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MNI China Press Digest Dec 8: FTZ, Exports, Platform Economy

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MNI picks keys stories from today's China press

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Highlights from Chinese press reports on Friday:

  • The Shanghai Pilot Free Trade Zone will take the lead implementing high-standard digital trade rules and allow companies and individuals to provide data overseas due to business needs should they meet the security requirements, according to a general plan for advancing institutional opening-up of Shanghai FTZ published by the State Council on Thursday. Authorities will support the FTZ to lead the formulation of an important data catalog and establish a legal, safe, and convenient cross-border data flow mechanism, the document said. (Source: Gov.cn)
  • China's exports will likely fall in U.S. dollar terms in 2023, as December exports are unlikely to accelerate significantly from November's 0.5% y/y growth, while exports for the first 11 months fell 5.2% y/y, according to Zheng Houcheng, director at the Yingda Securities Research Institute. Zheng said exporters will feel pressure due to the high U.S. federal funds rate and the U.S. ISM manufacturing PMI remaining low. Additionally, international oil prices are likely to come under pressure which will suppress China’s PPI and negatively impact exports. (Source: Yicai)
  • China will support platform companies, such as Tencent and Alibaba, to play a more active role to promote the development of the digital economy, according to the National Data Administration. Platform companies have played a leading role creating new job opportunities, enhancing international competitiveness and promoting research on key technologies to help high-quality development, the administration said, adding it will work with relevant departments to launch typical investment cases for platform companies. (Source: Securities Daily)
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Highlights from Chinese press reports on Friday:

  • The Shanghai Pilot Free Trade Zone will take the lead implementing high-standard digital trade rules and allow companies and individuals to provide data overseas due to business needs should they meet the security requirements, according to a general plan for advancing institutional opening-up of Shanghai FTZ published by the State Council on Thursday. Authorities will support the FTZ to lead the formulation of an important data catalog and establish a legal, safe, and convenient cross-border data flow mechanism, the document said. (Source: Gov.cn)
  • China's exports will likely fall in U.S. dollar terms in 2023, as December exports are unlikely to accelerate significantly from November's 0.5% y/y growth, while exports for the first 11 months fell 5.2% y/y, according to Zheng Houcheng, director at the Yingda Securities Research Institute. Zheng said exporters will feel pressure due to the high U.S. federal funds rate and the U.S. ISM manufacturing PMI remaining low. Additionally, international oil prices are likely to come under pressure which will suppress China’s PPI and negatively impact exports. (Source: Yicai)
  • China will support platform companies, such as Tencent and Alibaba, to play a more active role to promote the development of the digital economy, according to the National Data Administration. Platform companies have played a leading role creating new job opportunities, enhancing international competitiveness and promoting research on key technologies to help high-quality development, the administration said, adding it will work with relevant departments to launch typical investment cases for platform companies. (Source: Securities Daily)