MNI China Press Digest Nov 30: US Rivalry, Neutral Policy, GDP

The following lists highlights from Chinese press reports on Monday:

China and the U.S. should let their practical needs, not ideology, determine the trajectory of bilateral relations, according to an editorial in the Global Times. While some Americans perceive China as a strategic adversary, China is a needed partner in addressing problems including the global control of Covid-19 pandemic, the newspaper said. The Biden administration should stop the Trump approach of blaming China for the failure in controlling the pandemic, the editorial said.

China's overall credit growth in 2021 is likely to be marginal as the PBOC had signaled a more neutral policy approach, according to an editorial in the Economic Information Daily. The central bank's Q3 Monetary Policy Implementation Report focused on the importance of controlling the overall money supply, and the stabilization of the rising macro leverage ratio, the editorial said. The PBOC is likely to utilize multiple policy tools to ensure ample liquidity and stable market rates, and to match M2 money supply and the growth of social financing with nominal GDP growth, the Daily said.

China's GDP growth may reach 8.1% as macroeconomic indicators have improved strongly each quarter, YiCai reported citing forecasts from the China Macroeconomy Forum at Renmin University. Policymakers should however be cautious as many extraordinary policies supporting the current economic rebound end next year, according to Liu Yuanchun, the Vice Dean of the state-run school with ties to PBOC. China needs to continue to expand domestic demand while maintaining ample supply and return to normalized macro control measures, the report said.