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MNI (Sydney)

The following lists highlights from Chinese press reports on Monday:

The PBOC may roll over all of the CNY550 billion in medium-term lending facilities (MLFs) maturing this month given that the large issuance of local government bonds also drains liquidity, the China Securities News reported citing analysts. The central bank is likely to maintain the MLF rates and keep liquidity with reverse repo operations as it fine tunes monetary policy, the newspaper said.

China's infrastructure investment in 2020 is likely to record a double-digit growth following the expected rebound through December, the China Securities News reported. More projects are kicking off as the rainy season ends, a development confirmed by the recent increase in the demand for steel, cement and excavators, the newspaper said. Nearly CNY1 trillion in local government special bonds set to be issued in August will help to lift the investment, the newspaper said citing analysts. As of July 31, over 60% of the new LGBs were invested in infrastructure projects, 30 pp higher than a year ago, the newspaper said citing data by Zhongtai Securities.

China reported its first patent of a vaccine against the Covid-19 virus which can be mass-produced, the Beijing Youth Daily reported. Named Ad5-nCoV, the vaccine was developed by a research team led by Chen Wei at the Military Science Academy in conjunction with CanSino Biologics. The vaccine has proved its efficacy in previous trials and is entering phase III clinical trails, reported the Daily.

China's real estate sector is likely to show steady growth in H2 due to increased investment and policy measures, reported the People's Daily. Demand is seen rising as post-pandemic recovery continues and the financing environment improves, the Daily reported citing Ma Hong, a researcher from the Zhixin Investment Research Institute. Housing prices are likely to remain steady as governments introduce land and home supply measures to curb excessive gains, said Ma.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
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