China Tells Economists to Guide Markets, Promote Nation's Policy

(Bloomberg) -- Chief economists at Chinese brokerage firms should make efforts to guide market expectations and also effectively promote and analyze government policies, says the head of the nation’s top securities regulator.

Economists should properly understand, interpret and promote President Xi Jinping’s remarks on supporting private companies, Liu Shiyu, chairman of the China Securities Regulatory Commission, said at a meeting with economists this month.

The analysts should cherish the reputation of the industry, improve their ability to conduct research and properly use their influence on the public, Liu said, according to a statement on the Securities Association of China’s website Thursday.

The meeting comes as data continue to show that China’s economy is slowing. Notwithstanding the continued strong trade data, the October reading of the manufacturing purchasing managers index missed estimates and new export orders fell to the lowest level since early 2016. Meanwhile, the yuan touched its weakest level in more than a decade last week as the worsening trade war weighs on the outlook for growth.

China’s economy has become less reliant on external conditions, and its ability to withstand risks has improved, the unnamed economists said during the meeting. CSRC staffers and officials from the Communist Party’s propaganda department also attended.

To contact the reporter on this story: Tian Chen in Hong Kong at tchen259@bloomberg.net

To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, James Mayger, Timothy Sifert

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