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China promotes retail, health, travel and sports sectors to bolster consumption

China will promote the development of the retail, health, travel and sports sectors in a bid to boost domestic consumption, the Cabinet said on Sunday.

It will encourage financial institutions to accept a broader range of collateral for extending loans to "lifestyle-related businesses," the State Council said in a statement on its website.

The State Council said the government will also expand consumer credit, improve the system of Internet payments and study the management of credit card fees "to further reduce overall expenses" related to their use. No details were given.

(Source: Shanghai Daily)

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