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China's retail sales－a measurement of consumer spending－increased 9 percent year-on-year to over 38 trillion yuan (.64 trillion) last year, making it a driving force to China's GDP growth, which came in at 6.6 percent last year.
Chinese President Xi Jinping (R) meets with Bangladeshi Prime Minister Sheikh Hasina at the Diaoyutai State Guesthouse in Beijing, capital of China, July 5, 2019. [Photo/Xinhua]
China's top securities regulator on Friday removed the profitability requirement for two consecutive years for companies that seek to float shares on the startup ChiNext board on the Shenzhen Stock Exchange. The China Securities Regulatory Commission said at a news conference in Beijing it is revising refinancing rules for listed companies and is soliciting public opinion on the draft revision.The goal is to further simplify procedures for listed companies to raise funds, improve the arrangement for private placement and support companies to introduce strategic investors, according to Chang Depeng, a CSRC spokesman.
China, the world's second largest economy, has been Dubai's biggest trade partner since 2014. It was followed by India, with a bilateral trade of 99 billion dirham, and the US, with 85 billion dirham.
China's top court on Thursday overturned conviction of Zhang Wenzhong, former chairman of Wumei Holdings Group, parent of retail chain Wumart Stores, for insufficient evidence and wrongful law applications, after a retrial.
