MNI China Daily Summary: Wednesday, February 26

MNI BRIEF: China Appoints Hua Chunying To CEEC

MNI: SPAIN JAN PPI 0.4% M/M, 2.6% Y/Y

MNI CHINA MONEY MARKET INDEX: Easing Seen After Two Sessions

MNI: PBOC Net injects CNY9.8 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1732 Weds; -0.90% Y/Y

MNI: FRANCE FEB CONSUMER SENTIMENT 93

MNI: GERMANY GFK CONSUMER CLIMATE MAR -24.7

MNI: AUSTRALIA MONTHLY JAN CPI 0.6% MM, 2.7% YY

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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MNI China Press Digest Feb 26: Private Sector, NPC, Banks

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 Wednesday:

  • Officials have issued measures aimed at improving entrepreneur and business support, and the social security system to achieve high quality and full employment, Securities Times reported, citing a policy document released by seven departments including the Ministry of Human Resources. The plan calls for implementing tax incentives and start-up subsidies to help entrepreneurs reduce costs and ease operational burdens. Officials will provide special financial loans to stabilise and expand employment by increasing the maximum credit limit for businesses.
  • Authorities are expected to announce an annual GDP growth goal of about 5%, a deficit rate of about 4%, and a CPI target below 3% at next week's National People’s Congress, chief economists interviewed by Yicai have said. Roughly half of China’s provinces have lowered their economic growth targets this year, however Wu Chaoming, chief economist at Caixin Financial Holdings, said the moderate reduction reflects a more pragmatic approach in line with the actual growth of the local areas.
  • Private banks are expected to reduce deposit interest rates further to cut liability costs amid declining net interest margins, according to industry insiders cited by Shanghai Securities News. At least seven of the nation’s 19 private banks have lowered deposit rates to varying degrees since February, according to the news outlet’s calculations. Wuxi Xishang Bank cut its three-year deposit rate to 2.6% from the previous 2.85%, while NewUp Bank in Liaoning lowered by 10 basis points to 2.5%, the newspaper said.
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MNI (BEIJING)

Highlights from Chinese press reports on Wednesday:

  • Officials have issued measures aimed at improving entrepreneur and business support, and the social security system to achieve high quality and full employment, Securities Times reported, citing a policy document released by seven departments including the Ministry of Human Resources. The plan calls for implementing tax incentives and start-up subsidies to help entrepreneurs reduce costs and ease operational burdens. Officials will provide special financial loans to stabilise and expand employment by increasing the maximum credit limit for businesses.
  • Authorities are expected to announce an annual GDP growth goal of about 5%, a deficit rate of about 4%, and a CPI target below 3% at next week's National People’s Congress, chief economists interviewed by Yicai have said. Roughly half of China’s provinces have lowered their economic growth targets this year, however Wu Chaoming, chief economist at Caixin Financial Holdings, said the moderate reduction reflects a more pragmatic approach in line with the actual growth of the local areas.
  • Private banks are expected to reduce deposit interest rates further to cut liability costs amid declining net interest margins, according to industry insiders cited by Shanghai Securities News. At least seven of the nation’s 19 private banks have lowered deposit rates to varying degrees since February, according to the news outlet’s calculations. Wuxi Xishang Bank cut its three-year deposit rate to 2.6% from the previous 2.85%, while NewUp Bank in Liaoning lowered by 10 basis points to 2.5%, the newspaper said.