After $1.4 trillion package, China to cut homebuying taxes to revive ailing economy
1 month, 1 week ago

After $1.4 trillion package, China to cut homebuying taxes to revive ailing economy

Firstpost  

In the latest step to support ailing economy, China is expected to cut taxes for buying homes, according to Bloomberg In the latest step to support its ailing economy, China is expected to cut homebuying taxes, according to Bloomberg. The decision to cut homebuying taxes would come days after the announcement of a $1.4 trillion package to bail out local governments struggling with unsustainably high levels of debt. Last week, the Standing Committee of the National People’s Congress also raised local government’ debt ceiling to 35.52 trillion yuan, allowing them to issue 6 trillion Yuan in additional special bonds over three years to swap hidden debt, with the option of tapping into another 4 trillion Yuan fund in new special local bond quota over five years, according to Bloomberg. Last month, China also pledged to nearly double the quote for loans for unfinished residential projects to 4 trillion Yuan, but the announce failed to inspire confidence as local governments did not have adequate special bonds to digest around 60 million unsold housing units.

Economy Chinese Cent Bloomberg Trillion Local Governments Cut Taxes Revive Ailing Package China Homebuying Taxes  14  local  expected  homebuying  economy  cut  taxes  chinese  yuan  trillion  revive  ailing  package  china  cent

History of this topic

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats
1 week, 5 days ago

China pledges more borrowing and interest rate cuts to counter Trump’s tariff threats

CNN  

China pledged Thursday to increase the budget deficit, borrow more and loosen monetary policy to maintain stable economic growth as it girds for more trade tensions with the United States where Donald Trump is returning as president. A separate readout from state news agency Xinhua, watched by financial markets for references to the yuan currency, kept a pledge to “maintain …

3 factors that pulled China's yuan to 4-month low against dollar despite impressive PMI numbers
Trending News
3 weeks ago

3 factors that pulled China's yuan to 4-month low against dollar despite impressive PMI numbers

Firstpost  

China’s yuan fell to a low 7.2675 per dollar, its weakest since July 24 on Monday despite private manufacturing survey showing that the country’s factory activity expanded at the fastest pace in five months in November Aiming to takeover US dollar and becoming world’s principal reserve currency, China’s yuan slipped to a four-month low raising concerns that the second largest …

China’s property slump may extend into 2025, Fitch Ratings says
3 weeks, 4 days ago

China’s property slump may extend into 2025, Fitch Ratings says

Hindustan Times  

-- China’s multiyear property crisis is set to drag on in 2025 as prices and sales remain weak despite the government’s stimulus push to spur demand, according to Fitch Ratings. China’s property slump may extend into 2025, Fitch Ratings says China’s new home prices will fall by another 5% next year, as measured by China’s official statistics bureau, or roughly …

Preferential tax policies to boost home sales
Top News
1 month ago

Preferential tax policies to boost home sales

China Daily  

A building under construction in Shanghai. CHINA DAILY Preferential taxation policies unveiled by Shanghai and Beijing are expected to further enable the recovery of local real estate markets by lowering purchase costs and boosting market confidence, industry analysts said on Tuesday. "The policies, which are aligned with the central government's deployment, have shown the municipal governments' resolution in stabilizing the …

Preferential tax policies to boost home sales
Top News
1 month ago

Preferential tax policies to boost home sales

China Daily  

By WANG YING in Shanghai | China Daily | Updated: 2024-11-20 11:08 A building under construction in Shanghai. CHINA DAILY Preferential taxation policies unveiled by Shanghai and Beijing are expected to further enable the recovery of local real estate markets by lowering purchase costs and boosting market confidence, industry analysts said on Tuesday. "The policies, which are aligned with the …

Preferential tax policies to boost home sales
Top News
1 month ago

Preferential tax policies to boost home sales

China Daily  

A building under construction in Shanghai. CHINA DAILY Preferential taxation policies unveiled by Shanghai and Beijing are expected to further enable the recovery of local real estate markets by lowering purchase costs and boosting market confidence, industry analysts said on Tuesday. "The policies, which are aligned with the central government's deployment, have shown the municipal governments' resolution in stabilizing the …

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited
1 month, 2 weeks ago

China’s 10-year bond yields drop amid $1.4 billion debt refinancing program, more stimulus awaited

