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MNI China Press Digest Dec 13: Fiscal, PBOC, U.S. Exports

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 Friday:

  • Beijing is expected to issue CNY2-3 trillion of special treasury bonds next year to support infrastructure construction and improve public welfare, Securities Times reported, citing Zhang Ming, deputy director at the Institute of Finance, Chinese Academy of Social Sciences, as the Central Economic Work Conference emphasised a more proactive fiscal policy. The deficit-to-GDP ratio will likely reach around 4%, rising from 2024's 3%, said Ming Ming, chief economist at CITIC Securities. Meanwhile, analysts anticipate CNY4 trillion local government special bonds, rising from this year's CNY3.9 trillion as the usage was expanded to purchase unsold properties and idle land for affordable housing, the newspaper said.
  • China’s central bank will likely increase participation and regulation of the bond and the stock markets, following the Central Economic Work Conference’s call for the PBOC to expand its macro-prudential and financial stability functions, according to Lian Ping, chairman of the China Chief Economist Forum. Lian said the PBOC will use innovative tools to increase long-term funds in the stock market and protect the interests of investors. (Source: Yicai)
  • China’s exports to the U.S., which grew 8.0% in November, 1.2 percentage points higher than the overall, will remain robust in December as buyers rush orders ahead of expected tariffs in 2025, and sellers increase shipments before the Chinese New Year, 21st Century Business Herald has reported. However, the news outlet noted transport media has remained sufficient, with December’s Shanghai to the U.S. west and east coast shipping rates reaching USD3,309 forty-foot equivalent unit (FEU) and USD4,924, down 1.1% and 0.6% from November. Everbright Securities expects the negative impacts from tariffs in 2025 to become apparent only towards year-end.
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Highlights from Chinese press reports on Friday:

  • Beijing is expected to issue CNY2-3 trillion of special treasury bonds next year to support infrastructure construction and improve public welfare, Securities Times reported, citing Zhang Ming, deputy director at the Institute of Finance, Chinese Academy of Social Sciences, as the Central Economic Work Conference emphasised a more proactive fiscal policy. The deficit-to-GDP ratio will likely reach around 4%, rising from 2024's 3%, said Ming Ming, chief economist at CITIC Securities. Meanwhile, analysts anticipate CNY4 trillion local government special bonds, rising from this year's CNY3.9 trillion as the usage was expanded to purchase unsold properties and idle land for affordable housing, the newspaper said.
  • China’s central bank will likely increase participation and regulation of the bond and the stock markets, following the Central Economic Work Conference’s call for the PBOC to expand its macro-prudential and financial stability functions, according to Lian Ping, chairman of the China Chief Economist Forum. Lian said the PBOC will use innovative tools to increase long-term funds in the stock market and protect the interests of investors. (Source: Yicai)
  • China’s exports to the U.S., which grew 8.0% in November, 1.2 percentage points higher than the overall, will remain robust in December as buyers rush orders ahead of expected tariffs in 2025, and sellers increase shipments before the Chinese New Year, 21st Century Business Herald has reported. However, the news outlet noted transport media has remained sufficient, with December’s Shanghai to the U.S. west and east coast shipping rates reaching USD3,309 forty-foot equivalent unit (FEU) and USD4,924, down 1.1% and 0.6% from November. Everbright Securities expects the negative impacts from tariffs in 2025 to become apparent only towards year-end.