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MNI China Press Digest Sept 24: Subsidy, Housing, NPLs

MNI picks key stories from today's China press.
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaStoryRegion

MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

  • Authorities should issue minimum living subsidies to all jobless residents that do not receive unemployment benefits using information technology and community management experience, wrote Jia Kang, founding president at the China Academy of New Supply-side Economics. Authorities should also raise special treasury funds to ensure the basic operations and salary payments of local governments to reduce their motivation to increase fines and confiscations to raise revenue, Jia said. (Source: Yicai.com)
  • Beijing city is expected to scrap standards for ordinary and luxury residential housings which will help reduce transaction taxes on housings above 120 square meters and support upgrade demand, 21st Century Business Herald reported citing analysts. The capital city still has the strictest purchase restriction policy in China, leaving room for relaxation, the newspaper said citing Chen Wenjing, research head at China Index Academy. Beijing also needs to play a leading role to stabilise market expectations, Chen added.
  • Personal non-performing loan (NPL) transfers accelerated significantly in Q2, increasing by 547.67% to CNY27.9 billion from Q1’s CNY4.3 billion, 21st Century Business Herald reported. Personal NPLs are more difficult to deal with compared to corporate loans due to the lack of collateral, while local asset-management companies, the main recipients of NPLs, are finding it increasingly hard to dispose of them as their number grows.
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MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

  • Authorities should issue minimum living subsidies to all jobless residents that do not receive unemployment benefits using information technology and community management experience, wrote Jia Kang, founding president at the China Academy of New Supply-side Economics. Authorities should also raise special treasury funds to ensure the basic operations and salary payments of local governments to reduce their motivation to increase fines and confiscations to raise revenue, Jia said. (Source: Yicai.com)
  • Beijing city is expected to scrap standards for ordinary and luxury residential housings which will help reduce transaction taxes on housings above 120 square meters and support upgrade demand, 21st Century Business Herald reported citing analysts. The capital city still has the strictest purchase restriction policy in China, leaving room for relaxation, the newspaper said citing Chen Wenjing, research head at China Index Academy. Beijing also needs to play a leading role to stabilise market expectations, Chen added.
  • Personal non-performing loan (NPL) transfers accelerated significantly in Q2, increasing by 547.67% to CNY27.9 billion from Q1’s CNY4.3 billion, 21st Century Business Herald reported. Personal NPLs are more difficult to deal with compared to corporate loans due to the lack of collateral, while local asset-management companies, the main recipients of NPLs, are finding it increasingly hard to dispose of them as their number grows.