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MNI China Press Digest Mar 07: CPI, Rural Development, AI

MNI (BEIJING)
BEIJING (MNI)

MNI picks keys stories from today's China press

Policy NewsCentral Bank NewsPBOCHomepageAPACChinaEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
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Highlights from Chinese press reports on Thursday:

  • Authorities should prioritise ensuring CPI levels reach about 2% this year to guide social expectations and increase consumption and investment, according to Zhang Bin, NPC member and senior researcher at the China Finance Forum 40. The work report indicates fiscal policy will intensify this year but crowding would not occur, given the inflation rate was low and private sector savings greater than investment, Zhang said. On property, Zhang believed the government should focus on stabilising the cash flow of developers to restore sales and investment confidence and promote guaranteed delivery of buildings. (Source: Yicai)
  • Policymakers must intensify efforts to increase digitalisation in rural areas to upgrade industry, attract high quality labour and reduce the urban-rural gap, Du Haifeng, NPC member and dean of Public Policy at Xi'an Jiaotong University told reporters. Agriculture would benefit from gains in production efficiency and farmers would access more sales channels if they had 5G connectivity. Additionally, young people would be attracted back to rural communities which are generally made up of elderly residents. (Source: 21st Century Business Herald)
  • The Ministry of Industry and Information Technology will focus on future industry such as general AI, humanoid robots, brain-computer interfaces and the metaverse to accelerate key technological breakthroughs, said Liu Bochao, deputy director at the ministry's Science and Technology Department. “Accelerating the development of new productive factors” is listed as the primary task of this year’s Government Work Report. The Ministry will implement major scientific and technological innovation projects, give full play to the role of national manufacturing innovation centers and key laboratories, and help to transform innovation results into real productivity in a timely manner. (Source: 21st Century Business Herald.)
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Highlights from Chinese press reports on Thursday:

  • Authorities should prioritise ensuring CPI levels reach about 2% this year to guide social expectations and increase consumption and investment, according to Zhang Bin, NPC member and senior researcher at the China Finance Forum 40. The work report indicates fiscal policy will intensify this year but crowding would not occur, given the inflation rate was low and private sector savings greater than investment, Zhang said. On property, Zhang believed the government should focus on stabilising the cash flow of developers to restore sales and investment confidence and promote guaranteed delivery of buildings. (Source: Yicai)
  • Policymakers must intensify efforts to increase digitalisation in rural areas to upgrade industry, attract high quality labour and reduce the urban-rural gap, Du Haifeng, NPC member and dean of Public Policy at Xi'an Jiaotong University told reporters. Agriculture would benefit from gains in production efficiency and farmers would access more sales channels if they had 5G connectivity. Additionally, young people would be attracted back to rural communities which are generally made up of elderly residents. (Source: 21st Century Business Herald)
  • The Ministry of Industry and Information Technology will focus on future industry such as general AI, humanoid robots, brain-computer interfaces and the metaverse to accelerate key technological breakthroughs, said Liu Bochao, deputy director at the ministry's Science and Technology Department. “Accelerating the development of new productive factors” is listed as the primary task of this year’s Government Work Report. The Ministry will implement major scientific and technological innovation projects, give full play to the role of national manufacturing innovation centers and key laboratories, and help to transform innovation results into real productivity in a timely manner. (Source: 21st Century Business Herald.)