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MNI China Press Digest Dec 19: Fiscal, Property, Foreign Firms

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Thursday:

  • Beijing should issue consumer coupons and fiscal subsidies to increase residents’ income and property earnings, expanding employment, and promoting the private economy, Yicai.com reported, citing Teng Tai, president at the Wanbo New Economic Research Institute. China can address youth unemployment through rural revitalisation and Chinese companies’ overseas expansion and digital transformation of traditional industries, the newspaper said, citing Zhang Chenggang, professor at Capital University of Economics and Business.
  • Nearly 10 cities in China, including Chongqing and Suzhou, have acquired over 10,000 unsold homes to increase affordable housing, Shanghai Securities News reported. In Suzhou, the local branch of the China Development Bank led the issuance of a CNY1.1 billion syndicated loan to support local state-owned enterprises in buying up and transforming property units, aiming to sell for “meagre profits” later, the newspaper said. The scheme will accelerate destocking and ease funding pressure for developers.
  • Beijing will optimise a currency management pilot programme for international firms in China, the country’s central bank has announced. Measures include lowering corporate financing costs, simplifying cross-border payment and receipt processes, and further supporting the handling of funds between main domestic accounts and overseas entities. The pilot service has expanded to 10 provinces since starting in Beijing and Shenzhen in 2021, Securities Daily noted.
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Highlights from Chinese press reports on Thursday:

  • Beijing should issue consumer coupons and fiscal subsidies to increase residents’ income and property earnings, expanding employment, and promoting the private economy, Yicai.com reported, citing Teng Tai, president at the Wanbo New Economic Research Institute. China can address youth unemployment through rural revitalisation and Chinese companies’ overseas expansion and digital transformation of traditional industries, the newspaper said, citing Zhang Chenggang, professor at Capital University of Economics and Business.
  • Nearly 10 cities in China, including Chongqing and Suzhou, have acquired over 10,000 unsold homes to increase affordable housing, Shanghai Securities News reported. In Suzhou, the local branch of the China Development Bank led the issuance of a CNY1.1 billion syndicated loan to support local state-owned enterprises in buying up and transforming property units, aiming to sell for “meagre profits” later, the newspaper said. The scheme will accelerate destocking and ease funding pressure for developers.
  • Beijing will optimise a currency management pilot programme for international firms in China, the country’s central bank has announced. Measures include lowering corporate financing costs, simplifying cross-border payment and receipt processes, and further supporting the handling of funds between main domestic accounts and overseas entities. The pilot service has expanded to 10 provinces since starting in Beijing and Shenzhen in 2021, Securities Daily noted.