MNI China Press Digest Mar 25: New Engines, Growth, Housing

Highlights from Chinese press reports on Monday:

• China will accelerate building its innovation capabilities, implement a number of major scientific and technological projects, promote high-end, intelligent and green development of manufacturing, and cultivate emerging industries, said Zheng Shanjie, head of the National Development and Reform Commission Sunday at the China Development Forum. It will create new growth engines such as biomanufacturing, commercial aerospace, and new materials, said Zheng. This also requires improving market systems and expanding high-level opening up, while the NDRC will speed up the publication of guidelines for the construction of a national unified market as well as the negative list for foreign investment for 2024, he added. (Source: Yicai)
• China’s economic indicators for January and February showed improvement and the government remains confident in meeting its annual development goals, according to Lan Fo’an, finance minister. Speaking at the China Development Forum, Lan said authorities will strengthen fiscal intensity this year with a general public budget expenditure of CNY28.5 trillion, up 4% y/y. The Ministry of Finance will continue to stimulate potential consumption and enhance the role of domestic demand in driving economic growth. (Source: Yicai)
• Homebuyers need not provide any housing certificates when purchasing commercial housing in Zhongshan city, a second-tier city in Southern China from Saturday, which removes the limit on the number of homes one can hold, the Beijing News reported citing Yan Yuejin, director at the E-house China Research and Development Institution. Previously, homebuyers needed to provide certificates including the number of houses purchased, records of mortgages and taxes. The relaxation will likely attract those who work in the nearby first-tier city Shenzhen, but market reaction remains to be seen with differentiated loan policies for first and second homes still in place. The move came after the State Council executive meeting on Friday urged cities to optimise housing policies further and stimulate potential demand.