China will downplay direct government interference in microeconomic activities, the Chinese state news agency Xinhua reported on Monday.
Additional things to remember
“China will deepen market-based interest rate reform, increase the pricing capacity of financial institutions.”
“China will increase bidirectional yuan fluctuations, improve the market-based currency formation mechanism.”
“China will build a new, effective macroeconomic regulatory mechanism.”
“China will make macro-regulation more forward-looking, focused and coordinated.”
“China will further regulate local government funding vehicles, depriving them of their funding function.”
“China will progressively advance property laws or taxes.”
These remarks do not seem to have a significant impact on market sentiment. At the time of writing, the main European stock market indices gained between 2.2% and 2.9%.