HOT TOPICS
China shifts property policy in new Five-Year Plan
The recommendations for China’s 15th Five-Year Plan reframe real estate policy as a matter of “livelihood security,” shifting the focus from market regulation and risk prevention to systemic reconstruction and high-quality development.
The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points, in line with market expectations. The central bank also announced it will end the reduction of its securities holdings, known as quantitative tightening, on Dec. 1. Fed Chair Jerome Powell indicated that a rate adjustment in December might be paused due to a lack of economic data caused by the government shutdown.
China launches fund for strategic emerging industries
China has launched a special fund for strategic emerging industries, with an initial size of 51 billion yuan ($7.2 billion). The fund, backed by state-owned enterprises, will primarily support sectors such as artificial intelligence (AI), aerospace, high-end equipment and quantum technology.
China to upgrade urban commerce
Five central government departments, including the Ministry of Commerce, issued a plan to upgrade urban commerce. The plan calls for greater integration of technologies like AI and the Internet of Things and for the creation of new consumption scenarios in animation, gaming and esports. It also aims to curb “excessive competition” and foster a fair and innovative business environment.
China faces green finance hurdles
China’s rapidly expanding green finance sector faces significant hurdles, including inconsistent standards, poor corporate disclosure, and difficulty in pricing environmental benefits. These issues threaten to undermine the effectiveness of China’s push to use finance as a key tool in achieving its ambitious climate goals, prompting calls for standardized rules and better incentives. The country has built the world’s largest green-credit market and second-largest green-bond market.
NEWS SUMMARY
Hong Kong’s property price index hit a 14-month high, signaling the market is entering an upswing.
Rio Tinto’s new CEO has detailed the development plans for the Simandou iron ore mine, and China’s role in the project.
Google is partnering with an energy company to restart a decommissioned U.S. nuclear power plant to meet rising electricity demand from its AI operations.
OpenAI has completed a capital restructuring, with Microsoft holding a 27% stake.
Shenzhen-listed China Rare Earth Resources And Technology Co. Ltd. reported a 195% year-on-year increase in net profit for the first three quarters, driven by a rebound in rare earth product prices.
