Since September 24, the Chinese government has been holding frequent press conferences, continuously sending messages and signals supporting high-quality economic development

Published: Oct 15, 2024 09:40

Save

At the State Council Information Office press conference on September 24, five new real estate financial policies were introduced. 1. Banks are guided to lower the mortgage rate on existing home loans, with an expected average reduction of about 0.5 percentage points. 2. The minimum down payment ratio for mortgages is unified to 15%. 3. The duration of two real estate financial policy documents is extended. 4. The policy on re-lending for affordable housing is optimized. 5. Support is provided for the acquisition of existing land by real estate companies.

On September 26, the Political Bureau of the CPC Central Committee held a meeting emphasizing the need to increase the counter-cyclical adjustment of fiscal and monetary policies. It is important to issue and utilize ultra-long-term special treasury bonds and local government special bonds effectively. The reserve requirement ratio should be lowered. Efforts should be made to stabilize the real estate market. Public concerns should be addressed by adjusting housing purchase restrictions. Efforts should be made to boost the capital market and strongly guide medium and long-term funds into the market.

On September 29, Premier Li Qiang presided over a State Council executive meeting to study and deploy the implementation of a package of incremental policies, emphasizing the need to use a combination of measures to address prominent issues in economic operations and strive to achieve the annual economic and social development goals. The meeting deployed measures to accelerate the implementation of 102 major projects in the "14th Five-Year Plan."

During the National Day holiday, Beijing, Shanghai, Shenzhen, and Guangzhou successively optimized and adjusted real estate policies. The Guangzhou Municipal Government Office issued a notice announcing that, starting from September 30, all housing purchase restrictions for resident families in the city would be lifted.

On October 12, the State Council Information Office held a press conference to introduce the situation regarding "increasing the counter-cyclical adjustment of fiscal policies and promoting high-quality economic development."

Macro economy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Glencore Boosts Copper Output by 15%, Maintains Full-Year Guidance Amid Strong H1 Performance

Glencore produced 397,000 metric tons of copper in the first half of 2026, marking a 15% increase from 343,900 tons in H1 2025. The growth was primarily driven by higher mining volumes and improved ore grades at its African operations alongside stronger grades at the Antamina mine in Peru. Following the strong operational start, Glencore maintained its full-year copper production guidance at 810,000 to 870,000 tons. The company noted that H2 performance will be bolstered by higher recovery rates and improved mining output at the Collahuasi operation in Chile. Meanwhile, Glencore’s marketing unit delivered exceptional results, generating approximately $3.3 billion in adjusted core earnings (EBIT) in H1 alone. This puts the trading division on track to approach or exceed the top end of its full-year guidance range of $2.3 billion to $3.5 billion. In contrast, cobalt production dropped 46% year-over-year to 10,200 tons due to ongoing export quotas in the Democratic Republic of Congo. Glencore strategically prioritized copper processing, holding back cobalt volumes until export restrictions ease. Full H1 financial results are scheduled for release on August 5.

1 hour ago

First Quantum Boosts Zambian Copper Output by 5% in H1 2026, On Track for Annual Targets

First Quantum Minerals produced 184,929 tonnes of copper in Zambia during the first half of 2026, marking a 5% year-over-year increase from 176,116 tonnes recorded in H1 2025. This performance keeps the country's largest copper producer firmly on track to meet its full-year guidance. The growth was driven by solid operational outputs across both of its primary Zambian assets. Kansanshi reached 89,342 tonnes in H1—up from 86,647 tonnes in H1 2025—supported by strong processing throughput in its S3 expansion circuit. Sentinel also delivered higher volume, producing 95,587 tonnes compared to 89,469 tonnes in the same period last year. Following the H1 results, First Quantum maintained its 2026 production guidance of up to 205,000 tonnes for Kansanshi and 220,000 tonnes for Sentinel. Reaching these targets would push the company’s total annual output past 370,000 tonnes, exceeding the 361,000 tonnes produced locally in 2025. For H2, the miner anticipates stronger performance driven by higher plant throughput, improved recovery rates, and elevated ore grades at Sentinel. As First Quantum operations accounted for 41% of Zambia's 890,346 tonnes total output in 2025, this continued momentum plays a central role in supporting the Zambian government’s ambitious target to exceed 1 million tonnes of national copper production in 2026.

1 hour ago

Downstream consumption was sluggish, inventory increased, and spot premiums declined [SMM South China Copper Cathode Spot Weekly Report]

1 hour ago