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The following lists highlights from Chinese press reports on Wednesday:
- The yuan will show no clear advantage this year as the recovering global economy makes other nations' assets more attractive, Guan Tao, an economist at Bank of China Securities and a former official at State Administration of Foreign Exchange, wrote in a commentary by Netease Research. The yuan's valuation is also affected by China's rate of Covid inoculation, which is slower than some of its competitors, Guan said. The PBOC has also refrained from significant tightening, said Guan. On inflation, Guan said China's CPI may be moderately capped at 3%, given rising pork supplies and stable industrial production.
- China should enhance laws on data property rights to protect personal and commercial data and rein in the unregulated expansion of platform companies, many of which take advantages of loopholes to abuse rights of consumers, said the 21st Century Business Herald in the editorial. MNI noted that a chorus of state media has criticized the ecommerce industry after President Xi Jinping this week signaled further crackdown on privately owned online giants such as Alibaba Group and Meituan Inc., whose sprawling businesses provide essential services such as delivery and online shopping. Large so-called platform companies have expanded into multiple industries and overwhelmed smaller businesses, the newspaper said.
- China's tourism and entertainment industries are expected to surge as authorities loosen pandemic restrictions, the Securities Times said in a frontpage commentary. Beijing has removed requirements for nucleic acid tests on inbound travelers and nearby commuters. Entertainment performances around the countries are no longer restricted, benefiting hotels and transportation, the newspaper said. The economy is expected to fully recover with a nationwide inoculation push underway, the Times said.