China to support commercial circulation firms in consumption promotion

China will prop up the business resumption of commercial circulation enterprises amid regular epidemic prevention and control to promote the recovery and unleash the potential of consumption.

Measures will be taken to reduce firms' transaction costs, improve corporate credit services, optimize payment and settlement environment, support the growth of credit consumption and enhance data sharing, according to a circular jointly issued by the Ministry of Commerce (MOC) and Chinese card payment giant China UnionPay.

Local commerce authorities are encouraged to work with branches of China UnionPay to assist those firms with a series of targeted and flexible programs to spur the vitality of consumption and form a strong domestic market.

China has taken a string of measures to stimulate consumption as the COVID-19 epidemic waned, such as issuing consumer coupons, launching shopping festivals and broadening sales channels.

During the five-day May Day holiday, the average daily sales of retail enterprises monitored by the MOC increased by 32.1 percent from the previous Tomb-sweeping Day holiday in April.