Shopping in China. Photo:

China’s National Development and Reform Commission and 22 other departments jointly released a statement on Friday to promote stable growth in consumption and speed up the formation of a strong domestic consumption market.

China will continue to push forward its supply-side structural reform, improve the consumption environment, eliminate the obstacles that limit consumption growth, improve governance in the consumer sector and fulfill people’s spending needs, according to the statement

The country also launched new measures to expand the scale and improve the quality of its consumer market, aiming to form a strong local spending market. Other measures include a tax cut for imported luxury goods and a nationwide scheme to launch more duty-free shops, a scheme to promote online shopping and more investments in the logistic system for fresh food markets. 

Top 10 cities by GDP

China recently announced a list of its top 10 cities by GDP for 2019. They include the country’s four municipalities – Beijing, Shanghai, Tianjin and Chongqing. Others include Shenzhen, Guangzhou, Wuhan, Chengdu, Hangzhou and Suzhou. Among the top 10 cities, seven are on the coast. Beijing and Shanghai continued to be far ahead of other Chinese cities. 

Online banking

The latest report released by the China Banking Association showed the number of online banking transactions increased 7.4% to 163.78 billion last year from 2018. The transaction volume reached 1,657.75 trillion yuan (US$237. 3 trillion) in 2019.

The number of mobile banking transactions reached 121.45 billion, while the transaction volume grew 38.9% to 335.63 trillion yuan. 

The number of transactions on e-commerce platforms was about 83 million, with a transaction volume of 1.64 trillion yuan. About 89.77% of banking customers in China used digital services. 

Gasoline price

Refined oil prices may see downward pressure next week, the Shanghai Securities News reported. According to the current price formation mechanism of refined oil products, prices will be adjusted at the end of March 17. On Wednesday, with the reference of the global crude oil price at US$43.98 per barrel on average, the gasoline price in China should have been cut by 700 yuan per ton. 

Company news

Recently, electronic product makers including Samsung, Huawei and Xiaomi have released their Wi-Fi 6 terminal products, including mobile phones, televisions and routers. The size of the Wi-Fi 6 market is expected to maintain robust growth, while related companies in the industrial chain will benefit.

FAW Car Company Ltd, a Shenzhen-listed subsidiary of FAW Group in Changchun, Jilin, received approval from the China Securities Regulatory Commission to kick off its restructuring plan that involves 27 billion yuan, according to a statement released by the Shenzhen stock exchange on Thursday. Media reports said the move showed that FAW Car was a step closer to its plan to delist from the A share market.

After a recent shareholding change, Yuexiu Financial Holdings and its concerted actors officially became the second-largest shareholder of CITIC Securities, the two companies said separately in their announcements on Thursday. CITIC Ltd will remain the largest shareholder of CITIC Securities, but its stake will decline to 15.47%.

Yuexiu Financial Holdings and its concerted actors will hold a combined 6.26% stake in CITIC Securities. It was required not to reduce its stake within four years. Meanwhile, the acquisition of Guangzhou Securities by CITIC Securities was completed. The two companies will combine their balance sheets in the first quarter of 2020.

The story was written by Yang Ying and Xu Jiangshan, and was first published at