MNI China Daily Summary: Friday, March 1

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MNI BRIEF: Caixin Feb Manufacturing PMI Edges Up To 50.9

MNI BRIEF: China Feb Mfg. PMI Contracts Further On Holiday

HICP Below Consensus, But Services Disinflation Muted

Unemployment Rate Steady At Multi-Year Lows

HICP Headline and Core In Line With Tracking Estimates

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

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REPEAT: Japan Eco Min Motegi: Need Supply, Demand Side Reforms 

--Repeating Story Published at 1305 JST (0405 GMT/0005 ET)
--Says Japan To Take All Possible Measures To Overcome Deflation
--Sees GDP Growing But Growth Potential Not Rising
--Views Goal Of 2% CPI As Not A Negative For Households
     TOKYO (MNI) - Japan needs reforms both on the supply and demand sides of
the economy as its productivity gains have lagged and wage hikes have been slow,
Economic and Fiscal Policy Minister Toshimitsu Motegi said Wednesday.
     The government will keep in close touch with the Bank of Japan and "take
all possible measures" to completely overcome deflation, he told reporters in a
group interview.
     "The biggest issue for Japan is that the size of its GDP is growing and
employment is increasing but the economy's growth potential is not rising," he
said. "It is like we don't have enough muscles while our body is getting
bigger."
     Asked if Japan may have to review its 2% inflation goal and target a lower
rate in light of the country's limited growth potential, Motegi said: "When
steady economic growth continues, we are not in a situation where seeking to
achieve the 2% price target will have a certain negative impact on people's
lives."
     Motegi replaced Nobuteru Ishihara in a cabinet reshuffle last week. Prime
Minister Shinzo Abe reappointed some close allies as cabinet ministers but also
distributed ministerial posts to various factions in the ruling party in a bid
to refresh the image of his scandal-plagued administration and cement his grip
on power.
     "The Abe administration is trying to create a society where economic growth
and wealth distribution work in a virtuous circle," Motegi said.
     "Growth and distribution have never been linked so closely. We will help
provide more options and diversity to new Japanese lifestyles and help each
individual re-design their life plans in the age of a 100-year-old lifespan."
     The new economic minister, who is also in charge of human resources
development, said the government will discuss how to fund free high school and
university education as well as ways to support people returning to school in
later years.
     Asked if issuing education bonds is not an option, he said, "We don't want
to pass the buck to our children's generation" for debt repayment.
     Motegi said the supply side of the economy needs reforms, such as improving
the quality of workers, raising labor productivity and investing in innovative
growth areas.
     On the other hand, the demand side also has room for improvement in the
pace of annual wage growth, the level of minimum wages and the government
initiative to implement equal pay for equal work, he said.
     "I want to focus on how we can regain the strength of household spending,"
he said.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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