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中国推出针对保障性住房和基础设施的“迷你刺激”计划China launches 'mini stimulus' targeting affordable homes, infrastructure

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上海讯 -- 中国周二宣布推出新举措,以支撑疲软的房地产市场,此前决策者表示需要加大力度,以实现政府设定的经济增长目标。

SHANGHAI -- China on Tuesday announced new measures to prop up the country's weak property market, after policymakers indicated that stronger efforts are needed to meet the government's economic growth target.

财政部表示,将对银行发放的住房贷款利率给予1个百分点的贴息补贴,期限最长五年。每户享受补贴的贷款额度上限为100万元人民币(约合14.9万美元)。仅限首套房购房者申请,且所购住房建筑面积不超过120平方米、总价不超过150万元人民币。

The Ministry of Finance said it will subsidize one percentage point of the interest rate of mortgage loans issued by banks for up to five years. The maximum amount of the loan eligible for the subsidy is 1 million yuan ($149,000) per household. Only first-time homebuyers can apply, and the property they are buying must measure up to 120 square meters and cost 1.5 million yuan or less.

财政部网站发布的政策解读称:“主要目的是用有限的财政资金,惠及更多有刚性、改善性住房需求的购房群体。”

"The primary aim is to utilize limited fiscal funds to benefit a broader range of homebuyers with genuine, immediate needs," according to an explanation of the policy published on the ministry's website.

补贴资金由中央财政承担90%,地方财政承担10%。该政策将于周四起施行,初步实施期限为一年。

The central government will provide 90% of the subsidy funds, while 10% will be borne by local governments. The policy will take effect Thursday and will initially run for one year.

另外,中国央行将抵押补充贷款(PSL)利率从1.75%下调至1.5%。该工具设立于2014年,向国家政策性银行提供贷款,最初用于棚户区改造,但央行周二表示,将用于支持“六大网络”:供水、电网、数据中心、新一代通信网络、地下管廊和物流网络。

Separately, the People's Bank of China, the central bank, cut the interest rate for a tool called pledged supplementary lending from 1.75% to 1.5%. The tool, set up in 2014, provides loans to state policy banks. It was initially used for urban redevelopment, but the PBOC on Tuesday said it will be used to support "six major networks": water supplies, power grids, data centers, next-generation communications networks, underground pipelines and logistics networks.

这些举措出台前,国务院总理李强周一主持召开国务院常务会议,要求加大力度落实全年经济社会发展目标任务,确保完成国内生产总值(GDP)增长4.5%至5%左右的预期目标。中国上半年经济增速为4.7%,7月和8月疲软的经济数据引发了对下半年进一步放缓的担忧。

The moves come after members of the State Council, led by Premier Li Qiang, met on Monday and called for intensified efforts to meet the gross domestic product growth target of 4.5% to 5%. China's growth rate for the first half of the year came in at 4.7%, and weak economic data in July and August raised concerns over a further slowdown in the second half.

经济面临的一个特别沉重的拖累是房地产市场,新房销售有望连续第五年下滑。周一的会议明确提及房地产,称“应研究推出稳定房地产市场、促进就业和收入增长的政策措施”,据国务院新闻办公室(或新华社)发布的会议通稿。

A particularly heavy drag on the economy has been the property market, with new home sales on track to fall for a fifth straight year. Monday's meeting explicitly touched on property, stating that "policy measures to stabilize the real estate market and promote employment and income growth should also be studied and rolled out," according to a readout published by state news agency Xinhua.

“与七月政治局会议相比,措辞听起来更加紧迫,表明另一轮小规模刺激措施正在进行中,”麦格理首席中国经济学家胡伟周二在研报中写道。他补充称,不过,大规模刺激目前看来不太可能,因为中国强劲的AI相关出口正在帮助抵消疲软的国内需求。

"Compared with the July Politburo meeting, the language sounds more urgent, signaling that another round of mini stimulus is underway," Larry Hu, chief China economist at Macquarie, wrote in a note on Tuesday. He added, however, that a larger stimulus effort currently looks unlikely because China's strong AI-related exports are helping to offset weak domestic demand.

周二的宣布紧随8月下旬出台的一系列政策,包括遏制开发商预售未完工住房,以及将最长抵押贷款期限从30年延长至40年。

Tuesday's announcements follow a string of policies announced in late August, including curbing presales of unfinished homes by developers and extending the maximum term of mortgages from 30 years to 40 years.

数据提供商Wind编制的追踪中国内地上市房地产股票的指数在周二宣布前上涨4%,但自年初以来仍下跌8%。

An index tracking property stocks listed in mainland China, compiled by data provider Wind, rose 4% on Tuesday ahead of the announcements but is still 8% lower since the start of the year.