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MNI China Press Digest June 13: EV Tariff, PBOC, Urban Renewal

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 Thursday:

  • The China Chamber for Import and Export of Machinery is ready to defend the rights and interests of China's battery electric vehicle (BEV) firms, in reaction to the EU imposing up to 38.1% additional tariffs on the Chinese made automobiles. In a written statement, the chamber noted the European Commission had requested overly broad and stringent information during the investigation, which involved on-site inspections over several months. The chamber urged the EC to abide by WTO and EU anti-subsidy rules and jointly promote the integration of the China-EU automotive industry. (Source: Yicai)
  • City governments should select no more than two local SOEs as acquisition entities to buy up completed-but-unsold housing from developers for social housing programmes, and strictly avoid adding new implicit debts of local governments, said Zou Lan, director of the Monetary Policy Department at the People's Bank of China Wednesday. The selected SOEs must not be local government financing vehicles and meet the credit requirements of commercial banks. Loan funds obtained by SOEs must be accounted for separately and managed in a closed manner. Developers shall first repay the debts of projects with those sales revenue. (Source: 21st Century Business Herald)
  • The Chinese government has provided fiscal subsidies to the first batch of 15 cities for urban renewals, with projects including urban village renovation and the renewals of underground pipe and sewage networks accelerating, Economic Information Daily reported. The CNY1 trillion ultra-long-term special treasury bonds issued in May also include and fund some of the projects, the daily said. Meanwhile, some local governments have offered loan interest discounts to leverage more private capital to participate in urban renewals, the newspaper added.
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Highlights from Chinese press reports on Thursday:

  • The China Chamber for Import and Export of Machinery is ready to defend the rights and interests of China's battery electric vehicle (BEV) firms, in reaction to the EU imposing up to 38.1% additional tariffs on the Chinese made automobiles. In a written statement, the chamber noted the European Commission had requested overly broad and stringent information during the investigation, which involved on-site inspections over several months. The chamber urged the EC to abide by WTO and EU anti-subsidy rules and jointly promote the integration of the China-EU automotive industry. (Source: Yicai)
  • City governments should select no more than two local SOEs as acquisition entities to buy up completed-but-unsold housing from developers for social housing programmes, and strictly avoid adding new implicit debts of local governments, said Zou Lan, director of the Monetary Policy Department at the People's Bank of China Wednesday. The selected SOEs must not be local government financing vehicles and meet the credit requirements of commercial banks. Loan funds obtained by SOEs must be accounted for separately and managed in a closed manner. Developers shall first repay the debts of projects with those sales revenue. (Source: 21st Century Business Herald)
  • The Chinese government has provided fiscal subsidies to the first batch of 15 cities for urban renewals, with projects including urban village renovation and the renewals of underground pipe and sewage networks accelerating, Economic Information Daily reported. The CNY1 trillion ultra-long-term special treasury bonds issued in May also include and fund some of the projects, the daily said. Meanwhile, some local governments have offered loan interest discounts to leverage more private capital to participate in urban renewals, the newspaper added.