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The following lists highlights from Chinese press reports on Friday:
Chinese provinces including Zhejiang and Hunan are restricting power usage due to a lack of coal as yearend production safety protocols, environmental restrictions and slowing imports crimped demand, the Securities Daily reported citing businesses interviewed. MNI noted that thermal coal prices are surging in China after authorities began to restrict imports from Australia, the world's largest supplier, as bilateral tensions continue to rise this year.
China's economic recovery is unstable and unbalanced due to uncertainties around the pandemic, weak demand, rising financial risks, trade frictions and unemployment, YiCai.com reported citing analysts. While some have projected growth as high as 9% next year this is mainly driven by a low comparison base and policy support, the newspaper said citing Shen Jianguang, chief economist of JD Finance. China should continue to encourage technological innovation, improve industrial efficiency amid an aging population in an economy with a declining cheap labor force and widening income gaps, the newspaper said citing analysts.
China launched a fifth state-owned asset management company (AMC), China Galaxy Asset Management Co., on Dec. 11 to deal with non-performing assets in the securities sector, the Financial News reported citing the China Banking and Insurance Regulatory Commission. The four other AMCs, set up 20 years ago, primarily deal with non-performing loans at state banks. China also allowed the first foreign-owned AMC, Oaktree (Beijing) Investment Management Co. to register on Feb. 18, according to the report.