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China's progress in economic resumption

(Xinhua)    10:20, July 24, 2020

China is steadily reviving its economy as it keeps COVID-19 under control. The following facts and figures indicate how the country is forging ahead in resuming work and production:

-- China will roll out a slew of supportive measures to help small businesses maintain stable development and tide over difficulties amid COVID-19 strains, according to the Ministry of Industry and Information Technology (MIIT).

The country will further optimize the development environment for small and medium-sized enterprises while promoting the implementation of policies, including tax and fee cuts, Huang Libin, a spokesperson for the MIIT, told a press conference Thursday.

More efforts will be made to bolster integrated development of small enterprises, establish innovation and entrepreneurship demonstration centers, and improve public service system to help firms tap international business, Huang said.

-- Global home furnishing giant IKEA on Thursday opened a city-center store in Shanghai, the first of its kind on the Chinese mainland.

The three-story space is located in Jing'an District, downtown Shanghai, with a total area of about 3,000 square meters.

The move is another step for IKEA to explore the integration of offline and online channels. In March this year, IKEA launched a Tmall flagship store and IKEA shopping app, to better cater to Chinese consumers' demand for online shopping.

-- Despite the COVID-19 epidemic, foreign investors have increased their investment in Shanghai in a bid to cash in on the business opportunities in China.

Shanghai received 10.28 billion U.S. dollars in foreign investment in the first half of 2020, up by 5.4 percent year on year, said the Shanghai Municipal Commission of Commerce.

Large investment projects accounted for a bigger share, with a total investment of 5.35 billion U.S. dollars, said the commission. Of all, 19 projects had received foreign investment of more than 100 million U.S. dollars each.

-- Shanxi Province, a major coal producer in China, is expected to close 32 coal mines and cut more than 20 million tonnes of overcapacity this year, local authorities said.

Shanxi required companies to shut down the coal mines before the end of October, make proper arrangement for employees, and restore the environment, according to a notification released by the provincial government.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Bianji)

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