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MNI China Press Digest Jan 16: Yuan, GDP, Covid-19


Highlights from Chinese press reports on Monday:

  • The Yuan could hit 6.4 against the dollar in 2023, as widening China-US growth differential’s add support to Yuan recovery, according to Zhang Ming, deputy director of the Institute of Finance & Banking at the Chinese Academy of Social Sciences. Zhang thinks the US is facing a potential economic downturn this year, and this coupled with China’s recovery, are reasons to see further Yuan strengthening on the way. For the first half of 2023, Yuan/Dollar will fluctuate around 6.5-6.9, while in the second half a move down to 6.4 might occur. Growth in China can be above 5.5% this year, but difficulties remain to restore consumer confidence and boost demand for real estate, he said. (Source:
  • Beijing’s local government is targeting 4.5% of GDP growth for the city in 2023, according to a recent report. Municipal leaders are expecting Beijing’s public revenue will increase by 4%, that unemployment will be under 5%, and consumer prices to increase by 3%. Looking to enhance people’s livelihoods, the report aims to add 260,000 new jobs, and build 90,000 units of affordable housing, as well as develop social security and private pension schemes. For financial services, the Beijing Stock Exchange will expand its scale of transactions and promote the use of the digital RMB. Key industries to focus on are: integrated circuits, gene therapy, pharmaceutical, satellite internet, hydrogen energy, and new energy vehicles. (Source: Securities Times)
  • The number of critically ill patients suffering from Covid-19 remains high, but fever clinics and emergency departments have passed their peak number of cases, according to Caixin. In a recent press conference, it was announced China has recorded 60,000 covid-19 deaths in hospitals, ten times the number previously announced, Caixin said, quoting data from the National Health Commission. The number of deaths may be higher, due to delays in reporting and trouble accounting for deaths occurring at home, the paper said. The average age of fatal cases was 80.3 years old, with 90.1% 65 years old and above.

MNI Beijing Bureau |
MNI Beijing Bureau |

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