More malls THE government will encourage big cities to build more shopping centers this year to meet the growing consumption demands of local residents, according to new government guidelines. The Ministry of Commerce said that it would encourage cities with a permanent resident population of more than 10 million to each build at least 10 “multi-functional” shopping centers this year, which could include childcare, entertainment and restaurants. Cities with a permanent resident population of 5 to 10 million might build five such centers or more, it said in a statement. Yum sales YUM China, created from the split of U.S. fast-food company Yum! Brands Inc. in 2016, has struggled to attract younger diners to Pizza Hut. Overhauling its mobile app, upgrading its menu and enlisting celebrities to tout the brand haven’t helped much so far. Pizza Hut’s comparable sales declined 5 percent, far deeper than the 0.3-percent drop seen by analysts, according to Consensus Metrix. Sales by that measure at KFC rose 5 percent, compared with projections for growth of 3.8 percent. Bank profit growth THE country’s top five State-owned banks posted their fastest first-quarter net profit growth in four years, while their ratio of soured debt remained steady. China’s biggest lenders, Agricultural Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China and Bank of China, are in the midst of a revival, posting faster profit growth and generally healthier net interest margins after years of rising bad debt. |