MNI China Press Digest, April 22: Bank, Unemployment, Consumer

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Wednesday:

     China will temporarily lower bad loan provision requirements for small and

medium banks by 20 percentage points, aiming to free up capital for bank

lending, according to a statement on the government website following the State

Council executive meeting late Tuesday. Meanwhile, as a result of the

performance evaluation of banks, the weight of lending to small and micro-sized

enterprises will be raised above 10% in a bid to encourage SME credit, the

statement said. 

     China will expand the coverage of unemployment insurance to all the

unemployed in both urban and rural areas and include unemployed migrant workers

insured for less than a year, according to a statement on the government website

following the State Council executive meeting. China will also implement

unemployment subsidies periodically and raise price subsidy standards, the

statement read. 

     China must move resolutely to expand domestic demand and fully stimulate

the potential of the scale of China's market, the People's Daily said in a

commentary. The Daily said that increased investment would drive the expansion

of the consumer market, and noted the multiplier effect of investment on the

economy. This would help China minimise losses caused by the coronavirus

pandemic, the commentary said. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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