December 05, 2023 01:39 GMT
MNI China Press Digest Dec 5: Capital Market, GDP, Consumption
MNI picks keys stories from today's China press
Highlights from Chinese press reports on Tuesday:
- China’s top securities regulator will make every effort to maintain the stability of the capital market, and resolutely eliminate any regulatory vacuum, the state-run Xinhua News Agency reported citing Yi Huiman, chairman of the China Securities Regulatory Commission. The CSRC will strengthen the monitoring of stock market trading behaviors and capital flows, and collaborate with relevant departments to increase supervision of debt risks of large companies, said Yi. It will also increasingly promote investment-side reforms and attract more medium- and long-term funds to enter the market, as well as solidly promote the implementation of a new three-year plan to improve the quality of listed companies, according to Yi.
- China’s economic growth this year should print above 5%, according to Liu Shijin, deputy director at the Economic Committee of the 13th National Committee. Speaking at a recent conference, Liu said China had potential to increase per capita GDP from US$13,000 to US$40,000 by developing its service industry and upgrading manufacturing and agriculture. Beijing should narrow the gap between low-middle and high income groups to increase consumption. Liu believed structural reforms were more important than macro policy and authorities should implement demand side measures like boosting public services for migrant workers, and supply-side policy such as upgrading traditional industries.
- Consumption may have accelerated and investment growth picked up in November, Securities Daily reported citing economists. November retail sales may increase significantly to double digits from October’s 7.6% y/y, due to the lower comparison base for the same period last year and improved spending expectation, said Ming Ming, chief economist at CITIC Securities. The growth rate of fixed-asset investment is still in the process of bottoming out in November, among which infrastructure investment is expected to maintain steady growth from the 5.9% y/y in Jan-Oct period amid sufficient funding support, while manufacturing investment may also remain flat from the previous 6.2% amid traditional industry upgrade and emerging sector expansion, economists said. The National Bureau of Statistics is set to release November data next Friday.