MNI China Press Digest July 31: Exports, Consumption, CSRC

Highlights from Chinese press reports on Wednesday:

• Chinawill maintainhigh export growth in H2 given low base effects, positive overseas inventory cycles, manufacturing demand from BRI countries and advanced purchasing ahead of anticipated U.S. tariffs, according to Mingming, chief economist at CITIC Securities. Lv Daliang, spokesperson at China’s customs ministry, said foreign trade will be stable in the long run despite rising protectionism, interference in global supply chains and the Red Sea crisis. (Source: Yicai)
• China needs to improve income distribution towards low and middle-income groups by improving the tax system, increasing transfer payments and accelerating market-oriented rural land use rights, according to Luo Zhiheng, chief economist at Guangdong Securities. Authorities needed such reforms to ensure any consumption stimulus was sustainable, following the recent politburo meeting's focus on services consumption, Luo added. Additionally, officials can relax market access in sectors such as tourism, culture, medical care and accelerate household registration system reforms to support migrant workers.
• China’s appointment of Li Ming to vice chairman at the China Securities Regulatory Commission signals authorities’ focus on market stability, strict supervision and deeper reforms, cls.cn reported. Industry insiders noted Li was previously a reformer when managing the National Equities Exchange and Quotations, making changes to trading rules and information disclosure. Li brings rich experience in strengthening market supervision and law enforcement, cls.cn added.