December 04, 2023 01:43 GMT
MNI China Press Digest Dec 4: PBOC, Small Bank, Trade Standard
MNI picks keys stories from today's China press
Highlights from Chinese press reports on Monday:
- The People’s Bank of China will focus on cross-cyclical and counter-cyclical policies, strengthen policy coordination, lower financing costs for the real economy and yuan stability, said PBOC Governor Pan Gonsheng in an interview with the state-run Xinhua News Agency. It will guide financial institutions to revitalise existing loans, as outstanding debt exceeds CNY200 trillion and the balance of social financing remains CNY300 trillion, said Pan. The central bank will also actively cooperate with other departments and local governments to support the stability and health of the housing market, and provide low-cost medium and long-term funds for the “three major projects” including building affordable housing, he said.
- China’s top financial regulator said it will focus on accelerating the reform of small and medium-sized financial institutions to prevent and control risks, the state-run Xinhua News Agency reported on Sunday citing Li Yunze, director at the National Administration of Financial Regulation. NAFR will increase the intensity of risk resolution while considering the affordability of institutions and the financial market, and promote “one province one policy” and “one bank one policy” to avoid uniformity, said Li. It will also promote structural optimisation of smaller banks, let insurance companies return to their primary function of providing protection and guide non-bank institutions including asset management companies to adhere to their positioning.
- China will accelerate the integration of domestic and foreign trade sectors as part of policymakers drive towards the new development pattern and high-quality advancement, according to a recent State Council executive meeting. Authorities said specific measures include connecting domestic and foreign trade standards, inspection, quality and certification. Professor Chen Jianwei from the National Institute of Opening Up believed domestic firms will benefit from more efficient resource allocation and improved levels of innovation and competitiveness. (Source: Securities Daily)