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MNI China Press Digest Aug 30: PBOC, Fiscal Deficit, Logistics

MNI picks key stories from today's China press.
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaStoryRegion

MNI (BEIJING) - Highlights from Chinese press reports on Friday:

  • The People’s Bank of China will maintain a supportive monetary policy stance, strengthen countercyclical adjustments and increase financial support for the real economy, said PBOC Governor Pan Gongsheng at an expert consulting meeting, according to a statement on its website. The central bank will also increase policy reserves, strengthen macro-policy coordination, and support the consolidation of the economic rebound, Pan added.
  • Authorities must consider expanding the budget deficit and issue more treasury bonds in H2 to address falling land-sale revenue, according to Luo Zhiheng, chief economist at Yuekai Securities. The government can improve the efficiency of additional funds by supporting consumption and the construction of central government large infrastructure projects, said Zhang Jun, chief economist at China Galaxy Securities. The national broad fiscal expenditure exceeded revenue by about CNY3.8 trillion during the first seven months, official data recently showed. (Source: Yicai)
  • The total amount of social logistics increased by 5.3% y/y in July, a rise of 0.1 percentage points month-on-month, reversing the downward trend since April, Securities Daily reported citing data by China Logistics Information Center. The equipment updating in coal, petrochemical, electricity amid the policy push drove up logistics demand, the newspaper said, citing Meng Yuan, deputy director of logistics statistics at the CLIC. Retail sales offline have rebounded, with the total retail trade logistics volume increasing by 2.7% y/y, up 1.2 percentage points from June, Meng added.
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MNI (BEIJING) - Highlights from Chinese press reports on Friday:

  • The People’s Bank of China will maintain a supportive monetary policy stance, strengthen countercyclical adjustments and increase financial support for the real economy, said PBOC Governor Pan Gongsheng at an expert consulting meeting, according to a statement on its website. The central bank will also increase policy reserves, strengthen macro-policy coordination, and support the consolidation of the economic rebound, Pan added.
  • Authorities must consider expanding the budget deficit and issue more treasury bonds in H2 to address falling land-sale revenue, according to Luo Zhiheng, chief economist at Yuekai Securities. The government can improve the efficiency of additional funds by supporting consumption and the construction of central government large infrastructure projects, said Zhang Jun, chief economist at China Galaxy Securities. The national broad fiscal expenditure exceeded revenue by about CNY3.8 trillion during the first seven months, official data recently showed. (Source: Yicai)
  • The total amount of social logistics increased by 5.3% y/y in July, a rise of 0.1 percentage points month-on-month, reversing the downward trend since April, Securities Daily reported citing data by China Logistics Information Center. The equipment updating in coal, petrochemical, electricity amid the policy push drove up logistics demand, the newspaper said, citing Meng Yuan, deputy director of logistics statistics at the CLIC. Retail sales offline have rebounded, with the total retail trade logistics volume increasing by 2.7% y/y, up 1.2 percentage points from June, Meng added.