MNI China Press Digest Jan 14: Investment, Covid, Property Tax

The following lists highlights from Chinese press reports on Thursday:

Manufacturing will receive a bigger share of investment in China as traditional infrastructure projects and the real estate sector face growing restrictions and as China's nominal GDP jumps in 2021, the China Securities Journal said in an editorial. China's easing approach to long-term lending and stable inbound capital will help supply the investment demand, the newspaper wrote.

The northern Chinese province of Hebei bordering Beijing reported 81 locally-transmitted cases of Covid-19 on Wednesday, while the northeast Heilongjiang province near Russia also reported 68, the China Daily reported. However, China is not likely to experience a major resurgence in the upcoming Spring Festival holidays given quick emergency measures including regional lockdowns, although officials are advising against non-essential travel, the Daily reported citing Feng Zijian, deputy director of the Chinese Center for Disease Control and Prevention.

China's policymakers may soon Implement property taxes to meet revenue needs, former Minister of Finance Lou Jiwei said during an interview with media outlet Caixin. Lou, interpreting an October 2020 directive from the Fifth Plenum of the Chinese Communist Party, said top decision makers have called for the raising of direct taxes, and since corporate and individual tax rates have little room to increase, the only option is to implement property taxes.