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The following lists highlights from Chinese press reports on Tuesday:
- China's macro leverage ratio at the end of this year may decrease by 8 percentage points y/y to 263% of its GDP, Yicai.com reported citing Liu Lei, an official at the National Institution for Finance & Development. Liu made the prediction after his research organization reported a total reduction of 4.7 pps in the first half, according to Yicai. Non-financial organizations reported four quarters of consecutive declines in leverages, while residents' leverages had been stable, Yicai said. The drop in macro leverage ratio was mostly due to the faster economic growth, Liu was cited as saying. Authorities also proactively tightened credit with the growth of social financing falling to 11% at the end of June from 13.3% at the end of last year, Yicai said citing researcher Ming Ming of Citic Securities.
- China's quick publication of a senior diplomat's "strong dissatisfaction" with the U.S. following a bilateral meeting shows it no longer tries to contain the opinion of its society "fed up with the bossy U.S." and that it holds no illusion that China and the U.S. will improve ties soon, the Global Times said in an editorial after Vice Minister Xie Feng criticized the U.S. rhetoric in a meeting with Deputy Secretary of State Wendy Sherman. The U.S. should abandon the idea of changing China's system and policies through sanctions and containment, and must accept that China has developed faster and the trend of its economy exceeding the U.S. is irreversible, the official newspaper said.
- China said the U.S. must accept three fundamental conditions in managing bilateral relations, including not to challenge or attempt to subvert China's "socialism with Chinese characteristics" structure, not to prevent China's development, including removing technology sanctions, and not to damage China's territorial integrity such as infringing on the issues of Xinjiang, Tibet and Taiwan independence, according to a transcript of a meeting between Minister of Foreign Affairs Wang Yi and U.S. Deputy Secretary of State Wendy Sherman on Monday.