MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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MNI China Press Digest March 08: CPI, Macro, Exports

MNI (BEIJING)
BEIJING (MNI)

MNI picks keys stories from today's China press

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

  • Prices will likely return to normal levels due to expanded domestic and external demand and supply-side structural reforms, said Ning Jizhe, former director at the National Bureau of Statistics, noting the “about 3%” inflation target is a relatively reasonable level. China had experienced relatively low prices last year, but this was not necessarily “deflation” which often comes with tight money, credit supply and weak economic growth, Ning added. China’s CPI grew by only 0.2% y/y in 2023. (Source: 21st Century Business Herald)
  • China’s economy would benefit from expansionary fiscal and monetary policies this year needed to address persistent low levels of CPI and PPI, according to Yu Yongding, director at the Chinese Academy of Social Sciences. China’s consumption growth rate will likely fall to 5% y/y in 2024 due to base effects, but can be offset if authorities increase growth in capital formation. Yu said officials need to increase investment in high quality infrastructure projects such as sponge cities, green energy, aerospace, and health and elderly care. (Source: Yicai)
  • China’s exports will maintain moderate growth in 2024 following the 10.5% increase during the first two months of the year, according to Zhou Maohua, a macro researcher at China Everbright Bank. Overseas buyers have increased demand and begun inventory replenishment, which has led to better than expected results, Zhou added. Analysts were optimistic regarding stronger demand from the U.S. this year, given expectations on U.S. Federal Reserve cuts, said Bai Ming, a member of the Research Institute of the Ministry of Commerce. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Friday:

  • Prices will likely return to normal levels due to expanded domestic and external demand and supply-side structural reforms, said Ning Jizhe, former director at the National Bureau of Statistics, noting the “about 3%” inflation target is a relatively reasonable level. China had experienced relatively low prices last year, but this was not necessarily “deflation” which often comes with tight money, credit supply and weak economic growth, Ning added. China’s CPI grew by only 0.2% y/y in 2023. (Source: 21st Century Business Herald)
  • China’s economy would benefit from expansionary fiscal and monetary policies this year needed to address persistent low levels of CPI and PPI, according to Yu Yongding, director at the Chinese Academy of Social Sciences. China’s consumption growth rate will likely fall to 5% y/y in 2024 due to base effects, but can be offset if authorities increase growth in capital formation. Yu said officials need to increase investment in high quality infrastructure projects such as sponge cities, green energy, aerospace, and health and elderly care. (Source: Yicai)
  • China’s exports will maintain moderate growth in 2024 following the 10.5% increase during the first two months of the year, according to Zhou Maohua, a macro researcher at China Everbright Bank. Overseas buyers have increased demand and begun inventory replenishment, which has led to better than expected results, Zhou added. Analysts were optimistic regarding stronger demand from the U.S. this year, given expectations on U.S. Federal Reserve cuts, said Bai Ming, a member of the Research Institute of the Ministry of Commerce. (Source: 21st Century Business Herald)