MNI China Press Digest Jan 19: NDRC, Red Sea, Urban Villages

Highlights from Chinese press reports on Friday:

• The National Development and Reform Commission will focus on promoting spending on big-ticket items such as new energy vehicles and electronic products, and the replacement of old consumer goods by upgrading technology and emission standards, said Yuan Da, deputy secretary-general at the NDRC. Cui Dongshu, secretary general at the China Passenger Car Association noted the trend of switching to electric vehicles will continue in 2024 as lithium carbonate and battery prices drop. Wholesale volume of new energy vehicles will reach 11 million units this year, a 22% y/y increase, said Cui. The NDRC will also promote residential income increase, give greater priority to employment and expand the size of middle-income groups, said Yuan. (Source: 21st Century Business Herald)
• China hopes relevant parties will act in accordance with the common interests of the international community and maintain the stable flow of global production and supply chains through the Red Sea, according to He Yadong, spokesperson for the Ministry of Commerce. He said MOFCOM will closely monitor developments and can provide assistance to foreign trade companies. (Source: MOFCOM)
• China’s efforts to transform urban villages will require about CNY10 trillion, including land purchases and construction investment, over the next five years, according to Huang Yu, executive vice-president at the China Index Research Institute. Huang said the project will generate 44 million square meters of new residential demand every year on average. (Source: Yicai)