MNI China Press Digest April 23: Liquidity, GDP, Climate

The following lists highlights from Chinese press reports on Friday:

• The PBOC may expand liquidity in May to fill in a gap of CNY1 trillion due to the upcoming local government special bond issuances and tax remissions, the China Securities Journal reported citing analysts. The PBOC is more likely to use reverse repos than MLFs, the newspaper reported citing analysts. The PBOC has maintained stable liquidity through small daily injections in the scale of CNY10 billion for two months.
• Guangdong led Chinese provinces in Q1 in the size of GDP at CNY2.7 trillion yuan and 18.6% growth, followed by Jiangsu's GDP valued at CNY2.6 trillion, China News Service reported. Hubei, where the coronavirus was first reported, bounced back by 58.3% and registered nearly CNY1 trillion, the news agency said. Shandong maintained its rank at CNY1.8 trillion, it said.
• China welcomes the U.S. return to the multilateral climate governance process and its contribution to global environment governance, President Xi Jinping said in the leaders' summit on climate on Thursday, Xinhua News Agency reported. Developed nations should express greater ambition and action and provide financial and technical support to developing countries, Xi said. He said China would defend a world order centered on the UN.