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MNI China Press Digest Feb 6: PBOC, Jobs, Property Rebound

MNI (Singapore)
(MNI) Beijing

MNI picks key stories from today's China press.

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Highlights from Chinese press reports on Monday:

  • The People’s Bank of China will deliver more innovate financial products to reduce carbon emissions and support the green transition of the economy, Governor Yi Gang said on Saturday. The central bank will make efforts to lower the price of green energy and push the growth of green exchanges, which is hard but meaningful work, he said. Beijing is setting up a national green exchange serving international investors, he said, noting the PBOC's carbon emissions reduction tool, established in 2021, had provided over CNY300 billion in relending, leveraging loans from commercial banks totalling about CNY501 billion.
  • Both fiscal and monetary policy should focus on stabilising employment, especially in the service sector, small businesses and self-employed groups, Economic Daily said in a commentary. The employment situation is severe and challenging this year, it said, noting that GDP expansion is crucial to ensure labor market stability considering one percentage point of GDP growth would provide 2 million jobs. The authorities will enhance training to the key groups and push cooperation between eastern and western regions of the country in a bid to create new jobs and relocate labor sources, it said.
  • China's property market is expected to bottom out as early as the second quarter should a series of stimulus moves be implemented promptly and effectively, Securities Times reported citing analysts on Monday. Local governments have sought to support real estate by lowering mortgage rates and downpayments, which would bolster demand in first-tier and second-tier cities. But the uncertainties of the Covid situation, speculation of further declines in property prices, and concerns about the delivery of new houses will continue to curb home buying, so the recovery of the property market in most cities may take a longer time, it said.
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Highlights from Chinese press reports on Monday:

  • The People’s Bank of China will deliver more innovate financial products to reduce carbon emissions and support the green transition of the economy, Governor Yi Gang said on Saturday. The central bank will make efforts to lower the price of green energy and push the growth of green exchanges, which is hard but meaningful work, he said. Beijing is setting up a national green exchange serving international investors, he said, noting the PBOC's carbon emissions reduction tool, established in 2021, had provided over CNY300 billion in relending, leveraging loans from commercial banks totalling about CNY501 billion.
  • Both fiscal and monetary policy should focus on stabilising employment, especially in the service sector, small businesses and self-employed groups, Economic Daily said in a commentary. The employment situation is severe and challenging this year, it said, noting that GDP expansion is crucial to ensure labor market stability considering one percentage point of GDP growth would provide 2 million jobs. The authorities will enhance training to the key groups and push cooperation between eastern and western regions of the country in a bid to create new jobs and relocate labor sources, it said.
  • China's property market is expected to bottom out as early as the second quarter should a series of stimulus moves be implemented promptly and effectively, Securities Times reported citing analysts on Monday. Local governments have sought to support real estate by lowering mortgage rates and downpayments, which would bolster demand in first-tier and second-tier cities. But the uncertainties of the Covid situation, speculation of further declines in property prices, and concerns about the delivery of new houses will continue to curb home buying, so the recovery of the property market in most cities may take a longer time, it said.