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MNI China Press Digest Dec 2: Property, PMI, Deficit

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 Monday:

  • China’s home sale transaction area in 30 key cities and land acquired by 30 major developers hit 2024 highs in November, Securities Times reported. Total transaction area grew 20% y/y or 3% m/m, with the four tier-one cities growing 57% y/y or 5% m/m, according to data by China Real Estate Information Corp. Land demand also increased, with land investment from 30 major developers reaching about CNY90 billion last month, rising 181% m/m or 107% y/y, CRIC data showed.
  • China’s manufacturing PMI reached 50.3 points in November, up 0.2 percentage points m/m, driven mainly by the new order index hitting 50.8, up 0.8 pp m/m, according to Wang Qing, chief macro analyst at Orient Securities. However, Zhang Liqun, special analyst at the China Federation of Logistics and Purchasing, noted the PMI price indices all declined, indicating oversupply remained an issue. Officials need to strengthen incremental policies especially on public investment to stimulate corporate orders and overall demand. (Source: 21st Century Herald)
  • Authorities should consider a deficit-to-GDP ratio higher than 3.8% to support a growth target of about 5% next year, 21st Century Business Herald reported, citing Wang Yiming, vice chairman at the China Center for International Economic Exchanges. The scale of special treasury and local government special bonds can be further expanded, Wang expected. Supportive monetary policy should also be strengthened accordingly, with interest rates and reserve requirement ratio reductions, Wang added.
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Highlights from Chinese press reports on Monday:

  • China’s home sale transaction area in 30 key cities and land acquired by 30 major developers hit 2024 highs in November, Securities Times reported. Total transaction area grew 20% y/y or 3% m/m, with the four tier-one cities growing 57% y/y or 5% m/m, according to data by China Real Estate Information Corp. Land demand also increased, with land investment from 30 major developers reaching about CNY90 billion last month, rising 181% m/m or 107% y/y, CRIC data showed.
  • China’s manufacturing PMI reached 50.3 points in November, up 0.2 percentage points m/m, driven mainly by the new order index hitting 50.8, up 0.8 pp m/m, according to Wang Qing, chief macro analyst at Orient Securities. However, Zhang Liqun, special analyst at the China Federation of Logistics and Purchasing, noted the PMI price indices all declined, indicating oversupply remained an issue. Officials need to strengthen incremental policies especially on public investment to stimulate corporate orders and overall demand. (Source: 21st Century Herald)
  • Authorities should consider a deficit-to-GDP ratio higher than 3.8% to support a growth target of about 5% next year, 21st Century Business Herald reported, citing Wang Yiming, vice chairman at the China Center for International Economic Exchanges. The scale of special treasury and local government special bonds can be further expanded, Wang expected. Supportive monetary policy should also be strengthened accordingly, with interest rates and reserve requirement ratio reductions, Wang added.