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Chongqing News

Recovery of “small-store economy” in Chongqing

2020-06-04 11:22:38

Chongqing “small-store” economy is recovering, showing bustling scenes of life. (Picture provided by Alipay and released by CQNEWS)

CHONGQING (CQNEWS) -- As millions of small stores are capillaries of China’s economy, their business situation represents the vitality of economy. Recently, the reporter learnt from Alipay that in the past two months, the revenue of 160,000 small stores in Chongqing exceeded that in the same period last year, realizing growth against the overall trend. Among cities with the most number of small stores realizing V-shape rebound, Chongqing ranks the ninth nationwide.

According to the data of Alipay, as of the end of May, the weekly income of more than 12 million small stores nationwide exceeded that in the same period last year. They recovered from the impact of the COVID-19, and even realized income growth.

While during the COVID-19 epidemic, many small and micro businesses got into trouble due to the difficulty in market circulation and costs of labor, rent, water and electricity. Chongqing citizen Dong Hui has just gone through such a hard time.

Dong Hui has a small supermarket in Jiulongpo District, Chongqing. As the sales of dropped sharply during the COVID-19 epidemic, the financial pressure caused by restocking and store rent increased sharply. He thought the business was cornered, but the situation was turned around with an online loan.

In order to seek turnover of capital, Dong Hui inquired about loan products of MYbank and found his line of credit was increased by 40,000 yuan, which was enough to solve his capital turnover problem. As for Dong Hui, the contactless loan from MYbank was like “a shot in the arm” to help him go through the hardest time.

During the COVID-19 epidemic, All-China Federation of Industry and Commerce, together with many industry associations, and MYbank jointly initiated the program of helping small and micro businesses with “contactless loans”, and 100 banks have participated in. The program has launched ten relevant measures for “contactless loans”, supporting the work and production resumption of about 10 million small and micro enterprises, individual businesses and farmer households within half a year.

The so-called contactless loan refers to the digital lending method of online application without human contact. According to the statistics, during the epidemic, small stores applying for “contactless loans” already realized recovery at the end of February, with the daily turnover up 46% from the normal turnover before the Spring Festival.

Recently, Dong Hui always stays at his store from 7:00 a.m. to 2:00 a.m. next day. “The kindergarten nearby will start a new semester soon. The business will definitely be better and better. I’m quite confident in the future.” (Translated by Huang Juan, Fathom Language Limited)

Editor:Jiang Yiwei