MNI China Press Digest Feb 24: Growth Targets, Bitcoin Bubble

The following lists highlights from Chinese press reports on Wednesday:

• China is likely to de-emphasize quantitative growth targets and instead focus on major reform measures and nurturing new growth drivers, the Securities Times said in a preview of the National People's Congress (NPC) beginning next week. Citing Yang Weimin, the vice chairman of the Economics Committee of the Chinese People's Political Consultative Conference and former deputy head of the Central Economic Work Group, the Times report said that most regional governments have defined this year's growth targets more broadly, in another sign that the Government Work Paper will downplay quantities given last year's pandemic-hit comparison base. The NPC next week will seek to pursue new growth drivers, and the government will support new energy and environmental protection industries, the report said.
• China should stick to its prudential monetary policy to avoid asset bubbles, such as Bitcoin, which resulted from excess liquidity which disrupted markets, hurt the real economy and increased financial risks, the 21st Century Business Herald said in an editorial. Excess liquidity unleashed by the U.S. reflected the instability of the U.S. financial system, and China authorities must prevent a spillover effect and the imported inflationary pressure, the Herald said.