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MNI China Press Digest Sept 30: Housing, Economy, Premier

MNI picks keys 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 Monday:

  • Guangzhou city lifted all home purchase restrictions on Monday, allowing homebuyers with or without a local Hukou to buy property without quantity limits. Shanghai lowered the minimum downpayment ratio for first and second homes to 15% and 25%, from the previous 20% and 35%. Shanghai also reduced the number of local tax years needed to qualify for purchasing property for non-local residents in suburban areas to one year from three years. Shenzhen reduced the down payment ratios for first and second homes to 15% and 20%, and relaxed rules on first-home recognition for multi-child families. (Source: China News Service)
  • Chinese chief economists expect additional fiscal stimulus after the central bank unveiled monetary easing and the politburo called for increasing countercyclical measures, Securities Daily reports. Authorities are likely to announce more incremental policies to achieve the annual economic and social development goals in Q4, said Chen Li, chief economist at Sichuan Cai Securities. Officials may issue additional treasury bonds in the final quarter and relax the use of ultra-long-term special treasury bonds and local special bonds.
  • Authorities should coordinate efforts to effectively solve the economy’s problems and strive to complete the government’s goals and tasks this year, Premier Li Qiang said at a State Council executive meeting. Li called for officials to speed up implementation and launch mature policies immediately. Additionally, new incremental measures should be studied in a timely manner according to changes in the environment, Li added.
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MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • Guangzhou city lifted all home purchase restrictions on Monday, allowing homebuyers with or without a local Hukou to buy property without quantity limits. Shanghai lowered the minimum downpayment ratio for first and second homes to 15% and 25%, from the previous 20% and 35%. Shanghai also reduced the number of local tax years needed to qualify for purchasing property for non-local residents in suburban areas to one year from three years. Shenzhen reduced the down payment ratios for first and second homes to 15% and 20%, and relaxed rules on first-home recognition for multi-child families. (Source: China News Service)
  • Chinese chief economists expect additional fiscal stimulus after the central bank unveiled monetary easing and the politburo called for increasing countercyclical measures, Securities Daily reports. Authorities are likely to announce more incremental policies to achieve the annual economic and social development goals in Q4, said Chen Li, chief economist at Sichuan Cai Securities. Officials may issue additional treasury bonds in the final quarter and relax the use of ultra-long-term special treasury bonds and local special bonds.
  • Authorities should coordinate efforts to effectively solve the economy’s problems and strive to complete the government’s goals and tasks this year, Premier Li Qiang said at a State Council executive meeting. Li called for officials to speed up implementation and launch mature policies immediately. Additionally, new incremental measures should be studied in a timely manner according to changes in the environment, Li added.