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     BEIJING (MNI) - The following lists highlights from the Chinese press for
Tuesday:
     The yuan is unlikely to fall below the 7.0 level, as China's economy
continues to be resilient, reported China Securities Journal, citing experts. It
is still necessary to be cautious of the impacts of irrational market
expectations, the Daily said. The recent depreciation of the yuan against the
U.S. dollar was an effect of both the slowdown in China's economic growth and
market expectations, the Journal said, citing Sheng Songcheng, former director
of Financial Survey and Statistics Department under the PBOC. With the
liberalization of the exchange rate, the PBOC is more tolerant of short-term
fluctuations, but it will not hesitate to step in when necessary, the Journal
reported, citing experts.
     China should fine-tune its fiscal policy and monetary policy in the second
half of the year, said Liu Yuanchun, vice President of Renmin University in an
interview with 21st Century Business Herald. Against the background of the
accelerating pace of fiscal expenditure in the second half of the year, local
governments should invest in more projects and adjust the rules of special
transfer payments, Liu said. With the decline in the overall savings rate,
over-reliance on fiscal policy may result in credit overdrafts for local
governments, Liu added. The monetary policy needs to return to a real neutral
and steady level as M2 and social financing data have been slightly tight, Liu
added.
     National Development and Reform Commission (NDRC), with other ministries,
has proposed to promote and stabilize employment in a statement, according to
Xinhua News Agency. The government will support enterprises focusing on
industrial upgrading and advancing product technology, said Xinhua. Enterprises
should take advantage of employment subsidies to adjust industrial structure and
compensate workers affected by the trade friction, the newspaper added. China
should accelerate the transformation of traditional industries and create more
high-quality employment opportunities, said Xinhua.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: sherry.qin@marketnews.com
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]

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