Live Mint  

Yield for China's benchmark 10-year bonds have slid to their lowest in over a month after the government announced its 10 trillion yuan or $1.4 billion worth debt refinancing programme, Bloomberg reported. China's Debt Refinancing Programme — The Details The announcement was made after the National People’s Congress Standing Committee meeting on November 8, to “underwhelmed” reactions, as per the …

China’s stimulus falls short, as a showdown with Trump looms
1 month, 2 weeks ago

China’s stimulus falls short, as a showdown with Trump looms

Live Mint  

ECONOMIST SOMETIMES say that China suffers from the three Ds: debt, deflation and poor demographics. Lan Fo’an, China’s finance minister, said that local governments would be allowed to issue extra bonds worth trillions of yuan to replace riskier “hidden" debts. These hidden liabilities typically belong to local-government financing vehicles, quasi-commercial infrastructure firms Hidden debts have been a nagging worry for …

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth
1 month, 2 weeks ago

China economy: Beijing approves $1.4 trillion debt package in latest measure to boost flagging growth

CNN  

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — China has approved a 10 trillion yuan plan to bolster its ailing economy by allowing local governments to refinance their debt, unveiling additional stimulus measures to counter a potentially …

China’s coming stimulus is necessary but likely insufficient
1 month, 2 weeks ago

China’s coming stimulus is necessary but likely insufficient

Live Mint  

Hopes for a massive fiscal stimulus have sent Chinese stocks on a roller-coaster ride in the past month or so. These local governments have racked up piles of debt over the years as they are responsible for the bulk of public spending from infrastructure to education, but lack reliable revenue sources to match. China’s housing market implosion has drastically reduced …

China Residential Property Sales Rebound as Stimulus Boosts Buyer Morale
1 month, 3 weeks ago

China Residential Property Sales Rebound as Stimulus Boosts Buyer Morale

Live Mint  

China's residential property sales rose in October, marking the first on-year increase since 2024. The value of new-home sales increased by 7.1%, reversing a 37.7% slump in September. The improvement was driven by stimulus measures that eased borrowing costs and relaxed buying restrictions in major cities. However, analysts remain concerned about the sector's decline and the need for further policy …

$1.80 dinners and budget clothes? The spread of frugality is hurting China’s economy
2 months ago

$1.80 dinners and budget clothes? The spread of frugality is hurting China’s economy

LA Times  

China’s 1.4 billion consumers once spent with enough abandon to help drive the global economy. While the bigger factor is a worsening real estate downturn, which has eroded demand for commodities and diminished a crucial vehicle for household wealth and investment, economists say China’s economy is unlikely to recover without a rise in domestic spending. Chinese consumers are going through …

China's Central Bank Cuts Key Interest Rates to Boost Economy
2 months ago

China's Central Bank Cuts Key Interest Rates to Boost Economy

The Hindu  

China's central bank has cut two key interest rates to boost the economy. The one-year Loan Prime Rate (LPR) and five-year LPR were cut from 3.35% to 3.1% and 3.85 to 3.6% respectively. These cuts are aimed at reviving spending and boosting economic growth. However, the economy has been struggling with weak consumption and a prolonged debt crisis in the …

China’s economy grows at a 4.6% rate in the last quarter, falls short of the official target
2 months ago

China’s economy grows at a 4.6% rate in the last quarter, falls short of the official target

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The latest data show the world’s second largest economy …

Here’s How Bad China’s Economy Really Is. Can It Be Fixed?
2 months, 1 week ago

Here’s How Bad China’s Economy Really Is. Can It Be Fixed?

Bloomberg  

China’s economic growth target of 5% this year is looking ambitious, given sluggish consumer spending, an uncertain outlook for the country’s exports and a still shaky property market. Fewer than a fifth of economists surveyed by Bloomberg Terminal Bloomberg were predicting gross domestic product would expand by 5% in 2024, as analysts at lenders such as Bank of America Corp. …

China's economy softens in August as Beijing continues to grapple with lagging demand
3 months, 1 week ago

China's economy softens in August as Beijing continues to grapple with lagging demand

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China’s economy softened in August, …

