MNI China Press Digest March 2: Cars, Consumption, SOE Reform

Highlights from Chinese press reports on Thursday:

• Subsidies available for the purchase of electric cars in 2023 will be clarified soon, according to Xin Guobin, deputy minister of the Ministry of Industry and Information Technology. Speaking at a press conference, Xin said the new energy vehicle industry in 2023 will a maintain positive trend off the back of strong growth in 2022. Authorities would continue to cultivate independent brands that delivered innovation and international competitiveness. Citing industry experts, the 21st Century Herald said it was expected financial subsidies and support policies for new energy vehicles will gradually shift from the purchase level to the user level, including the reduction of parking fees and road tolls, and the optimisation of the distribution of charging facilities.
• This year has been officially announced as the “Year of Consumption” by the Ministry of Commerce (MOFCOM). At a national consumer promotion event, MOFCOM said they planned a series of activities aimed at stabilising mass consumption of automobiles, home appliances and other goods. Beijing’s local government also announced March as the “Consumption Promotion Month” which will include activities such as promotional festivals, with various regions and relevant industry associations planning events aimed at boosting consumption. (Source: Securities Daily Network).
• Beijing plans to promote State Owned Enterprises (SOE) listing on stock exchanges will speed up reforms and improve the corporate governance, according to Securities Daily. Citing analysts, the paper said the plans would help construct a modern capital market with Chinese characteristics and allow firms to transition from a capital management culture to become more corporate orientated. The listing of central enterprises will inject high-quality resources into the capital market, provide more choices for investors, and enhance market competitiveness, the paper said.