MNI China Press Digest June 27: VC, Private Firms, Property

Highlights from Chinese press reports on Thursday:

• China will launch pragmatic measures to promote the high-quality development of the private economy's market access, factor acquisition, fair law enforcement, and rights protection, said Zheng Bei, deputy director at the National Development and Reform Commission in a speech, Yicai.com reported. The authority will promote equal entry to industries and businesses outside the negative list, as well as fair rules in the field of tendering and bidding, the report said. Also, it will accelerate the formulation of the Private Economy Promotion Law, the report said.
• Beijing city on Wednesday moved to lower the minimum down-payment ratio to 20% for first-time homebuyers from the previous 30%, the last first-tier city to decrease the policy floor, 21st Century Business Herald reported. The lower limit for mortgage rates of first houses was reduced to 3.5%. For local families with two or more children, their purchase of a second home will enjoy the same loan policy as first-time buyers, the newspaper said.
• Authorities have unveiled 17 measures aimed at promoting high-quality venture capital, including broader funding sources and improved market environment, Li Chunlin, deputy director of the National Development and Reform Commission told reporters. The NDRC will provide VC firms with opportunities to invest in high-quality projects in line with national development goals, and guide long term funds into the sector, Li continued. Li Mingxiao, director at State Administration of Financial Supervision said the government will optimize the role of insurance funds in VC.