MNI China Press Digest April 20: NDRC, RMB Trade, Shanghai

Highlights from Chinese press reports on Thursday:

• Authorities are urgently drafting policy documents aimed at restoring and expanding consumption, according to the National Development and Reform Commission (NDRC). Consumption has made a steady recovery so far this year, however the government believes more policy support is needed to build sustainable momentum. The spokesperson said the proposals under consideration will focus on expanding bulk and service consumption, as well as boosting rural household expenditure. The electric automobile industry will benefit, with the NDRC planning to increase charging stations and parking facilities, and promote models suitable for rural areas. (Source: 21st Century Herald).
• China’s trading partners' efforts to de-dollarise and expand the use of renminbi will take time, according to local analysts interviewed by the Securities Daily. China can enhance the internationalisation of the RMB, as it has a strong foundation including the world’s largest trade volume, strong economic operation and a stable exchange rate. However the US established the dollar as the default trading currency ahead of other countries, meaning it will take time to unwind. Analysts noted that ASEAN, Belt and Road countries, Russia and Saudi Arabia have increased use of RMB for trade, showing evidence the world has begun de-dollarisation.
• Shanghai’s economy made a strong start to Q1 but the foundation has not yet solidified, according to Shanghai Mayor Gong Zheng speaking at a recent meeting. Business and household indicators have shown steady improvement and market confidence has returned, but he urged local officials to maintain a “stronger sense of urgency” in promoting the city’s economy going forward. This year Shanghai will develop the "E-commerce Silk Road" and promote high-quality integration of the Yangtze River Delta. Support will be given to emerging industries and strengthening weak areas of the supply chain, he said. (Source: Yicai)