The three-day Mid-Autumn holidays, which began on September 15, are creating opportunities for the catering industry. Analysts predict that the traditional family reunion holiday will boost local tourism, shopping, and dining sectors, providing a significant boost to economic growth.
As people gather for a big dinner, eating mooncakes, appreciating lanterns and enjoying a light stroll under the full moon, the charm of ancient Chinese festivals has sparked a surge in consumption within the catering industry, fueled by family reunions and holiday celebrations.
Data from the Douyin's local lifestyle services platform reveals an increase of 88 percent increase in searches for "family reunion meals" from September 7 to 13. Additionally, the volume of group meal deals for four or more people has tripled. The platform also reported a 111 percent surge in group orders for mooncakes, according to state-owned news portal southcn.com.
Boosted by festival season, the market for local specialties is in high demand. Hairy crabs from Yangcheng Lake in Suzhou, East China's Jiangsu Province, as well as fruits and mushrooms from Southwest China's Yunnan Province, are gaining popularity, according to domestic media reports.
The surging holiday economy, enhanced consumer market confidence, and record high spending further strengthened the role of consumption as a primary engine for economic growth, said experts.
Data from China-based e-commerce platform Meituan reported a 433 percent week-on-week increase in searches for "Mid-Autumn restaurants," with themed group buying orders surging by more than 76 percent. A staff member at a long-established Baikui restaurant in Beijing told the Global Times that the reservations for Mid-Autumn banquets filled up quickly, with patrons lining up for available spots in the main hall.
The Mid-Autumn Festival also drives significant wine demand through gifts and banquets. Lei Yumeng, general manager of the Zhejiang-based wine importer Xuanyi International Trade Co, said his company saw a 30 percent increase in August sales compared to July, driven in part by a large order in preparations for the festive season. He attributed the surge to strong consumer confidence and a return of gift-giving.
"August sales were indeed substantial, showcasing higher demand for quality dining experiences," Lei told the Global Times on Monday.
Listed catering companies are employing innovative marketing strategies to attract more customers. Chinese restaurant chain Quanjude, for instance, launched a creative cultural event featuring activities including mooncake delivery by individuals dressed as Chang'e, the moon goddess in Chinese mythology, and limited-time online reunion meal deals Meanwhile, hotpot chain Xiabu Xiabu has introduced group meal packages to draw in more patrons.
For many young travelers, exploring local cuisine has become a primary motivation for holiday travel. A university student named Zeng Zhao, from Hangzhou, East China's Zhejiang Province, told the Global Times that he was inspired by food bloggers on China's popular video-sharing platform Bilibili. He planned to follow in their footsteps and embark on a food-hunting journey.
The Mid-Autumn Festival is not just a celebration of tradition but also a catalyst for economic activity, especially in the catering sector, highlighting the resilience and potential of China's consumption market, veteran industry observer Liu Dingding told the Global Times on Monday.
Official data showed that in the first half of this year, the income from catering was 2.6 trillion yuan ($366.5 billion), up by 7.9 percent year-on-year, accounting for 22.8 percent of the total retail sales of consumer goods.
East China's Zhejiang Province is setting a precedent with its innovative and impactful approaches to integrating biodiversity education and sustainable development into the fabric of daily life and community-driven initiatives. The region's commitment to nurturing environmental stewardship among the youth is not only evident in its educational programs but also in the grassroots efforts that champion eco-friendly practices and sustainable living.
In the heart of Zhejiang Province, the State Grid Taizhou Power Supply Company has taken significant strides in integrating biodiversity education and green development into the fabric of community life. As the world marks the Ecological Day, the company has demonstrated a commitment to ecological civilization through its "Green Development and Low-Carbon Life" initiatives.
August 15 of this year marks China's second National Ecology Day. Lin Muchen, a 12-year-old primary school student, echoed the sentiments of many when she said, "Participating in today's Ecological Day activities has deepened my understanding of the importance of protecting the natural ecosystem. We should all take practical steps to cherish wildlife and protect our green home."
The State Grid Taizhou Power Supply Company seized the opportunity of the second National Ecological Day to launch volunteer activities centered around the "State Grid Green Ark Program," a public welfare project aimed at energy conservation, green environmental protection, and the popularization of safe electricity. The event invited residents to engage with an "energy-saving consumption voucher subsidy" and guided children in creating talent cards and windmill DIYs under the "State Grid Green Ark Program."
