{"id":2276,"date":"2024-10-02T04:31:41","date_gmt":"2024-10-01T20:31:41","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=2276"},"modified":"2024-10-02T04:31:41","modified_gmt":"2024-10-01T20:31:41","slug":"%e4%b8%ad%e5%9b%bd%e5%8a%a0%e7%a0%81%e5%88%ba%e6%bf%80%ef%bc%9a%e7%8e%b0%e7%8a%b6%e4%b8%8e%e5%b1%95%e6%9c%9b","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=2276","title":{"rendered":"\u4e2d\u56fd\u52a0\u7801\u523a\u6fc0\uff1a\u73b0\u72b6\u4e0e\u5c55\u671b"},"content":{"rendered":"

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China\u2019s Stimulus Blitz: What We Know So Far and What to Expect<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-27
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

China gave its economy a shot in the arm with an extraordinary flurry of stimulus measures in the past week. The moves range from monetary easing to support for the struggling real estate sector. While some details are missing, the unusual pace and intensity of the  signaled a sense of urgency in Beijing to put growth on track for the around 5% target, buoying .Here are the key measures unveiled and reported so far \u2014 and what more to expect. The People\u2019s Bank of China cut its seven-day policy rate on Friday, three days after Governor  announced steps to lower borrowing costs to spur growth at a  press conference.The cut in the seven-day reverse repurchase rate, to 1.5% from 1.7%, will be accompanied by a reduction in the loan prime rates and deposit rates, Pan said at the briefing on Tuesday.The next day, China\u2019s central bank delivered the  decrease to the interest rate charged on its one-year policy loans, known as the medium-term lending facility.The one-year LPR, which is a benchmark for corporate and household credit like mortgages, is scheduled to be announced on Oct. 21.The Politburo, China\u2019s top decision-making body, called for a \u201cforceful\u201d implementation of rate cuts on Thursday. That signals further easing could be on the table.Read More: The Chinese central bank also cut the amount of cash banks must keep in reserve on Friday, a move Pan telegraphed earlier this week.The monetary authority reduced the reserve requirement ratios by 0.5 percentage point, freeing up money for banks to make more loans.Further RRR cuts are still possible by the end of the year, according to Pan. Pan announced plans for a cut to outstanding mortgage rates by an average of half a percentage point. The minimum down-payment ratio on second-home purchases will also be lowered to 15% from 25%, matching the requirement for first homes.Homeowners will be able to renegotiate terms with their current lenders, Pan said. Regulators will consider whether to allow borrowers to refinance with a different bank for the first time since the global financial crisis. The resulting competition may lower borrowing costs for home-buyers. Separately, the PBOC will ramp up its  for state-owned firms to acquire unsold property inventory. It will now provide 100% of the principal of bank loans for such purchases, up from 60% announced in May, Pan said.Those measures were enacted when the PBOC issued a flurry of statements on Sunday.The Politburo pledged action to make the real estate market \u201cstop declining,\u201d its strongest vow yet to stabilize a sector that makes up the bulk of household wealth.China is also considering removing some of the largest remaining restrictions on home purchases after previous measures failed to revive a moribund housing market, Bloomberg News  last week. Regulators are working on a proposal that would allow mega cities such as Shanghai and Beijing to relax restrictions for non-local buyers \u2014 those who don\u2019t have a so-called Hukou residence permit for that location \u2014 according to people familiar with the matter. While Guangzhou became the first tier-1 city to remove all restrictions on Sunday, Shanghai and Shenzhen only allowed more people to purchase residences in suburban areas, as well as allow others to buy more homes. Read More: Pan promised several measures to support the stock market:Pan said details for the first two facilities will be released on the PBOC website, and that the stock stabilization fund is under consideration.After China Securities Regulatory Commission Chairman Wu Qing said at the press conference that new measures to encourage mergers and acquisitions were about to be unveiled, it became official with an on Tuesday night.Read More: Authorities will add the core tier 1 capital to six major commercial banks, Li Yunze, minister of the National Financial Regulatory Administration, said at the press conference alongside Pan, without elaborating.Those would be the Industrial & Commercial Bank of China Ltd., Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp., Bank of Communications Co., and Postal Savings Bank of China Co. Bloomberg News later reported that the injection could be up to 1 trillion yuan of capital, with the funding mainly coming from the issuance of new special sovereign bonds.The move still hasn\u2019t been officially announced. When it comes, it will be the first time since the global financial crisis in 2008 that Beijing has injected capital into its big banks. Read More: The Politburo urged officials to \u201cissue and make good use\u201d of the ultra-long special sovereign bonds and local special notes to drive investment. Local governments have accelerated bond issuance since August after keeping the pace slow, as they struggled to find quality projects to invest in while trying to reduce debt risks.Reuters reported late Thursday that the Ministry of Finance is planning to issue 2 trillion yuan of special sovereign bonds this year. That funding will be evenly split between stimulating consumption and helping local governments tackle debt problems, Reuters said, citing two people familiar with the matter. The government has made no official announcement on this yet. Last year, China\u2019s top legislative body used its October session to authorize the issuance of 1 trillion yuan in additional special government bonds.Read More: <\/pre>\n
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