Free Trial

China Press Digest Oct 20: Coal Price Caps, PBOC, US Failure

MNI (Singapore)

The following lists highlights from Chinese press reports on Wednesday:

  • China's top economic planner, the National Development and Reform Commission, said it will take necessary measures to intervene in coal prices, stating the current "irrational price hikes" have deviated from the fundamentals of supply and demand with the heating season coming, according to a statement on its website posted late Tuesday. Interventions could include limiting profits, setting price caps and requiring approvals for price hikes, the planner said. Coal companies should ensure the demand for power generation and heating and help the economy to operate steadily, the NDRC said. Separately, in a visit to the NDRC, Vice Premier Han Zheng urged the planner to implement cross-cycle policies to support growth and boost coal production to help ensure supplies of coal, electricity, gas as well as logistics, according to a statement on Gov.cn.
  • The People's Bank of China will strive to create better financing conditions for the development of the private economy as well as strengthen anti-monopoly and prevent disorderly capital expansion, said Guo Shuqing, head of the banking regulatory body, in an interview with CCTV. The central bank will encourage lenders to accelerate digital transformation to improve services, broaden the financing channels of private enterprises by releasing the potential of securities market, private equity funds, and angel funds, said Guo according to the state broadcaster. Financial innovation should be encouraged under the premise of "people first", as any illegal and irregulated innovation will hurt development in turn, Guo added.
  • The U.S. failure to contain the pandemic and its politicizing and blame game caused global supply chain disruptions, while its excess easing inflated commodity prices, which placed pressure on Chinese businesses, the Economic Daily said in a commentary. Western media hyped up China's below-expectation growth rate in Q3, and irresponsibly said China has lost its recovery momentum, the official newspaper said. China won't let its economy be "talked down" and should focus on promoting reform and innovation and high-quality development, said the newspaper.
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.