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As the epidemic slowed business activities and dented the job market, China slashed fees for firms to help ensure they keep employees on the payroll, having refunded 63.6 billion yuan (about billion) to over 4.3 million firms in the first half of this year and benefited around 100 million people.

As urged by the ICSU and supported by the three provincial governments, the declaration states member cities vow to collaborate in various ways to push forward the urbanization process as a whole, including cooperation in infrastructure construction, culture and education, enhancing regional connectivity and making plans for regular round-table meetings.

As such, the government has expanded financing channels for businesses such as manufacturers, many of whom have long been troubled by a lack of tangible assets they can pledge as collateral when they are attempting to raise funds.

As the regulators keep urging banks to lower lending rates for micro and small enterprises, they should evaluate banks' performance in this regard separately from the service fees charged by third-party institutions. Otherwise, many large banks dare not enter into partnerships with these institutions on providing loans online to small businesses due to concerns that the comprehensive financing costs will be higher than regulators expect after service fees charged by third-party institutions are written into bank contracts, she said.

As the increase in expenditure was greater than that in revenue, the gross surplus of the sector dropped by 1.9 percent year-on-year to 3.05 billion Macao pataca in 2019.