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News from China
Shanghai to ensure more rental homes available
24th January 2018

 Shanghai will make more effort in fostering its residential leasing market this year by speeding up real estate development as well as offering support for professional home leasing companies and institutions, Shanghai Mayor Ying Yong said.

 
He was speaking at the first session of the 15th Shanghai People’s Congress yesterday.
 
The city aims to add a total of 290,000 leasing units, including newly built rental apartments, to the local market in 2018 and set up a home leasing service platform, Ying said as he delivered the city government’s work report.
 
Shanghai will also add about 55,000 affordable housing units this year, improve its policies for joint-ownership houses and lower the application threshold for low-rent homes.
 
Ying pledged to stick to current tightening policies to quell speculation, and vowed to accelerate the pace of establishing a housing system that will ensure supply from multiple sources, provide housing support through multiple channels, and encourage both house purchases and rental.
 
“It is great to see that various accommodation demands will be satisfied through various means and with various products as the government has proposed,” said Siu Wing Chu, managing director for central China at Savills.
 
“A key job of the government will be how to work out an appropriate and scientific way to satisfy residents’ housing demands and make better use of existing inventories.”
 
Source: Shanghai Daily, January 24, 2018
China's 2017 growth shows "high gold content:" NDRC
22nd January 2018

 

 
China's economic growth pickup in 2017 was better than expected and accompanied by improving quality, efficiency, and structure, a spokesperson for the country's top economic planner said Monday.
 
"China's sound economic performance in 2017 was not the result of just one year, but the accumulation of arduous and lasting efforts since the 18th National Congress of the Communist Party of China," Yan Pengcheng, spokesperson for the National Development and Reform Commission (NDRC), said at a press conference.
 
The 6.9-percent GDP growth for 2017 showed "high gold content," Yan said, citing positive changes in economic structure, new growth sources, market vitality, and improving macroeconomic regulation.
 
During the structural transformation, the country worked hard to improve supply-demand relations and optimize the supply structure, he said.
 
In 2017, the country's value-added industrial output rose 6.6 percent, reversing the drops of the previous six years, NBS data showed.
 
The contribution of consumption to economic growth reached 58.8 percent, up from 51.8 percent for 2012.
 
In the past five years, China has maintained "strategic composure" by not resorting to large amounts of liquidity injection, and has sought new ways to improve macroeconomic regulation, Yan said.
 
"We have paid more attention to the functions of expectation management in macroeconomic control, raised policy transparency, and defused hidden dangers in the economy in a timely manner," he added.
 
"Looking ahead, conditions exist for continuous steady economic growth with sound momentum in 2018," Yan said.
 
China's economy expanded 6.9 percent last year, picking up for the first time in seven years and well above the government annual target of around 6.5 percent.
 
Source: Shanghai Daily, January 22, 2018
Chinese yuan advances on upbeat economic data
19th January 2018
 
The central parity rate of the Chinese currency renminbi, or the yuan, advanced to 25-month high on Friday after China released expectation-beating economic figures for 2017.
 
The yuan strengthened 232 basis points to 6.4169 against the US dollar Friday, according to the China Foreign Exchange Trade System.
 
The strong reading came after China released a string of impressive economic data for 2017, including a 6.9-percent GDP growth, which picked up pace for the first time in seven years.
 
Two-way movement will be normal for the exchange rate of the Chinese yuan in the future given uncertainties in the global economic recovery and the monetary policies of major economies, Wang Chunying, spokesperson with the State Administration of Foreign Exchange (SAFE), said Thursday.
 
China will continue to improve the formation mechanism of the renminbi exchange rate to enhance its flexibility and keep it generally stable within a reasonable range, Wang added.
 
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
 
The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
Source: Shanghai Daily, January 19, 2018
China sees more balanced cross-border capital flow in 2017
18th January 2018

 China saw more balanced cross-border capital flow in 2017 as willingness to purchase the greenback waned thanks to rising confidence in the Chinese yuan and the domestic economy.

 
Chinese banks' net forex settlement deficit fell significantly last year, according to the State Administration of Foreign Exchange (SAFE).
 
Commercial banks bought 1.6441 trillion US dollars' worth of foreign currency, up 14 percent year on year, while selling US$1.7557 trillion, down 1 percent compared with 2016. This resulted in a net forex settlement deficit of US$111.6 billion, down by a whopping 67 percent year on year.
 
The top forex regulator pointed out that the forex market has seen more balanced demand and supply, with the fourth quarter of last year reporting a settlement surplus of US$1.2 billion.
 
An index weighing bank clients' willingness to purchase forex fell 9 percent year on year, while individual cross-border remittances and deposits also shrank significantly compared with 2016.
 
"The year 2017 marked the threshold when China's cross-border capital flow transited from net outflow to general balance," said SAFE spokesperson Wang Chunying.
 
China's forex reserves ended the downward trajectory of the previous two years to gain US$129.4 billion in 2017, while its current account surplus remained in a reasonable range and the financial account saw net capital inflow in the first three quarters of last year.
 
Wang attributed the more balanced forex supply and demand to steady domestic economic expansion, acceleration of the financial sector's opening as well as a recovering global economy.
 
Cross-border capital flow will continue to remain generally stable as China's emphasis on high-quality growth will boost market confidence and more opening-up efforts will attract more capital inflow, according to Wang.
Source: Shanghai Daily, January 18, 2018

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