China will step up financial support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID-19 epidemic, the country’s banking and insurance regulator said. | Reuters
The purchase of big-ticket items such as new energy vehicles and green home appliances will be encouraged, CBIRC said.
Retail sales, a key gauge of consumption, fell 5.9 percent in November amid broad-based weakness in the services sector, which was the biggest contraction since May when commercial hub Shanghai was under lockdown.
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