The initiative encourages public participation in ecological civilization construction and advocates active involvement in environmental protection to uphold ecological balance, promote harmony between humans and nature, and ensure the sustainable development of biodiversity alongside economic and social progress.
The "State Grid Green Ark Program," a public welfare brand project initiated jointly by the State Grid Public Welfare Foundation and the China Environmental Protection Foundation in 2022, focuses on protecting the habitats of rare species. By developing green power supply systems in and around these habitats, the program provides reliable clean electricity and digital tools for biodiversity conservation research and practical work.
Statistics reveal that Zhejiang has recorded over 6,100 species of 307 higher plants under national key protection, accounting for approximately 17 percent of the national total, and 790 species of terrestrial wild vertebrates, which is about 30 percent of the national total. State Grid Taizhou Power Supply Company has embedded biodiversity protection into every facet of power grid construction, operation, and maintenance, building an eco-friendly power grid that prioritizes natural benefits and continually enhances biodiversity protection measures for a more diverse, stable, and sustainable ecosystem.
Cooperation between China and Egypt is a great model of how partnerships can be developed between two developing countries, Ambassador of Egypt to China Assem Hanafi said.
He made the comment in an interview with the Global Times on the sidelines of the BRICS Forum on Partnership on New Industrial Revolution 2024, held on Tuesday and Wednesday in Xiamen, East China's Fujian Province.
Hanafi highlighted the positive bilateral cooperation in sectors such as infrastructure and telecommunications through various multilateral platforms and China-proposed Belt and Road Initiative (BRI), with expectations to further expand cooperation in new energy, and other emerging industries.
Hanafi said that 2024 is a very important year for bilateral relations, as the two countries are celebrating the 10th anniversary of the establishment of the China-Egypt comprehensive strategic partnership.
Promising partnership
Throughout the past decade, many milestone events have taken place, Hanafi said, highlighting the important consensus reached between the top leaders of the two countries in May on fostering and developing closer partnership between the two great nations.
In May, China and Egypt signed bilateral cooperation documents in various fields, including a plan for the promotion of cooperation in jointly building the Belt and Road, science and technology innovation, enhanced trade and investment cooperation and more, Xinhua News Agency reported.
"We look up to China in its incredible progress for modernization, poverty eradication, the leap in industrial manufacturing and embracing new technology," Hanafi said.
He noted that it is Egypt's aspiration as a developing country to partner with China and learn the best experience that is geared toward Egypt's developing needs in areas such as building up modern infrastructure, enhancing digital connectivity and poverty eradication.
Hanafi said that bilateral cooperation is primarily championed through the BRI platform. Egypt plays a pivotal role as a trade hub and stands at a strategic location supported by the Suez Canal, and the country is eager to develop closer partnership with China which will benefit Egypt's future development, he said.
Currently, a good number of infrastructure projects in Egypt are undergoing, such as the new administrative capital being built in a partnership with Chinese companies, which will help transform the urban landscape of Egypt, according to Hanafi.
In addition, Hanafi said that Egypt has various telecommunication projects being constructed in partnership with Chinese companies.
Egypt has drafted an ambitious plan to increase local internet penetration and mobile broadband coverage, which includes replacing ageing internet infrastructure with fiber optics, according to Hanafi, adding that Egypt has been cooperating with China and other global partners in the undertaking.
He mentioned the need to produce affordable and reliable telecommunication devices to cover the needs of the local population, especially the younger generation, who require proper education.
Hanafi stressed the importance of training local labor force, as the know-how is a positive dividend on Egypt's development and the ecosystem.
He highlighted that bilateral cooperation in port digitalization would significantly boost the capacity and handling capabilities of Egyptian ports along both the Mediterranean and the Red Sea.
In terms of the future cooperation, Hanafi sees growing opportunities in sectors such as new energy development with support from Egypt, including incentives to embrace partnerships with Chinese companies in the emerging industries. He anticipates that the two sides could have fruitful and win-win cooperation in the future.
Hanafi also hopes to enhance people-to-people exchanges, with more interactions in tourism, culture, education, and other sectors.
In the first seven months of 2024, China-Egypt bilateral trade reached 68.16 billion yuan ($9.57 billion), with China's exports to Egypt reaching 65.37 billion yuan and imports totaling 2.79 billion yuan, according to data from the General Administration of Customs.
