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MNI China Press Digest Jan 23: Macro, PBOC, Liquidity

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Thursday:

  • China must implement extraordinary countercyclical policies while deepening economic reform to achieve 5% GDP growth in 2025, according to a report by the Institute of Chinese Path To Modernisation at Nankai University. Countercyclical measures should focus on boosting consumer spending and improving investment efficiency, which require greater fiscal expenditure on social security, the report said. Authorities need to increase residents' proportion of national income and labour remuneration of primary distribution.
  • The People's Bank of China Shanghai Head Office will use multiple monetary policy tools to maintain reasonable and stable growth in total credit volume, Shanghai Securities News reported. The Shanghai branch will urge financial institutions to strengthen interest rate self-discipline, improve independent pricing capabilities and promote a steady decline in social financing costs, the newspaper said. The Office will optimise the structure of funding supply and focus on boosting consumption, expanding investment and stabilising foreign trade and investment, the newspaper added.
  • The PBOC recently conducted a CNY1.1 trillion 14-day reverse repo facility operation to provide stable liquidity before and after the holiday, and support funding needs for year-end bonuses, settling payments, and public consumption for goods and travel, according to Liang Si, a researcher at the Bank of China Research Institute. The operation, which led to a net injection of CNY198 billion after offsetting a maturity of CNY959.5 billion, signalled the central bank’s proactive stance in maintaining ample liquidity and stabilising market expectations.
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Highlights from Chinese press reports on Thursday:

  • China must implement extraordinary countercyclical policies while deepening economic reform to achieve 5% GDP growth in 2025, according to a report by the Institute of Chinese Path To Modernisation at Nankai University. Countercyclical measures should focus on boosting consumer spending and improving investment efficiency, which require greater fiscal expenditure on social security, the report said. Authorities need to increase residents' proportion of national income and labour remuneration of primary distribution.
  • The People's Bank of China Shanghai Head Office will use multiple monetary policy tools to maintain reasonable and stable growth in total credit volume, Shanghai Securities News reported. The Shanghai branch will urge financial institutions to strengthen interest rate self-discipline, improve independent pricing capabilities and promote a steady decline in social financing costs, the newspaper said. The Office will optimise the structure of funding supply and focus on boosting consumption, expanding investment and stabilising foreign trade and investment, the newspaper added.
  • The PBOC recently conducted a CNY1.1 trillion 14-day reverse repo facility operation to provide stable liquidity before and after the holiday, and support funding needs for year-end bonuses, settling payments, and public consumption for goods and travel, according to Liang Si, a researcher at the Bank of China Research Institute. The operation, which led to a net injection of CNY198 billion after offsetting a maturity of CNY959.5 billion, signalled the central bank’s proactive stance in maintaining ample liquidity and stabilising market expectations.