News

Jinse Finance reported that at the 2025 PayPal China Cross-border E-commerce Conference held this afternoon in Shenzhen, Su Lei, Head of Sales for PayPal China, and Tony Yu, Senior Manager and Head of the China Technical Integration Partner Team at PayPal, stated in an interview with a Cailian Press reporter that as early as the fourth quarter of this year, PayPal World will enable QR code payment functionality with WeChat Pay (i.e., PayPal users will be able to make payments by scanning WeChat Pay QR codes), thereby achieving interoperability in the cross-border payment sector. When asked by the reporter whether there would be similar collaborations with other domestic Chinese payment companies besides WeChat Pay, the aforementioned representatives responded, "We have always maintained an open attitude when selecting partners."

Jinse Finance reported that the U.S. government stated on Tuesday that in the 12 months ending this March, the number of new jobs added to the U.S. economy may be 911,000 less than previously estimated. This indicates that signs of stagnation in job growth had already appeared before Trump implemented tough tariffs on imported goods. Economists had previously expected that the Bureau of Labor Statistics (BLS), under the U.S. Department of Labor, might revise down employment levels from April 2024 to March 2025 by 400,000 to 1 million jobs. Previously, employment levels from April 2023 to March 2024 had already been revised down by 598,000 jobs. This benchmark revision follows another announcement made last Friday—that job growth in August was nearly stagnant, and June saw the first decrease in jobs in four and a half years. In addition to being dragged down by uncertainty in trade policy, the labor market is also under pressure from the White House's tightening of immigration policies, which has weakened the supply of labor. At the same time, companies are turning to artificial intelligence tools and automation, which is also suppressing demand for labor. Economists believe that the downward revision of job growth data has little impact on monetary policy. The Federal Reserve is expected to resume interest rate cuts next Wednesday, after pausing its easing cycle in January due to uncertainty caused by tariffs.