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MNI China Press Digest, May 23: Chips, Home Prices, Yuan 

     BEIJING (MNI) - The following are highlights from Chinese press reports
Thursday:
     China's Ministry of Finance aims to boost market confidence by offering
five-year tax breaks to domestic chip makers, according to a report in Quanshang
Zhongguo, an online publication affiliated with Securities Times. Amid
escalating trade tensions with the US, eligible chip design and software firms
will be exempt from corporate income taxes for two years and their taxes will be
halved in the following three years, according to the statement by the Ministry
on Wednesday night. The publication notes that while the U.S. is weighing the
blacklisting of more Chinese firms sourcing U.S. chips, Japanese exports of
semiconductor parts to China shrank sharply in April.
     Residential housing prices in China are expected to rise 7.6% y/y over
2019, the China News Services reported today citing the latest Blue Book on Real
Estate issued by the Chinese Academy of Social Sciences. The newspaper noted
that prices in some key cities will significantly exceed this expected level
which equates to an average price of CNY9,206 per square meter. The forecast
rise for 2019 compares with a 12.2% y/y increase in 2018, which was
significantly higher than expected, the newspaper said.
     The PBOC has shown stronger intentions to guide the yuan exchange rate in
the past two weeks, as shown in plans for a new sale of central bank bills,
according to the Economic Daily. The newspaper cites PBOC plans for a new sale
just one week after it had sold CNY20 billion of bills on May 15 as evidence of
the PBOC's resolve. The sales could stabilize the offshore yuan exchange rate
and help combat short selling and arbitrage, the newspaper said citing E
Yongjian, chief financial analyst at the research center of the Bank of
Communications.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MI$$$$]
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
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