Housing market hopeful of mortgage rate cuts
3 months, 1 week ago

Housing market hopeful of mortgage rate cuts

China Daily  

A bank employee addresses customer queries on home loans in Haian, Jiangsu province, in July. XU JINGBAI/FOR CHINA DAILY China's housing market expectations for a further decline in existing mortgage rates have turned stronger, real estate industry observers said on Wednesday. Zou Lan, head of the monetary policy department of the People's Bank of China, said during a news conference …

China's fiscal revenue down 2.6% in Jan-July
3 months, 4 weeks ago

China's fiscal revenue down 2.6% in Jan-July

China Daily  

File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, East China's Jiangsu province. BEIJING -- China's fiscal revenue dipped 2.6 percent year-on-year in the first seven months of this year, official data showed Monday. A breakdown of the data showed the country's tax revenue decreased 5.4 percent from one year earlier, while its non-tax revenue …

China's factory output disappoints, dashing hopes for speedy recovery
4 months, 1 week ago

China's factory output disappoints, dashing hopes for speedy recovery

The Hindu  

China's factory output growth slowed and missed expectations in July, adding to a series of indicators that show the world's second-largest economy is struggling to kick into a higher gear, even with recent government support. "The data shows that the economy has gotten off to a weak start in the second half of the year, and it is expected that …

China’s economy fails to pick up after worst stretch in five quarters
4 months, 1 week ago

China’s economy fails to pick up after worst stretch in five quarters

Hindustan Times  

China’s weakening economic momentum failed to pick up as sluggish confidence weighs on consumption and investment, putting the government’s annual growth target at risk. “It tells us that maybe one day, the weakness in the demand-side will return to bite the other side.” The latest snapshot of the $17 trillion economy shows domestic demand is barely benefiting from recent government …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

By ZHOU LANXU and OUYANG SHIJIA | China Daily | Updated: 2024-08-13 09:25 Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of …

China revs up fiscal policy support to spur economic recovery
4 months, 3 weeks ago

China revs up fiscal policy support to spur economic recovery

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. BEIJING - China is making efforts to step up its fiscal policy support and ensure the implementation of established policies, aiming to consolidate its economic recovery as rising external headwinds weigh on growth. The country will strengthen its fiscal policy to ensure the economy sustains its recovery momentum, …

China cuts 1-year benchmark rate and doubles subsidies for EVs in its ‘cash for clunkers’ program
4 months, 4 weeks ago

China cuts 1-year benchmark rate and doubles subsidies for EVs in its ‘cash for clunkers’ program

Associated Press  

BANGKOK — China ratcheted up its effort to reinvigorate its slowing economy Thursday by unexpectedly cutting a key policy rate and also doubling subsidies for electric vehicles bought to replace older cars. The People’s Bank of China said it cut its lending rate for one-year medium term policy loans by 20 basis points to 2.3%. Major state-run banks cut deposit …

China’s economy slowed in the last quarter as weak consumer demand dragged on growth
5 months, 1 week ago

China’s economy slowed in the last quarter as weak consumer demand dragged on growth

Associated Press  

BANGKOK — China’s economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter, the government reported Monday, while emphasizing signs of improvement in factory output, income and investment. “Since the beginning of this year, global economic growth momentum has been weak, inflation is sticky, geopolitical conflicts, international trade frictions and other problems have occurred frequently, domestic demand is …

China’s biggest cities continue to ease home-buying policies
6 months, 3 weeks ago

China’s biggest cities continue to ease home-buying policies

Live Mint  

More of China’s biggest cities are easing home-buying policies, after top leaders recently signaled a shift to aggressive measures to resolve the country’s ongoing property crisis. “This policy easing reflect local governments’ echoing of central government and regulators’ rhetoric on May 17,” Morningstar analyst Jeff Zhang said, referring to a meeting of China’s top financial regulators that removed mortgage-rate floors …

China rolls out new measures to fix its property crisis, spur growth
7 months ago

China rolls out new measures to fix its property crisis, spur growth

Associated Press  

China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10% since the start of the year. He Lifeng, a vice premier, said officials would roll out policies to suit each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.” …

China’s economy grew 5.3% in first quarter, beating expectations, though weak spots remain
8 months, 1 week ago

China’s economy grew 5.3% in first quarter, beating expectations, though weak spots remain