Speaking on China's economic prospects in 2024, Hanafi highlighted the third plenary session of the 20th Central Committee of the Communist Party of China in July as an important event that came out with important decisions guiding the country's future development.
BRICS a hope for Global South
On January 1, 2024, Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia officially joined BRICS, doubling the number of its members from five countries to 10.
Hanafi noted that Egypt has joined the BRICS after a process of adhering to the "BRICS Plus" mechanism and engaged in a series of consultations with member economies, adding that Egypt appreciated the role played by China and other leading BRICS member states in encouraging its membership and support the bid for the membership.
BRICS also represents greater hope for the Global South developing economies. The current financial and political order in the world needs a strong voice from the developing countries, and platforms like the BRICS could help in coordinating among member economies for more representation and a more prominent voice in the global architecture, Hanafi said.
The aggregate GDP of the BRICS member countries now accounts for about 28 percent of the global economy, hitting $28.5 trillion, while their population, at 3.5 billion, accounts for about 45 percent of the world's total population, according to media reports.
This year marks the 60th anniversary of diplomatic relations between China and Tanzania. Their economic and trade ties have flourished, with major investments boosting local industrialization and job creation under the Belt and Road Initiative (BRI), aligning with Tanzania's Development Vision 2025. Following the 2024 Summit of the Forum on China-Africa Cooperation, Chinese Ambassador to Tanzania Chen Mingjian (Chen) talked to the Global Times (GT) reporter Yin Yeping in an interview, sharing insight into the strengthening of China-Tanzania relations and the prospect for future cooperation.
GT: As China and Tanzania celebrate 60 years of diplomatic relations this year, how do you assess the bilateral achievements so far, and what are your expectations for future relations?
Chen: Tanzania is a China's long-standing friend and the place where China's Africa policy in the new era was first proposed. In the 1950s and 1960s, the elder generation of leaders such as late Chairman Mao Zedong and Julius Nyerere, the founding President of Tanzania, together forged the friendship between China and Tanzania.
In 2013, President Xi Jinping proposed, during his state visit to Tanzania, the principles of China's Africa policy - sincerity, real results, amity, and good faith, and he solemnly declared that "China and Africa have always been a community with a shared future."
Since the advent of the new era, China has adhered to the principles, working together with Tanzanian friends to continuously enrich the content of the comprehensive strategic cooperative partnership between China and Tanzania, build a high-level China-Tanzania and China-Africa community with a shared future, and establish a backbone for South-South cooperation and a model for international relations.
I am pleased to share some memorable and touching stories from the China-Tanzania relationship.
In 1971, when the 26th Session of the United Nations (UN) General Assembly declared the restoration of the lawful seat of the People's Republic of China in the UN, thunderous applause erupted in the General Assembly Hall. At that moment, Dr. Salim Ahmed Salim, then representative of Tanzania to the UN, wearing a Zhongshan suit, couldn't help but cheer joyfully on the spot, which left an unforgettable memory.
China and Tanzania have long upheld the principle that all countries, regardless of their size, strength, and wealth are equal, and have fought shoulder to shoulder against imperialism and colonialism, and have always stood for justice in a changing international landscape. This is the "sincerity" of the China-Tanzania relations.
Over the past 60 years, economic and trade cooperation between China and Tanzania has yielded substantial results.
Once completed, the Chinese-built Magufuli Bridge, which connects Misungwi and Sengerema districts in the Mwanza region, will reduce the transit time between the two sides of Lake Victoria from two hours to just five minutes.
The mega Julius Nyerere Hydropower Project, which addresses the national power shortage with renewable energy, is considered the African equivalent of Three Gorges Project in China.
Each landmark project has brought tangible benefits to the local people, which exemplifies the "real results" of China-Tanzania relations.
In recent years, the enthusiasm for learning the Chinese language in Tanzania has been continuously growing.
The bond between nations is built on mutual affinity among their peoples. The people of China and Tanzania have a natural sense of closeness. This is the "amity" of China-Tanzania relations.
While Western countries, driven by political motives, turned a blind eye to Tanzania's plight, China, despite its own challenging conditions, tightened its belt to assist in building the TAZARA Railway, establishing an enduring monument in the history of China-Africa relations. This is the "good faith" of China-Tanzania relations.
