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MNI China Press Digest Nov 20: CSRC, Consumption, Property

MNI picks keys stories from today's China press
Policy NewsCentral Bank NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Wednesday:

  • China’s top securities watchdog will improve the efficiency of overseas listings and actively support qualified domestic firms to go public abroad, Shanghai Securities News reported, citing Wu Qing, chairman of the China Securities Regulatory Commission. The CSRC will expand the scope of Stock Connect and develop depositary receipts to attract global medium- and long-term funds, said Wu. The Commission will also steadily open up commodity and financial-futures markets to meet the needs of diversified investment and risk management better, Wu added.
  • China’s high-frequency data suggests consumption will remain strong in November and December, according to Shen Jianguang, chief economist at JD Group, who highlighted 567,000 vehicles were sold between November 1-10, up 29% y/y, of which new energy vehicles increased by 70% y/y. Home-appliance sales are expected to benefit from new-home total square metre transactions in 30 large and medium-sized cities rising 7.3% between November 1 to 17, Shen added. However, authorities need measures to increase residents’ income to ensure a sustained consumption rebound, Shen continued.
  • Shenzhen has become the third tier-one city to cancel taxation distinctions between ordinary and non-ordinary housing categories, following Beijing and Shanghai, National Business Daily reported. Deed tax for first and second family homes below 140 square metres will be reduced to 1%, and exemptions given on value-added tax after two years of ownership versus 5% for those selling within two years. The move will benefit second-hand housing sales and the roughly 30% of Beijing properties classified as non-ordinary housing, which means villas and high-end apartments, the newspaper explained.
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Highlights from Chinese press reports on Wednesday:

  • China’s top securities watchdog will improve the efficiency of overseas listings and actively support qualified domestic firms to go public abroad, Shanghai Securities News reported, citing Wu Qing, chairman of the China Securities Regulatory Commission. The CSRC will expand the scope of Stock Connect and develop depositary receipts to attract global medium- and long-term funds, said Wu. The Commission will also steadily open up commodity and financial-futures markets to meet the needs of diversified investment and risk management better, Wu added.
  • China’s high-frequency data suggests consumption will remain strong in November and December, according to Shen Jianguang, chief economist at JD Group, who highlighted 567,000 vehicles were sold between November 1-10, up 29% y/y, of which new energy vehicles increased by 70% y/y. Home-appliance sales are expected to benefit from new-home total square metre transactions in 30 large and medium-sized cities rising 7.3% between November 1 to 17, Shen added. However, authorities need measures to increase residents’ income to ensure a sustained consumption rebound, Shen continued.
  • Shenzhen has become the third tier-one city to cancel taxation distinctions between ordinary and non-ordinary housing categories, following Beijing and Shanghai, National Business Daily reported. Deed tax for first and second family homes below 140 square metres will be reduced to 1%, and exemptions given on value-added tax after two years of ownership versus 5% for those selling within two years. The move will benefit second-hand housing sales and the roughly 30% of Beijing properties classified as non-ordinary housing, which means villas and high-end apartments, the newspaper explained.