Premier Li sets out more tax reforms in State Council meeting
More tax cuts are on the way from July 1 for industries from agriculture, gas and research and development in science and technology to higher deductions in personal income tax as well as small and medium enterprises, the Securities Daily said. Premier Li Keqiang outlined six targeted tax reform measures in a State Council meeting on Wednesday. Value-added tax rate cuts will come to more than 38 billion yuan (US$5.52 billion) and reduce costs for industries, a Shanghai Securities Journal report added.
Deposits on second home loans raised to 60% in Jinan
Jinan, the capital of Shandong province, has increased the down payment to 60% on loans for a second home, The Paper reported, citing information from the city’s new property purchase order aimed at cooling prices.
20 listed companies exit real estate business
Tighter market controls forced more than 20 listed companies to withdraw from the real estate business within a month, the Securities Times reported on Wednesday evening. Mergers and acquisitions of SOEs “might be the new outlet” for housing markets, it added.
More options and futures to be listed: CSRC
The China Securities Regulatory Commission will approve the listing of more options and futures based on market demands, Shanghai Securities Journal reported, quoting Fang Xinghai, vice-chairman of the CSRC. Sugar options were listed on the Zhengzhou Commodity Exchange on Wednesday, and was a “major development in market innovations,” Fang added.
Rumors of bank executive Lou Wenlong joining Ant denied: report
Sources had denied that Lou Wenlong, former vice-president of the Agricultural Bank of China, had joined the Ant Financial Services Group, Caixin reported on Wednesday evening. Ant is a financial services affiliate of the Chinese e-commerce giant Alibaba. Speculation has been rife after Lou resigned on Tuesday evening due to a “job reassignment,” it added.
NDRC to issue second batch of PPP approvals
The National Development Reform Commission is set to announce the second batch of public-private partnerships, according to Shanghai Securities Journal on Thursday morning. The PPPs would focus on waste management and incineration, highways and power utilities, it said, but no date was given.
Pork prices in China fall to a two-year low
Wholesale pork prices dropped to 21.89 yuan per kg as of Tuesday, the lowest since 22 yuan per kg in June 2015 and almost 20% decline from last year’s high, Caixin said on Wednesday evening. The fall was due to both seasonal demand and a consumption slump last year that forced suppliers to clear stock, the report said.
Asset securitization should not be a leveraging tool: PBOC
Ji Zhihong, a department head in the People’s Bank of China, said that while the overall momentum of asset securitization was good, investors should not treat it as a leverage tool, Caixin reported on Wednesday evening.
Vanke buys US$440 million stake in real estate agency Lianjia
The country’s second-largest property developer has agreed to buy a 3 billion yuan (US$440 million) stake in Beijing-based real estate agency Lianjia, Caixin reported on Wednesday evening. The number of shares purchased was not disclosed, but the move follows Sunac China Holdings’ purchase of a 6.25% stake in Lianjia in January for 2.6 billion yuan, it said.
Increase in capacity cuts for SOEs in steel and coal
Capacity cuts in the steel and coal sectors will increase to 5.95 million metric tons and 24.73 million metric tons, respectively, this year, the Economic Information Daily reported on Thursday morning, citing sources from state-owned enterprises.