August 10, 2022 02:51 GMT
MNI summarises the key stories from the Chinese press on Wednesday.
The following lists highlights from Chinese press reports on Wednesday:
- The Chinese yuan will remain resilient in Q3 with no possibility of a significant depreciation, wrote Ying Xiwen, senior researcher of China Minsheng Bank Research Institute, in an article published in the 21st Century Business Herald. The currency is supported by the resilience of the Chinese economy with an improved manufacturing supply chain, alongside secure energy and food supply lines, as well as moderate inflation pressure, wrote Ying. China's balance of payments will remain basically balanced as the trade surplus in goods and growing direct investment will not change, Ying added.
- China’s infrastructure investment is expected to reach double digit growth in Q3, after growing by 7.1% in year-on-year terms during H1. A new major project construction boom is set to provide the boost, which will further consolidate the country's economic recovery, the Economic Daily reported, citing analysts. The State Grid said it will complete about CNY300 billion of grid investment and start a large number of major projects totaling CNY417 billion by the end of 2022, while the Ministry of Transport said it will front-load a batch of major projects focusing on canals and fixing dead end roads, the Daily said. In H1, a total of 134,000 new projects were started, an increase of 26,000 compared with the same period last year, the newspaper added.
- China's Chamber of International Commerce expressed firm opposition to the U.S. chip bill signed by President Joe Biden on Tuesday, noting that it will take necessary measures to safeguard the legitimate rights and interests of Chinese companies, CCTV News reported, citing a statement on the CCOIC's website. The bill, which will provide huge subsidies to the U.S. chip industry, does not conform to the non-discrimination principle of the WTO, the statement said. The bill also identifies some countries as key targets with a typical pan-politicized color, bringing increased uncertainty to the business activities of global enterprises, the statement said.