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Bai said SOEs must focus on their core business, increase their competitiveness by enhancing their innovation capability and upgrade their technology.
Banks still prefer to lend to property developers other than infrastructure projects, despite many efforts by policymakers to boost infrastructure investment. The latter usually needs a longer term to see investment returns, and the local government debt level is already high, said Shen Jianguang, chief economist of JD Finance.
Based on statistics collected from 6,596 users around 324 Chinese cities, the report said 40 percent of Chinese go out with less than 100 Chinese yuan (15.2 U.S. dollars) of cash, even 14 percent of Chinese have already began their cashless life.
Bai said SOEs must focus on their core business, increase their competitiveness by enhancing their innovation capability and upgrade their technology.
Baijiu Society aims to change contemporary perceptions of the famed Chinese spirit [Photo provided to China Daily]
