MNI China Press Digest Feb 8: CSRC Head, Investment, Shenzhen

Highlights from Chinese press reports on Thursday:

• China has removed Yi Huiman as the chairman of the China Securities Regulatory Commission (CSRC) and appointed Wu Qing to the position. According to Shanghai Securities News, Wu obtained rich experience previously as the chairman of the Shanghai Stock Exchange where he called for strong action against market violations and pursuing accountability. Wu also worked as the director of risk management at the CSRC.
• Local governments have accelerated the launch of major projects, with more infrastructures focusing on improving people’s livelihood, digitalisation and the green transition, Securities Daily reported citing analysts. According to incomplete statistics from Mysteel, a total of 7,970 projects were started across the country in January, an increase of 187.21% m/m, with total investment rising 202.46% m/m to CNY5.4 trillion. The proportion of private investment among newly started projects rose last month, and authorities should lower the threshold for social capital in some tech-based infrastructure and road transportation projects, said Wang Qing, chief macro analyst with Golden Credit Rating.
• Shenzhen, one of the first-tier cities in China, lowered the threshold for non-local homebuyers by easing the requirement of tax and social insurance payments to three from five years on Wednesday to further stimulate demand as the market remains inactive to previous relaxations, 21st Century Business Herald reported. The authority also scrapped the tax and social insurance requirements for local residents but kept the purchase limit of two houses for families and one for singles. The policy intensity seems limited to attract more purchasing power, said an unnamed developer in the city. While some analysts think the effectiveness of the policy may appear after the New Year holiday when most citizens return from their home towns.