The report said some people had used microfinance loans to apply for credit cards issued by commercial banks in order to make use of installment payment services.
The regulator will suspend Sealand Securities' registration of asset management products for one year and will ban the firm from opening new securities accounts for its clients for one year.
The report noted the country's sharing economy is on the cusp of a new phase of development where quality matters more than quantity or market expansion and speed of expansion. Its annual growth rate is estimated to reach 30 percent in the next three years, slower but signaling its sustainable development.
The report also pointed out that condoms have become hot sellers during the epidemic, with sales increasing by 423 percent compared to the previous month.
The report by tech giant Tencent and the Chinese Academy of Social Sciences is based on a year-long study. Respondents were elderly and middle-aged users of WeChat, Tencent's popular instant messaging tool. Researchers used methods including big data analysis, questionnaires, and face-to-face interviews.
The report called for further efforts to increase innovation and entrepreneurship at colleges and stimulate the growth of SMEs in the greater bay area. The area also needs to improve public service infrastructure, protect the environment and increase cultural attractions.
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The renovated pedestrian streets, as potentially iconic new commercial areas, will also improve the competitiveness of cities and drive economic growth and job creation in neighboring areas, he said.
The report highlights the role of Chinese structural changes in generating wealth while the United States continues to boast the biggest wealth concentration powered by technology, consumer and retail sectors.
The relaxing of capital controls is expected to put the yuan's internationalization process back on track, as analysts said. It means that the yuan's promotion in international payments may rebound after a decline since 2016, according to Society for Worldwide Interbank Financial Telecommunications.
The region, with a population of 25 million, is known as a land of bread and milk. It is also home to large reserves of resources such as oil, iron, coal and geothermal energy. Its energy sector contributes to more than half of the autonomous region's industrial output.