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MNI China Press Digest Jan 21: Fiscal, Electricity, Yuan

MNI picks keys stories from today's China press
Policy NewsHomepageAPACChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Tuesday:

  • Fiscal policy should be more proactive with expenditure outlays as soon as possible, while a moderately loose monetary stance should maintain ample liquidity and ensure funds enter the real economy, Xinhua News Agency reported, citing Premier Li Qiang. Authorities will closely monitor changes in the domestic and international situation and adjust policy measures in a timely manner, while deepening reform and opening up, said Li. China needs to focus on breakthroughs in core and cutting-edge technologies, while also increasing residents' income and reducing household burden, Li added.
  • China’s electricity demand reached 9,852 billion kilowatt hours in 2024, up 6.8% y/y, and faster than 2023’s 6.7% y/y growth, according to data from the National Energy Administration. Primary, secondary and tertiary industries grew 6.3%, 5.1% and 9.9%, versus 2023 rates of 11.5%, 6.5%, and 12.2%. Urban and rural residents’ demand rose 10.6% y/y, faster than 2023’s 0.9% growth.
  • The yuan is likely to stabilise or even appreciate amid weakening upward momentum in the U.S. dollar index, stronger-than-expected China GDP data and authorities’ signalling on currency stability, Yicai.com reported, citing market observers. A downward turn in the dollar could occur if the pace and intensity of tariff hikes proves less than expected, the newspaper said, citing experts. The U.S. dollar index may have reached a periodic peak after reaching a high of 110, the newspaper said.
     
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Highlights from Chinese press reports on Tuesday:

  • Fiscal policy should be more proactive with expenditure outlays as soon as possible, while a moderately loose monetary stance should maintain ample liquidity and ensure funds enter the real economy, Xinhua News Agency reported, citing Premier Li Qiang. Authorities will closely monitor changes in the domestic and international situation and adjust policy measures in a timely manner, while deepening reform and opening up, said Li. China needs to focus on breakthroughs in core and cutting-edge technologies, while also increasing residents' income and reducing household burden, Li added.
  • China’s electricity demand reached 9,852 billion kilowatt hours in 2024, up 6.8% y/y, and faster than 2023’s 6.7% y/y growth, according to data from the National Energy Administration. Primary, secondary and tertiary industries grew 6.3%, 5.1% and 9.9%, versus 2023 rates of 11.5%, 6.5%, and 12.2%. Urban and rural residents’ demand rose 10.6% y/y, faster than 2023’s 0.9% growth.
  • The yuan is likely to stabilise or even appreciate amid weakening upward momentum in the U.S. dollar index, stronger-than-expected China GDP data and authorities’ signalling on currency stability, Yicai.com reported, citing market observers. A downward turn in the dollar could occur if the pace and intensity of tariff hikes proves less than expected, the newspaper said, citing experts. The U.S. dollar index may have reached a periodic peak after reaching a high of 110, the newspaper said.