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Free AccessChina Press Digest: Thursday, Oct. 12
BEIJING (MNI) - The following are highlights from the China press for
Thursday, Oct. 12:
The China's overall financial leverage ratio remained relatively stable in
the second quarter, with non-financial institutions' ratio falling, that of
local governments basically unchanged, and that of the household sector rising,
the China Securities Journal reported Thursday. The overall leverage ratio edged
up 0.7 percentage point in the second quarter to 238.2% from 237.5% at the end
of June, the report said. Continued strong demand for housing credit was the
main contributor to the rising ratio in the household sector, with short-term
consumption loans flooding into the property market after banks restricted
mortgage lending, the report noted. The leverage ratio of local governments will
increase in the second half of the year as the gap between fiscal revenue and
spending widens, the newspaper said. The issuance of local government bonds will
rise since borrowing via illegal fund-raising vehicles is now being strictly
regulated, the report said. Still, it remains a concern that some local
governments may continue to provide guarantees to public-private partnership
projects, the report warned. (China Securities Journal)
A group of city-based investment companies have announced that they will no
longer act as local government financing vehicles (LGFV) so that they have more
flexibility to raise and invest funds, the 21st Century Business Herald reported
Thursday. According to government regulations, investment companies are not
allowed to raise funds in overseas markets unless they have promised not to act
as LGFVs. In addition, companies cannot invest in cooperative projects between
local governments and private investors if they issue local government bonds.
But analysts think the withdrawal of some finance companies will not have a
large impact on the outstanding volume of local government debt issued by LGFVs,
as the bonds are backed by the local governments. And the withdrawals do not
mean these companies will sever all their connections with local governments
since the governments are often share-holders and can subsidize the finance
companies via other business dealings, the report noted. (21st Century Business
Herald)
Regulator should take into consideration the "limited rationality" of
property market investors to prevent them from circumventing new regulations,
the Economic Information Daily, an economic journal run by the Xinhua News
Agency, said in a commentary Thursday. The rampant housing speculation evident
in recent years clearly indicates the irrationality among property market
investors, and regulators need to take this into consideration when drafting
policies to improve the market's efficiency, the commentary argued. The rise in
house prices in large cities has been reduced to the growth rate of the real
economy and so it is the typical "herd effect" of investors seeking other
opportunities that regulators must step in to curb. (Economic Information Daily)
The sale of heavy trucks surged in September as economy continued to
expand, the 21st Century Business Herald reported Thursday. Heavy truck sales
volume broke 100,000 units in September, rising 89% year-on-year and 7%
month-on-month. Full-year sales are expected to excess 1.1 million units, a new
record, the report said. As a leading indicator of economic performance, the
sale of heavy trucks is highly correlated to commodities transportation and
fixed-asset investment, so the big rise reflects a robust economy. But there is
no sign such growth will continue next year, since the government campaign to
reduce overcapacity is still pushing forward, the report warned. (21st Century
Business Herald)
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.