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MNI China Press Digest June 11: Housing, Economy, Tourism

MNI (Singapore)
MNI (Beijing)

MNI picks key stories from today's China press

Policy NewsHomepageCentral Bank NewsPBOCAPACChinaStoryBond Market NewsEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryRegion
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Highlights from Chinese press reports on Monday:

  • Further measures to reduce housing stocks are expected after China’s State Council executive meeting on June 7 pledged to study and reserve new policies to destock and stabilise the real- estate market, Securities Daily reported. Analysts said the central bank will further increase the scale of pledged supplementary lending and re-lending facilities to increase support for local state-owned enterprises to buy up unsold housing. A new destocking policy may also include expanding the renovation of urban villages and purchasing existing housing for resettlement, the newspaper said citing analysts.
  • A China private chief economist confidence index reached 50.23 in June, down from 50.52 in May, but above the 50 level, with participants noting a gradual improvement in conditions. Chief economists forecast May’s CPI at 0.38%, PPI at -1.56%, retail sales at 3.41% y/y, and industrial added value at 5.99%, according to the index published by First Financial Research Institute. Economists' expectations on LPR cuts remained low, with only two of the seventeen participants expecting a lower rate over the next month. Wang Han from Industrial Securities, said April saw stronger external demand than domestic demand, and the momentum of economic recovery slowed. (Source: Yicai)
  • A total of 110 million domestic tourism trips were made during the three-day Dragon Boat Festival holiday, a rise of 6.3% y/y, with the tourism revenue totalling CNY40.35 billion, an increase of 8.1%, according to the data center of the Ministry of Culture and Tourism. Outbound tourism to Japan, Thailand, Malaysia and South Korea were also popular, and international cruise bookings increased more than 14 times year-on-year during the holiday, Economic Daily reported.
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Highlights from Chinese press reports on Monday:

  • Further measures to reduce housing stocks are expected after China’s State Council executive meeting on June 7 pledged to study and reserve new policies to destock and stabilise the real- estate market, Securities Daily reported. Analysts said the central bank will further increase the scale of pledged supplementary lending and re-lending facilities to increase support for local state-owned enterprises to buy up unsold housing. A new destocking policy may also include expanding the renovation of urban villages and purchasing existing housing for resettlement, the newspaper said citing analysts.
  • A China private chief economist confidence index reached 50.23 in June, down from 50.52 in May, but above the 50 level, with participants noting a gradual improvement in conditions. Chief economists forecast May’s CPI at 0.38%, PPI at -1.56%, retail sales at 3.41% y/y, and industrial added value at 5.99%, according to the index published by First Financial Research Institute. Economists' expectations on LPR cuts remained low, with only two of the seventeen participants expecting a lower rate over the next month. Wang Han from Industrial Securities, said April saw stronger external demand than domestic demand, and the momentum of economic recovery slowed. (Source: Yicai)
  • A total of 110 million domestic tourism trips were made during the three-day Dragon Boat Festival holiday, a rise of 6.3% y/y, with the tourism revenue totalling CNY40.35 billion, an increase of 8.1%, according to the data center of the Ministry of Culture and Tourism. Outbound tourism to Japan, Thailand, Malaysia and South Korea were also popular, and international cruise bookings increased more than 14 times year-on-year during the holiday, Economic Daily reported.