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MNI China Press Digest Dec 31: 5% GDP, Capital Market, Carbon

MNI picks keys stories from today's China press

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The following lists highlights from Chinese press reports on Friday:

  • The Chinese economy is expected to grow slightly over 5% in 2022, with next April hitting a low point while September achieving a high point, the 21st Century Business Herald reported citing Liu Shijin, deputy director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference. As China heads into a medium-speed growth era, new economic drivers should be developed by promoting the digital economy and green development, Liu was cited as saying. Metropolitan areas and city clusters should lead the high-quality growth and are expected to provide 70-80% of the growth momentum in the next 5-15 years, the newspaper said citing Liu.
  • China’s top securities regulator will take measures to smooth capital market operations, to prevent major swings, while introducing more pro-growth policies to stabilise expectations, said the People’s Daily in an interview with Yi Huiman, chairman of China Securities Regulatory Commission. CSRC will keep a tight grip on financing, mergers, and acquisitions in specific sensitive areas, while guiding capital to support technology and industrial development, Yi said. The commission will resolve bond default risk and eliminate the impact of spillovers as much as possible, the newspaper said citing Yi.
  • Carbon emission peak and neutrality goals should not be pursued at the expense of stable economic growth, which is the main task, the 21st Century Business Herald reported citing Li Yang, chairman of the National Institution for Finance & Development. China needs to establish a green finance system, including risks in the transition, which requires support from monetary and fiscal policies, Li said. In the medium and long term, the backbone of China’s potential economic growth may decline given poor investment, weak consumption and unsustainable robust exports, the newspaper said citing Li.