MNI China Press Digest Oct 12: Bank Shares, GDP, Stock Market

Highlights from Chinese press reports on Thursday:

• China’s sovereign fund, Central Huijin Investment, has doubled down on its investments in the country’s “Big Four” state-owned banks for the first time since 2015. Bank of China, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China confirmed the news. Based on the closing prices of the banks Tuesday, the fund spent about CNY475 million to increase its holdings, while additional share purchases are expected in the next six months. (Source: Xinhua Finance)
  
• China’s Q3 GDP growth may reach over 4% as the economy shows more signs of recovery. Retail sales are expected to rebound to about 5.5% in September, supported by the lower comparison base for the same period last year alongside a boost to domestic tourism driven by the Hangzhou Asian Games and the recent Golden Week holiday, said Wen Bin, chief economist at China Minsheng Bank. Industrial output may rebound to 4.7% as the marginal improvement in domestic and external demand, and rising willingness of enterprises to restock inventories drove the recovery of manufacturing production, said Wen. (Source: Securities Daily)
• The China Securities Regulatory Commission will introduce a series of policies to strengthen further financing support for scientific and technological innovation enterprises in different sectors, said CSRC Vice Chairman Chen Huaping. The Shanghai Stock Exchange will improve the precise cultivation of core tech companies and promote capital market reforms to support self-reliance in high-level technology, said Dong Guoqun, deputy general manager at SSE. (Source: China Securities Journal)