Onshore Media Presses The Case For Further Policy Support

China onshore media has pressed the case for further stimulus measures to support the economy. The Economic Daily has run a front page commentary today stating the economy needs further support amid a 'more severe and complex' external environment and that domestic demand remains insufficient. It calls for more fiscal spending and efforts to boost domestic consumption. Macroeconomic policies also can't be relaxed (see this link for more details).

• This comes after reports late yesterday that China was convening meetings with economists and foreign executives in seeking ways to boost the economy (see this link).
• Earlier in the week it was also reported that China was shifting to stimulus mode, per Bloomberg reports (see here). A State Council meeting may take place this Friday.
• This comes ahead of today's MLF announcement, which is expected to see a 10bps cut. See the MNI China Policy teams take here.