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     BEIJING (MNI) - The following are highlights from the China press for
Thursday, Dec. 21:
     China needs to pursue high-quality growth as required by the Central
Economic Work Conference this week, the official People's Daily said in a
front-page editorial on Thursday. The newspaper stressed the importance of
innovation, coordination, green development and further opening of China's
economy. The economic system needs to have proper macro-controls. Fiscal policy
needs to be remain proactive and monetary policy neutral, the newspaper said.
(People's Daily) 
     China is expected to continue to reduce arbitrage of financial regulations
next year, and lower cross-market, cross-sector and cross-field financial risks
to let more capital flow into the real economy, the Financial News, a newspaper
of the People's Bank of China, said Thursday in an analysis of the Central
Economic Work Conference. The conference is one of the most important annual
events as China plans its economic development for the next year. The
conference's emphasis on a "prudent and neutral" monetary policy shows the
government's determination to stabilize the monetary and financial environment
for steady economic growth, said Chen Ji, a senior financial researcher at China
Construction Bank. It is possible to use several tools simultaneously to reduce
market fluctuation and tackle liquidity risks while maintaining relative
stability of liquidity conditions and interest rates, Chen said. The Central
Economic Work Conference also focused on clamping down on illegal financial
activities, which an analyst said could be interpreted as indicating that there
will be more controls on financial technology and private financing, the two
most problematic sectors. (Financial News)
     The meaning of gross domestic product has weakened for China, and
high-quality development will be a "hard requirement," the Economic Information
Daily, a newspaper of the official Xinhua News Agency, said in a commentary on
Thursday. If China follows the principles of insisting on stability while
seeking advancement, and keeping economic development in a reasonable range,
economic growth will be steady and resilient. The economy will not shrink too
fast or lose its balance, making for a higher-quality economy. China's monetary
policy will stay prudent and neutral. Quantitative easing policies and negative
interest rates around the world barely stimulated the real economy and instead
delayed economic restructuring. Three transformations are important for the
country: from "made in China" to "innovate in China"; from "China's speed" to
"China's quality"; and from "large manufacturing country" to "strong
manufacturing country." As China enters a new stage of pursuing high-quality
development, it will continue to lead global economic growth and could inspire
supply-side structural reforms around the world, the newspaper argued. (Economic
Information Daily)
     Chinese companies' bond issuance overseas has accelerated quickly this
year, and analysts expect the same next year, the Economic Information Daily
reported Thursday. Chinese companies have issued U.S. dollar-denominated bonds
worth a record $180 billion so far in 2017, a 70% increase from the same period
last year, according to Bloomberg data. The jump is partly because of an
increase in financing costs in the domestic bond market. Chinese companies also
seek to raise money outside the country as their exposure to the international
market has increased and they have become more familiar with overseas bond
issuance, an analyst said. Chinese companies now issue around 65% of all bonds
in the Asian market, and the proportion could go above 70%. Chinese bond
issuance overseas is expected to reach $200 billion. (Economic Information
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
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