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Consumption To Recovery On Stimulus-Daily

CHINA PRESS
MNI (Singapore)

China’s retail sales are expected to improve in June and turn positive later amid stimulus including the issuance of consumer coupons and “red envelopes” in the form of e-CNY, the Securities Daily reported. Xiamen city will issue over CNY20 million in digital red envelopes and CNY40 million worth of e-CNY coupons this week, while Wenzhou city is about to issue CNY30 million of e-CNY red envelopes, the newspaper said. Retail sales still fell by 6.7%y/y in May, narrowing from the previous 11.1% decline.

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