Welcome to China Business News, NEO’s weekly roundup of top business developments as reported by news outlets in China and the region.
This week’s highlights:
- China’s Central Bank and the China Banking Regulatory Commission issued an official document on real estate financing that suggests financial institutions should treat state-owned and private real estate enterprises equally regarding credit terms. The document, titled “16 Financing Articles,” aims to provide financial support for the stable and healthy development of the real estate market in China. A number of large Chinese state-owned banks announced they have already signed strategic cooperation agreements with real estate enterprises. Analysts say the move shows that Chinese regulators are amplifying financing support for private real estate enterprises, which has a positive effect on real estate market players’ confidence and market expectations. (The United Morning Post)
- China imported 4.97 million tonnes of wheat from Australia from January to October this year, according to Chinese customs data and Bloomberg estimates, which accounts for 63% of all Chinese wheat imports. Chinese-Australian trade and political relations have been tense of late, with China implementing trade restrictions against Australian coal, barley, lobster, wine and other goods. But even despite current restrictions, China remains Australia’s largest export market, accounting for more than a third of its total shipments. (The United Morning Post)
- The chief macro analyst at China International Capital Corporation (CICC), a top-tier investment bank, said that China’s economy is expected to rebound in 2023, and the prospects for new economy development — including the digital economy and the green transition — still look promising. But the problems China faces post-pandemic are yet to be properly addressed, according to Zhang Wenlang, who spoke at the Macroeconomic and Market Outlook online media conference. Along with liquidity constraints, falling asset prices and deteriorating risk appetite, the pandemic also gave rise to industrial chain disruptions, resource reallocation and uncertainty in the market, which have a significant negative impact on the economy. (Caixin)