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BEIJING (MNI) - The following are highlights from the China press for
Monday, January 15:
China should further widen the global use of the yuan, Financial News
reported, citing Yin Yong, a deputy governor at the People's Bank of China, who
spoke last week in a forum. The yuan's role is underrepresented globally given
China's economic influence, it said. The One Belt One Road initiative also
presents an opportunity for yuan internationalization, the newspaper said.
China will continue with a proactive fiscal policy, optimize the structure
for fiscal expenditures, ensure support for key sectors and projects, and
strengthen supervision on local government debt, Shanghai Securities Journal
said in a front-page analysis report, citing the Ministry of Finance. China's
fiscal deficit is expected to be kept around 3% this year with tight money
supply and a neutral monetary policy, the journal cited economists as saying.
China's current proactive fiscal policy will steer away from boosting credit
demand and instead focus on supply-side structural reform, such as ensuring
support for key sectors and projects promoted by the government, it said.
China will further crack down on illicit practices in the banking industry
this year, the China Banking Regulatory Commission said on its website on
Saturday. Regulators will strictly forbid activities that may harm the economy,
such as those against rules on controlling credit and the property sector, CBRC
said. They will also further regulate shadow banking and cross-market financial
products, including negotiable certificates of deposit, wealth management
products, off-balance-sheet businesses, the commission said.
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