MNI China Press Digest March 29: Growth, Green, Housing

Highlights from Chinese press reports on Wednesday:

• The upgrade of traditional industries using AI and digitalisation – as well as structural transformation – could potentially drive future economic growth, according to Xu Hongcai, deputy director of the Economic Policy Committee of the China Policy Science Research Association. Speaking to Chinese state media on the sidelines of the 2023 Boao Forum, Xu said the upcoming second wave of urbanisation will cause structural changes that will offer growth opportunities, despite China's aging population. Yang Yanqing, director of the Planning and Development Department of Shanghai Artificial Intelligence Laboratory, added the transition to carbon neutrality can drive future economic growth if investment, incentives and structural transformation are comprehensively aligned. (Source: Securities Daily)
• Energy transition and green issues will dominate 2023's Boao Forum for Asia, according to Li Baodong, secretary general of the event. Speaking at the opening press conference, Li called on the international community to strengthen cooperation and promote development, noting uncertainty over COVID-19, geopolitical conflict, economics and global warming persists. Speaking on the sideline of the forum, Yao Yang, dean of the National Development Research Institute at Peking University, said neighbouring countries will benefit from China's industrial development and closer integration with its manufacturing sector. (Source: Yicai)
• Relaxed house purchase restrictions in Xiamen could lead to further liberalisation of the market nationwide, according to Li Naichao, president of the Beijing Chamber of Commerce for the Residential Real Estate Industry. In Xiamen, local single people can now buy a second house and local families with at least two children can purcahse a third. Li said the Xiamen reforms are significant due to the city's high GDP ranking in China. However, unnamed sources who spoke to Securities Daily said the central government must monitor the situation to prevent overheating.