Connect with us

News

China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

Published

on

china
China's metropolitan landscapes: Image Pixa Bay 

China launched a slew of new steps Friday to revitalize its struggling real estate business, as the latest data revealed that house prices had fallen over 10% since the beginning of the year.

Among other measures, the central bank said it will lower the minimum down payment for mortgages and eliminate the floor on interest rates for first and second homes.

China’s housing market has plummeted following a crackdown on excessive borrowing by property developers many years ago. This has dragged down a wide range of other sectors, including home furnishings, appliances, and construction, and delayed growth in the world’s second-largest economy.

Dozens of developers, whose armies of high-rise apartments have changed China’s metropolitan landscapes, still need to pay their obligations. Many initiatives have just stagnated, incomplete.

china

China: Getty Images

China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

He Lifeng, a deputy premier, stated that officials would implement laws tailored to each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”

“We will solidly advance key tasks such as guaranteed housing delivery and absorption of existing commercial housing,” He said during a top-level property policy teleconference, according to the official Xinhua News Agency.

The drive to entice more families to buy homes has gathered traction after previous moves, such as interest rate cuts and government-backed financing, failed to attract buyers when developers struggled to produce housing that had already been promised and paid for.

Housing is a mainstay of Chinese investment due to the cheap interest rates paid by banks, and many potential purchasers may be waiting for the market to bottom out before making fresh purchases. Furthermore, layoffs and other economic disruptions caused by the pandemic have made many individuals wary of spending.

The People’s Bank of China said that beginning Saturday, the interest rate for first-time housing provident fund loans for less than five years will be reduced by 0.25 percentage points to 2.35%. The loan rate for loans for more than five years has decreased by 0.25 percentage points to 2.85%.

According to the report, the minimum down payment for first-time homebuyer loans will be 15% of the total purchase price. The tax on second residences will be 25%.

According to Chen Wenjing of China Index Holdings, a Nasdaq-listed company that specializes in information about China’s real estate market, the latest efforts, which have reduced down payment levels and mortgage interest rates to historic lows, demonstrate Chinese leaders’ determination to stabilize the real estate market.

china

China’s metropolitan landscapes: Image Pixa Bay 

China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

“Reducing the down payment threshold and home purchase costs for residents will likely boost their willingness to buy homes,” Chen stated. He said that if large cities follow through with such initiatives, market sentiment would likely rise even further.

Dong Jianguo, vice minister of Housing and Urban-Rural Development, stated that officials should focus on ensuring that property buyers receive what they paid for, and if that is not possible, the courts may have to intervene.

“In judicial proceedings, protecting the legitimate rights and interests of homebuyers should also be a top priority,” Dong said at a news conference in Beijing.

Earlier Friday, officials from the National Bureau of Statistics acknowledged that domestic demand — spending by consumers and businesses — remained “insufficient” and said the government was considering additional ways to revitalize the property industry after housing prices fell 9.8% in January-April compared to the previous year.

“The complexity, harshness, and uncertainty of the external environment are rapidly growing. “There is insufficient effective domestic demand, high business pressure, and numerous risks and hidden dangers,” said Liu Aihua, a bureau spokesperson.

“The foundation for recovery needs to be strengthened,” Liu stated.

One of the primary measures being implemented is for local governments to buy units that have gone unsold owing to low demand and rent them out as cheap housing in pilot schemes that are national policy.

As part of the newest policy easing, the central bank announced the establishment of a 300 billion yuan ($42 billion) fund to finance the purchase of vacant homes by state-owned enterprises and local governments for use as affordable housing.

China’s economy expanded at a healthy 5.3% rate in the first quarter of this year, but this is rather slow for a developing country, and signals of fragility remain.

china

China’s metropolitan landscapes: Image Pixa Bay 

China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth

On Friday, the National Bureau of Statistics said that manufacturing output increased by 6.7% in April compared to the previous year, while investment in fixed assets such as factory equipment increased by 4.2%.

However, housing starts plummeted nearly 25% yearly, while sales by floor area fell 20%. Financing for property projects declined by 25%.

Retail sales increased only 2.3% in April.

Officials predicted demand would revive as the government implemented initiatives encouraging people to sell their old cars and appliances and acquire new ones.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

News

2024: Supreme Court Rules California Man Can’t Trademark ‘Trump Too Small’

Published

on

trump
Trump | Pixa Bay Image

WASHINGTON The Supreme Court decided unanimously on Thursday against a man seeking to trademark the oblique phrase “Trump too small.”

The court maintained that the government had the right to refuse Steve Elster, a Californian who wanted to use the slogan only on T-shirts and maybe other products, a trademark. It is one of many legal proceedings involving former President Donald Trump, including significant ones about the bloody assault on the Capitol in 2021. The court established guidelines earlier in the current term enabling public officials to be sued for removing detractors from their social media accounts. These instances had to do with Donald as well.

trumpe

trump | AP News image

Supreme Court Rules California Man Can’t Trademark ‘Trump Too Small’

The Justice Department backed President Joe Biden’s presumed opponent in the 2024 election, his predecessor. According to government representatives, the phrase “Trump too small” may still be used, but as Donald had not given his approval, it could not be trademarked. You can already buy “Trump too small” T-shirts online.

Elster’s attorneys had contended that the ruling infringed his right to free speech, and a federal appeals court agreed.

Chief Justice John Roberts warned at arguments that if Elster prevailed, individuals would rush to trademark “Trump too this, Trump too that.”

While the nine judges unanimously agreed to reject Elster’s First Amendment argument, their reasoning varied and comprised 53 pages of opinions.

