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China's central bank removes lower limit on mortgage rates

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China's central bank removes lower limit on mortgage rates

2024-05-17 14:48 Last Updated At:22:17

China's central bank on Friday announced the removal of lower limit for mortgage rates for buying new and second-hand homes to support a healthy, stable development of the home market.

In addition to the removal, the People's Bank of China (PBOC) also announced to lower housing provident fund loan rates and cut the down payment ratios for buying new and second-hand homes.

According to a PBOC notification, local branches now have the right to independently determine the floor level for commercial mortgages, and financial institutions should appropriately determine interest rates based on business conditions and client risks.

The loan rates of individual housing provident fund will be cut by 0.25 percentage points, the bank announced.

Starting on May 18, the interest rate of first-home loans that mature within or at five years will be set at 2.35 percent, while the over-five-year rate will be slashed to 2.85 percent.

For second-home purchases, the interest rate of loans that mature within or at five years will be no lower than 2.775 percent, while the over-five-year rate will be no lower than 3.325 percent.

The housing provident fund is a long-term housing savings plan made up of compulsory monthly deposits by both employers and employees. It can only be used by employees for house-related expenses.

Meanwhile, the minimum down payment ratios for individuals' commercial housing mortgages will be lowered to no less than 15 percent for first-home purchases, and 25 percent for second-home purchases, according to the bank and National Financial Regulatory Administration.

China's central bank removes lower limit on mortgage rates

China's central bank removes lower limit on mortgage rates

China's central bank removes lower limit on mortgage rates

China's central bank removes lower limit on mortgage rates

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China, Indonesia hold meeting of high-level dialogue cooperation mechanism

2024-06-14 01:35 Last Updated At:02:17

Wang Yi, Chinese foreign minister and director of the Office of the Foreign Affairs Commission of the Communist Party of China (CPC) Central Committee, co-chaired the chairman's meeting of the China-Indonesia High-Level Dialogue Cooperation Mechanism with Luhut Binsar Pandjaitan, Indonesia's coordinator for cooperation with China and coordinating minister of maritime affairs and investment, in China's Jilin Province on Thursday.

Wang, also a member of the Political Bureau of the CPC Central Committee, said that next year marks the 75th anniversary of the establishment of diplomatic ties between China and Indonesia, and the development of bilateral relations faces new important opportunities.

China is ready to work with Indonesia to make full use of the mechanism and set a fine example for developing relations between major developing countries with high-level strategic mutual trust, complementarity in various fields, and all-round and coordinated development, Wang said.

Noting that China and Indonesia should continue to firmly support each other's core interests and major concerns, Wang said the two sides should make efforts to ensure that the Jakarta-Bandung High-Speed Railway remains a shining example of Belt and Road cooperation, advance the construction of two flagship projects, namely the Regional Comprehensive Economic Corridor and the "Two Countries, Twin Parks," expand cooperation in the three key areas of digital economy, green development and improving people's livelihoods, and push for new achievements in maritime cooperation.

Reiterating that Indonesia attaches great importance to relations with China and firmly abides by the one-China principle, Luhut said that the Indonesian side is willing to dovetail the Global Maritime Fulcrum and the Belt and Road Initiative, operate the Jakarta-Bandung High-Speed Railway in a good manner, and strengthen bilateral cooperation in marine, fishery and other fields.

The two sides also conducted in-depth communication on international and regional issues of mutual interest.

China, Indonesia hold meeting of high-level dialogue cooperation mechanism

China, Indonesia hold meeting of high-level dialogue cooperation mechanism

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