MNI China Press Digest April 14: Economy, Unicorns, FTZ

Highlights from Chinese press reports on Friday:

• China should raise the level of social security to promote the economy, according to a Yicai editorial. The government should invest more fiscal resources in healthcare and education, unburdening households and giving them more freedom to participate in the economy. Regulators must prioritise the construction of a unified national market and create a business environment to empower entrepreneurs. Authorities in Beijing had hoped recent strong growth in broad money supply would support the real economy, however Yicai noted tepid inflation data in March indicated this had not happened.
• Beijing wants to cultivate "unicorn firms" that support the high-quality upgrading of the economy, according to Li Qiang, China’s Premier. Speaking on a recent tour, Li said unicorns have a role to play in China’s high-level technological self-reliance and self-strengthening strategy. The government at all levels should promote a better ecosystem for innovative firms to develop and highlight the importance of energy storage, semiconductors and satellite network industries, Li added. (Source: Yicai).
• The Hainan Free Trade Zone (FTZ) wants foreign banks to participate in its development and will pursue favourable financial policies to attract the institutions, according to Xing Wei, vice chairman of the China Banking Association. Foreign banks can find synergy between their operations across the Hainan, Greater Bay and RCEP region, Xing said. Overseas firms have growth opportunities in cross-border finance, trade finance and risk management, which can be combined with Hainan's tourism, green and tech industries. (Source: China Securities Daily).