October 31, 2024 01:18 GMT
MNI China Press Digest Oct 31: Property, Chongqing, EU EVs
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 Thursday:
- Home sales in first-tier cities Shenzhen and Shanghai showed strong momentum in October following the stimulus released end-September, the Paper reported. New home sale contracts signed online in Shenzhen reached 3,211 by Oct 28, with the monthly total expected to hit the highest since 2022, the newspaper said, citing data by Centaline Property Agency. Shanghai saw 12,703 new home units, including commercial housing, signed online, marking the strongest activity in H2 so far. Second-hand housing transactions, including commercial housing, exceeded 20,000 units, the newspaper noted.
- Chongqing is increasingly viewed as China’s fourth city after growth momentum in the central metropolis outpaces Guangzhou, according to experts interviewed by Yicai. Chongqing’s GDP reached CNY2.3 trillion during the first three quarters, up 6.0% y/y, while Guangzhou’s hit 2.2 trillion, up 2.0% y/y, official data showed. From January to September, the added value of large-scale industries in Chongqing increased by 8.1% y/y versus Guangzhou’s 2.2% decline, while automotive manufacturing increased 25.9% in Chongqing while Guangzhou saw a 17.4% contraction. The operating income of service sector firms in Guangzhou grew 7.4% between January and August, slower than the 9.9% in Chongqing, Yicai noted.
- Technical teams from China and the EU are currently conducting a new stage of consultations regarding EV tariffs, according to the China Chamber of Commerce for Machinery and Electronics. The Chamber will continue to represent Chinese industry in negotiating price commitments and safeguarding rights and interests, a notice from the organisation said. The European side had not addressed the core concerns of China's industry during eight rounds of intensive consultations held in Brussels during a 20-day period starting on Sept 20 and significant differences between the two sides remain, the notice continued.
285 words