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MNI China Press Digest Nov 6: Economy, PBOC, 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 Wednesday:

  • Yicai news agency's China Chief Economist Index reached 50.78 in November, up from 50.62 previously and above the expansion mark of 50 for the second consecutive month, the news agency said. Economists surveyed expect October's CPI to hit 0.417% y/y with PPI declines narrowing to 2.42% from 2.8% in September. Retail sales are forecasted to increase 4.1% versus September’s 3.2%, while industrial value added was anticipated at 5.33% growth y/y, down from 5.4% previous. Economists noted the equipment renewal cycle will slow down in 2025 and presents a downside risk to manufacturing investment in H2.
  • The People’s Bank of China Governor Pan Gongsheng pledged to increase the intensity of countercyclical adjustments and keep monetary policy accommodative to support the country’s economic growth, Xinhua News Agency reported. In a financial work report to the National People’s Congress Standing Committee, Pan said the central bank will strengthen financial supervision, deepen financial reform and opening up, and prevent financial risks.
  • Several cities including Zhengzhou and Yinchuan have offered housing vouchers to resettle residents as part of urban-village renovation plans, Securities Times reported. Beneficiaries can use the vouchers to purchase all housing projects in Zhengzhou city, where some sales centers are reportedly crowded with several displaying “sold out” signs, the newspaper said. The nationwide monetised renovation programme will release demand equivalent to nearly 20% of the annual sales volume of new houses in the short term, Chen Cong, analyst at CITIC Securities, anticipated.
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MNI (BEIJING)

Highlights from Chinese press reports on Wednesday:

  • Yicai news agency's China Chief Economist Index reached 50.78 in November, up from 50.62 previously and above the expansion mark of 50 for the second consecutive month, the news agency said. Economists surveyed expect October's CPI to hit 0.417% y/y with PPI declines narrowing to 2.42% from 2.8% in September. Retail sales are forecasted to increase 4.1% versus September’s 3.2%, while industrial value added was anticipated at 5.33% growth y/y, down from 5.4% previous. Economists noted the equipment renewal cycle will slow down in 2025 and presents a downside risk to manufacturing investment in H2.
  • The People’s Bank of China Governor Pan Gongsheng pledged to increase the intensity of countercyclical adjustments and keep monetary policy accommodative to support the country’s economic growth, Xinhua News Agency reported. In a financial work report to the National People’s Congress Standing Committee, Pan said the central bank will strengthen financial supervision, deepen financial reform and opening up, and prevent financial risks.
  • Several cities including Zhengzhou and Yinchuan have offered housing vouchers to resettle residents as part of urban-village renovation plans, Securities Times reported. Beneficiaries can use the vouchers to purchase all housing projects in Zhengzhou city, where some sales centers are reportedly crowded with several displaying “sold out” signs, the newspaper said. The nationwide monetised renovation programme will release demand equivalent to nearly 20% of the annual sales volume of new houses in the short term, Chen Cong, analyst at CITIC Securities, anticipated.