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MNI China Press Digest March 7: Deficit, Property, Budget

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Friday:

  • Beijing's 100 basis point increase of the deficit-to-GDP ratio by 100 basis points to 4% sends a positive signal, said Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences, adding that the move reserved policy space while also accounting for debt balance. Yang stated that the government's 5% GDP growth target amidst rising external uncertainties, particularly the U.S. tariff threat, reflects policymakers' confidence in driving an economic rebound, though achieving it will require considerable effort.
  • Authorities should stimulate property demand by further lowering the down-payment ratio and mortgage-interest rates for home buyers, Yicai.com reported, citing Yang Kewei, researcher at China Real Estate Information Corp, adding that downward space for outstanding mortgage rates also remained. Meanwhile, authorities should support large-private developers by promoting restructuring and smoothing financing to restore normal operations and market confidence, the newspaper said, citing analysts.
  • China’s central government general public budget is projected to generate CNY9.7 trillion, down 3.5% y/y, according to Yicai.com, citing recent government reports. However, when one-time factors are removed, revenue is expected to increase by 2.1%. The Local Government Fund budget revenue is expected to reach CNY5.7 trillion, a growth of 0.1% y/y, indicating land sales, which account for 85% of local government revenues, will stabilise in 2025 after three consecutive years of decline.
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Highlights from Chinese press reports on Friday:

  • Beijing's 100 basis point increase of the deficit-to-GDP ratio by 100 basis points to 4% sends a positive signal, said Yang Zhiyong, head of the Chinese Academy of Fiscal Sciences, adding that the move reserved policy space while also accounting for debt balance. Yang stated that the government's 5% GDP growth target amidst rising external uncertainties, particularly the U.S. tariff threat, reflects policymakers' confidence in driving an economic rebound, though achieving it will require considerable effort.
  • Authorities should stimulate property demand by further lowering the down-payment ratio and mortgage-interest rates for home buyers, Yicai.com reported, citing Yang Kewei, researcher at China Real Estate Information Corp, adding that downward space for outstanding mortgage rates also remained. Meanwhile, authorities should support large-private developers by promoting restructuring and smoothing financing to restore normal operations and market confidence, the newspaper said, citing analysts.
  • China’s central government general public budget is projected to generate CNY9.7 trillion, down 3.5% y/y, according to Yicai.com, citing recent government reports. However, when one-time factors are removed, revenue is expected to increase by 2.1%. The Local Government Fund budget revenue is expected to reach CNY5.7 trillion, a growth of 0.1% y/y, indicating land sales, which account for 85% of local government revenues, will stabilise in 2025 after three consecutive years of decline.