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MNI: PBOC Net Drains CNY11 Bln Via OMOs Wednesday
MNI: PBOC Yuan Parity Higher At 7.1196 Wednesday; -6.10% Y/Y
MNI China Press Digest Feb 17: Govt Revenue, Home Prices, PBOC
Highlights from Chinese press reports on Friday:
- The fiscal revenue outlook for 2023 remains “uncertain” as the foundation for economic recovery is not yet solid, according to Finance Minister Liu Kun. In a recent article in state media, Liu said he expected revenue to increase moderately in 2023 despite the uncertainty, owing to an increase in economic activity and due to 2022 being a low base year, according to a report by Shanghai Securities News. This year's taxation policy will focus on stimulating domestic demand, supporting SMEs and strengthening people’s livelihoods. Liu mentioned the important role for local government special bonds and central infrastructure investment whilst preventing blind expansion of investment and encouraging more private capital participation.
- House prices in tier-one cities increased slightly month-on-month in January, and the rate of price decreases in tier-two and three cities slowed, according to the Securities Daily. The paper said the improvement in data recently released by the National Bureau of Statistics showed recent measures taken in some regions, such as lowering the interest rate for first time homeowners before the Spring Festival, was having positive results, but more demand-side policy was needed for the market to recover. Daily transactions in February of secondhand houses were up by 1% on average compared with January, indicating further momentum in the recovery, the paper said.
- Banks are encouraged to adjust down payment ratios, interest rates, and their tolerance of non-performing loans to support the logistics industry during the economic recovery, according to a circular posted on the PBOC website. The Securities Daily mentioned the logistics industry is the lifeblood of the economy, and the measures will allow the sector to improve operational efficiency and reduce transport costs. The central bank said it would encourage logistics firms to issue corporate credit bonds and reduce financing costs.
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