BEIJING, May 12 (Xinhua) -- China's Ministry of Commerce (MOC) and China UnionPay jointly released a work plan to boost commercial circulation and resident consumption, according to a circular posted on the website of the MOC on Monday.
The move answered the central government's call to coordinate the prevention and control of the COVID-19 and economic and social development.
The two sides proposed a number of specific measures to reduce transaction costs of merchants, improve credit services for enterprises, optimize payment and settlement environment, support credit consumption development, strengthen data sharing and situation research and judgment.
Meanwhile, regional commerce departments and China UnionPay branches are encouraged to conduct pragmatic cooperation so as to provide commercial circulation enterprises with a series of targeted programs to boost consumption, help unleash the potential of consumers, and form a strong domestic market. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)
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