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MNI China Press Digest March 28: Banks, Trade, Decoupling

MNI (BEIJING)
(MNI) Beijing

MNI picks key stories from today's China press

USPolicy NewsHomepageAPACChinaPolicy StoryStoryRegion
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Highlights from Chinese press reports on Tuesday:

  • China's banks face tighter margins in the near term as the government's focus on high quality development means lenders cannot rely on fast GDP growth to sustain their business, China Merchants Bank chairman Miao Jianmin told a conference. Miao said the slower economy and turmoil in the real estate market were challenges for banks. Declines in the loan prime rate last year pressured new and existing loans and squeezed margins. Banks need to find new growth channels such as overseas transactions on credit cards, which should grow strongly as outbound tourism recovers, Miao said. (source: Yicai)
  • China will align with international trade rules to create a world class business environment, according to China's Premier Li Qiang. Li told foreign business leaders at the China Development Forum that all parties must promote the recovery of the world economy and China will continue integrating with the global economy, regardless of the international economic landscape. The world economic outlook is difficult and complex – authorities must first strengthen confidence and stabilise expectations, Li said. (Source: 21st Century Herald).
  • China's nationalist newspaper the Global Times has called on the country's multinational companies to promote cooperation and resist economic decoupling with the west. The call follow's Apple CEO Tim Cook's "warm welcome" in Beijing Monday, which contrasted with Washington's reception of TikTok CEO Shou Zi Chew last week. U.S. lawmakers grilled Chew during a congressional hearing over the company's influence and its links to China. The Global Times said, with high inflation and banking failures causing turmoil internationally, China’s stability is positive for the international economy.
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Highlights from Chinese press reports on Tuesday:

  • China's banks face tighter margins in the near term as the government's focus on high quality development means lenders cannot rely on fast GDP growth to sustain their business, China Merchants Bank chairman Miao Jianmin told a conference. Miao said the slower economy and turmoil in the real estate market were challenges for banks. Declines in the loan prime rate last year pressured new and existing loans and squeezed margins. Banks need to find new growth channels such as overseas transactions on credit cards, which should grow strongly as outbound tourism recovers, Miao said. (source: Yicai)
  • China will align with international trade rules to create a world class business environment, according to China's Premier Li Qiang. Li told foreign business leaders at the China Development Forum that all parties must promote the recovery of the world economy and China will continue integrating with the global economy, regardless of the international economic landscape. The world economic outlook is difficult and complex – authorities must first strengthen confidence and stabilise expectations, Li said. (Source: 21st Century Herald).
  • China's nationalist newspaper the Global Times has called on the country's multinational companies to promote cooperation and resist economic decoupling with the west. The call follow's Apple CEO Tim Cook's "warm welcome" in Beijing Monday, which contrasted with Washington's reception of TikTok CEO Shou Zi Chew last week. U.S. lawmakers grilled Chew during a congressional hearing over the company's influence and its links to China. The Global Times said, with high inflation and banking failures causing turmoil internationally, China’s stability is positive for the international economy.