MNI China Press Digest, Sept 19: Infrastructure, China-US, Fed

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Thursday:

     China should ramp up the construction of infrastructure projects and

promote a new urbanization, according to President Xi Jinping. Xi's comments,

reported by the Xinhua News Agency late Wednesday, were that China should focus

on developing its high-quality manufacturing sector and emphasise innovation as

a driver of economic growth.

     China and the U.S. should manage their differences and expand co-operation,

People's Daily Overseas Edition reported. Citing Cui Tiankai, the Chinese

Ambassador to the U.S., the Daily's report said the main problem in the

China-U.S. relationship is the mistaken perception of China on the U.S. side.

Cui said China is still a developing country with a priority on improving the

lives of its citizens, not competing for global hegemony.

     The Federal Reserve's 25 bps interest rate cut today marked a new era of

easing in central banks' monetary policies, Securities Times reported. Citing

Galaxy Securities, the Times report said the Fed cut was expected, and noted it

was only two months since the last rate cut.

     China's tax and fee cuts this year are expected to exceed CNY2 trillion,

Shanghai Securities News reported. Citing Xu Hongcai, Vice Minister of Finance,

the report said that given reduced fiscal revenue the Chinese government should

strengthen performance management, reduce general expenditure, and promote the

more efficient use of capital.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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