MNI China Press Digest May 24: Reforms, Tech Listing, Tariffs

Highlights from Chinese press reports on Friday:

• China will further deepen reforms comprehensively, improving systems that support innovation and urban-rural integration, to build a high-level socialist market economy, the People’s Daily reported citing President Xi Jinping. Promoting the reform of the economic system must proceed from practical needs and focus on the most urgent matters, Xi emphasised. Authorities should identify key points of reforms from the urgent needs of people, such as employment, income growth, school enrollment, medical treatment, housing, child and elderly care, safety and property security, Xi added.
• The China Securities Regulatory Commission will give priority to supporting equity and debt financing for companies with key technology breakthroughs, and improve the capital market’s inclusiveness of new industries, new business models, and new technologies, Shanghai Securities News reported citing Zhou Xiaozhou, director of the Comprehensive Department at the CSRC. Tech firms have become the main force in newly listed companies and the market value of strategic emerging industries has increased significantly to exceed 40%, Zhou said.
• China believes certain countries have violated WTO rules and deviated from green-development principles, He Yadong, spokesperson for the Ministry of Commerce said at a press conference responding to media reports Beijing may retaliate against Western tariffs on Chinese cars. He said countries that introduced restrictive measures on new energy vehicles harm consumer interests and efforts to combat climate change. (Source: MOFCOM website)