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China central bank says to promote healthy development of property market

EconomyDec 26, 2021 05:50AM ET
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© Reuters. FILE PHOTO: People wearing face masks walk past the headquarters of Chinese central bank People's Bank of China (PBOC), April 4, 2020. REUTERS/Tingshu Wang

SHANGHAI (Reuters) -China's central bank has vowed to promote healthy development of the country's real estate market, saying it will safeguard the legal rights of home buyers and better satisfy their reasonable living needs.

The statement from the People's Bank of China (PBOC), made following its fourth-quarter monetary policy committee meeting on Saturday, is the latest sign that Chinese regulators are marginally easing curbs on the property sector to prevent a hard-landing.

Echoing China's annual Central Economic Work Conference held in early December, the PBOC said it will prioritise economic stability, amid an increasingly severe external environment and the unrelenting global pandemic.

"The PBOC...turned more cautious on its growth outlook, indicated an intention to use broad and targeted policy tools to support the real economy in a more pro-active manner, and on the margin eased its tone on the property sector," said analysts at Goldman Sachs (NYSE:GS) in a note on Sunday.

"We expect the central bank to inject more long-term liquidity via RRR cuts and various lending facilities, on-budget fiscal expenditures to be more supportive to growth compared with 2021, and local governments to ease property policies at local levels."

The PBOC said it will keep its monetary policy flexible and appropriate, and liquidity reasonably ample. It will strengthen support to the real economy, with a bias toward small companies.

The central bank reiterated that it will deepen reforms of the forex market and increase the flexibility of the yuan's exchange rate while guiding companies and financial institutions to be "risk neutral".

China central bank says to promote healthy development of property market
 

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Comments (1)
Tyler Phillis
Tyler Phillis Dec 25, 2021 10:30AM ET
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The first paragraph show that this article is propaganda targeted toward a western audience: you don’t buy property in China because there are no laws protecting propery rights. The CCP owns everything…people rent it and cannot own.
Tyler Phillis
Tyler Phillis Dec 25, 2021 10:30AM ET
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Owns everything, people rent. The biggest loser in China is always the people.
Mauricio V.
Mauricio V. Dec 25, 2021 10:30AM ET
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Whoever does not like the capitalist system may well take a flight to Cuba or China, but they are not doing it because they are cowards.
Jan Chojnacki
Jan Chojnacki Dec 25, 2021 10:30AM ET
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Mauricio V. and hypocrits
Martijn WN
Speculeerbeer Dec 25, 2021 10:30AM ET
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Is that so? Although I see your point in the sense that America is not so great due to the disparity of wealth, which has many people living in poverty. I do think there are many Chinese citizens who would love to be part of the American middle class. The 1% might hold most of the wealth, but if you are in the top 50% of the USA, you can lead a life of comfort. I don't know what you consider a loser, perhaps we have different standards. I live in the Netherlands where wealth disparity is also a problem, but I'm happy being a part of the middle class out here. Plenty of disposable income with a 36 hour workweek, saving plenty for my eventual retirement as well, and I have enough income and vacation to go on nice trips every year. Life is easy for most people out here.
 
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