Associated Press  

HONG KONG — China’s economy grew faster than expected in the first quarter of the year with help from policies and stronger demand, though signs of weakness in the troubled housing market persisted. China’s economy has struggled to bounce back from the COVID-19 pandemic but gained momentum late last year as government policies to help the housing market and boost …

China's economy beats expectations, grows at 5.3% in first quarter: Top points
8 months, 1 week ago

China's economy beats expectations, grows at 5.3% in first quarter: Top points

Hindustan Times  

China’s economy beat expectations in the first quarter receiving a boost from policies and an increase in demand, the government said. China's economy has struggled to bounce back from the Covid pandemic as a slowdown in demand and a property crisis in the country has weighed on its growth prompting policymakers to introduce a raft of fiscal and monetary policy …

China’s economy beats expectations, growing 5.3 percent in first quarter
8 months, 1 week ago

China’s economy beats expectations, growing 5.3 percent in first quarter

Al Jazeera  

Statistics agency says economy has made ‘good start’ to the year under the leadership of Chinese President Xi Jinping. China’s economy grew faster than expected in the first three months of the year, a boost for policymakers grappling with a property-sector crisis, weak consumer demand and mounting government debt. The NBS said in a statement that the economy had made …

Economist predicts further upswing for economy
8 months, 2 weeks ago

Economist predicts further upswing for economy

China Daily  

China's economic outlook is poised to improve in the following months, buoyed by robust fiscal spending, and the country's growth target of around 5 percent for 2024 is achievable, according to a renowned economist. Huang Yiping, dean of Peking University's National School of Development, told China Daily in an exclusive interview that the nation's economy is relatively stable, with better-than-expected …

China pushes for 5% GDP growth
9 months, 2 weeks ago

China pushes for 5% GDP growth

China Daily  

China aims to see economic expansion at around 5 percent for 2024, unchanged from last year, as the world's second-largest economy will leverage intensified and targeted macro policies to sustain stable growth, according to the Government Work Report released on Tuesday. The country pledged to pursue a proactive fiscal policy that will be intensified as appropriate with improved quality and …

China pushes for 5% GDP growth
9 months, 2 weeks ago

China pushes for 5% GDP growth

China Daily  

Premier Li Qiang delivers the Government Work Report at the opening meeting of the second session of the 14th National People's Congress at the Great Hall of the People in Beijing on Tuesday. FENG YONGBIN / CHINA DAILY China aims to see economic expansion at around 5 percent for 2024, unchanged from last year, as the world's second-largest economy will …

China doubles down on moves to mend its economy and fend off a financial crisis
10 months, 3 weeks ago

China doubles down on moves to mend its economy and fend off a financial crisis

Associated Press  

BANGKOK — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government’s target, and many indicators including factory output and retail sales show signs of improvement. Premier Li Qiang chaired a meeting …

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery
11 months ago

China’s economy expanded 5.2% last year, hitting the government’s target despite an uneven recovery

Associated Press  

HONG KONG — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Officials from China’s National Bureau of Statistics said that measures including “strengthened macro regulation, and redoubled efforts to expand domestic demand, …

World Bank, ADB project China GDP growth of 5.2% in 2023
1 year ago

World Bank, ADB project China GDP growth of 5.2% in 2023

China Daily  

A view of Beijing's CBD area. The World Bank has predicted China's economy will have grown 5.2 percent in 2023, with momentum expected to stabilize in the near term, propelled by a gradual recovery of consumer sentiment and policy stimulus. As global growth is projected to remain tepid at 2.4 percent next year, the world's second-largest economy is expected to …

China’s economy is forecast to slow sharply in 2024, the World Bank says, calling recovery ‘fragile’
1 year ago

China’s economy is forecast to slow sharply in 2024, the World Bank says, calling recovery ‘fragile’

Associated Press  

HONG KONG — China’s economy grew at a 5.2% pace in the first three quarters of the year and showed signs of improvement in November, with factory output and retail sales rising, the government said Friday. “To further promote economic recovery, we need to overcome some difficulties and challenges.” China’s economy has the advantages of a vast market of 1.4 …

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year
1 year ago

Chinese leaders consider next steps for economy as debt and deflation cloud outlook for coming year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chinese leaders have wrapped up …

China’s economy shows sparks of life, despite persisting weakness in troubled real estate sector
1 year, 1 month ago

