China Industry Minister:
- China will accelerate new industrialisation, promote continuous optimisation and upgrading of industrial supply chains
- Will vigorously promote deep integration of scientific and technological innovation and industrial innovation, and encourage foreign-invested enterprises to set up r&d centres
- Will accelerate modernisation of industrial system, fully abolish restrictions on foreign investment access in manufacturing sector, and deepen in-depth cooperation with enterprises from all countries
- Will implement digital transformation of manufacturing industry, accelerate new generation of information technology in manufacturing industry and industrial chain, and promote construction of smart factories
- Will promote building of bilateral and multilateral cooperation among small medium firms and promote international cooperation among them
Plenty of words there. Pumped up stuff.
We've been getting optimism out of the China forum. This earlier:
- China's Li: low inflation, low central government debt means ample room for macro policy
- More on China's Premier Li weekend comments - "room for further macro policy steps"
- China's Finance Minister said will allocate more fiscal resources
China yuan is strengthening, which is more to do with the PBOC pushing back against speculation it was slackeing off on propping the currency up:
- PBOC sets USD/ CNY reference rate for today at 7.0996 (vs. estimate at 7.2267) ... that gap between the estimate and the actual is the biggest in around 10 months
- AUD spikes on firm CNY setting
Yuan update:
