China Policy Watch-Affirmative action ahead
Sept 13 (Reuters) -President Xi Jinping on Thursday ramped up pressure on local governments to help achieve Beijing's GDP target for 2024. That sets the stagefor more stimulus measures, and an anticipated cut in banks' reserve requirement ratio, possibly before China's Mid-Autumn festival break.
Further monetary policy easing remains a strong consensus call among analysts, and even some officials. Yi Gang, the former governor of the People's Bank of China recentlyurged more efforts to counter deflationary pressures.
China's near-term economic prospects appear overwhelmingly negative, as trade tensions escalate and consumers keep their wallets shut. August retail sales, urban investment data, industrial production and house price dataare due Saturday.
Global investment banks have downgraded their GDP forecasts to below Beijing's target of around 5%, corroboratedby Monday's lacklustre inflation readings.
Reports of weakening sentiment among foreign business groups underscore deepening disenchantment with the world's second-biggesteconomy. Many doubt China can restart itseconomic recovery.
Xi on Thursday reiterated the importance of the private sector, as Chinese regulators finally closethe books on Alibaba's allegedmonopolistic practices. Policy adjustments are already underway in the insurance and medical sectors, though hopes for financial market liberalisation remain low.
But where China still resists strongaffirmative action is where it may be mostneeded - real estate. Bloomberg reports a potential cut in existing mortgage rates as soon as this month, which would expand disposable income, thereby boosting consumption.
But just as importantly, citizens need to have job security before they will spend, and not save for the certainty of uncertain times ahead.
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CNY: https://tmsnrt.rs/3MJ6lO7
China may miss another growth target: https://reut.rs/3ZaNqTM
Ewen Chew is a Reuters market analyst. The views expressed are his own. Editing by Sonali Desai
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