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MNI China Press Digest Dec 16: Consumption, Debt, CSRC

MNI picks key stories from today's China press.
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion

MNI (BEIJING) - Highlights from Chinese press reports on Monday:

  • China will look to expand domestic demand especially consumption as a long-term strategic move while continuing to deepen supply-side structural reforms to improve supply, CCTV News reported citing Han Wenxiu, deputy director of the Office of the Central Financial and Economic Affairs Commission. Authorities must promote income increases and reduce the burden for middle- and low-income groups to enhance their spending capacity, stabilise spending on big-ticket items while expanding service consumption, said Han. The Chinese economy will grow around 5% this year, contributing about 30% to global economic growth, Han added.
  • China's macro policies will increasingly focus on the coordination of fiscal and monetary policies, as its new fiscal stimulus will result in more government debt, Quanshang China reported citing Li Yang, chairman of National Institution for Finance & Development. The economic growth rate supported by debt expansion should be faster than the growth rate of the debt ratio, to ensure debt sustainability, said Li. Meanwhile, the issuance of government debt has a strong monetary policy effect, highlighting the need for policy coordination, Li added.
  • China's top securities watchdog said it will strengthen joint supervision of domestic and foreign markets, on- and off-sites markets, and futures and spot markets, as well as increase monitoring of securities margin trading, over-the-counter derivatives and quantitative trading, said China Securities Regulatory Commission in a meeting following the Central Economic Work Conference last week, Yicai.com reported. CSRC will continue to increase medium- and long-term funds into the market, and steadily promote interconnection with overseas markets, the newspaper said.
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MNI (BEIJING) - Highlights from Chinese press reports on Monday:

  • China will look to expand domestic demand especially consumption as a long-term strategic move while continuing to deepen supply-side structural reforms to improve supply, CCTV News reported citing Han Wenxiu, deputy director of the Office of the Central Financial and Economic Affairs Commission. Authorities must promote income increases and reduce the burden for middle- and low-income groups to enhance their spending capacity, stabilise spending on big-ticket items while expanding service consumption, said Han. The Chinese economy will grow around 5% this year, contributing about 30% to global economic growth, Han added.
  • China's macro policies will increasingly focus on the coordination of fiscal and monetary policies, as its new fiscal stimulus will result in more government debt, Quanshang China reported citing Li Yang, chairman of National Institution for Finance & Development. The economic growth rate supported by debt expansion should be faster than the growth rate of the debt ratio, to ensure debt sustainability, said Li. Meanwhile, the issuance of government debt has a strong monetary policy effect, highlighting the need for policy coordination, Li added.
  • China's top securities watchdog said it will strengthen joint supervision of domestic and foreign markets, on- and off-sites markets, and futures and spot markets, as well as increase monitoring of securities margin trading, over-the-counter derivatives and quantitative trading, said China Securities Regulatory Commission in a meeting following the Central Economic Work Conference last week, Yicai.com reported. CSRC will continue to increase medium- and long-term funds into the market, and steadily promote interconnection with overseas markets, the newspaper said.