February 09, 2024 01:14 GMT
MNI China Press Digest Feb 9: PBOC, President Xi, ESG Disclosure
MNI (Singapore)
MNI (Beijing)
MNI picks keys stories from today's China press
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Highlights from Chinese press reports on Friday:
- The People’s Bank of China has called for a more comprehensive view of monetary and financial conditions instead of simply looking at the scale of credit increase to judge financial support, Caixin reported. The PBOC said in its Q4 monetary-policy report released late Thursday that new loans are subjected to seasonal factors such as assessment of banks, which makes January a significant month compared to April, July and October. Aggregate finance, which covers direct financing, is a better indicator, or observing over a longer period of time by using cumulative credit growth and loan balance growth, the PBOC said. Caixin noted that major banks are required to smooth credit supply throughout the year, compared to the previous pace of completing 40% of annual credit supply in Q1, 30% in Q2, 20% in Q3 and 10% in Q4.
- President Xi has called on officials to seek progress while maintaining stability in 2024, Yicai news has reported. During a recent spring festival speech, Xi said China must comprehensively implement the new development concept, effectively enhance economic vitality and prevent and resolve risks. Xi emphasised the need to stimulate the entrepreneurial, innovative and creative energy of society.
- The three stock exchanges in China have publicly solicited opinions on the country’s first systematic sustainability disclosure standard for listed companies released late Thursday. This is expected to end the inconsistent content of listed companies' sustainable development disclosures. It is estimated that mandatory disclosure involves over 450 companies, accounting for 51% of the market value. They must release a 2025 sustainability report before April 30, 2026. The improvement of ESG information disclosure will help highlight the investment value of high-quality companies and improve the governance and valuation of listed companies, market insiders said. (Source: 21st Century Business Herald)
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