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Free AccessMNI: China Press Digest, Mar 5: Money Supply, Reform, Property
BEIJING (MNI) - The following are highlights from the Chinese press for
Monday:
China must control monetary supply and limit increases in lending, which
are the most important steps in preventing financial risks, reported the
official Shanghai Securities News on Sunday citing Yang Weimin, the deputy head
of Central Leading Group on Financial and Economic Affairs. China must further
increase supervision of the financial industry, not loosen it, Yang was cited as
saying. China must continue to deepen supply-side reform, and get rid of zombie
companies and excess capacity, Yang said. Local governments most borrow with
prudence, not excessively nor through hidden means, Yang said. China needs to
contain "some bubbles" in the property market of some top three-tier cities: it
needs to not actively "pinch" the bubbles, or make them bigger, the newspaper
reported Yang as saying.
***Comment: Yang set the tone for this year's congress meetings starting today
by listing the four targeted areas: money supply, financial risks, debt and the
property industry.
China will strengthen its economic monitoring, forecasting and warning
systems to help improve the government's foresight, Xinhua News Agency reported
Sunday, citing a communique from the Communist Party's Third Plenum concluded
over the weekend. China will "strengthen and optimize financial management
capabilities," and increase coordination among monetary policies,
macro-prudential policies and financial regulations. China must guard its last
line of preventing system financial risks and defend the country's financial
safety, it said. Overall, China will strengthen the control of power by the
Communist Party, which is lacking in some areas of the government. It will also
deepen reform of the governing structure and allow the market to better allocate
resources.
***Comment: Chairman Xi Jiping's leadership is seeking to deepen control of
power. Under Xi's push for concentration of power, China will see wide-ranging
government reforms announced this month - including possibly the elevated status
of a central bank to be chaired by Xi's trusted right-hand man, Liu He.
China will keep strict controls over the property markets this year, the
21st Century Business Herald reported, citing unidentified analysts. More
second- and third-tier cities are set to introduce policies that will curb real
estate growth, the Herald said. Overall property transactions will decline this
year, the newspaper said, citing analysts. Cities of Sanya, Wuhan and Kunming
have recently published guidelines to strengthen controls, including limiting
prices, sales volume and regulation of purchase deposits, reported the Herald.
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.