BEIJING, Oct. 10 (Xinhua) -- The following are the highlights of China's business news from the past week:
-- GOLDEN WEEK CONSUMPTION
From Oct. 1 to Oct. 8, sales of key retail and catering firms monitored by the Ministry of Commerce (MOC) totaled 1.6 trillion yuan (236 billion U.S. dollars), with daily average sales climbing 4.9 percent compared with the National Day holiday last year, data from the ministry showed.
This year's Golden Week is the first long holiday after authorities lifted most of the domestic travel restrictions amid effective control of the epidemic, and is widely watched as a barometer of China's consumption vitality and growth potential.
-- TAX, FEE CUTS
China's top tax authority said the country's tax and fee cuts totaled 1.88 trillion yuan in the first eight months of the year.
Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved 1.17 trillion yuan, according to the State Taxation Administration.
The remaining 706.2 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cuts rolled out last year.
-- FOREX RESERVES
China's foreign exchange reserves shrank to 3.1426 trillion U.S. dollars at the end of September, down by 0.7 percent from that at the end of August, official data showed on Wednesday.
China's foreign exchange market demand and supply in September and cross-border fund flows were generally stable, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange.
In the global financial market, the dollar index, which measures the greenback against six major peers, rose slightly, and asset prices were mixed due to the COVID-19 outbreaks and monetary and fiscal policies of major countries, she said.
Due to the combined effects of exchange rate conversion and asset price changes, the scale of foreign exchange reserves decreased in September, she said. Enditem
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