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MNI China Press Digest Dec 10: Investment, Economy, CPI

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Tuesday:

  • China’s potential investment in green transformation and industrial upgrading remains substantial, especially in quantum technology, artificial intelligence and aerospace, said Zhao Chengfeng, deputy director of the investment department at the National Development and Reform Commission, Xinhua News Agency reported. Meanwhile, high levels of water conservancy investment are needed given flood disasters, while urban underground pipeline renovations to improve gas, water and heating supply need about CNY4 trillion investment over the next five years, said Zhao.
  • The Yicai China Chief Economists Confidence Index reached 50.72 in December, down from 50.78 in November, marking the third consecutive month above the expansion mark of 50, the Yicai news outlet said. Regarding November’s economic data, the surveyed economists' average forecast for fixed-asset investment growth was 3.45% y/y, total retail sales of consumer goods at 5.27%, and industrial added value at 5.26%. Lian Ping, president of the China Chief Economist Forum, anticipated GDP growth of around 5.2% in Q4, and about 5% for 2024. Economists expect the upcoming Central Economic Work Conference to maintain the tone of stable growth while focusing on expanding domestic demand, developing new productive forces and consolidating the real-estate market.
  • China’s lower than expected November CPI print of 0.2% y/y was mainly due to high temperatures and a strong rebound in the supply of fruit and vegetables, according to Wang Qing, chief macro analyst at Orient Securities. Looking ahead, Wen Bin, chief economist at China Minsheng Bank, said CPI would be supported by higher seasonal winter demand for meat, while temperature drops may affect the production and storage of fresh food. CPI may also rise as incremental policies continue improving domestic demand and consumer confidence, Wen added.
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Highlights from Chinese press reports on Tuesday:

  • China’s potential investment in green transformation and industrial upgrading remains substantial, especially in quantum technology, artificial intelligence and aerospace, said Zhao Chengfeng, deputy director of the investment department at the National Development and Reform Commission, Xinhua News Agency reported. Meanwhile, high levels of water conservancy investment are needed given flood disasters, while urban underground pipeline renovations to improve gas, water and heating supply need about CNY4 trillion investment over the next five years, said Zhao.
  • The Yicai China Chief Economists Confidence Index reached 50.72 in December, down from 50.78 in November, marking the third consecutive month above the expansion mark of 50, the Yicai news outlet said. Regarding November’s economic data, the surveyed economists' average forecast for fixed-asset investment growth was 3.45% y/y, total retail sales of consumer goods at 5.27%, and industrial added value at 5.26%. Lian Ping, president of the China Chief Economist Forum, anticipated GDP growth of around 5.2% in Q4, and about 5% for 2024. Economists expect the upcoming Central Economic Work Conference to maintain the tone of stable growth while focusing on expanding domestic demand, developing new productive forces and consolidating the real-estate market.
  • China’s lower than expected November CPI print of 0.2% y/y was mainly due to high temperatures and a strong rebound in the supply of fruit and vegetables, according to Wang Qing, chief macro analyst at Orient Securities. Looking ahead, Wen Bin, chief economist at China Minsheng Bank, said CPI would be supported by higher seasonal winter demand for meat, while temperature drops may affect the production and storage of fresh food. CPI may also rise as incremental policies continue improving domestic demand and consumer confidence, Wen added.