China Press Digest Oct 13: Q4 GDP, Property Ease, Aussie Coal

The following lists highlights from Chinese press reports on Wednesday:

• China will focus on stabilizing industrial production, expanding investment and promoting consumption to boost Q4 growth, as local authorities try to meet annual economic targets and counter slowdown, the Economic Information Daily reported. With the epidemic eased, consumer spending during the October holiday improved from previous holidays, and exports may hold up as the global supply chain recovers, which will stabilize industrial and manufacturing investment, the newspaper said citing Lin Zhiyuan, deputy director of Macroeconomic Research Center at Xiamen University. The accelerating issuance of local government special bonds will help boost infrastructure investment, Lin added.
• China is likely to ease its "strictest and severest policies" on the property industry and instead seek to stabilize sentiment, Yicai.com said citing industry watchers. The authorities are likely to modify credit lending policies to developers and mortgage borrowers, Yicai said citing Bank of China Securities. Yicai commented following reports that the north-eastern city Harbin introduced bonuses and other incentives to entice buyers as the local authorities struggled to revive a slowdown. Lenders in other cities including Guangzhou and Foshan also cut mortgage rates for first and second-time buyers, Yicai said.
• China's energy shortage may not lead to a significant resumption in trade with Australia, the Global Times said in an editorial. The state-owned tabloid commented following western media reports that about 1 million tons of Australian coal were allowed to clear customs at Chinese ports, opening an opportunity for easing coal-focus trade dispute between the two countries. Without denying the reports, the newspaper said coal imports are not a major factor in China's energy supply and demand relationship, as the Asian country has ordered more coal-producing provinces to boost output. China significantly boosted imports from the U.S., South Africa and Canada in the first eight months, said the newspaper.