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The following lists highlights from Chinese press reports on Tuesday:
- The PBOC sees no need for major stimulus to support China's economic growth for the next five years, and will keep money supply and the growth of total social financing on par with nominal GDP expansion, PBOC Deputy Governor Chen Yulu in an interview with Yicai. The central bank will not use the yuan's exchange foreign rate as a tool to gain competitive advantage, Chen said according to Yicai.
- China's yearly GDP growth may average 5.5% for the next five years with inflation at 2%, the 21st Century Business Herald reported citing Liu Shijin, a deputy director of the economy committee of the Chinese People's Political Consultative Conference. The government should focus on boosting "total factor productivity" including technology growth and efficiency to support the appreciation of the yuan, the value of which will be a key factor in achieving a government goal of average income of USD20,000 by 2035, Liu said.