MNI: GPD Growth, Property Deleverage-China Press Digest: Jan29

     BEIJING (MNI) - The following are highlights from the Chinese press for

Monday:

     China's switch to pursuing high-quality growth away from the previous

emphasis on grow rates doesn't mean local governments should let their economies

idle, the People's Daily said in a commentary. 

 - Recent economic data released by some local governments showed a rapid drop

in GDP growths, indicating flaws in industry structures: Daily

 - Quality of growth needs to be considered together with optimized rate of

growth, and the quality and structure of the economy: Daily

 - New drivers and industries should be supported: Daily. 

***TAKEAWAY: A relatively high GDP growth is still one of China's goals. The

government may still give specific GDP targets at the National People's Congress

in March.

     U.S. President Donald Trump offered nothing new in his speech at the World

Economic Forum in Davos, and maintained an America-centric rhetoric, the China

Daily commented on Sunday evening. 

 - Trump's speech "had little to do with the core concern of the Davos

gathering" which aims to bring countries together for world development;

instead, he promoted his own achievements and tried to attract foreign

investment: Daily 

 - Trump is hoping others will "make the U.S. great again"; free trade is never

to his taste: Daily. 

 - Trump's protectionist policies will further divide the world, Daily said.

     China should strictly prohibit credit illegally flowing into the property

sector, and deny loans to unqualified developers, Financial News said.

 - Banks shall not help fan speculation and worsen the property bubble: News;

 - China stressed on Friday regulators should curb household debt, prohibit

illegal credit from going into property market: CBRC

 - Gov't needs to crack down on loans disguised as consumer purchases but in

fact were intended for home purchases: Financial News  

***TAKEAWAY: Banks will continue to curb credit available to property sector.

Developers will face difficulty in obtaining financing, further slowing

investment.

     The banking sector will continue to be strictly monitored, CBRC said

Saturday following a two-day meeting. 

 - CBRC emphasized risk control and maintaining financial stability;  

 - To clamp down on regulatory officials derelict in their duties, and to hold

them accountable.

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

--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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