products can reach Russian buyers faster and more reliably than before. Warehousing, customs processing, and marketplace integration are becoming more streamlined, helping sellers operate at greater scale. That operational progress matters because online retail success increasingly depends not only on product pricing, but also on delivery speed, inventory visibility, and customer trust.

The development also underlines the growing strategic role of shopping platforms in international commerce. Marketplaces are no longer just sales channels; they are becoming ecosystems that connect merchants, consumers, logistics providers, and payment networks. In the Russia-China corridor, that ecosystem is giving Chinese sellers a stronger foothold in a market that continues to adapt to new trade realities.

For the wider e-commerce industry, this story is another sign that regional digital trade corridors are becoming more influential. As businesses seek growth beyond traditional Western markets, neighboring high-demand markets with scalable marketplace infrastructure are attracting greater attention. Chinese sellers thriving on Russia’s shopping platforms is therefore not just a bilateral trade story. It is also a signal of how e-commerce is evolving into a more regional, resilient, and platform-driven model of global retail.

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$527M Crackdown: China Imposes Record Fines on 7 E-Commerce Giants Over Food Safety Violations

China has intensified its regulatory oversight of the digital commerce sector, imposing a massive 3.6 billion yuan ($527 million) fine on seven major e-commerce platforms in one of the most significant enforcement actions to date.

The penalties, announced by the country’s top market regulator, target leading platforms including Meituan, JD.com, Pinduoduo, Alibaba’s Taobao and Tmall, and ByteDance’s Douyin. The investigation revealed systemic failures in ensuring food safety compliance across their online delivery ecosystems.

Authorities found that these platforms failed to properly verify the licenses and qualifications of food vendors, while also neglecting essential consumer protection measures. The violations highlight growing concerns around the rapid expansion of online food delivery services and the risks associated with insufficient oversight.

Rising Pressure on Platform Accountability

This crackdown reflects a broader shift in China’s regulatory approach from rapid digital growth to strict enforcement and accountability. As online commerce continues to dominate consumer behavior, regulators are increasingly focused on platform responsibility rather than just merchant compliance.

In addition to the corporate fines, individual executives and food safety officers were also penalized, and platforms have been ordered to implement immediate corrective actions. Some services may face operational restrictions, including limits on onboarding new vendors until compliance standards are met.

The move comes amid a surge in consumer complaints related to online shopping and food delivery services. In 2025 alone, millions of complaints were filed, with food safety and service quality ranking among the top concerns.

A Clear Signal for the Global E-Commerce Industry

China’s latest enforcement sends a strong signal not only to domestic players but also to global e-commerce companies operating in or entering the Chinese market. Regulatory tolerance is narrowing, and compliance is becoming a core operational requirement rather than a legal formality.

For international businesses, the message is clear: platforms must actively monitor sellers, ensure transparency, and prioritize consumer protection at every stage of the value chain.

As one of the world’s largest e-commerce markets, China continues to shape global standards in digital commerce governance. This record fine underscores a new era where scale without compliance is no longer sustainable.

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26.2% Growth Signals Strong Momentum for J&T Express in Q1 2026

Strong start to 2026 for J&T Express

Global logistics provider J&T Express has reported a 26.2% year-on-year growth in parcel volume for the first quarter of 2026, reflecting strong demand across key markets and continued expansion of its global logistics network.

During the reporting period, the company handled a total of 8.326 billion parcels, with average daily volumes reaching approximately 92.5 million shipments.

This performance highlights a solid start to the year, supported by increasing e-commerce activity and improved operational efficiency across regions.

Southeast Asia leads rapid expansion

One of the strongest contributors to this growth was Southeast Asia, where J&T Express continues to dominate the market. Parcel volume in the region surged by nearly 80% year-on-year, reaching 2.768 billion parcels in Q1.

The growth was driven by:

Strong demand from e-commerce platforms
Seasonal shopping peaks such as Ramadan
Continued investment in logistics infrastructure

The company also expanded its operational capacity, increasing line-haul vehicles and automated sorting systems to support rising demand.

Global markets accelerate beyond China

While China remains a core market, J&T Express is seeing rapid expansion in other regions. Non-China parcel volumes now account for over 35% of total shipments, indicating a shift toward a more globally diversified business model.

In emerging markets, including Latin America and the Middle East, parcel volumes more than doubled year-on-year. The company has been actively partnering with major e-commerce platforms such as TikTok, Temu, SHEIN, and AliExpress to capture cross-border growth opportunities.

Additionally, J&T expanded its network by adding new service outlets and sorting centers, further strengthening its international logistics capabilities.

E-commerce continues to drive logistics growth

The company’s performance reflects the broader momentum of global e-commerce, which continues to fuel demand for fast and efficient delivery solutions. As online retail expands, logistics providers like J&T Express are investing heavily in automation, infrastructure, and cross-border capabilities.

Industry trends suggest that Southeast Asia and emerging markets will remain key growth drivers in the coming years, supported by increasing internet penetration and digital adoption.

Outlook remains positive

J&T Express’ strong first-quarter results indicate continued growth potential for 2026. With a focus on operational efficiency, infrastructure expansion, and strategic partnerships, the company is well-positioned to capitalize on the next wave of e-commerce growth.

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Global E-Commerce Gets a Boost as China Announces 5 Cross-Border Trade Measures

China has unveiled a new policy framework aimed at strengthening its e-commerce sector, with a particular focus on cross-border trade and global market expansion. The move reflects Beijing’s effort to balance domestic growth with increasing international pressures and competition.

The guidance, jointly issued by multiple government bodies including commerce, industry, and cyberspace regulators, outlines a coordinated approach to improving both regulation and promotion within the digital economy.

A Strategic Push for Global E-Commerce Integration

At the core of the policy is the ambition to better align China’s domestic e-commerce ecosystem with global markets. Authorities emphasized the need to integrate the digital and real economies while maintaining a balance between efficiency, fairness, and regulatory oversight.

This comes shortly after increased scrutiny from international partners, particularly the European Union, over issues such as product safety, market access, and competitive fairness.

5 Key Measures Driving China’s E-Commerce Strategy

The new guidance introduces several major initiatives shaping the future of China’s e-commerce landscape:

Pilot zones for cross-border e-commerce to test new policies and accelerate innovation
Development of international rules and standards to align with global trade practices
Expansion of Chinese platforms into overseas markets to strengthen global reach
Encouragement for companies to establish procurement bases abroad
Streamlined import channels for high-quality global products entering China

These measures aim to position China as a more integrated and competitive player in global digital trade.

Addressing Global Trade Tensions

The policy also reflects broader geopolitical dynamics. Recent discussions with EU lawmakers highlighted concerns about unsafe products and limited access for foreign businesses in China.

While the new framework does not directly address these disputes, it signals China’s willingness to improve coordination and potentially ease tensions through regulatory refinement and market openness.

What It Means for the Global E-Commerce Ecosystem

China remains the world’s largest e-commerce market, and its regulatory direction has a significant impact on global supply chains and digital trade flows.

By promoting cross-border e-commerce, improving standards, and encouraging international expansion, the country is reinforcing its role as a central hub in global online commerce.

However, experts suggest that while the policy is a positive step, it may not fully resolve deeper trade imbalances and regulatory concerns between China and its international partners.

Source: Reuters