MNI China Press Digest Apr 8: PBOC, Tourism, Steel Demand

Highlights from Chinese press reports on Monday:

• The People’s Bank of China will set up a CNY500 billion, re-lending programme to support the country's technological transformation and equipment renewal projects in key areas, according to a statement released on Sunday. The programme will offer loans via 21 banks to small- and medium-sized tech companies at an interest rate of 1.75%. The one-year loans can be extended twice, for up to a year each time, the statement said. (Source: PBOC Website)
• China saw about 119 million domestic tourist trips made during the three-day Tomb Sweeping Day holiday, up 11.5% over the same period in 2019, data from the Ministry of Culture and Tourism showed. Domestic tourism revenue during the period totaled CNY53.95 billion, up 12.7% from the pre-pandemic level. (Source: Jiemian News)
• China’s construction sector demand for steel will remain limited due to poor availability of funds and the pace of progress on major projects, according to Wang Guoqing, director of the Lange Steel Research Center. However, steel mills expect demand to remain resilient from robust consumption in automobile, home appliance, and shipbuilding sectors. According to Wen Gang, director of the Steel Division of the Department of Raw Materials Industry, China’s steel consumption has effectively peaked and will enter a long-term period of reduction adjustment. (Source: 21st Century Business Herald)