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Bustelo said market players are showing their confidence in China's economy.
Business transformation and product upgrades are key to the survival and future growth of budget hotels that are in decline - and BTG Homeinns Hotels Group, whose first-quarter profit surged over 116 percent year-on-year to 75.39 million yuan (.8 million), is a good example, experts said.
Brands in China are also innovating to meet new demands from consumers, whose shopping patterns were impacted by the COVID-19 outbreak. Local brands are the driving force of innovation, accounting for about 80 percent of new product development this year, the Nielsen study said.
But AutoZone, an auto-parts retailer for the do-it-yourself market, beat Wall Street's earnings estimates. Same-store sales, or sales at stores open at least one year, slipped 1 percent compared with the 6.3 percent decline forecast by analysts.
Built in Sui Dynasty, Zhaozhou Bridge is the world's oldest single-arch bridge, with a span of 37 meters. [PHOTO BY BAO XINGUO/CHINA DAILY]
