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Confidence mounts for economic growth

By Zhou Lanxu | China Daily | Updated: 2023-01-03 06:53
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A potential homebuyer (left) looks at a property model in Taiyuan, Shanxi province. [WEI LIANG/CHINA NEWS SERVICE]

Property market

While recognizing the need to reduce overall costs for businesses and households to facilitate their credit growth and spending power, experts called for mortgage rate reductions as a key step to stabilize the real estate sector.

Shao Yu, chief economist at Orient Securities, said, "It is necessary to reduce interest rates, as the housing market faces some obstacles to achieving a soft landing." Cutting interest rates can help bolster homebuying demand and stabilize the property market, which is a major drag on growth, Shao added.

Zhu Haibin, JPMorgan's chief China economist, said in a note that the government may introduce additional measures to support housing demand, such as lowering down payments and relaxing or removing home purchase restrictions at city level.

To promote steady development of the property market, the Central Economic Work Conference stressed the need to ensure prompt delivery of presold housing and to meet reasonable financing demand in the sector, as well as people's basic housing requirements and the need for improved housing conditions.

The positive signals sent by the conference, along with 16 recently announced measures to stabilize lending to the real estate sector, have helped stabilize market expectations for the operations of private real estate developers — triggering hopes for a recovery in home sales this year.

Lu Ting, Nomura's chief China economist, said, "Markets have many reasons to turn positive." Lu cited COVID-19 optimization measures, adjusted regulations for the property sector, and the reassertion of respect for private entrepreneurs as key encouraging developments.

Experts said that with a number of factors aiding China's recovery in the coming year, the world's second-largest economy may become an even more important driving force for the world economy by stabilizing a choppy global economic recovery.

A Goldman Sachs report said the potential rally in Chinese consumer spending may accelerate imports of goods and services, helping boost GDP in economies such as Singapore and Australia, while Thailand and Vietnam could be among the biggest beneficiaries of a recovery in international travel by Chinese tourists.

However, experts said China's unfolding economic rebound is not without caveats, especially considering uncertainties over COVID-19 and a harsher international economic and geopolitical situation.

Boosting market confidence by creating a more enabling environment for private and foreign enterprises is necessary for the Chinese economy to sail through potential headwinds, the experts added.

In addition to pledging to promote the opening up of modern service industries, the Central Economic Work Conference promised that law-based protection would be provided for the property rights of private enterprises and the interests of entrepreneurs.

Tao Dong, vice-chairman for Greater China at Credit Suisse Wealth Management Asia Pacific, said, "Policy stimulus is important, but private investment and consumption remain the bulk of economic activity.

"Ensuring stimulus measures and government spending strengthen confidence in the private sector will be crucial for policies to be successful and sustainable. Further policy details are awaited."

Specific policy efforts have been stepped up.

The China Securities Regulatory Commission said it will work to ensure equal treatment for State-owned and private enterprises regarding market entry, information disclosure and continuous supervision in the coming year. It will also facilitate overseas listings by platform enterprises.

Li Xiang and Ouyang Shijia contributed to this story.

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