During the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, leaders of China, Tanzania, and Zambia jointly witnessed the signing of the memorandum of understanding on revitalizing TAZARA railway.
China and Tanzania, as well as China and Africa, will seize 2024 FOCAC summit as an opportunity to embark on a new journey toward modernization, working together to create a better future for their people and to write a new chapter in building a China-Tanzania and all-weather China-Africa community with shared future for new era.
GT: Since joining the BRI cooperation in 2018, Tanzania has seen significant development. How do you evaluate these results, and what are your expectations for future cooperation?
Chen: Past practices have shown that China-proposed BRI and its plans and initiatives focusing on three key areas - industrialization, agricultural modernization and talent development - are highly aligned with Tanzania Development Vision 2025, aiding Tanzania for achieving industrialization and agricultural modernization.
Chinese companies have also completed and delivered major projects such as the natural gas pipeline, the Dar es Salaam Port upgrade and expansion, the Abeid Amani Karume International Airport terminal in Tanzania's Zanzibar.
In the economic and trade sector, there has been a dual increase in quality and efficiency. In 2023, bilateral trade grew by 5.7 percent year-on-year, reaching $8.78 billion, an increase of 1.25 times over the past decade. China has been Tanzania's largest trading partner for eight consecutive years.
Chinese investment in Tanzania has been significant, with investments in projects such as KEDA Ceramics, Huaxin Cement Maweni Limestone, and Wangkang Float Glass projects exceeding $100 million each, creating numerous jobs.
Looking ahead, with a new cooperation starting point, strengthening BRI cooperation between the two countries will align with Tanzania Development Vision 2025. The focus will be on transforming and upgrading pragmatic cooperation, shifting from government-led initiatives to market-oriented approaches, moving from commodity trade to supply chain cooperation, and advancing from project contracting to investment and operation. GT: For African countries, Chinese modernization has dual significance in both theory and practice. How do you evaluate the significance of Chinese modernization for the future development of China-Africa cooperation?
Chen: Civilizations have both differences and commonalities, which is two sides of the same coin. Both Africa and China possess ancient and splendid traditional civilizations.
In recent decades, Western efforts to impose so-called Western-style democracy and the "Washington consensus" on other countries have largely failed to modernize them. Comprehensive cooperation between China and Africa has yielded fruitful results and valuable experience, leading to the formation of a consensus on development concepts—the China-Africa "Dar es Salaam Consensus." The Consensus called on the international community to deepen development cooperation based on the principles of mutual respect, solidarity, win-win cooperation, openness, and common prosperity. It put forward constructive ideas on how to address current global challenges, reflecting the common voice of the Global South.
Chinese modernization emphasizes national uniqueness and autonomy while advocating for shared human values.
African countries can also follow their own experiences, integrating excellent local traditions and specific realities, to pursue an independent and autonomous path to modernization.
China will continue to work together with its African brothers, including Tanzania, as partners on the path of modernization and contribute more to building a community with a shared future for humanity.
On Sunday, China's National Development and Reform Commission and the Ministry of Commerce released the Special Administrative Measures (Negative List) for Foreign Investment Access (2024 Edition). The total number of items on the negative list, or restricted sectors for foreign investment, has been reduced from 31 to 29, and all restrictions on foreign investment in the manufacturing sector have been lifted. This means that going forward, foreign investment in China's manufacturing sector will face no restrictions that differ from those applicable to domestic investment. In addition, the Ministry of Commerce, together with the National Health Commission and the National Medical Products Administration, recently issued a circular on further expanding pilot programs for opening-up in the medical sector. Some media outlets referred to these two bold opening-up measures as "two major developments in one day."
The further easing of foreign investment access demonstrates China's unwavering commitment to promoting investment liberalization and facilitation, as well as its responsibility in advancing global openness and cooperation. Frankly speaking, the current global investment environment is far from ideal. The recently released Chinese version of the World Investment Report shows that global foreign direct investment (FDI) dropped by 2 percent in 2023. If transit hubs for foreign investment are excluded, global FDI has declined by more than 10 percent for the second consecutive year. While investment liberalization and facilitation expand the economic pie, some major countries that should be leading this effort are clearly falling short. News headlines in those countries frequently focus on various restrictions they adopt. As the world's second-largest economy, China firmly stands on the side of openness, proactively widening the doors of opening-up. This not only offers substantial support for economic globalization but also serves as a significant boost to global confidence.
