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Shanghai's home curbs set to continue
By Feng Jianmin |
March 7, 2012, Wednesday
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Print Edition
Print Edition
Shanghai will continue with its restrictions on home purchases and increase financial support for small and medium-sized companies this year, the city's top government officials announced yesterday.
But the highly-anticipated launch of an international board, where foreign companies can sell yuan-denominated stocks, is not yet in sight, Shanghai Mayor Han Zheng said.
The city's property policies will continue on a long-term basis, Shanghai Party Secretary Yu Zhengsheng told reporters on the sidelines of the annual session of China's legislature in Beijing.
The restrictions that limit every household in Shanghai to buy at most two housing units were first introduced in 2010, when the government tightened policies to curb soaring home prices.
Yu's comments come after Liu Haisheng, director of the Shanghai's housing bureau, last month dismissed speculation that Shanghai would ease home purchase restrictions as housing prices in the city began to fall.
Han pledged to step up measures to tackle difficulties faced by small businesses in raising funds by increasing support for small-sum lending companies and guarantors.
Lending guarantees
Han said that more subsidies will be allocated this year to "let banks feel safer when giving loans to the medium, small and micro-sized businesses."
Last year, the city set aside 3 billion yuan (US$486.2 million) to invest in small high-tech companies, to help small businesses obtain required guarantees for bank lending, and to cover possible bad loans that commercial banks may incur from lending to start-up companies.
Han also said that Shanghai's pilot tax reform, which replaced business tax with value-added tax for 120,000 companies, of which 60 percent were small and medium-sized firms, has seen these firms enjoy a decrease in tax rates.
Yu said the tax reform may possibly reduce Shanghai's fiscal revenue, but it presented a good opportunity for the city to accelerate the development of its service industry.
"The sacrifices will be made up by future developments," Yu said.
Concerning the international board that was proposed in 2007, Han said it was "not yet a best time for launching" due to "very, very complicated factors."
He said legal and technical preparations for the board were under way, and the board would be launched only after gaining approval from the China Securities Regulatory Commission.
The board is seen as an essential part of Shanghai's plan to become an international financial center by 2020, but the delay is believed to be due to regulatory challenges and the vulnerability of China's stock market in an uncertain global economic outlook.
But the highly-anticipated launch of an international board, where foreign companies can sell yuan-denominated stocks, is not yet in sight, Shanghai Mayor Han Zheng said.
The city's property policies will continue on a long-term basis, Shanghai Party Secretary Yu Zhengsheng told reporters on the sidelines of the annual session of China's legislature in Beijing.
The restrictions that limit every household in Shanghai to buy at most two housing units were first introduced in 2010, when the government tightened policies to curb soaring home prices.
Yu's comments come after Liu Haisheng, director of the Shanghai's housing bureau, last month dismissed speculation that Shanghai would ease home purchase restrictions as housing prices in the city began to fall.
Han pledged to step up measures to tackle difficulties faced by small businesses in raising funds by increasing support for small-sum lending companies and guarantors.
Lending guarantees
Han said that more subsidies will be allocated this year to "let banks feel safer when giving loans to the medium, small and micro-sized businesses."
Last year, the city set aside 3 billion yuan (US$486.2 million) to invest in small high-tech companies, to help small businesses obtain required guarantees for bank lending, and to cover possible bad loans that commercial banks may incur from lending to start-up companies.
Han also said that Shanghai's pilot tax reform, which replaced business tax with value-added tax for 120,000 companies, of which 60 percent were small and medium-sized firms, has seen these firms enjoy a decrease in tax rates.
Yu said the tax reform may possibly reduce Shanghai's fiscal revenue, but it presented a good opportunity for the city to accelerate the development of its service industry.
"The sacrifices will be made up by future developments," Yu said.
Concerning the international board that was proposed in 2007, Han said it was "not yet a best time for launching" due to "very, very complicated factors."
He said legal and technical preparations for the board were under way, and the board would be launched only after gaining approval from the China Securities Regulatory Commission.
The board is seen as an essential part of Shanghai's plan to become an international financial center by 2020, but the delay is believed to be due to regulatory challenges and the vulnerability of China's stock market in an uncertain global economic outlook.
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