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MNI China Press Digest Nov 14: Property, Q4 Economy, EU Carbon

MNI picks key stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Thursday:

  • China has expanded the eligibility for 1% deed tax to include first and second homes up to 140 square metres, an increase from the previous 90 square metres, The Paper reported. The deed tax for houses of more than 140 square metres, so-called luxury houses, was lowered to 1.5% from the previous 3% for first-time buyers. For properties worth CNY10 million, deed tax will be reduced from CNY300,000 to CNY150,000, the newspaper said, citing analysts. Meanwhile, residents are exempt from value-added tax when they sell property after two years.
  • Localities in China are accelerating investment and project activity in Q4 to speed up fund allocation and achieve this year’s annual growth targets, noted Zhang Yiqun, deputy director at the Performance Management Committee of the Chinese Society of Finance. The national construction machinery start-up rate rose by 1.6 percentage points month-on-month in October, with increases seen in 28 of the 31 provinces, Zhang noted. Zhu Hualei, senior consultant at Jufeng Investment Consulting, said intensifying project activity will support the long-term and stable development of the economy.
  • China must deal with the EU’s new carbon tariff measures by strengthening emissions management and accounting systems, as well as reducing the carbon footprint of products, according to Miao Lu, secretary general at the Centre for China and Globalization. Chinese firms need to reduce risk by developing diversified markets in Southeast Asia, Africa and Latin America, Miao added. Beijing must also play an active role in international rule making to ensure a policy environment favourable for domestic firms, Miao continued.
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MNI (BEIJING)

Highlights from Chinese press reports on Thursday:

  • China has expanded the eligibility for 1% deed tax to include first and second homes up to 140 square metres, an increase from the previous 90 square metres, The Paper reported. The deed tax for houses of more than 140 square metres, so-called luxury houses, was lowered to 1.5% from the previous 3% for first-time buyers. For properties worth CNY10 million, deed tax will be reduced from CNY300,000 to CNY150,000, the newspaper said, citing analysts. Meanwhile, residents are exempt from value-added tax when they sell property after two years.
  • Localities in China are accelerating investment and project activity in Q4 to speed up fund allocation and achieve this year’s annual growth targets, noted Zhang Yiqun, deputy director at the Performance Management Committee of the Chinese Society of Finance. The national construction machinery start-up rate rose by 1.6 percentage points month-on-month in October, with increases seen in 28 of the 31 provinces, Zhang noted. Zhu Hualei, senior consultant at Jufeng Investment Consulting, said intensifying project activity will support the long-term and stable development of the economy.
  • China must deal with the EU’s new carbon tariff measures by strengthening emissions management and accounting systems, as well as reducing the carbon footprint of products, according to Miao Lu, secretary general at the Centre for China and Globalization. Chinese firms need to reduce risk by developing diversified markets in Southeast Asia, Africa and Latin America, Miao added. Beijing must also play an active role in international rule making to ensure a policy environment favourable for domestic firms, Miao continued.