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MNI China Press Digest Oct 29:PBOC, Child Support, Electricity

MNI picks key stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Tuesday:

  • The People’s Bank of China is likely to cut the reserve requirement ratio in Q4 to boost liquidity and stands ready to lower the medium-term lending facility rate further depending on financial data results, the Economic Information Daily reported, citing analysts. The central bank launched its outright reserve repo tool this week to smooth funding fluctuations caused by the large-scale maturity of MLFs and provide a favourable environment for the economic rebound, said Dong Ximiao, chief researcher at Merchants Union Consumer Finance. As a result, the PBOC will not make large MLF rollovers in November and December, and the facility’s status as the policy rate will be further diluted, Dong added.
  • China’s State Council has announced measures aimed at supporting child care, including raising deductions on personal income tax for people with children under three years old, Yicai has reported. Shi Zhengwen, a tax expert at the China University of Political Science and Law, expects the circular will lead to special deductions for infant care and education increased to CNY3,000 a month, following last year’s raise to CNY2,000 from CNY1,000. However, Tian Zhiwei, deputy dean of public policy at Shanghai University of Finance and Economics, said the move’s effectiveness remains limited given the proportion of people paying income tax remains relatively small.
  • China’s electricity demand is expected to rise about 7% this year, following 2023’s 6.7%, as high temperatures drove fast consumption growth over the first three quarters, the China Electricity Council’s latest report said. High growth rates in August and September had exceeded expectations and were driven by hot weather conditions in the southwest, east and central regions, the report noted. The industrial sector remained the nation's main consumer, accounting for 64.0% of total electricity demand in the first three quarters and contributing 48.9% to the growth rate.
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MNI (BEIJING)

Highlights from Chinese press reports on Tuesday:

  • The People’s Bank of China is likely to cut the reserve requirement ratio in Q4 to boost liquidity and stands ready to lower the medium-term lending facility rate further depending on financial data results, the Economic Information Daily reported, citing analysts. The central bank launched its outright reserve repo tool this week to smooth funding fluctuations caused by the large-scale maturity of MLFs and provide a favourable environment for the economic rebound, said Dong Ximiao, chief researcher at Merchants Union Consumer Finance. As a result, the PBOC will not make large MLF rollovers in November and December, and the facility’s status as the policy rate will be further diluted, Dong added.
  • China’s State Council has announced measures aimed at supporting child care, including raising deductions on personal income tax for people with children under three years old, Yicai has reported. Shi Zhengwen, a tax expert at the China University of Political Science and Law, expects the circular will lead to special deductions for infant care and education increased to CNY3,000 a month, following last year’s raise to CNY2,000 from CNY1,000. However, Tian Zhiwei, deputy dean of public policy at Shanghai University of Finance and Economics, said the move’s effectiveness remains limited given the proportion of people paying income tax remains relatively small.
  • China’s electricity demand is expected to rise about 7% this year, following 2023’s 6.7%, as high temperatures drove fast consumption growth over the first three quarters, the China Electricity Council’s latest report said. High growth rates in August and September had exceeded expectations and were driven by hot weather conditions in the southwest, east and central regions, the report noted. The industrial sector remained the nation's main consumer, accounting for 64.0% of total electricity demand in the first three quarters and contributing 48.9% to the growth rate.