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MNI China Press Digest February 24: RRR, Rail Passengers, CPI

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 Monday:

  • China is expected to reduce the required reserve ratio by between 0.5 to 1.0 percentage points throughout 2025, according to Lian Ping, chairman at the China Chief Economist Forum. Lian said more liquidity was needed to address a deficit increase of about CNY500 billion, ultra-long-term special treasury bonds of about CNY1 trillion and local special bonds of about CNY500 billion, as well as more financing demand from enterprises and residents. Lian noted the central bank's pivot to moderately loose policy has medium- to long-term considerations. (Source: Yicai)
  • China’s railway services transported 513 million passengers and 415 million tonnes of goods during the 40 day Spring Festival season, a year-on-year increase of 6.1% and 5.4%, a record high, according to data released by the China Railway Group. A total of 3,230 China-Europe trains were operated, an increase of 0.7% year-on-year, while the China-Laos railway transported 642,000 tonnes of cross-border goods, up 8.1% y/y.
  • China’s CPI growth target will likely be around 2% in 2025, down from 3% last year, while maintaining an annual GDP growth target at around 5%, Securities Times reported, citing analysts. Lowering the inflation policy would help build consensus around promoting a price rebound amid weak demand, said Wu Chaoming, chief economist of Chasing Securities, noting the previous CPI target was unchanged since 2004 when authorities tried to prevent prices from rising too quickly. Zhu Baoliang, former chief economist at the State Information Center of China, said a CPI increase should be clearly defined as a major policy target and 5% GDP growth was necessary to address employment issues.
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MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • China is expected to reduce the required reserve ratio by between 0.5 to 1.0 percentage points throughout 2025, according to Lian Ping, chairman at the China Chief Economist Forum. Lian said more liquidity was needed to address a deficit increase of about CNY500 billion, ultra-long-term special treasury bonds of about CNY1 trillion and local special bonds of about CNY500 billion, as well as more financing demand from enterprises and residents. Lian noted the central bank's pivot to moderately loose policy has medium- to long-term considerations. (Source: Yicai)
  • China’s railway services transported 513 million passengers and 415 million tonnes of goods during the 40 day Spring Festival season, a year-on-year increase of 6.1% and 5.4%, a record high, according to data released by the China Railway Group. A total of 3,230 China-Europe trains were operated, an increase of 0.7% year-on-year, while the China-Laos railway transported 642,000 tonnes of cross-border goods, up 8.1% y/y.
  • China’s CPI growth target will likely be around 2% in 2025, down from 3% last year, while maintaining an annual GDP growth target at around 5%, Securities Times reported, citing analysts. Lowering the inflation policy would help build consensus around promoting a price rebound amid weak demand, said Wu Chaoming, chief economist of Chasing Securities, noting the previous CPI target was unchanged since 2004 when authorities tried to prevent prices from rising too quickly. Zhu Baoliang, former chief economist at the State Information Center of China, said a CPI increase should be clearly defined as a major policy target and 5% GDP growth was necessary to address employment issues.