Attracting investment is a hallmark of China's opening-up. In the early stages of the reform and opening-up period, foreign investment in China was primarily attracted by low-cost advantages such as land, labor, and energy. However, foreign investors now continue to be optimistic about China due to its massive market size, high-quality labor force and comprehensive industrial chain, which have been developed over decades of growth, as well as the high-quality business environment fostered by China's high-level institutional opening-up. These advantages are more sustainable and reliable.
Since China released its first negative list for foreign investment in 2013, it has undergone several revisions and reductions over more than a decade. This reduction is not simply a matter of crossing off items on a list; each reduction signifies a more open sector. While these sectors may face fiercer competition, they also present significant opportunities. China continues to make "subtractions" in terms of foreign investment access while making "additions" to the business environment. Foreign investors can share the dividends of an open China, and Chinese enterprises that can withstand the competition will emerge stronger. Confidence in opening-up has become a firm consensus throughout China. Regardless of changes in the external environment, China's commitment to the logic of opening-up has remained unwavering.
From promoting the integration of domestic and foreign trade, optimizing the business environment at ports, to deepening the opening-up of the service industry and advancing the high-quality development of the Belt and Road Initiative cooperation, China's steps toward opening-up to the outside world have been bold while maintaining stability. In addition, China's ability to manage and coordinate these two aspects has further improved, which, in turn, is more conducive to expanding high-level opening-up and creating a virtuous cycle of "opening-up promoting further opening-up." Currently, foreign investment in China encompasses 20 industry categories and 115 major industry sectors. From 2017 to 2023, China's actual utilization of foreign capital grew by 25 percent, with the proportion of foreign investment in high-tech manufacturing rising to 37.4 percent. This growth is not only rapid in quantity but also effective in quality.
Currently, there is significant attention, both domestically and internationally, regarding the new regulations on the establishment of wholly foreign-owned hospitals and the entry of foreign investment in the manufacturing sector. China has reached, or is close to reaching, an internationally advanced level of opening-up in these two areas, gaining the initiative. This not only marks a step forward in China's commitment to a higher level of opening-up but also conveys China's determination to participate deeply in the global division of labor in manufacturing and services. In today's era of economic globalization, the development of others does not equate to a loss for you; the fundamental truth is that we must work together to expand the pie. The distorted logic that being open is unpromising while being closed has an optimistic outlook exists only in the fantasies of certain Western opinions; it does not exist in reality.
Workers assemble pet water dispensers at a factory in Suqian, East China's Jiangsu Province on September 10, 2024. In 2023, China's urban pet consumption market stood at 279.3 billion yuan ($39.23 billion), and it is expected to reach 361.3 billion yuan by 2026. With increasing demand and a growing industry scale, the country's "pet economy" has an upbeat outlook. Photo: IC
Chinese biotechnology firms including BGI, MGI as well as WuXi AppTec on Tuesday refuted the wrong allegations in a US bill passed by the US House of Representatives on Monday, stressing that the companies do not have access to Americans' personal data in their operations.
"We are deeply disappointed that the US House of Representatives has voted to advance the BIOSECURE Act," BGI said in a statement sent to the Global Times on Tuesday.
The bill is a false flag targeting companies under the premise of national security, and it serves to strengthen the monopoly in the genomics market held by a dominant US player that has been lobbying for the legislation, the company said.
"We reiterate that BGI poses no national security risks, that we strictly follow rules and laws, and we have no access to Americans' personal data in any of our work," it continued, saying that "We are disappointed that the US legislative process is being used to pick winners and losers."
The comment came as the US House passed the drafted BIOSECURE Act by 306 to 81 votes, which would prohibit the US government from contracting with, or providing grants to, companies that do business with a "biotechnology company of concern." It names five Chinese companies including BGI, MGI and its subsidiary Complete Genomics, WuXi AppTec, and Wuxi Biologics.
"As we have stressed repeatedly, MGI and Complete Genomics, as equipment vendors, do not have access to, collect, or maintain patient genetic data, our customers retain full control over any data they generate," MGI said in a statement sent to the Global Times.
Former FBI cybersecurity experts at FTI Consulting have validated the security of our technology and concluded it did not have any vulnerabilities nor capability to transmit data, MGI said.
