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I spent the weekend in Shanghai taking in the excitement of Alibaba’s Singles Day, where online sales rocketed to a new record of $30.8 billion--exceeding the $19.6 billion Americans spent between Thanksgiving and Cyber Monday last year plus the $4 billion they spent on Amazon’s June 16 Prime Day combined. Alibaba executives hailed that result as proof that China’s economy is doing just fine, thank you, and that its consumers don’t care about the escalating U.S.-China trade war. And there was some good news for Apple, which emerged as the top-selling smartphone brand on Alibaba’s platform during the festival, eclipsing Chinese rivals including Huawei and Xiaomi.