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By Iris Ouyang
     BEIJING (MNI) - The following are highlights from the Chinese press for
Friday:
     It is wrong and one-sided to claim state-owned enterprises should be
abandoned or shrunk, Chinese President Xi Jinping said on Thursday, according to
the official Xinhua News Agency. China should continue to strengthen its SOEs
and increase their size, Xi stressed, during his visit to a sub-company of
PetroChina Company Limited in Liaoning Province. China's fundamental economic
system, with public-owned companies at its core and multiple ownerships
developing together, cannot be shaken, Xi said. Any thoughts and comments that
cast doubt on SOEs are bad, Xi said. The Communist Party should continue to lead
the management of SOEs, and SOEs should continue to establish a modern company
system, Xi stressed, according to Xinhua.
     The PBOC is likely to issue targeted RRR cut policies to support
technological development and entrepreneurship, Securities Daily reported. The
PBOC could announce the policy sometime after the country's week-long National
Day Holiday, in its aim to stabilise domestic demand and facilitate the
transmission of monetary policy to the real economy, said Zhou Chenghua, a
fixed-income researcher at Citic Securities. The central government, earlier
this week, announced that it would upgrade its policy support for the technology
sector and for entrepreneurs, and specifically mentioned using targeted RRR cuts
as a tool.
     The fact that China is facing pressures from an economic slowdown does not
mean China's economy will collapse, as the country remains resilient, the
official People's Daily said, citing officials and government researchers.
China's economic resilience lies in its fast consumption growth, which will
continue to support its economic growth, said Niu Li, deputy director of the
economic forecasting department at the State Information Center. Stable
investment growth buoyed by recent new policies and China's efforts to diversify
its export markets will also help the economy remain resilient, Niu said,
according to the newspaper. Despite both domestic and external challenges,
especially amid trade friction with the U.S., various factors will help China
reach this year's GDP target, said Xu Wei, researcher at the macro-economy
research department at Development Research Center of the State Council.
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: M$A$$$,M$Q$$$]

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