Displaying items by tag: People's Bank of China
China: Chinese regulatory authorities have instructed the country's financial institutions to begin lending more to property developers to help them complete residential construction projects. The International New York Times newspaper has reported that the Ministry of Finance has implemented tax breaks for non-first-time homebuyers. Meanwhile, People's Bank of China reduced the minimum total emergency funds to be held by commercial Chinese banks by US$70bn in order to free up cash. Industrial and Commercial Bank of China lent US$91bn to 12 different developers, while Bank of Communications lent US$14bn to leading property developer Vanke.
Governor of the People's Bank of China Yi Gang said “China’s housing sector is linked to a lot of upstream and downstream industries, so its healthy development is of great significance to the overall economy."
Huaxin Cement approved for first carbon emission reduction loan in the Chinese cement sector
13 May 2022China: Huaxin Cement says it has been approved for a US$5.8m preferential carbon emission reduction loan. It is the first such finance arrangement in the local cement sector. The People's Bank of China established a carbon emission reduction support tool in November 2021 to guide financial institutions to increase green and low-carbon credit support. Huaxin Cement’s Huangshi subsidiary put together its application based around a waste heat recovery project. It then worked with the Bank of Communications and the People's Bank of China. The cement producer says that its other subsidiaries are now working on similar applications.
China: Zhou Xiaochuan, the governor of the People's Bank of China, has described government targets for cutting excess capacity in the steel and cement industries as ‘optimistic.’ The Chinese government says it wants to cut steel and cement production capacity by around 10% but Zhou said he thought that might be difficult, given continued investment in urban housing and infrastructure, according to the Wall Street Journal. He made the comments at a seminar held by the Group of Thirty in Washington, US.