Seven departments to control real estate development
The most important and market-moving stories from the Chinese-language media
The National Reform and Development Commission and six other departments including the Ministry of Land and Resources issued a policy guideline on Wednesday evening detailing management plans for the outlying areas of Hebei, Beijing and Tianjin, reported Sina Finance on the same day. The guideline said there would be tougher curbs on property construction in those outlying areas and strict controls on the population for sustainable development.
State Council plans to promote central region
Premier Li Keqiang and the State Council passed a plan to include the promotion of the central region in China, Yicai reported on Wednesday evening. The plan, from a Wednesday meeting, also included the digital transformation of China, the report said. The State Council plans to support and guide the development of the southeast coastal regions and support the economic advantages of the central region, in line with the 13th Five Year Plan, the report added.
China to ease restrictions on foreign investments
China’s National Development and Reform Commission plans to further loosen restrictions on foreign investments, sina.com reported on Thursday citing a new draft of China’s Catalogue of Industries for Guiding Foreign Investment. Restrictions are cut down from 93 items to 62, investment restrictions on bus transportations and batteries of electric vehicles are planned to be lifted.
PBOC to conduct US$10.17 billion worth reverse purchase agreements
The People’s Bank of China (PBOC) will conduct reverse purchase agreements worth 70 billion yuan (US$10.17 billion) starting from Wednesday, sina.com reported on Thursday. This move followed the PBOC’s 339 billion yuan medium-term lending facility loans offered to 24 institutions on Tuesday. Both aim to ease the strain on short-term liquidity. China’s monetary policy is expected to become more stabilized.
China’s finance ministry to issue 14 billion yuan worth of government bonds in Hong Kong
China’s Ministry of Finance will issue 14 billion yuan worth of government bonds in Hong Kong this week, reported ccstock.cn on Wednesday. Hong Kong residents will be issued 2 billion yuan in bonds, while the rest will go to corporate investors, the local monetary authority and foreign central banks.
China must cultivate more talents in intelligent manufacturing: MIIT
Cultivating more talents in intelligent manufacturing should be the next step to push the development of China’s factory industry, Xinhua reported on Wednesday, quoting Xin Guobin, Deputy Director of China’s Ministry of Industry and Information Technology. Xin said China had become the top manufacturer in the world in 2015, but still lags behind in branding and innovation abilities. He added developing intelligent manufacturing could be a good stimulant for the industry.
RenHe Life Insurance gains regulatory approval
The China Insurance Regulatory Commission has given RenHe Life Insurance Co Ltd, a company under the state-owned China Merchants’ Group (CMG), approval to operate, Caixin reported on Wednesday. The Shenzhen based company has a registered capital of US$730 million with China Mobile as one of its main shareholders, the report said. CMG’s other insurance arm, RenHe Property Insurance Co Ltd which also has China Mobile as one of its biggest shareholders, is awaiting approval of its licence.
November new home sales in Beijing drop 30%
New home sales in Beijing have dropped 30% month on month in November this year, Caixin reorted on Wednesday, citing a report released by 5i5j, a Beijing-based real estate brokerage. Secondary properties sales fell 7.5% in November. Officials launched property curbs in Beijing, one of China’s most overheated markets, in Golden Week at the start of October.