China Press Digest Oct 25: No Stimulus, Prpty Tax, Peak Carbon

The following lists highlights from Chinese press reports on Monday:

• China will not pursue flooding-style credit stimulus, but will maintain its strategic "calmness" and pursue high-quality development, as the government sees Q3's slowdown attributable to the pandemic, floods and last year's higher base of comparison, the Xinhua News Agency said in a commentary addressing major issues facing the Chinese economy. China can achieve this year's targets, its consumption and investments still present "unlimited potential," and it will further attract foreign investments and strengthen its supply chain, said the official news agency. China will further increase coal production to ensure stable electricity supplies and prices, Xinhua said. China will meet its financial risks by pursuing "high-quality" economic development and sees "isolated cases" of debt defaults by certain property developers as controllable, said the news agency.
• The new pilot property tax to be implemented in selected cities will help stabilize and increase local government revenues and contain risks from overly relying on land revenue and local government debt, the Economic Daily said in a commentary. The relations between China's land and property markets and overall economy will undergo big changes after the NPC approved the property tax trial program, said the official newspaper. Authorities should implement well policies that stabilize prices of land and houses, boost land supply for housing, allow agricultural land to enter the market and change the government as the sole provider of residential land, the newspaper said. Officials should diversify the economy and reduce dependency on property development, it said.
• China will promote the development of green financial products, set up monetary policy tools for carbon emission reduction, expand green bonds and guide banks to provide long-term, low-cost funds for green projects, Xinhua News Agency reported citing the government's detailed plan to peak carbon emission by 2030 and achieve carbon neutrality by 2060. China will strictly control new projects with high-energy consumption and carbon emssion such as steel, cement, flat glass and electrolytic aluminum, as well as introducing production control on coal power, petrochemical, and coal chemical industries, Xinhua said.