'Larger Cake', Party Congress, Land Supply: Eye on Chinese Media

(Bloomberg) -- "Neither side can afford to sacrifice cooperation", Xinhua News Agency said in a commentary piece about the meeting between Chinese President Xi Jinping and U.S. President Donald Trump. The article said the two countries aim to "make a larger cake" based on their shared interests, and warned that U.S. firms will be particularly vulnerable if there were to be a trade war. Trade and tensions over North Korea have overshadowed ties ahead of the meeting at the Mar-a-Lago resort in Florida.

Elsewhere

• The Communist Party is screening deputies set to attend the national congress scheduled later this year, where a twice-a-decade leadership reshuffle will take place. China National Radio reported that "political standards" should be considered ahead of other requirements.
• Cities with less than six-months home inventory should accelerate land supply "significantly," while places with more than three years of inventory should halt supply, People's Daily reported, citing a statement from Ministry of Housing and Urban-Rural Development. After imposing property purchase curbs in big cities, policy makers now seem to be focused on the supply side to manage markets.
• Liquidity remains basically stable even though the People's Bank of China has skipped open market operations recently, the central bank's newspaper Financial News reported on its front page. The report said fiscal spending and the record amount of outstanding mid-term funds has offset the gap left by funds due to mature. The PBOC skipped open market operations for a tenth day Friday, the longest stretch since it started daily open-market operations at the beginning of last year.

To contact Bloomberg News staff for this story: Yinan Zhao in Beijing at yzhao300@bloomberg.net.

To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Kevin Hamlin

With assistance from Yinan Zhao