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China will further open the financial industry to foreign companies by removing ownership restrictions in the securities, funds, futures and insurance sectors next year.
China's biggest wine producer, Changyu Wine Group Co Ltd, said sales from hotels suffered the biggest declines. Supermarkets and liquor stores have also experienced wine sale declines.

China's banking system risks are concentrated in rural and small banks, which account for 10 percent of total assets, and are usually in the form of non-performing loans higher than the system-wide average by about 2.5 percentage points at the end of 2018, according to the PBOC's financial stability report.
China will cut ineffective steel capacity of 30 million tonnes this year, according to this year's government work report delivered last week.
China will modestly raise its budget deficit ratio, issue special sovereign bonds and bolster the scale of local government bonds as part of a slew of macroeconomic policies to cope with impacts of the COVID-19 pandemic, according to a decision made at a key meeting of the Communist Party of China on Friday.
来源:资阳报