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China boosts funds for housing projects to support embattled sector

2024-10-17 10:43:14

Nevertheless, a quarterly central bank survey suggested the headwinds from the slowing global economy have yet to be fully felt by manufacturers, with the business mood holding up and companies retaining robust spending plans.

That opens up the risk that things could get much bumpier in the coming months, especially as worries over slow global growth join nervousness around the outcome of the U.S. presidential election next month and an escalating conflict in the Middle East.

($1 = 149.5400 yen)

Interest rates on existing mortgages are expected to drop by an average half a percentage point, benefiting 50 million households and 150 million residents, Tao Ling, a deputy governor at the central bank, said at the same press conference.

The rate cuts helped households save 150 billion yuan, she said.

Since last year, China had implemented incremental policies to lift home buyer confidence amid concerns about persistently declining home prices, timely deliveries of homes by developers, and the status of their own jobs and incomes in a fragile economy.

In a September meeting, the politburo, a top decision-making body of the ruling Communist Party helmed by President Xi Jinping, called for further measures to stabilise the market.

($1 = 7.1161 Chinese yuan renminbi)

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