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MNI China Press Digest Sept 25: CSRC, Outward Investment, PBOC

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaStoryRegion

Highlights from Chinese press reports on Wednesday:

  • China’s top securities watchdog will support the merger, acquisition and reorganisation of listed companies in strategic emerging industries, Xinhua News Agency reported, citing a guideline released by the China Securities Regulatory Commission. Authorities will help facilitate listed companies to acquire high-tech unprofitable assets and improve regulatory inclusivity and transaction efficiency in the restructuring market. The CSRC also urged public firms to increase investment value through M&As, equity incentives, cash dividends, investor relations management, information disclosure, and share repurchase, said Xinhua.
  • China’s outward direct investment (ODI) reached USD177.3 billion in 2023, up 8.7% y/y and accounting for 11.4% of the global share, rising 0.5 percentage points over the previous year, data from the National Bureau of Statistics showed. China's ODI stock totalled USD2.96 trillion at the end of 2023, ranking inside the world’s top three investors for the seventh year. Asia received nearly 80% of Beijing’s ODI last year, with investment in Belt and Road Initiative nations up 30% y/y, ASEAN rising 34.7% y/y, and Africa increasing 34.7% y/y (Source: Securities Daily)
  • Analysts expect the Chinese stock market to rebound strongly following the PBOC's new funding support for A-shares, Securities Times reported. The new CNY500 billion swap facility will allow securities firms, funds, and insurance companies to exchange assets in the bond and stock market with highly-liquid treasury bonds and central bank bills, but would not expand the scale of the monetary base, the newspaper said. The CNY300 billion re-lending tool for stock repurchases would attract companies and major shareholders given the borrowing rate was lower than treasury bonds, the Times said, citing analysts.
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Highlights from Chinese press reports on Wednesday:

  • China’s top securities watchdog will support the merger, acquisition and reorganisation of listed companies in strategic emerging industries, Xinhua News Agency reported, citing a guideline released by the China Securities Regulatory Commission. Authorities will help facilitate listed companies to acquire high-tech unprofitable assets and improve regulatory inclusivity and transaction efficiency in the restructuring market. The CSRC also urged public firms to increase investment value through M&As, equity incentives, cash dividends, investor relations management, information disclosure, and share repurchase, said Xinhua.
  • China’s outward direct investment (ODI) reached USD177.3 billion in 2023, up 8.7% y/y and accounting for 11.4% of the global share, rising 0.5 percentage points over the previous year, data from the National Bureau of Statistics showed. China's ODI stock totalled USD2.96 trillion at the end of 2023, ranking inside the world’s top three investors for the seventh year. Asia received nearly 80% of Beijing’s ODI last year, with investment in Belt and Road Initiative nations up 30% y/y, ASEAN rising 34.7% y/y, and Africa increasing 34.7% y/y (Source: Securities Daily)
  • Analysts expect the Chinese stock market to rebound strongly following the PBOC's new funding support for A-shares, Securities Times reported. The new CNY500 billion swap facility will allow securities firms, funds, and insurance companies to exchange assets in the bond and stock market with highly-liquid treasury bonds and central bank bills, but would not expand the scale of the monetary base, the newspaper said. The CNY300 billion re-lending tool for stock repurchases would attract companies and major shareholders given the borrowing rate was lower than treasury bonds, the Times said, citing analysts.