MNI China Press Digest Jan 19: GDP, Weak Dollar, RCEP

The following lists highlights from Chinese press reports on Tuesday:

China's economy still faces structural imbalance despite recording GDP of over 100 trillion yuan in 2020, the Securities Daily said in a commentary. The recovery in consumption needs to be further accelerated as retail sales fell 3.9% from the previous year. However, the recovery is forecast to gather more steam as the digital economy, the digitization of industries, transportation and logistics all enhance production and consumption, the newspaper said.

The U.S. dollar may enter a phase of weakness if vaccines help bring the pandemic under control and the market shifts to more risk-tolerant assets, the Financial News reported citing Guan Tao, chief economist at BOC International Securities and a former official at China's FX regulatory agency. The dollar will remain a critical global currency even as some observers want to reduce the risks of holding dollar-denominated assets exposed to U.S. government-imposed sanctions, the surging U.S deficit and poor governance, Guan said. The incoming U.S. administration is expected to embrace multilateralism, which may strengthen the dollar's global position, Guan told the newspaper.

China is adjusting its tariffs and making efforts it agreed to under the RCEP trade agreement, Shanghai Securities News reported citing Gao Feng, the spokesperson for the Ministry of Commerce. The Ministry will brief local governments, industry organizers and companies with obligations and development prospects under RCEP through various online trainings, said Gao.