MNI China Press Digest, Nov 5:Import Expo, Yuan, Private Firms

     BEIJING (MNI) - The following lists highlights from the Chinese press for

Monday:

     The recent high volatilities of the yuan were mainly due to changes in the

external environment and market sentiments, and investors should look from a

long-term perspective and be comfortable with the volatilities, Economic Daily

said in a commentary piece on Monday. With the steady advancement of the

exchange rate reform, the yuan has become more flexible, and China has abundant

tools to deal with excessive volatilities and take targeted measures to keep the

rate basically stable at a reasonable and balanced level, the Daily said. (Link

to story: https://bit.ly/2JJLJ7j)

     The government of Shanghai injected CNY30 billion to alleviate the

financing difficulty of private businesses, Shanghai Securities News reported on

Monday. Shanghai will set up a CNY10-billion fund to rescue private companies in

line with China's economic restructure and have good growth prospects, the

newspaper said. It will also urge banks to lend to small companies and provide

CNY10 billion of credit and guarantee loans to over 1000 firms. The scale of the

financing guarantee funds for small companies will be expanded to CNY10 billion

and gradually cover large and medium private companies, the newspaper said.

(Link to story: https://bit.ly/2QjIxBw)

Shenzhen's housing market showed a substantial slowdown and developers are

offering discounts and second-hand homeowners are cutting prices to sell off,

21st Century Business Herald reported on Saturday. The price of second-hand

homes being transacted decreased for the third month by 0.73% m/m to CNY52,481

per square meter in October, the newspaper said citing data of Shenzhen

Centaline Property. (Link to story: https://bit.ly/2QjUS93)

China's first International Import Expo starting on Monday is for China to

promote a new round of opening up, the People's Daily overseas edition said

citing President Xi Jinping. As a global resource-allocating platform, the event

can help transforming "Made in China" to "Innovated in China", seeking speed of

development to quality, thus becoming a manufacturing power, the newspaper said.

(Link to story: https://bit.ly/2JJHqsF)

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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