MNI China Press Digest June 30: PBOC, Ancient Cities, U.S.

Highlights from Chinese press reports on Monday:

• The People’s Bank of China’s Monetary Policy Committee will aim to increase the relevancy and effectiveness of its policies, the Economic Information Daily reported, citing a quarterly MPC meeting. The central bank was still expected to promote RRR and interest rate cuts in H2, following easing in May, given increased export pressure and low price levels, despite officials not mentioning the phrase “a timely reduction of reserve requirement ratio and interest rates”, said Wang Qing, analyst at Golden Credit Rating.
• China’s boom in ‘ancient city’ construction has led to homogenisation, a lack of character and over-commercialisation, leading to few tourists at many attractions, 21st Century Business Herald reported, citing industry insiders. Kong Xuhong, vice dean at the School of Tourism of Fujian Business University, previously stated ancient town investment had become a magic weapon for local governments to boost their performance and for companies to obtain subsidies and financing investment. However, insufficient exploration of historical, cultural and folk customs led designers and operators to blindly pursue the ‘internet influencer effect’, Kong added. Lin Peng, director at the China Ancient City and Culture Research Institute, publicly noted China had developed more than 2,800 ancient cities and towns, with most people only able to remember around eight.
• China will resolutely counter any party reaching a trade deal with the U.S. at the expense of China's interests in exchange for so-called tariff reductions, according to a spokesperson from the Ministry of Commerce. China calls on parties in negotiation with the U.S. to stand on the side of fairness and firmly defend international economic and trade rules and the multilateral trading system, the statement added.