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service consumption accounting for 47.7 percent, up 1.4 percentage points year-on-year
. Meanwhile, sluggish auto consumption dragged the whole consumption growth.
The continuous decline of auto consumption has become
a key for stabilizing this year’s consumption, said Liu Xiaoguang, a resear
cher at the National Academy of Development and Strategy at Renmin University of China.
Mao Shengyong, spokesperson for the National Bureau of Statistics, recently said t
hat based on March data, auto production fell, however, the drop was narrowing.
The National Development and Reform Commission was reportedly considering a sl
ew of new measure to boost spending on automobiles, home appliances and consum
er electronics products. It has sent a draft plan to encourage consumption in the three sectors.
on the new science and technology innovation board, which will pilot the registration-based IPO system, according to Xinhua.
To accommodate the progress of reforms and development of the capital market, other modifications have also been made, cov
ering public issuance of securities, securities trading, and the protection of investors’ rights and interests, Xinhua said.
Dong expects the latest version to legitimize registration-based IPO systems not only
on the new board, but also across China’s whole A-share market. “Once the system achieves success on the n
ew board, it should be adopted on other submarkets as soon as possible,” Dong said.
President Xi Jinping announced in November that China will launch the S&T innovation board and pilot the registr
ation-based IPO system. Analysts expect the new board to begin trading around the middle of this year.
“The latest draft is expected to make comprehensive revisions, and it could go a long way
toward restoring public investors’ confidence and modernizing the regulation and governance of the ca
pital market,” said Liu Junhai, director of the Business Law Center at Renmin University of China.