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MNI China Press Digest May 24: Unified Market, Cars, Trade
Highlights from Chinese press reports on Wednesday:
- China must deepen competition law reforms to construct a unified national market, according to Chen Bing, director at the Competition Law Research Center at Nankai University. Local governments' use of coupons to boost consumption and subsidies to enhance industry have helped the economic rebound, but officials should remain cautious not to use the measures excessively, as it could lead to market distortions and hamper efforts to improve the unified market, he said. Chen’s comments come after the State Council released statements on constructing a unified market earlier this week. (Source: Yicai)
- Sales of passenger vehicles in China are forecasted to reach 1.7 million units in May, up 6.6% m/m and 27.7% y/y, according to a note from the China Car Passenger Federation. Analysts noted attendance at auto shows was strong and manufacturers had continued to offer large discounts throughout the month. The government’s decision to postpone the ban on selling high emission cars to the end of the year had taken pressure off distributors and allowed the market to stabilise, the federation said. Analysts noted customer demand cooled down towards the end of the month, following a strong start.
- China will make efforts to further converge its domestic system with international trading rules, according to a recent inter-ministerial working group meeting. The Ministry of Commerce said in a note on their website that policy makers will focus on integrating domestic and foreign trade, which includes promoting industrial integration and boosting the digital trade economy. Authorities should reform laws and regulations, and converge China's standardisation and certification system with international standards. (Source: Yicai)
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