Holiday Consumption

The consumer market remained buoyant during the three-day New Year holiday, with the average daily sales of key retail enterprises up 6.2 percent year on year, the Ministry of Commerce said on January 4.

The companies saw sales of food, clothes, home appliances and digital products, as well as jewelry rise by 3.5 percent, 22.8 percent,

9.9 percent and 10.3 percent, respectively.

Sales at seven duty-free stores in the southernmost Hainan Province soared 213 percent from a year earlier.

Service consumption also picked up, with takeout transactions jumping 17 percent year on year in Beijing, the ministry said. manage non-performing loans.

While calling for efforts to advance the reform and restructuring of rural banks, the guideline encouraged qualified strategic investors to offer help in purchases and capital increases.

To mitigate the mounting risks for some rural banks, the commission required local regulators to tailor risk management measures and stressed initiating banks’ responsibilities.

It also pledged to guide financial institutions and non-financial firms to participate in the reform and restructuring of rural banks.

China had established 1,641 rural banks covering 71.2 percent of all county-level regions by the end of last September, the guideline said. transportation, environmental sanitation, postal services and logistics and civil aviation airports, among others, were slashed by 10 percent compared to 2020. Other NEVS saw a reduction of 20 percent.

According to an earlier circular from the Ministry of Finance, the country will prevent over-expansion of NEV manufacturing.

In November 2020, a development plan for the NEV industry in 2021-35 was released. It said the proportion of NEVS in the sales of new vehicles is expected to rise to 20 percent by 2025, and vehicles used in public transportation will be completely electrified by 2035.

With the world’s largest inventory of NEVS, China accounts for 55 percent of global NEV sales.