MNI China Press Digest Dec 11: Consumption, AMPs, US Bigotry

The following lists highlights from Chinese press reports on Friday:

China should continue to strengthen its financial and tax policies to support the development of a self-sustaining domestic consumption model, Minister of Finance Liu Kun wrote in the CPC-owned Study Times. China should also cut red tape and improve distribution to allow production to respond better to consumption demand, wrote Liu. He advocated balanced development in terms of finance, real estate and the real economy. China should also create transparent local government debt financing tools and prevent hidden debt risks.

Chinese regulators have extended the deadline for banks to fully account for unregulated asset management products on their regular balance sheets after banks complained that they would not be able to fulfill the requirement in time, the 21st Century Business Herald reported citing bank sources. The deadline of 2021 has now been extended to 2025. One of China's largest national banks told the newspaper that it still has CNY300 to CNY400 billion in irregular products to deal with by the end of this year.

The U.S. is demonstrating ideological bigotry and its fear of a stronger China through the passing of the so-called Hong Kong People's Freedom and Choice Act, the officially owned China Daily said in an editorial. The U.S. attack on Hong Kong's national security law is to protect its own interests and global hegemony, said the Daily. China on Thursday announced the cancelation of visa-free travels to Hong Kong and Macau for Americans holding diplomatic passports, citing what it said is the U.S. infringement on China's national interests, according to statements from the Ministry of Foreign Affairs.