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The following lists highlights from Chinese press reports on Wednesday:
- Chinese local authorities must effectively cool surging land and property prices by not using real estate as a short-term stimulus, controlling land release and enforcing property controls, the Economic Information Daily said in an editorial. Property prices in China have rebounded last month, with more than 30 major cities registering faster monthly price gains, a clear sign of nationwide heating up of property markets, despite slowing growths in population and money supply and tighter regulations, the newspaper said.
- The Chinese authorities have targeted cryptocurrencies in recent years as these often Ponzi schemes endanger people's wealth, and investors should not be fooled and dream of achieving financial freedom through trading cryptocurrencies, the Shanghai Securities News said in a commentary. Domestic cryptocurrency companies have followed a global craze of such products as Bitcoin and Dogecoin, fanning speculation and causing many to lose their lifelong savings, the official newspaper said. The joint announcement by three Chinese official financial industry associations on Tuesday, which urged banks to cut off services that facilitate these trades, are timely, the newspaper said.
- China will continue its strong effort to cut capacities of high-polluting industries and strictly control high energy-consuming and high-emission projects, said Vice Premier Han Zheng on Tuesday during his tour at China Research Academy of Environmental Sciences. China must stay committed to realizing carbon neutrality with a clear timetable and roadmap and build a clean, low-carbon, safe and efficient energy system. MNI previously reported that the government may boost coal production to tame skyrocketing prices while controlling the domestic steel production to reach emission controls.