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MNI China Press Digest Feb 14: Fiscal Revenue, PBOC, Tax

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

Highlights from Chinese press reports on Friday:

  • Major eastern provinces expect their general public budget revenue to increase around 3% in 2025, lower than the anticipated economic growth rate, but higher than last year’s 1.3%, according to 21st Century Business Herald. Guangdong, Jiangsu, Zhejiang, Shanghai, Shandong and Beijing are expected to grow by 3%, 2%, 2%, 2%, 3%, and 4%, the Herald noted. Bai Yanfeng, professor at the Central University of Finance and Economics, noted that proactive fiscal policies in 2025, including a higher deficit ratio will stimulate economic recovery.
  • The shrinking scale of the People’s Bank of China’s assets demonstrates innovative monetary policy tools such as treasury trades and outright repos replacing traditional tools and not monetary tightening, China Securities Journal reported citing analysts. After the central bank released a large amount of liquidity by reducing the reserve requirement ratio, authorities will drain funds through its medium-term lending facility, while banks repay debts such as high interest MLF loans, the newspaper said citing Wang Jian, analyst at Guosen Securities. The total assets of PBOC were CNY44.1 trillion by end-2024, a decrease of about CNY1.6 trillion from end-2023.
  • China’s policies supporting science and tech innovation, and the manufacturing sector received tax and fee deductions totalling CNY2.6 trillion in 2024, data from the State Taxation Administration showed. Last year, sales revenue for domestic high-tech and manufacturing industries increased 9.6 and 2.2 percentage points quicker than the overall economic growth rate, the Administration added. (Source: Securities Daily)
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MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • Major eastern provinces expect their general public budget revenue to increase around 3% in 2025, lower than the anticipated economic growth rate, but higher than last year’s 1.3%, according to 21st Century Business Herald. Guangdong, Jiangsu, Zhejiang, Shanghai, Shandong and Beijing are expected to grow by 3%, 2%, 2%, 2%, 3%, and 4%, the Herald noted. Bai Yanfeng, professor at the Central University of Finance and Economics, noted that proactive fiscal policies in 2025, including a higher deficit ratio will stimulate economic recovery.
  • The shrinking scale of the People’s Bank of China’s assets demonstrates innovative monetary policy tools such as treasury trades and outright repos replacing traditional tools and not monetary tightening, China Securities Journal reported citing analysts. After the central bank released a large amount of liquidity by reducing the reserve requirement ratio, authorities will drain funds through its medium-term lending facility, while banks repay debts such as high interest MLF loans, the newspaper said citing Wang Jian, analyst at Guosen Securities. The total assets of PBOC were CNY44.1 trillion by end-2024, a decrease of about CNY1.6 trillion from end-2023.
  • China’s policies supporting science and tech innovation, and the manufacturing sector received tax and fee deductions totalling CNY2.6 trillion in 2024, data from the State Taxation Administration showed. Last year, sales revenue for domestic high-tech and manufacturing industries increased 9.6 and 2.2 percentage points quicker than the overall economic growth rate, the Administration added. (Source: Securities Daily)