MNI China Press Digest May 6:Holiday Boom, Green Finance, Risk

The following lists highlights from Chinese press reports on Thursday:

• The explosive rebound in travel and spending during the May 1-5 holiday strengthened China's confidence and ability to deal with rising challenges at home and abroad, the Global Times said in an editorial. The number of holiday travelers doubled from last year to 265 million and was close to the number in 2019, the year before the pandemic, and holiday spending increased from 2019, even as much of the world still stumbled through the pandemic, the newspaper said. However, China's growth may slow in H2, and the U.S.-led efforts to contain China create risks and uncertainties, it said.
• The PBOC will vigorously promote the establishment of pilot zones for green finance reform, focusing on strengthening resource allocation, risk management and market pricing to increase financial support for low-carbon development, Xinhua News Agency reported citing Deputy Governor Liu Guiping. These pilot zones should create conditions for the calculations and disclosures of climate-related information such as carbon emissions, and reduce the dependence of economic development on high-carbon industries by upgrading investment structure, Xinhua said citing Liu.
• China's regional authorities are trying to prevent financial risks by scrutinizing lenders including those serving small companies, with Beijing, Shanghai and Jiangsu provinces releasing new rules to combat unlicensed financial activities, the Economic Information Daily reported. Authorities are concerned that the central government's increasing pressure over fintech giants may cause the risks to spread to other lenders, the daily said citing analysts. Local authorities should clarify the legal status of microfinance companies, the newspaper said citing Dong Ximiao, the chief researcher at Merchants Union Consumer Finance Co Ltd.