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The following lists highlights from Chinese press reports on Tuesday:
- Coal prices in China may not stabilize until August as supplies are expected to rise then, the Shanghai Securities News reported citing industry analysts. Regulatory policies will help major local coal mines to boost production capacities while imports are also projected to increase, the newspaper said citing a report by the China Electricity Council's CECI office. Some smaller thermal power plants cannot get supply due to the ongoing shortages, which the newspaper said were caused by record electricity consumption in many regions, the newspaper said. China has expanded its annual coal production capacity by 140 million tons per year in H1 and will add another 110 million tons in H2, while adding coal reserve storage capacities by about 600 million tons, about 15% of its annual consumption, the newspaper said citing the top planner NDRC.
- China's housing prices may slow further in H2 as the market enters another phase of correction following policies that restrict credit lending, the China Securities Journal reported citing a research report by Tianfeng Securities. New home sales last week in 36 large cities slid 13.2% from a week ago, with the top-tier cities plunged 23.25%, the newspaper said citing the brokerage's data. Some developers reported double-digit drops in June sales from last year, the newspaper said. While regulatory efforts will continue to contain the housing industry, regional governments may support a stable market to help boost incomes as they grapple with slowing fiscal revenue growth, the newspaper said.
- China needs the digital yuan, a new type of retail payment tool, to help drive its digital economy and achieve high-quality growth, the Securities Times said in a commentary on the recently released PBOC White Paper on digital currency. The digital yuan is safer to protect user privacy and could make basic financial services more efficient, the Times said. The launch of digital yuan will help withstand potential financial risks from cryptocurrencies such as Bitcoin, which could threaten international monetary system and cross-border capital flow management, the newspaper said.