February 06, 2024 02:12 GMT
MNI China Press Digest Feb 6: Bonds, Listed Company, Commodity
MNI (Singapore)
MNI (Beijing)
MNI picks keys stories from today's China press
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Highlights from Chinese press reports on Tuesday:
- Local governments will likely accelerate the issuance of special bonds to fund the construction of major projects, as the pace of issuance in January slowed compared to the same period over the last two years. A total of CNY56.8 billion of new special bonds were issued in January, mainly invested in municipal and industrial park infrastructure and rail transportation. While the issuance in February is expected to reach CNY159.9 billion. The issuance of additional CNY1 trillion of treasury bonds in Q4 2023 for transfer payment to local governments had increased disposable fiscal resources and crowded out some local bonds at the beginning of the year, analysts said. (Source: China Securities Journal)
- Local-securities regulators should strengthen coordination with different departments and promote the inclusion of the goal to improve listed companies’ quality into local-government performance assessments, CCTV News reported citing sources from the China Securities Regulatory Commission. Guo Ruiming, head of the CSRC Listing Department said visits to companies showed their demands cover many aspects including bank financing coordination, export convenience and intellectual property protection. The CSRC will work with local-securities regulators to seek solutions down to each company, Guo added.
- China’s Bulk Commodity Index (CBMI) reached 101.1 in January, up 0.4 points from December, according to the China Federation of Logistics and Purchasing (CFLP). Sub-indices showed rising commodity supply, sales and inventory, with supply of iron ore and refined oil up 1.8 points, and 1.5 points from December. The bulk commodity sales sub-index reached 100.6, down 0.8 points from the previous month, but above the 100 point expansion threshold. Bulk commodities sales continued to benefited from winter storage demand and pre-holiday purchasing, according to Chen Lin, analyst at the CFLP. (Source: Yicai)
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