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MNI China Press Digest Mar 15: Foreign Debt, PBOC, Housing

MNI (Singapore)
MNI (Beijing)

Highlights from Chinese press reports on Friday:

  • Officials will maintain prudent monetary policy that is flexible, appropriate, precise and effective, according to the People’s Bank of China. At a recent meeting, policymakers said the PBOC would promote the scale of social financing and money supply to match the expected goals of economic growth and price levels, and support local governments to resolve debt risk. China will promote high-level financial opening and the internationalisation of the RMB in a prudent manner. (Source: Securities Daily)
  • The National Development and Reform Commission will actively support high-quality enterprises with remarkable industry status, good credit and that lead the development of the real economy to borrow foreign debt, Xinhua Finance reported citing a document drafted by NDRC which is now open for public comments. Enterprises with investment grade (BBB- and above) in international credit rating or AAA in domestic credit rating, and no defaults in the last three years, can enjoy the preferential policy. The NDRC will appropriately simplify requirements and speed up the process for these companies.
  • Hangzhou, a major second-tier city in China, has fully eased the purchase restrictions on established houses and lowered tax costs during the transaction process, Securities Daily reported. The authority aims to drive new home sales by activating the second-hand housing market. Yan Yuejin, director at the E-house China Research and Development Institution, said full relaxation of limits on second-hand homes should precede those on new homes, as second-hand housing accounts for a large part of household assets.

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