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An employee scans a quick response (QR) code displayed on Alipay app at a store in Hong Kong. According to a report released by PayPal on Oct 25, the total transaction value of mobile payment platforms in China reached .5 trillion in 2016, much higher than other Asia-Pacific countries. [Photo/VCG]
An exciting part of Chinese consumerism is the rise of discretionary spending, according to Jeffrey Towson, managing partner of Towson Capital. He pointed out that the increase in expenditure on discretionary products in China annually is forecast to exceed 7 percent till 2020. Within this same period, the growth of spending on "semi-necessities" annually should hit 6 to 7 percent.
An innovation-driven assessment in State-owned enterprises will also be implemented while the taxes levied by the central and local governments will be integrated.
An expo of products meant for epidemic control held in Guangzhou in mid-June became the first sign of the restart of the exhibition industry. More than 600 enterprises participated in the two-day international expo with an exhibition area of 36,000 square meters, drawing 18,000 buyers.
An employee from a steel recycling firm works at a storage facility for scrap steel in Dalian, Liaoning province. [Photo by Liu Debing/For China Daily]
