MNI China Press Digest March 15: CBIRC, Pensions, Shanghai

Highlights from Chinese press reports on Wednesday:

• The China Banking and Insurance Regulatory Commission (CBIRC) said risks were “generally controllable” and the economy was recovering rapidly with the financial system operating smoothly, according to a read-out of the first leadership meeting since the Two Sessions. Supporting the expansion of consumption is 2023 is the top priority for the CBIRC. The banking regulator will support investment in the real economy, optimise financial services for exports, and standardise the development of pension services. Plans to steadily expand the institutional opening of the banking and insurance industry are also on the agenda.
• China will introduce further reform measures this year to boost national pension planning, raise pension levels and expand the inclusivity of pension supply, according to Yicai.com. The news outlet said as the "baby boom" generation nears retirement age, pension payment pressure will increase, and reforms were needed to improve the level of basic pension for retirees. Efforts will be made to expand the scope of pension schemes for migrant workers, flexible employees and people working in new business models. Beijing needs to actively respond to issues related to the aging of the population, including elderly care services and medical treatment that is currently insufficient, the news outlet said.
• Shanghai will take measures to support trade, consumption and investment to secure the economic rebound, according to a recent leadership meeting. Attended by Shanghai mayor Gong Zheng, the readout said the local government would work on standardising trade rules to comply with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Digital Economy Partnership Agreement (DEPA), and play a leading role in institutional opening. Focus should be given to the high-quality development of the private economy, and strengthening the application of digital technology. The government will deepen reform and opening up, and continue to improve the quality of life of households.