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MNI China Press Digest Feb 6:PMI, Spring Festival, Work Report

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 Thursday:

  • China's economic recovery needs further policy support after January PMI data weakened from the end of last year, according to Wen Bin, chief economist at Minsheng Bank. Facing external uncertainties, action was needed to stabilise domestic demand as soon as possible, Wen added. Wang Zhe, senior economist at Caixin Group, said residents' willingness to consume must improve, highlighting the birth rate in 2024 remained low. The Caixin Service Industry PMI for January reached 51.0, down 1.2 percentage points from December, while the Caixin Manufacturing PMI fell 0.4 percentage points to 50.1, the lowest in nearly four months.
  • China saw 1.9 billion express parcels collected and delivered during the Spring Festival, up 31% from last year, Yicai reported, citing data from the State Post Bureau. UnionPay and ChinaNetPay's processing and payment activity increased 24% and 15% y/y during the festival, 21st Century Business Herald reported, citing data from the People's Bank of China.
  • China must intensify counter-cyclical adjustments and balance the relationship between foreign and domestic factors, China's Premier Li Qiang said at a meeting held to discuss drafting this year’s State Council Work Report. Li called on authorities to strengthen domestic circulation and promote scientific and technological innovation and industrial upgrading.
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MNI (BEIJING)

Highlights from Chinese press reports on Thursday:

  • China's economic recovery needs further policy support after January PMI data weakened from the end of last year, according to Wen Bin, chief economist at Minsheng Bank. Facing external uncertainties, action was needed to stabilise domestic demand as soon as possible, Wen added. Wang Zhe, senior economist at Caixin Group, said residents' willingness to consume must improve, highlighting the birth rate in 2024 remained low. The Caixin Service Industry PMI for January reached 51.0, down 1.2 percentage points from December, while the Caixin Manufacturing PMI fell 0.4 percentage points to 50.1, the lowest in nearly four months.
  • China saw 1.9 billion express parcels collected and delivered during the Spring Festival, up 31% from last year, Yicai reported, citing data from the State Post Bureau. UnionPay and ChinaNetPay's processing and payment activity increased 24% and 15% y/y during the festival, 21st Century Business Herald reported, citing data from the People's Bank of China.
  • China must intensify counter-cyclical adjustments and balance the relationship between foreign and domestic factors, China's Premier Li Qiang said at a meeting held to discuss drafting this year’s State Council Work Report. Li called on authorities to strengthen domestic circulation and promote scientific and technological innovation and industrial upgrading.