Beijing Lowers Downpayment and Mortgage Rates
Beijing has announced new measures to boost its property market, including lowering the minimum downpayment ratios and mortgage interest rates effective Thursday. First-home buyers will see downpayment ratios drop from 30% to 20%, while second-home purchases will have reduced downpayments of 35% within the fifth ring road and 30% outside it. These measures aim to support housing demand and facilitate home trade-ins, enhancing market fluidity.
Summer Davos Calls for Global Collaboration on Climate Change
At the 15th Annual Meeting of the New Champions (Summer Davos), attendees emphasized the need for increased international collaboration to address energy transition and climate change challenges. China's special envoy for climate change, Liu Zhenmin, highlighted the importance of avoiding protectionist measures and enhancing cooperation. Key industry leaders also called for a win-win approach to global clean energy and sustainable development.
Green Tech, AI, and Chinese Economy Dominate Summer Davos
The 15th Summer Davos has highlighted green tech, AI, and the Chinese economy as major themes. Of the 162 sessions, 38 focus on climate and energy, 26 on AI, and 22 on the Chinese economy. Participants, including global leaders and experts, acknowledged China's leading role in clean technology and AI innovation, emphasizing the need for global cooperation to combat climate change and advance technological developments.
Growth in Waterway Freight Volume
China's waterway freight volume grew by 7% year-on-year in the first five months of 2024, totaling 3.9 billion tonnes. Container throughput at ports nationwide exceeded 130 million TEUs, up 8.8%. Investments in smart ports and major infrastructure projects, such as the Pinglu Canal, are driving this growth, with fixed-asset investment in waterway transport reaching 78.6 billion yuan, a 7.2% increase.
Stable Central Government Accounts in 2023
China's central government accounts for 2023 remained stable, with significant progress in financial reform and development. General public budget revenue totaled 9.96 trillion yuan, while expenditure reached 14.11 trillion yuan. Approximately 8.84 trillion yuan was transferred from the central government to local governments by May 2024. Future efforts will focus on implementing fiscal policies, supporting basic livelihoods, and managing local government debt.