MNI Press Digest Jan 12: Xi, CPI, Foreign Sanctions

The following lists highlights from Chinese press reports on Tuesday:

China faces unprecedented opportunities for development and has "time on its side," but must accelerate building the new dual-circulation model through further supply-side reform, Communist Party General Secretary Xi Jinping said at a conference of top central and provincial party leaders,. According to a readout of the meeting from the Xinhua News Agency, Xi also said that China must increase its ability to innovate and compete, and steadily build a "super-sized" domestic market to ensure a high level of self sufficiency. Xi reportedly reminded his cadres to be prepared for risks as the global balance of power shifts, and ensure that political stability, people's safety and national interests are tied together.

China's CPI is forecast at a moderate 1.5% this year, leaving more room for monetary policies, the China Securities Journal reported citing analysts. A rebound in global demand later in the year and the rollout of vaccines against the Covid-19 virus will drive prices of energy and other commodities, although rising pork output will limit food inflation, the newspaper reported citing Zhou Maohua, an analyst from China Everbright Bank.

China's Ministry of Commerce has effectively blocked Chinese entities from following foreign sanctions deemed harmful to its national interests, the official China Daily said on Tuesday in an editorial. Measures introduced by the ministry on Saturday give Chinese entities legal protection from some foreign laws while letting them demand compensation from foreign entities in domestic courts, wrote the newspaper. Foreign laws against international norms will also be deemed invalid, the newspaper reported.