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MNI China Press Digest January 22: Housing, Trade, U.S.

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 Wednesday:

  • China could offer interest or yield subsidies to speed up local authorities' acquisition of unsold homes for affordable housing and destocking, 21st Century Business Herald reported, citing Zhu Haibin, chief China economist at J.P. Morgan Chase. The Ministry of Finance could support CNY1 trillion of housing acquisitions by releasing CNY20 billion of funds through subsidising interest rates or yields by about two percentage points, said Zhu. A yield of 3.5-4% would make acquisitions attractive, compared to China’s current rental yield of about 2%, Zhu added.
  • China does not seek a trade surplus and wants to promote balanced trade by importing more quality products and services, Ding Xuexiang, vice premier at the State Council, told delegates at the World Economic Forum in Davos. The government will make continuous efforts to improve conditions for multinational companies, such as IP protection, cross-border data flow and access to factors of production. Ding said officials would work with foreign firms to access government procurement contracts, acknowledging some invisible barriers remain despite receiving equal treatment under Chinese law. (Source: China Ministry of Foreign Affairs)
  • U.S. President Donald Trump will likely prioritise domestic affairs at the start of his second term despite a previous focus on China, wrote Xiao Yu, a researcher from the Chinese Academy of Social Sciences. However, China should be aware Trump could start a global tariff war should a 25% tariff on Canada and Mexico be imposed, said Xiao. The Federal Reserve will likely continue gradually cutting interest rates as U.S. inflation will ease if Trump’s strategy to control energy prices by increasing crude oil output works, Xiao predicted. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Wednesday:

  • China could offer interest or yield subsidies to speed up local authorities' acquisition of unsold homes for affordable housing and destocking, 21st Century Business Herald reported, citing Zhu Haibin, chief China economist at J.P. Morgan Chase. The Ministry of Finance could support CNY1 trillion of housing acquisitions by releasing CNY20 billion of funds through subsidising interest rates or yields by about two percentage points, said Zhu. A yield of 3.5-4% would make acquisitions attractive, compared to China’s current rental yield of about 2%, Zhu added.
  • China does not seek a trade surplus and wants to promote balanced trade by importing more quality products and services, Ding Xuexiang, vice premier at the State Council, told delegates at the World Economic Forum in Davos. The government will make continuous efforts to improve conditions for multinational companies, such as IP protection, cross-border data flow and access to factors of production. Ding said officials would work with foreign firms to access government procurement contracts, acknowledging some invisible barriers remain despite receiving equal treatment under Chinese law. (Source: China Ministry of Foreign Affairs)
  • U.S. President Donald Trump will likely prioritise domestic affairs at the start of his second term despite a previous focus on China, wrote Xiao Yu, a researcher from the Chinese Academy of Social Sciences. However, China should be aware Trump could start a global tariff war should a 25% tariff on Canada and Mexico be imposed, said Xiao. The Federal Reserve will likely continue gradually cutting interest rates as U.S. inflation will ease if Trump’s strategy to control energy prices by increasing crude oil output works, Xiao predicted. (Source: 21st Century Business Herald)