Resold home prices were up 0.7 percent month-on-month in third-tier cities, seeing the same pace of growth compared with the previous month.
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Residents from lower-tier cities and towns fueled online sales by enthusiastically unleashing their massive purchasing power during this year's Singles Day shopping extravaganza, despite mounting downside pressure from the COVID-19 pandemic.
Regular catering businesses, such as hotpots, have a mature business model while light meal shops lack a proven model and well-known brands, he said. "But that also suggests there is an opportunity to explore a new and innovative model."
Resident Chen Hongbin and his wife used to be migrant workers in Zhejiang province. With a combined monthly income of about 4,000 yuan (0), there was little left at the end of each year because they spent more in the city.
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Representatives from POWERCHINA were also invited to the conference, including Tian Haihua, Deputy General Manager of POWERCHINA and Secretary of the Party Working Committee at POWERCHINA Central and West Africa Headquarters, Huang Ziping, Deputy Chief Engineer and Head of the Hydropower and Water Division, and Wang Xinhuai, Deputy General Manager of the POWERCHINA Central and West Africa Headquarters.
Released by the State Information Center, the report said China's short-term lodging sector, which includes the segment of homestays, is booming, thanks to its relatively lower costs, conveniences and novel experiences on offer.
Ren Hongbin, director-general of the ministry's Department of Foreign Trade, said even though China is still confronting trade issues such as protectionism and outdated technologies in certain sectors, its perspective for next year will be promising, thanks to the recovering global economy and tangible results generated by supply-side structural reform.
Reinsch said what US businesses most value from their government is policy consistency and clear lines. They need to have some confidence that today's rules will be the same ones they'll be expected to adhere to next week, next month, and next year.