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MNI China Press Digest August 31: NFRA, Local Debt, Mortgages


Highlights from Chinese press reports on Thursday:

  • Authorities will guide banking and insurance institutions to enrich financial products further and invest more financial resources into private companies in advanced manufacturing, technological innovation, and environmental protection, said Zhou Liang, deputy head at the National Financial Regulatory Administration in a conference on Wednesday to promote the development of private enterprises. The China Securities Regulatory Commission will make full use of various tools such as equity, bonds, funds, futures and REITs to develop the private economy and support qualified private enterprises to list overseas, said CSRC Vice Chairman Wang Jianjun.
  • China will continue to prevent and defuse local government debt risks in H2 which remains a priority, according to the Ministry of Finance. In a recent report on fiscal policy implementation, the ministry said authorities will focus on supervising local governments to resolve hidden debt issues and roll out measures to support reduction in interest burdens. Officials noted in H1 debt management was strengthened with local governments accessing debt legally, while back-door hidden debt was blocked. (Source: 21st Century Herald)
  • Guangzhou and Shenzhen on Wednesday become the first two tier-one cities in China to announce easing of mortgage rules to revive the ailing property sector. Guangzhou will allow home buyers to enjoy preferential loans for first-home purchases, with a 30% downpayment ratio and 4.2% interest rate, regardless of their previous mortgage record. The policy effects will be noted gradually over Q4 and more cities including Dongguan and Foshan in Guangdong province will likely follow, said Li Yujia, chief research fellow at Guangdong Urban & Rural Planning and Design Institute.
MNI Beijing Bureau |
MNI Beijing Bureau |

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