China says no plan to boost exports by weakening the yuan
The most important and market-moving stories from the Chinese-language media
China’s government has no intention to boost exports through currency depreciation, said Shen Danyang, a spokesman at the Commerce Ministry in a press conference on Thursday, reported China News Service.
Steel capacity cuts to expand next year
Steel companies will need to cut more capacity next year than in 2016, according to a Caixin report on Thursday evening citing a National Development and Reform Commission official. Most cuts this year included long-dormant plants, so next year’s reductions will have to focus on functioning capacity. China plans to cut 45 million tons of capacity this year and 100-150 million tons in the next three to five years.
Price controls removed on natural gas for chemical fertiliser
Price controls on natural gas used to produce chemical fertiliser were removed on Thursday, according to the website of the National Development and Reform Commission.
Garlic costs more than fish as price surges
A cold snap has driven up garlic prices by 90% to about US$2.87 a kilogram, or more than the price of bighead carp at US$2.70 a kilogram, Yangcheng Evening News reported Thursday evening. China accounts for 80% of the world’s garlic exports.
Developers’ bond funds to be restricted to public housing
Real estate developers selling corporate bonds will be required to use the funds for public housing programs, according to a Thursday evening report by Caixin, citing plans by the National Reform and Development Commission.
Hangzhou restricts property purchases by non-residents
The Hangzhou government will restrict property purchases by non-residents, according to its Weibo account on Wednesday, Caixin reported Thursday evening. About 30% of transactions were done by non-residents since the last round of property curbs were introduced on September 19, according to the Hangzhou government.
Tax division to split into corporate, personal
The Finance Ministry will divide its tax policy department in two, one focusing on personal taxes and the other on corporates to speed up reform of China’s tax system, Yicai reported.
Bidding opens for Shanghai government bonds
Bidding opens for Shanghai’s local-government bonds on the Shanghai Stock Exchange on Friday, according to Sina Finance. Minimum bids are set at 40 million yuan (US$5.88 million), highest at 9 billion yuan.