China appears to be backtracking on its recent efforts to promote street vending as a way to reboot the coronavirus-stricken economy, less than two weeks after Premier Li Keqiang made a high-profile pitch to get people back into the traditional form of commerce. A commentary by Beijing Daily, newspaper of the Beijing municipal government, labeled the "street stall economy" as unsuitable for the capital, and said the city hasn't relaxed rules on peddlers. Other state media followed suit, with some editorials arguing that there were many problems, including food hygiene and product quality. In recent years, street stalls and carts have become less popular and have employed fewer people, partly due to the desire of local authorities, including Beijing, to clean up the appearance of cities. Stocks related to the street-vendor sector retreated yesterday following last week's surge, with Wuling Motors (0305), which produces vans for mobile stalls and booths, falling 20.63 percent to HK$0.50.

Source: The Standard June 08, 2020 19:07 UTC