MNI China Press Digest June 19: CPTPP, State Council, Recovery

Highlights from Chinese press reports on Monday:

• China has submitted accession plans to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Wang Shouwen, international trade negotiator and vice minister at the Ministry of Commerce. During a speech at the 2023 Asia-Pacific Economic Cooperation (APEC) Business Leaders China Forum, Wang said China's participation gives momentum to the liberalisation of trade and investment in the Asia-Pacific region, and thus benefits all members. Liang Ming, director at the Foreign Trade Research of the Ministry of Commerce Research Institute, said China has successfully shown it meets CPTPP standards in some demonstration zones. (Source: Yicai)
• Authorities will likely introduce further support measures to boost the economy following the State Council meeting on June 16, according to analysts interviewed by Yicai. Senior leaders at the meeting said the Government will implement qualified policies to increase demand in a timely manner. Analysts expect the PBOC to combine aggregate and structural measures, with further RRR and interest-rate cuts likely. For fiscal policy, authorities will accelerate the issuance of special bonds and optimise tax cuts, analysts said. (Source: Yicai)
• Officials should focus on boosting the confidence of private enterprises and introduce further policies to increase consumption, according to Yin Yanlin, deputy director at the Economic Committee of People's Political Consultative Conference. Yin said China needed to relax house purchase conditions and reduce down payment ratios, as the property sector's prolonged downturn will hold back the speed of economic recovery. For private investment, officials should relax market access for private investors and allow them to participate in major national projects. (Source: 21st Century Herald)