MNI China Press Digest Dec 14: Properties, 7.8% GDP, CCP

The following lists highlights from Chinese press reports on Tuesday:

Real estate development has been used to drive growth over the last 20 years but China should stop using this growth model, the Economic Information Daily said in an editorial. As the impact of the pandemic accelerates the digital economy and reduces the advantages of older industries, China should regulate the property market according to specific locations and prevent a contagion of financial risks from real estate market volatility, the Daily said.

China's economy may grow 7.8% in 2021 given this year's lower base of comparison, with retail sales gaining as much as 5% as consumption strengthens, the Economic Information Daily reported citing researcher Li Xuesong of the Chinese Academy of Social Sciences. Li's projection compares with a forecast of 8.2% by the IMF, which along with other global bodies has raised China's 2021 outlook, the newspaper said. However, the service sector, consumption, incomes and demand remain the weak links in the recovery, the Daily said citing Li's Academy colleague Chai Fang.

Foreign missions and companies must hire members of the Chinese Communist Party if they seek to expand in China as members of the CCP also make up a high proportion of the available talent in China, the party-run Global Times said in an editorial. In response to Australian and British media reports that identified more than a million CCP members, including those employed by foreign operations, the editorial said that treating CCP members as infiltrators and intelligence agents is the result of extreme ideological views against China.