Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI China Press Digest Dec 14: GDP, Infrastructure, Property

MNI (Singapore)
MNI (Beijing)

Highlights from Chinese press reports on Wednesday:

  • China should set its GDP growth target above 5% in 2023 and aim for an even higher growth rate given room for supportive policy and a relatively low base in 2022, 21st Century Business Herald reported citing a report by Chinese Academy of Social Sciences. China should set the budget deficit-to-GDP ratio at around 3% next year. The central government should continue to increase leverage, such as issuing more general bonds instead of special-purpose bonds, the newspaper said citing Zhang Xiaojing, director of the Institute of Finance, CASS. It is also necessary to prevent a balance sheet recession and stabilise the leverage ratio of the household sector by steadying the real estate market, Zhang was reported as saying. It is important to stabilise the expectations of private enterprises and create financial conditions for them to add leverage, the newspaper said citing Zhang.
  • Infrastructure activity has accelerated towards year end, which has helped stabilise the economy and will continue to play an important role in 2023’s recovery, according to China Securities News. New special bonds have reached CNY4.02 trillion in 2022, with 63% of the funds raised invested in infrastructure projects like transportation, energy and water management. The paper notes that the early approval quota of special bonds in 2023 is significantly higher than it was for 2022, and the expansion of the REITs market will improve private capital participation. The issuance of new special bonds in 2023 may exceed CNY4.40 trillion, with the continuation of many projects started this year guaranteeing ongoing work.
  • Longfor Group has become the first property developer to receive an offshore loan from a state bank, following recent government instructions to help repair overseas financing channels for housing developers, according to the Securities Times Network. Lonfor received a CNY700 million offshore loan from the Bank of China, which came with a financing guarantee from a domestic branch. The move aims to promote overseas investors' confidence, eases the pressure of debt repayment, and alleviates the risk of debt default. Outstanding overseas debt of real estate enterprises in the Q1 of 2023 will exceed CNY100 billion, the paper said.

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.