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MNI China Press Digest May 09: Property, Economy, Retail

MNI (BEIJING)
BEIJING (MNI)

MNI picks key stories from today's China press

Policy NewsHomepageCentral Bank NewsPBOCAPACChinaEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
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Highlights from Chinese press reports on Thursday:

  • Upper tier-two city Hangzhou in Eastern China said it will lift all home purchase restrictions, according to a statement by the local housing bureau. Homebuyers who have no property within the district where they plan to buy a house, or the property is on the market for sale, can be considered as first-time buyers to enjoy preferential mortgage rates. Migrant workers who have obtained housing in the city can apply for local household registration, the statement said.
  • The Chief Economist Confidence Index reached 50.52, down from April’s 50.86 but remaining above 50, indicating economists remain positive. The index, compiled by the First Financial Research Institute, showed economists expect April's CPI to reach 0.18% y/y, PPI at -2.29% y/y, consumer goods up 4.13% y/y, fixed-assets investment of 4.68% y/y, and real-estate investment at -9.6% y/y. Economists did not anticipate the one- and five-year LPR rates to lower in May, and the likelihood of a RRR cut was low. However Lian Ping, president at Guangkai Chief Industrial Research Institute, said authorities could still cut rates in Q2, with the MLF potentially reduced by 10-20bp. (Source: Yicai)
  • China’s retail sector steadily recovered in May with the retail sentiment index (CRPI) reaching 50.9%, up 0.5 pp from April, according to the China Federation of Commerce. The store occupancy rate index read 54.6%, up 2.8 pp from the previous month, due to leasing activity boosting investment and business operations. The customer price level index reached 48.6%, down 0.9 pp from the previous read, falling for three consecutive months. The sales index read 51.9%, up 1.4 pp, but the profit level index fell 1.0 pp to 49.8% indicating enterprises are relatively cautious about profit growth in May. (Source: China Federation of Commerce website)
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Highlights from Chinese press reports on Thursday:

  • Upper tier-two city Hangzhou in Eastern China said it will lift all home purchase restrictions, according to a statement by the local housing bureau. Homebuyers who have no property within the district where they plan to buy a house, or the property is on the market for sale, can be considered as first-time buyers to enjoy preferential mortgage rates. Migrant workers who have obtained housing in the city can apply for local household registration, the statement said.
  • The Chief Economist Confidence Index reached 50.52, down from April’s 50.86 but remaining above 50, indicating economists remain positive. The index, compiled by the First Financial Research Institute, showed economists expect April's CPI to reach 0.18% y/y, PPI at -2.29% y/y, consumer goods up 4.13% y/y, fixed-assets investment of 4.68% y/y, and real-estate investment at -9.6% y/y. Economists did not anticipate the one- and five-year LPR rates to lower in May, and the likelihood of a RRR cut was low. However Lian Ping, president at Guangkai Chief Industrial Research Institute, said authorities could still cut rates in Q2, with the MLF potentially reduced by 10-20bp. (Source: Yicai)
  • China’s retail sector steadily recovered in May with the retail sentiment index (CRPI) reaching 50.9%, up 0.5 pp from April, according to the China Federation of Commerce. The store occupancy rate index read 54.6%, up 2.8 pp from the previous month, due to leasing activity boosting investment and business operations. The customer price level index reached 48.6%, down 0.9 pp from the previous read, falling for three consecutive months. The sales index read 51.9%, up 1.4 pp, but the profit level index fell 1.0 pp to 49.8% indicating enterprises are relatively cautious about profit growth in May. (Source: China Federation of Commerce website)