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MNI China Press Digest Jan 4: Bitcoin, Q4 Growth, Trade, Covid

The following lists highlights from Chinese press reports on Friday:

Bitcoin may face increased regulatory oversight following its exponential growth and investors should not blindly chase the Bitcoin rally, the state-run Economic Daily said in an editorial. Investing in Bitcoin is risky as it may become valueless should sovereign nations declare them illegal, the newspaper said citing "experts" it did not identify. The recent surge in Bitcoin's value is due to slowing supply and surging demand for non-traditional assets, but it lacks physical backing and guarantees by legitimate entities, the editorial said.

China's GDP may have grown 6% in Q4 with the highest forecast at 7% and lowest 4.5%, the Securities Times reported citing the median of projections by 43 agencies. The strong real estate market should support the construction and real estate industries, while the export boom will increase investment in manufacturing and production, the newspaper reported citing Zhang Yu, chief analyst from Huachuang Securities.

China will push forward tri-lateral free trade negotiations with South Korea and Japan, seek deals with Israel and Norway, while preparing to join the CPTPP after concluding the China-E.U. investment treaty, the newly appointed Minister of Commerce Wang Wentao said in an interview with Xinhua News Agency. The ministry will also promote consumption by boosting auto sales, including giving credit for trade-in vehicles and tapping into rural demand, Wang said.

Multiple provinces including the capital Beijing have taken measures to limit traveling during the coming Lunar New Year season to contain an apparent rise in coronavirus inflections, including asking state employees to spend the holidays at home, China News Service reported. Shijiazhuang, the capital city of Hebei province bordering Beijing, reported 31 new Covid-19 cases on Thursday, prompting local authorities to implement lockdowns and close off road transportation, the agency said.

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