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MNI China Press Digest Feb 11: Premier, Economy, Warehousing

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Tuesday: 

  • China must prioritise raising consumption levels to expand domestic demand, said Premier Li Qiang during a State Council Executive Meeting. Li said authorities must support a reasonable increase in residents' wages and broaden channels for property income. Multinational firms absorb employment, stabilise exports, and promote industrial upgrading, Li argued, adding officials should expand the scope of industries that encourage foreign investment. China will encourage foreign investment in equities and optimise merger and acquisitions rules. (Source: Yicai)
  • China’s Chief Economist Confidence Index reached 50.62 in February, down from 50.66 in January, but remaining above the expansionary 50 mark for the fifth month, reported Yicai.com, who compiled the index. Economists surveyed expect the upcoming Two Sessions to announce targets for GDP growth of 5%, with the fiscal deficit at 4% and CPI below 3%. Lian Ping, president at Guangkai Research Institute, expects central to local government transfers to exceed CNY11 trillion this year, with special local government bonds reaching CNY4.5 trillion and over CNY2 trillion of long-term special government bonds issued. (Source: Yicai)
  • China’s Warehousing Index reached 52.5% in January, a 10 month high and up 1.9 percentage points from December, according to the China Federation of Logistics and Purchasing. Yang Biao, deputy general manager of China Reserve Development Co, who contributed to the index, said warehousing activity rose significantly in January driven by holiday consumer demand. The average inventory turnover sub-index reached 53.2%, up 1pp from December, with food, household appliances, agricultural, non-ferrous metals, machinery and equipment sectors higher than 50%, offset by steel and chemical industries which were less than 50%. (Source: Securities Daily)
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MNI (BEIJING)

Highlights from Chinese press reports on Tuesday: 

  • China must prioritise raising consumption levels to expand domestic demand, said Premier Li Qiang during a State Council Executive Meeting. Li said authorities must support a reasonable increase in residents' wages and broaden channels for property income. Multinational firms absorb employment, stabilise exports, and promote industrial upgrading, Li argued, adding officials should expand the scope of industries that encourage foreign investment. China will encourage foreign investment in equities and optimise merger and acquisitions rules. (Source: Yicai)
  • China’s Chief Economist Confidence Index reached 50.62 in February, down from 50.66 in January, but remaining above the expansionary 50 mark for the fifth month, reported Yicai.com, who compiled the index. Economists surveyed expect the upcoming Two Sessions to announce targets for GDP growth of 5%, with the fiscal deficit at 4% and CPI below 3%. Lian Ping, president at Guangkai Research Institute, expects central to local government transfers to exceed CNY11 trillion this year, with special local government bonds reaching CNY4.5 trillion and over CNY2 trillion of long-term special government bonds issued. (Source: Yicai)
  • China’s Warehousing Index reached 52.5% in January, a 10 month high and up 1.9 percentage points from December, according to the China Federation of Logistics and Purchasing. Yang Biao, deputy general manager of China Reserve Development Co, who contributed to the index, said warehousing activity rose significantly in January driven by holiday consumer demand. The average inventory turnover sub-index reached 53.2%, up 1pp from December, with food, household appliances, agricultural, non-ferrous metals, machinery and equipment sectors higher than 50%, offset by steel and chemical industries which were less than 50%. (Source: Securities Daily)