New business models

AUTHORITIES yesterday unveiled a guideline to support the healthy growth of new business models, in the latest move to boost consumption and create jobs.

Efforts will be made to further strengthen the digital economy, said the guideline jointly released by 13 central government departments, including the National Development and Reform Commission. The country will work to nurture more independent business owners and support self-employment, amid measures to spur on new types of private businesses to create new space for consumption.

Wanda Film

CHINA’S largest cinema chain operator Wanda Film said Tuesday it expects to report a net loss of 1.5 to 1.6 billion yuan (US$214 million to US$228 million) in the first half of the year as COVID-19 forced it to shut down theaters.

In comparison, the company reported a net profit of 524 million yuan in the same period last year.

Corn purchase

CHINA booked its biggest single-day U.S. corn purchase on record Tuesday, its second massive deal for the yellow grain in less than a week, as it tries to meet its trade deal commitments.

China on Friday increased its corn and soybean import forecasts for the current season, as the country was expected to step up purchases from the United States.