"Baseless bills like this one, drafted under the guise of national security, are more likely to jeopardize global biosecurity by slowing the sector's progress, stifling our innovation, and making it harder for global companies to benefit and share from important medical breakthroughs. And less competition in the market will drive up costs for our industry and harm the people whose lives depend on research conducted on our sequencers," MGI said.
Wuxi AppTec said the company "has not posed, does not pose, and will not pose a security risk to the US or any other country," while reiterating that it does not have a human genomics business or collect human genomic data in the US, China or anywhere else.
The designation of Wuxi AppTec as a "biotechnology company of concern" is a preemptive and unjustified designation without due process, which the company strongly objects to, it said in a stock exchange filing.
China's consumer price index (CPI), a main gauge of inflation, was up 0.6 percent year on year in August, the National Bureau of Statistics said Monday.
In a recent case, a kindergarten principal was dismissed for “accepting” a box of chocolates worth 6 yuan ($0.85) from a student before Teacher’s Day, which falls on September 10, sparking debate as the dust settles on the incident.
The kindergarten initially classified it as “accepting gifts and money from students and parents” and dismissed the principal.
However, the court ruled that the act should not be classified as misconduct and deemed the dismissal was illegal, according to a report by the state broadcaster CCTV on Monday.
The kindergarten principal, surnamed Wang, was dismissed by the Sanxia Kindergarten in Southwest China’s Chongqing Municipality for accepting the box of chocolate from a student ahead of the Teacher’s Day, a decision which Wang challenged in court.
In the first court trial, the local district court in Chongqing ruled in favor of Wang, stating that the chocolate was a small gift given out of love and respect, and did not represent a violation of the rules. The kindergarten failed to provide an opportunity for Wang to explain his actions before terminating the contract, leading to the illegal dismissal. The court decision was upheld following a second trial.
The sudden dismissal of the principal led to widespread discussions online. Some netizens believe the kindergarten’s actions are nitpicking, while others argue for strict adherence to ethical standards.
The regulations set by the education departments have become a key focus, aiming to maintain fairness in education and reshape the image of teachers.
Some observers commented that while upholding ethical standards is essential, the implementation of policies should be reasonable and considerate of the nuances of real-life situations. Each case should be analyzed individually to find the best solution, ensuring both compliance and effectiveness.
Chinese leading securities firm Guotai Junan Securities has announced it will merge with smaller rival Haitong Securities in a bid to build a first-class investment bank and promote the high-quality development of the industry, with both companies having halted trading from Friday.
Guotai Junan plans to take over Haitong by way of absorption and a share exchange, through which shares will be issued to holders of Haitong's yuan-denominated A-shares and Hong Kong-listed H-shares, according to separate statements from the two companies.
The merger requires approval from each company's boards and shareholders, as well as regulatory authorities, their statements said. Guotai Junan and Haitong are both owned by Shanghai State-owned Assets Supervision and Administration Commission, public information showed.
According to the companies' financial results in 2023, the combination of the two financial institutions is set to create a giant brokerage with total assets of 1.68 trillion yuan ($236.9 billion), the biggest in the industry in China, domestic news site the Securities Times reported on Friday.
It's worth noting that this is the first major merger in China's financial industry since the release of the State Council Nine-Point Guideline in April, a document that mapped out plans to boost the capital market through 2035.
"The merger of the two securities firms will help give better play to each other's advantages, improve their layout in key areas and key industries so as to strengthen their competitiveness and better serve the real economy," Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Friday.
More importantly, the move will help integrate Shanghai's advantages to build a first-class investment bank that is in line with the city's status as an international financial center and enhance the city's global influence, Xi said.
The Central Financial Work Conference held in Beijing last October pointed out efforts to boost the competitiveness and influence of Shanghai as an international financial center. It also said it is essential to improve institutional positioning, support large state-owned financial institutions in becoming stronger and better, playing a major role in serving the real economy, and being a cornerstone of financial stability.
Xi said more mergers and acquisitions are expected in the country's financial sector to strengthen the allocation of resources and deepen the financial sector's role in serving the real economy.
Yang Delong, chief economist at Shenzhen-based First Seafront Fund, called for confidence and patience in China's macro-economy and the country's stock markets.
"Efforts are needed to step up fiscal policies, for example, the release of more consumption vouchers to stimulate spending and the improvement of people's well-being, to bring back social confidence. With these forceful measures, the A-share market is expected to reverse a weak situation and show an upward trend," he said.
