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MNI China Press Digest Nov 22: Housing, Hidden Debt, Data

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 Friday:

  • The year-on-year decline in new home sales nationwide is expected to soften as November sales stabalise and increased developer promotions would support December's results, Securities Times reported citing analysts. New home sales in 30 key cities rose by about 50% in the first half of November when compared with the same period in October, or a 20% y/y rise, data by China Index Academy showed. The sustained sales rebound will require additional policies including the implementation of urban village innovations which would drive about 100 million square meters of home sales, the newspaper said.
  • Nine provinces or cities have released plans to issue special refinancing bonds to swap out outstanding implicit debts totaling about CNY500 billion, Securities Daily reported. The Ministry of Finance said this week that it is strengthening guidance to localities to make good use of the additional CNY6 trillion local debt limits granted for hidden debt swaps. The period of special refinancing bonds has been significantly lengthened, and mainly concentrated in economically developed regions, the newspaper said citing analysts.
  • China is stepping up efforts to issue compliance guidelines for cross-border data flows in the financial industry, China Securities Journal reported citing Li Wei, director of the People's Bank of China's technology department. Data that does not contain important financial or personal information can flow freely across borders and be provided overseas independently, should legal provisions be fulfilled and relevant regulations of the national cyberspace administration and financial management departments be met, according to the guidelines.
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MNI (BEIJING) - Highlights from Chinese press reports on Friday:

  • The year-on-year decline in new home sales nationwide is expected to soften as November sales stabalise and increased developer promotions would support December's results, Securities Times reported citing analysts. New home sales in 30 key cities rose by about 50% in the first half of November when compared with the same period in October, or a 20% y/y rise, data by China Index Academy showed. The sustained sales rebound will require additional policies including the implementation of urban village innovations which would drive about 100 million square meters of home sales, the newspaper said.
  • Nine provinces or cities have released plans to issue special refinancing bonds to swap out outstanding implicit debts totaling about CNY500 billion, Securities Daily reported. The Ministry of Finance said this week that it is strengthening guidance to localities to make good use of the additional CNY6 trillion local debt limits granted for hidden debt swaps. The period of special refinancing bonds has been significantly lengthened, and mainly concentrated in economically developed regions, the newspaper said citing analysts.
  • China is stepping up efforts to issue compliance guidelines for cross-border data flows in the financial industry, China Securities Journal reported citing Li Wei, director of the People's Bank of China's technology department. Data that does not contain important financial or personal information can flow freely across borders and be provided overseas independently, should legal provisions be fulfilled and relevant regulations of the national cyberspace administration and financial management departments be met, according to the guidelines.