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BEIJING (MNI) - The following are highlights from the China press for
Tuesday, November 7:
China needs to deepen reform of and further open its financial sector to
promote internationalization the yuan, China Banking Regulatory Commission chief
economist Ba Shusong wrote in a long article published Tuesday by the Financial
News, a newspaper supervised by the People's Bank of China. Restrictions on
securities investment and capital outflows should be reduced, he said, while a
new index measuring macro-economic fundamentals should be considered and
introduced into the pricing of the yuan central parity. He also proposed further
expanding the Chinese financial market's connections with overseas markets to
provide higher-quality risk pricing platforms and enhance the yuan's function as
an investment currency. New types of investment instruments should be introduced
for foreign investors, such as new commodity, stock and currency derivatives and
other risk management tools, he noted. Ba stressed the restrictions on foreign
investment entering China's financial market need to be reduced so that more
foreign competition can boost the efficiency of Chinese financial institutions.
China should institute a property tax but the introduction should be
gradual so as not to cause too great a shock to the market, the Financial News,
a newspaper managed by the People's Bank of China, said in a commentary Tuesday.
The newspaper noted Chinese Finance Minister Xiao Jie's comments that the
government must analyze and interpret President Xi Jinping's 19th Communist
Party Congress Report that the creation and implementation of a property tax
should be advanced based on the principle of "create the law first, fully
authorize power to related regulators, and advance step by step." Xiao said
China should tax commercial and residential property units based on their value,
but at the same time reduce taxes on property construction and sales
transactions to create a modern property tax system. (Financial News)
A further tightening of regulation to control financial risks is expected
ahead, Economic Information Daily, a newspaper under the official Xinhua News
Agency, reported Tuesday, citing unidentified experts. China would stick to its
"two-pillar macro-control framework of monetary policy and macro-prudential
policy," the experts told the newspaper, arguing financial regulators should
better coordinate their efforts to fill regulatory voids caused by new
cross-sector financial businesses. New regulations on the wealth management
sector and banks' wealth management businesses would soon be issued given the
People's Bank of China is leading relevant regulators to study and work towards
creating a standardized rule to manage the wealth management sector, the experts
said. (Economic Information Daily)
A deepening of reform is needed so China can speed up the process of
transforming itself into an innovative economy, Ma Mingjie, the deputy head of
the innovation development research department at the Development Research
Center of the State Council, told the 21st Century Business Herald in a report
published Tuesday. The relationship between the government and the market needs
to be clear to create fair competition and let market forces perform their
decisive function. China also needs to further open up and participate in the
international innovation networks, introduce global technology and talent to
China and at the same time "go abroad" to improve innovation (21st Century
--MNI Beijing Bureau; +86 (10) 8532-5998; email: firstname.lastname@example.org
--MNI BEIJING Bureau; +1 202-371-2121; email: email@example.com
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