MNI China Press Digest July 31: Subsidy, Investment Funds, U.S

Highlights from Chinese press reports on Thursday:

• The central government budget will allocate CNY90 billion to support the issuance of childcare subsidies this year, China Securities Daily reported, citing Ministry of Finance officials. The fund will assist local governments in issuing the subsidies, covering nearly 90% of the total distributed amount, the newspaper said. The announcement follows the recent introduction of a nationwide childcare subsidy program, which allocates CNY3,600 per year for each child under the age of three and is expected to benefit more than 20 million families each year.
• Authorities are soliciting public opinions on new plans to guide and evaluate government investment funds, aiming to better leverage their role in serving national strategies, boosting industrial upgrading, the National Development and Reform Commission has announced. The plan emphasises the need to maintain differentiated investment focus between national and local funds, while strengthening coordination to attract more social capital. (Source: Xinhua)
• China is open to rebalancing economic and trade relations with the U.S. through equal dialogue, while resolutely defending its own interest, according to a commentary by the People’s Daily. The two countries have extensive common interests and broad space for cooperation, as American enterprises benefit from China’s manufacturing base and national strategies to boost domestic demand and expand imports, the newspaper said. The U.S. should reduce restrictions on two-way exchanges between enterprises and create a good environment for cooperation, the newspaper said.