May 18, 2022 01:51 GMT
MNI picks keys stories from today's China press
The following lists highlights from Chinese press reports on Wednesday:
- Cross-border capital flows for China are expected to remain stable as the surplus in the current account and foreign direct investment has grown faster from a year earlier amid efforts to stabilise trade and foreign investment, the Economic Information Daily reported citing Wen Bin, chief researcher of China Minsheng Bank. In April, the surplus of cross-border trade in goods was USD44.3 billion and the net inflow of direct investment in China was USD18.4 billion, growing 2.8 and 1.2 times from last April respectively, the newspaper said citing data released by the State Administration of Foreign Exchange. Banks’ foreign exchange settlement and sales continued with a surplus of USD19 billion in April, much higher than the level same period last year, the newspaper said.
- Chinese stocks listed on U.S. exchanges surged on Tuesday after Vice Premier Liu He said the country supports the listing of digital companies in domestic and foreign capital markets, according to Quanshang China, a social media outlet under the Securities Times. The NASDAQ Golden Dragon China Index soared by over 7% after the market opened, the newspaper said. It is necessary to balance the relationship between development and security, as well as handle the relationship between the government and the market well, the newspaper said citing officials’ speeches during the meeting.
- It should take at least a quarter for new policies and an easing of Covid-19 curbs to lift the real estate market from a bottom now, said the 21st Century Business Herald in an editorial. Housing demand will rebound when economic growth returns to a normal track and expectation stabilises, the newspaper said. There is still strong demand, the newspaper said noting that many homebuyers had lined up to wait for the approval of bank mortgages in H1 2021 amid an easing policy environment. The current housing prices in first-tier cities are still too high and any stimulation on first-tier housing markets should be avoided, the newspaper said.