Highlights from Chinese press reports on Friday:
- Local governments across China have rolled out car consumption vouchers to boost auto demand, the Securities Times reported. In Changsha, Hunan province, officials issued spring subsidies for both automobiles and home appliances. Participating businesses operate under capped subsidy quotas, with vouchers distributed on a first-come, first-served basis, Securities Daily said. In Sichuan province, authorities are allocating a total of CNY4 million in car purchase subsidies to individual consumers for use between March 13 and April 7.
- The People’s Bank of China has expanded its digital yuan operator network, adding 12 banks to the existing 10, including seven nationwide joint-stock lenders and five city commercial banks, Yicai reported. The move aims to implement the 15th Five-Year Plan directive to “steadily develop the digital yuan,” enhance the inclusiveness of services and better meet public demand for secure, convenient and efficient usage. Market experts said that the increased network mitigates risks of financial disintermediation as digital yuan usage grows, while boosting commercial banks’ incentives to participate in the ecosystem.
- China expects the central general public budget revenue to reach about CNY9.57 trillion in 2026, up 1.8% from 2025, including CNY9.35 trillion in tax revenue, rising 2.8%. However, modest revenue growth and planned transfers will not fully cover expanded fiscal spending and the central government will rely on debt issuance to bridge the funding gap, Yicai reported. Central authorities plan to transfer about CNY0.35 trillion this year, mainly from the state capital operating budget, including CNY0.25 trillion from central state-owned capital accounts. In recent years, China has raised profit remittance ratios for key central enterprises—including China National Tobacco Corporation, China National Petroleum Corporation and China Petrochemical Corporation, as well as firms in power, telecommunications and coal—to 35% from 25% or 20%.
