China Chain Store & Franchise Association holds a conference in Xi'an in Shaanxi province. Photo: www.ccfa.org.cn

China’s convenience-store enterprises are undergoing a digital transformation to improve management efficiency and optimise service quality, according to the data released by the China Chain Store and Franchise Association (CCFA).

At a conference in Xi’an, capital city of northwest China’s Shaanxi province, the CCFA said that 87% of branded convenience-store companies are carrying out digital upgrading by accelerating their layout in the fields of intelligent logistics, intelligent monitoring and unmanned stores.

“Driven by internet technologies, China’s convenience stores have entered a revolutionary era of digitalization,” said Yu Jianbo, chief operating officer of Chinese retail chain Wumart Stores, who attended the conference.

In July, the Ministry of Commerce released a notice to promote the digital transformation of convenience stores, encouraging them to apply modern information technologies such as the Internet of Things, big data and cloud computing, to promote mobile payments and improve the intelligent management level of stores.

China’s convenience-store industry maintained rapid growth in 2019, with the number of stores reaching 132,000 and the annual sales volume rising to 255.6 billion yuan (US$37 billion), according to CCFA.

By 2022, the number of branded chain convenience stores is expected to reach 300,000 nationwide, said the notice.

Market liquidity

The People’s Bank of China (PBoC) continued to pump cash into the banking system via reverse repos to maintain liquidity on Tuesday.

The PBoC injected 250 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2%, and 50 billion yuan through 14-day reverse repos at an interest rate of 2.35%, according to the central bank website.

The move was intended to maintain reasonable and ample liquidity in the banking system, the central bank said. As 100 billion yuan of reverse repos matured Tuesday, the operations led to a net injection of 200 billion yuan into the market.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Company news

Huawei’s 5G wireless and core network equipment and LTE equipment have passed the GSMA’s Network Equipment Security Assurance Scheme (NESAS),

NESAS is a standardised cybersecurity assessment mechanism jointly defined by GSMA and 3GPP, together with major global operators, vendors, industry partners and regulators. It aims to boost the industry’s confidence in telecom network equipment, making it a practical choice for the industry and an important consideration for all regional markets, to jointly promote the development of more aligned mobile communications market.

It provides an industry-wide security assurance framework to facilitate improvements in security levels across the mobile industry. It is a voluntary scheme through which network equipment vendors subject their product development and lifecycle processes to a comprehensive security audit against the currently active NESAS release and its security requirements.

The stories were written by Yang Zhijie and Liu Licong and first published at ATimesCN.com. They were translated by Nadeem Xu.