MNI China Press Digest Nov 28: Sino-U.S., Yuan, Consumption

MNI (BEIJING) - Highlights from Chinese press reports on Friday:

• A delegation of Chinese entrepreneurs will visit the U.S in early December at the invitation of the U.S. Chamber of Commerce, according to the China Council for the Promotion of International Trade organising the trip. The companies participating in this delegation cover a wide range of sectors, including agriculture and food, machinery and electronics, financial services, cross-border trade, logistics and transportation, biomedicine, and pop culture, said CCPIT Spokesman. The delegation will also visit Canada during this trip. (Source: Xinhua News Agency)
• The stability of the yuan’s value and low exchange rate volatility represent long-term favourable factors for international investors, said Zhang Huaiqing, deputy director of the People's Bank of China's Institute of Financial Research. China has established relatively complete and in-depth financial markets, with its bond and stock markets both ranking second in the world in terms of size, Zhang added. Meanwhile, authorities’ greater emphasis on institutional opening of the financial sector to improve rules, regulations, management and standards, as well as the country's economic resilience and high-quality assets also provide value in terms of risk diversification and stable returns, Zhang concluded.
• Authorities should innovate spending scenarios and reduce restrictions to boost consumption over the short term, Zheng Shanjie, director of the National Development and Reform Commission, wrote in an article published by People’s Daily. Over the longer term, it is necessary to increase the proportion of residents’ income in the national income distribution and raise the share of labour remuneration in primary distribution, Zheng said, striving to achieve simultaneous growth in residents’ income and the economy, as well as parallel increases in labour pay and productivity.