China’s economy shows sparks of life, despite persisting weakness in troubled real estate sector

Associated Press  

BEIJING — China’s economy showed more signs of reviving in October as retail sales and manufacturing picked up though the property sector remained sluggish, the government said Wednesday. Disruptions to manufacturing, transport, travel and virtually every other aspect of life during the pandemic ended nearly a year ago when China’s leaders abandoned their “zero-COVID” policies aimed at preventing infections. Overall, …

From deflation to high debt burden: Here’s 5 things happening in Chinese economy
1 year, 1 month ago

From deflation to high debt burden: Here’s 5 things happening in Chinese economy

Live Mint  

China is facing the challenges of an economic deceleration and a substantial debt crisis within its real estate industry. “Combating persistent disinflation amid weak demand remains a challenge for Chinese policymakers,” Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Ltd told Bloomberg. Better growth forecasts- Despite a slowdown, the future doesn't look very bleak for the Chinese …

China's economic growth slows to 4.9% in third quarter, amid muted demand and deflationary pressures
1 year, 2 months ago

China's economic growth slows to 4.9% in third quarter, amid muted demand and deflationary pressures

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China’s economy slowed in the …

China’s economy grows 4.9% in Q3, beating expectations but slowing from previous quarter
1 year, 2 months ago

China’s economy grows 4.9% in Q3, beating expectations but slowing from previous quarter

Associated Press  

HONG KONG — China’s economy slowed in the summer as global demand for its exports faltered and the ailing property sector sank deeper into crisis, the government said Wednesday. Stephen Innes, managing partner at SPI Asset Management, said that although the numbers beat expectations China’s economy is “not out of the woods by any means.” “This growth suggests a modest …

Time for stronger policy as growth room seen
1 year, 2 months ago

Time for stronger policy as growth room seen

China Daily  

CAI MENG/CHINA DAILY As China's Ministry of Finance vowed in late August to continue to increase the issuance of local government special bonds in the latter half of the year, the country's economy was expected to continue to record stable recovery figures in September and October. Having been narrowing in the past three decades, the gap between the two major …

China’s economic growth target of 5% for 2023 at risk due to property crisis
1 year, 2 months ago

China’s economic growth target of 5% for 2023 at risk due to property crisis

Live Mint  

China will just about meet its economic growth target of around 5% for this year, the latest Bloomberg survey shows, although the ongoing property crisis is raising the risk of a miss. “The real estate sector will continue to be under mounting pressure” despite recent government efforts to support property, said analysts at Poseidon Partner, a Hong Kong-based investment firm. …

China economic data show signs slowdown may be easing, as central bank acts to support growth
1 year, 3 months ago

China economic data show signs slowdown may be easing, as central bank acts to support growth

Associated Press  

BEIJING — China’s factories picked up their pace and retail sales also gained momentum in August, the government reported Friday, suggesting the economy may be gradually recovering from its post-pandemic malaise. “Overall, in August, major indicators improved marginally, the national economy recovered, high-quality development was solidly advanced, and positive factors accumulated,” Fu Linghui, spokesperson for the National Bureau of Statistics, …

Explained | On China’s economic slowdown
1 year, 3 months ago

Explained | On China’s economic slowdown

The Hindu  

The story so far: China, at the start of this month announced more measures to revive its flagging economy with major banks clearing the path for additional cuts in lending rates and the amount of funds institutions require to hold in foreign exchange reserves, hoping to prevent a further downturn in the ailing property sector. Economic data coming out of …

Chinese economy in distress, its model is ‘broken’: report
1 year, 4 months ago

Chinese economy in distress, its model is ‘broken’: report

The Hindu  

China's economy, the world's second-largest, is now in deep distress and its successful model of growth for 40 years stands “broken”, a prominent American financial publication has said, noting that signs of trouble extend beyond China's dismal economic data to distant provinces. TheWall Street Journal in a major Sunday story wrote that economists now believe China is entering an era …

Explainer | How much worse can China's economic slowdown get?
1 year, 4 months ago

Explainer | How much worse can China's economic slowdown get?

The Hindu  

China's economic activity data for July, including retail sales, industrial output and investment failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth. Given China's debt-fuelled investment in infrastructure and property has peaked, and as exports are slowing in line with the global economy, China only has one other source of demand to tinker with: household consumption. …

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