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MNI China Press Digest Jan 23: LPR, Three Projects, GDP

MNI (BEIJING)
BEIJING (MNI)

MNI picks keys stories from today's China press

Policy NewsHomepageAPACChinaPolicy StoryStoryRegion
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Highlights from Chinese press reports on Tuesday:

  • The PBOC could still lower the LPR over March and April based on recent central bank statements, the current policy environment, and actual demand, according to Wen Bin, chief economist at Minsheng Bank. The PBOC has indicated structural tools will play a greater role by mentioning the term "optimising the supply of funds" and "improving the efficiency of fund utilisation" on multiple occasions, Wen added. Oriental Jincheng, a securities firm, noted authorities are more likely to implement a policy response now that the PMI index has run below 50 for more than three months. (Source: Yicai)
  • Authorities have expanded the scope of cities able to receive support under the “three projects” initiative, reducing the population threshold to 2 million from 3 million, and adding provincial capitals over 1 million, according to 21st Century Herald sources. The projects include the construction of affordable housing, urban villages, and "dual-use" public infrastructure. Authorities will use central budget investment, special bonds and the Pledged Supplementary Lending facility.
  • Policymakers can achieve 5% economic growth this year if they make efforts to stimulate domestic demand and expand investment this year, according to Xu Xianchun, former deputy director of the National Bureau of Statistics. Xu noted the economy will find it difficult to sustain 2023’s high consumption growth rate this year and therefore authorities must increase investment while ensuring the basic stability of international trade.
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Highlights from Chinese press reports on Tuesday:

  • The PBOC could still lower the LPR over March and April based on recent central bank statements, the current policy environment, and actual demand, according to Wen Bin, chief economist at Minsheng Bank. The PBOC has indicated structural tools will play a greater role by mentioning the term "optimising the supply of funds" and "improving the efficiency of fund utilisation" on multiple occasions, Wen added. Oriental Jincheng, a securities firm, noted authorities are more likely to implement a policy response now that the PMI index has run below 50 for more than three months. (Source: Yicai)
  • Authorities have expanded the scope of cities able to receive support under the “three projects” initiative, reducing the population threshold to 2 million from 3 million, and adding provincial capitals over 1 million, according to 21st Century Herald sources. The projects include the construction of affordable housing, urban villages, and "dual-use" public infrastructure. Authorities will use central budget investment, special bonds and the Pledged Supplementary Lending facility.
  • Policymakers can achieve 5% economic growth this year if they make efforts to stimulate domestic demand and expand investment this year, according to Xu Xianchun, former deputy director of the National Bureau of Statistics. Xu noted the economy will find it difficult to sustain 2023’s high consumption growth rate this year and therefore authorities must increase investment while ensuring the basic stability of international trade.