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MNI China Press Digest Nov 19:Budget, Monetary Policy, Housing

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 Tuesday:

  • China’s general public budget revenue increased by 5.5% y/y in October, an acceleration from the 1.3% fall during the first 10 months, data from the Ministry of Finance showed. Total tax revenue rose 1.8%, the first positive growth this year, while value-added tax fell 1.2%, narrowing from the 5.6% fall from January to September. Officials are formulating plans to ensure major project funding needs and leverage government-bond funds for the economic recovery, the Ministry added. (Source: Securities Daily)
  • Authorities could cut interest rates by more than 100 basis points next year while assessing the impact on the currency market, according to Li Chao, chief economist at Zheshang Securities, adding the reduction would ensure growth and stable prices. Qin Han, a fixed-income analyst at Zheshang Securities, said a reserve requirement ratio cut was expected by the end of 2024 to deal with tighter liquidity from increasing government bond supply. However, Zhou Maohua, a macro researcher at Everbright Bank, said a RRR cut remained uncertain until economic and market liquidity data signalled a reduction was needed.
  • The Beijing municipal government has cancelled taxation distinctions between ordinary and non-ordinary housing categories, the city’s tax department has announced. Individuals who sell property after two years of ownership will be exempt from value-added tax, while those who sell within two years will pay the full rate of 5%. Beijing will unify purchase deed tax policy with the national standard, meaning individuals owning one or two family properties below 140 square metres will now pay 1%. (Source: 21st Century Business Herald)
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MNI (BEIJING)

Highlights from Chinese press reports on Tuesday:

  • China’s general public budget revenue increased by 5.5% y/y in October, an acceleration from the 1.3% fall during the first 10 months, data from the Ministry of Finance showed. Total tax revenue rose 1.8%, the first positive growth this year, while value-added tax fell 1.2%, narrowing from the 5.6% fall from January to September. Officials are formulating plans to ensure major project funding needs and leverage government-bond funds for the economic recovery, the Ministry added. (Source: Securities Daily)
  • Authorities could cut interest rates by more than 100 basis points next year while assessing the impact on the currency market, according to Li Chao, chief economist at Zheshang Securities, adding the reduction would ensure growth and stable prices. Qin Han, a fixed-income analyst at Zheshang Securities, said a reserve requirement ratio cut was expected by the end of 2024 to deal with tighter liquidity from increasing government bond supply. However, Zhou Maohua, a macro researcher at Everbright Bank, said a RRR cut remained uncertain until economic and market liquidity data signalled a reduction was needed.
  • The Beijing municipal government has cancelled taxation distinctions between ordinary and non-ordinary housing categories, the city’s tax department has announced. Individuals who sell property after two years of ownership will be exempt from value-added tax, while those who sell within two years will pay the full rate of 5%. Beijing will unify purchase deed tax policy with the national standard, meaning individuals owning one or two family properties below 140 square metres will now pay 1%. (Source: 21st Century Business Herald)