June 17, 2022 01:47 GMT
MNI picks key stories from today's China press.
The following lists highlights from Chinese press reports on Friday:
- China’s real estate market is still hovering at the bottom despite over 200 cities having loosened regulations by mid-June, as home prices nationwide are still slowly declining, Caixin reported. Second-hand home prices in 70 key cities decreased by 0.4% m/m, or 2.2% y/y in May, Caixin cited data by Shanghai E-House Real Estate Research Institute. New housing declined by 0.2% m/m, or 0.8% y/y, said Caixin. The current relaxations aim at fine-tuning the qualifications of home buyers, and first-tier cities have not changed policies markedly, Caixin said citing Zhang Dawei, chief analyst of Centaline Property.
- China should use the next six months to intensify fiscal policy and pay more attention to price tools of monetary policy to stabilise economic growth, in order to prepare for the arrival of global stagflation, according to a working paper published by researchers at China Finance 40 Forum. China should maintain the flexibility of the yuan while closely monitoring capital flow anomalies, the paper said. Also, China should participate more in multilateral debt restructuring mechanisms, as major central banks tighten policy. Along with the sharp rise in global energy and grain prices, it is very likely to trigger debt crises in some emerging markets and developing countries, the paper said.