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News from China
Trump visits China
9th November 2017

 Chinese President Xi Jinping said Thursday the Sino-US relations are "at a new historic starting point."

 
"China is willing to work together with the United States to respect each other, stick to mutual benefit and reciprocity, focus on cooperation, and manage and control differences," Xi said during talks with visiting US President Donald Trump.
 
Since Wednesday afternoon, the two presidents have had in-depth exchange of views on bilateral ties and issues of common concern, and reached broad consensus, he said.
 
"We believe the Sino-US relations concern not only the well-being of both peoples, but also world peace, prosperity and stability," Xi said.
 
The presidents also agreed that cooperation is the "only correct choice" for China and the United States, and a better future would only be achieved through win-win cooperation, according to Xi.
 
"There can be no more important subjects than China-US relations," Trump said at the talks. "We have a capacity to solve world problems for many years to come."
 
Xi said US President Donald Trump's visit is "successful and historic," and their meetings have "pointed the direction and drawn a blueprint for the future development of bilateral ties."
 
Xi said he and his US counterpart Donald Trump have reiterated firm commitment to achieving denuclearization on the Korean Peninsula and solving the nuclear issue through dialogue and negotiation.
 
Source: Xinhua   Editor: Wang Qingchu
Source: Xinhua, November 9, 2017
Forex reserves climb for 9th straight month
8th November 2017

 CHINA’S forex reserves rose for the ninth month in a row in October as pressure of capital outflow continued to ease, data from the central bank showed yesterday.

 
Forex reserves had totaled US$3.109 trillion by the end of October, up US$703 million from a month earlier, according to the People’s Bank of China, the central bank.
 
Although slightly below market forecasts, it is the first time the reserves have risen for so long since June 2014.
 
In an online statement, the State Administration of Foreign Exchange attributed the rise to stable cross-border capital flows and balanced supply-demand in the foreign exchange market.
 
Rising asset prices in the global financial market also pushed up the stockpile, the statement added.
 
There had been concerns over capital flowing out of China in the second half of 2016, when the economy was under pressure and the yuan was on a losing streak against the US dollar.
 
In January, China’s foreign exchange reserves fell below US$3 trillion, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February.
 
China’s economy grew 6.9 percent year on year in the first three quarters, above the government target of 6.5 percent for 2017.
 
The stabilizing growth and improved economic structure have led to more balanced cross-border capital flows, SAFE noted.
 
SAFE said the foundation for balanced flows will become more solid as confidence in China’s economy builds following the 19th National Congress of the Communist Party of China, predicting the reserves to gradually pick up and stabilize.
 
Authorities have tightened controls on aggressive overseas acquisitions by companies including Dalian Wanda, HNA Group Co and Anbang Insurance Group.
 
In August, the State Council said in a document overseas investment in areas including real estate, hotels, cinemas, the entertainment industry and sports clubs will be limited, while investment in some sectors such as gambling will be banned.
 
The document also imposed restrictions on the setting up of overseas private equity funds or other investment platforms without specific projects and limited investment that does not meet technological, environmental, or safety standards of the destinations.
 
The data also showed gold reserves falling to US$75.2 billion by the end of October from US$76 billion at the end of September.
 
Source: Shanghai Daily, November 8, 2017
Shares rise on medicinal dose and food
7th November 2017

 SHANGHAI stocks edged up yesterday amid gains made by pharmaceutical shares and food and beverage companies.

 
The Shanghai Composite Index gained 0.49 percent to close at 3,388.17 points.
 
Food and beverage shares were among the biggest gainers, with Anhui Kouzi Distillery Co Ltd surging by the daily limit of 10 percent. Jiangsu Hengshun Vinegar Ind Co Ltd, Sichuan Swellfun Co Ltd and Juewei Food Co Ltd all advanced over 6 percent.
 
Pharmaceutical firms such as Chongqing Taiji Industry Co Ltd and Jiangsu Nanfang Medical Co Ltd both hit the maximum daily cap of 10 percent. China Medicine Health Industry Co Ltd and Zhejiang ChiMin Pharmaceutical Co Ltd also gained over 9 percent.
 
“Consumer shares moved strongly, led by consumption upgrade and rising disposable income in rural areas,” Guotai Junan Securities said in a note.
 
Xinjiang Ba Yi Iron & Steel Co Ltd and Shanghai Hongda Mining Co Ltd both surging by the maximum 10 percent.
 
ZhongTongGuoMai Communication Co Ltd hit the 10 percent cap, and Wingtech Technology Co Ltd rose by 8.58 percent to end at 32.79 yuan.
Source: Shanghai Daily, November 7, 2017
Cities rush to join rental campaign
3rd November 2017

 MAJOR Chinese cities, developers and the financial sector are moving quickly to join a government-led campaign to develop the rental housing market.

 
This comes as the country’s top authorities aim to provide a long-term solution to an overheated real estate market by encouraging more people to rent rather than buy.
 
For a long time, soaring property prices have put urban residents under pressure, making housing affordability a growing problem for policy-makers.
 
Now the government wants to further tap the rental market to stabilize home prices and curb speculation, and a key is providing tenants with the same access to public services and decent living conditions that owners enjoy.
 
A new house rental policy in Beijing came into effect earlier this week, guaranteeing the education rights of tenants’ children and allowing those renting government-subsidized housing to have their hukou (household registration) registered and transferred to their rented homes.
 
In the southern city of Guangzhou, a policy released on Monday made clear that the per capita residential area in a rented house should be no smaller than 5 square meters to ensure a healthy and safe environment for tenants.
 
At least 10 cities have allocated land for rental housing construction, according to data from Centaline Property.
 
In Beijing, authorities plan to supply 6,000 hectares of land for residential housing by 2021, 30 percent of which will be for rental houses.
 
China Vanke, the country’s top property developer, had offered 12,000-18,000 apartments for long-term leasing as of July, aiming to increase the number to 100,000 by the end of the year, according to company Chairman and CEO Yu Liang.
 
Alipay, the leading mobile payment platform, announced last month that it would enable users in eight cities to rent houses through the platform without having to pay deposits, based on their credit records.
 
Financial innovation is catching up to give rental property managers new access to funding.
 
A “quasi” real estate investment trust was approved last month to allow a Beijing-based condominium manager to offer retail investors securities backed against income from rental apartments, the first financial product of its kind in China.
 
All these new measures are part of a plan to improve affordability and stabilize home prices in the medium to long term, according to a report from global rating agency Moody’s.
 
Zhang Dawei, a Centaline Property analyst, said the development of rental housing could help “avert drastic ups and downs in the property market and reduce irrational demand.”
 
China’s once-sizzling property market has shown signs of cooling as prices have faltered in major cities amid tough government curbs. Central authorities have reiterated on many occasions that “housing is for living in, not speculation.”
 
For many new settlers in the cities, owning a house is too expensive while renting means less comfort, frequent moving, lack of public services and dealing with dishonest agents.
 
Moody’s said the push to boost rental housing was unlikely to affect sales for property developers over the next six to 12 months, citing “the general desire of the Chinese to own their homes.”
 
China’s rental housing market will reach 4.2 trillion yuan (US$635 billion) in revenue by 2030, up from 1.3 trillion yuan now, according to a research report from Orient Securities.
 
However, development of the market will require “continued government support to ensure the long-term effectiveness of aims such as cheaper land prices, facilitating funding channels and investment capital recycling, and promoting equal rights for owners and tenants,” it said.
Source: Shanghai Daily, November 3, 2017

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