MNI China Press Digest Feb 23: GDP, CRSC, Car Sales

Highlights from Chinese press reports on Friday:

• Authorities will set a relatively high target of about 5% GDP growth for 2024 to improve confidence and avoid weakening expectations, according to Huang Wentao, chief economist at CITIC Securities. However, China will likely achieve 4.8% growth this year as the economy bottoms out, according to Mao Zhenhua, chief economist at China Chengxin International. Zhang Wenkui, deputy director at the Development Research Center of the State Council believes the target achievable should officials implement proactive policies to expand demand. (Source: Yicai)
• The Shanghai and Shenzhen stock exchanges recently took action to regulate abnormal trading behaviour but did not restrict normal sales, according to a spokesperson from the China Securities Regulatory Commission at a recent press conference. When asked about media reports of restrictions on net selling, the spokesperson said regulatory authorities did not interfere with normal market transactions and protected investors' rights to fair and free transactions in accordance with the law. (Source: Yicai)
• Chinese car buyers are expected to maintain a wait-and-see approach amid a new round of price competition between sellers, which was not conducive to releasing demand, according to the China Passenger Car Association. Data showed car sales in February hit 1.15 million units, down 43.5% m/m, as the spring festival impacted buying. Additionally, buyers concerns about battery life had increased due to recent cold weather and led to suppressed sales of NEVs. The association expects February to mark the yearly low point for car sales in 2024. (Source: Yicai)