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MNI China Press Digest Feb 28: Copper, Consumption, A-shares

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 Friday:

  • China has called on the U.S. to withdraw its investigation into imported copper given Beijing net imports the metal and exports only a small amount, according to He Yadong, spokesperson of the Ministry of Commerce. Allegations that Beijing uses subsidies and excess capacity to undermine competition are completely groundless, He said. In the long term, U.S. tariffs on copper imports may prompt major suppliers such as Chile, Canada and Mexico to shift business to China and Europe, said Xu Jigang, a global senior partner at Roland Berger.
  • China’s old-for-new subsidy scheme only boosts economic growth and consumption in the short term, given its limited scope, according to Lu Ting, chief economist at Nomura Securities China. Looking longer term, authorities should increase support for vulnerable groups and improve the country's social welfare system, especially migrant workers and farmers' pension. China’s February CPI may fall back to zero as agricultural product prices fell after the Spring Festival, Lu added. (Source: Yicai)
  • The A-share market’s financing balance hit CNY1.92 trillion as of Feb 26, marking the second time above the CNY1.9 trillion mark since July 2015, Securities Times said. Funds mainly flowed into electronics, non-bank finance, computing, power equipment and pharmaceuticals sectors, which all received more than CNY100 billion, according to the newspaper’s calculation. Investors expect computing power and AI application sectors to provide long-term market growth, the newspaper said, citing analysts.
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MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • China has called on the U.S. to withdraw its investigation into imported copper given Beijing net imports the metal and exports only a small amount, according to He Yadong, spokesperson of the Ministry of Commerce. Allegations that Beijing uses subsidies and excess capacity to undermine competition are completely groundless, He said. In the long term, U.S. tariffs on copper imports may prompt major suppliers such as Chile, Canada and Mexico to shift business to China and Europe, said Xu Jigang, a global senior partner at Roland Berger.
  • China’s old-for-new subsidy scheme only boosts economic growth and consumption in the short term, given its limited scope, according to Lu Ting, chief economist at Nomura Securities China. Looking longer term, authorities should increase support for vulnerable groups and improve the country's social welfare system, especially migrant workers and farmers' pension. China’s February CPI may fall back to zero as agricultural product prices fell after the Spring Festival, Lu added. (Source: Yicai)
  • The A-share market’s financing balance hit CNY1.92 trillion as of Feb 26, marking the second time above the CNY1.9 trillion mark since July 2015, Securities Times said. Funds mainly flowed into electronics, non-bank finance, computing, power equipment and pharmaceuticals sectors, which all received more than CNY100 billion, according to the newspaper’s calculation. Investors expect computing power and AI application sectors to provide long-term market growth, the newspaper said, citing analysts.