MNI China Press Digest April 11:Bank Margins, Gas, Global SOEs

Highlights from Chinese press reports on Tuesday:

• Several rural banks in China have lowered deposit rates to improve net interest margins (NIM), according to the 21st Century Herald. Acting under self-regulation mechanisms, the banks adjusted rates after higher deposit costs and lower loan rates squeezed margins. The measures do not make a LPR cut in April more likely, as credit growth nationwide in Q1 was strong, according to experts interviewed by the Herald.
• The National Energy Administration (NEA) has made the supply and price stability of natural gas its top priority in 2023, according to Yicai news agency. At a recent conference, NEA leaders said gas storage capacity will increase and they will take stronger market regulation measures. Implementing national strategies needs closer coodination between provincial and central authorities, who also must work with market entities, according to Yicai.
• Firms will receive more support for their global aspirations, with state-owned enterprises given help to expand overseas, according to Gong Zheng, Shanghai's mayor. Speaking at an executive meeting, Gong said SOEs need support to build cross-border service networks and leverage information technology to assist their internationalisation efforts. He stressed the government will prioritise supply and stable prices of agricultural commodities in 2023 and will make efforts to revitalise rural areas.