In the last six years, the justices have twice overturned federal law clauses that denied trademarks deemed scandalous or immoral in one case and insulting in another.

trump

Trump | PixaBay Image

Supreme Court Rules California Man Can’t Trademark

Elster’s case addressed a different rule that states that unless the person has provided “written consent,” a trademark application containing a name, photograph, or signature “identifying a particular living individual” will be denied.

The core of the lawsuit refers to a conversation Donald had with Florida Senator Marco Rubio during the 2016 campaign. At the time, Rubio was vying for the Republican presidential nomination.

At a speech, Rubio started the verbal sparring by telling supporters that Donald, who claims to be 6 feet 3 inches tall, had disproportionately small hands and that Donald had always called him “little Marco.” Had you looked at his hands? And you are aware of the saying regarding males with little hands, Rubio added. “You can’t rely on them.”

trump

Trump | Pixa Bay Image

Supreme Court Rules California Man Can’t Trademark ‘Trump Too Small’

Donald later brought up the remark during a televised debate on March 3, 2016.

Stare at those hands. Are those little hands? And he said something about my hands being small, so something else had to be, too. There is no difficulty, I promise you. You have my word,” he declared.

SOURCE – (AP)

Continue Reading

News

Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ With US Bilateral Relationship

Published

on

yellen

Chinese “overconcentrated supply chains” threaten American jobs and recent investments intended to strengthen the country’s green energy industry, according to Treasury Secretary Janet Yellen. The Asian superpower’s trade policies “may interfere significantly with our efforts to build a healthy economic relationship.”

Yellen endorsed Biden administration initiatives meant to boost American economic competitiveness in a prepared speech she gave to Wall Street and corporate executives at the Economic Club of New York on Thursday afternoon.

yellen

Yellen | AP News Image

Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ With US Bilateral Relationship

“When foreign subsidies threaten the viability of domestic firms” in important industries like green energy, she added, the United States should react. China’s green energy products are especially feared to undercut significant climate-friendly investments made possible by the Democrats’ August 2022 Inflation Reduction Act, which President Joe Biden signed into law.

Former President Donald Trump is making his argument to the Business Roundtable in Washington, an organization of over 200 CEOs, on why the economy would be better if he were back in the White House while Yellen is speaking.

Voters have heard from Biden and Trump, his likely Republican opponent, that they will be harsh on China.

The United States imposed major new duties this month on Chinese electric cars, cutting-edge batteries, solar cells, steel, aluminum, and medical equipment. On Wednesday, the European Union also acted to increase import duties, or tariffs, on Chinese-made electric vehicles after preliminary findings of a continuing inquiry into Chinese EV subsidies revealed that the nation’s battery electric vehicle “value chain” benefited from “unfair subsidization” that damaged EU competitors.

yellen

Yellen | Forbes Image

Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ With US Bilateral Relationship

Chinese companies can charge as little as $12,000 for an electric vehicle. Chinese officials contend that their manufacturing keeps costs low and would support a shift to a green economy. They also claim that their solar cells and steel and aluminum mills have enough capacity to supply most of the world’s demand.

Among other concerns, Yellen mentioned in her statement on Thursday the proportion of Chinese manufacturing companies that are losing money, the high savings rates compared to other OECD nations, and the stringent investment regulations.

Yellen listed industries where Chinese government subsidies have fueled fast output growth, including the production of electric cars and their batteries and solar energy equipment, which the U.S. administration is attempting to boost domestically.

yellen

Yellen | CNN Image

Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ With US Bilateral Relationship

“I reject the idea that ‘decoupling’ would help the US economy in any way,” she stated. Concurrently, a level playing field is necessary for us to fully enjoy the possible advantages of our economic partnership.

Her trip to Guangzhou and Beijing earlier this year was centered on industrial strategy and what the United States and Europe call China’s manufacturing overcapacity.

SOURCE – (AP)

Continue Reading

News

President Joe Biden Faces First Lawsuit Over New Asylum Crackdown At The Border

Published

on

Biden Administration Plans for Potential Presidential Transition

Washington, D.C. On Wednesday, a coalition of immigrant advocacy groups sued the Biden administration, claiming that President Joe Biden’s recent order to essentially stop asylum claims at the southern border is no different from a similar action by the Trump administration that was thwarted by the courts.

The American Civil Liberties Union and others filed the lawsuit on behalf of the Las Americas Immigrant Advocacy Centre and the Refugee and Immigrant Centre for Education and Legal Services, or RAICES. It is the first legal challenge to Biden’s broad border crackdown, which followed months of internal White House deliberations and is intended in part to fend off political criticism of the president’s immigration policy.

biden

Joe Biden | AP News Image

President Joe Biden Faces First Lawsuit Over New Asylum Crackdown At The Border

“We were forced to file this lawsuit by enacting an asylum ban that is legally indistinguishable from the Trump ban we successfully blocked,” said ACLU attorney Lee Gelernt.

The directive Biden issued last week will restrict the processing of asylum applications once 2,500 people are encountered between ports of entry each day. The current estimates were significantly higher, at almost 4,000 daily, so it went into effect right away.

The limits would remain in place for two weeks following the seven-day average of those daily encounter counts at or below 1,500. When the numbers might fall that low, though, is unclear; the last time was in July 2020, during the COVID-19 epidemic.

When the order entered into force on June 5, officials of the Biden administration stated they anticipated record numbers of deportations.

Advocates counter that, among other issues, suspending asylum for refugees who fail to show up at a predetermined point of entry—as the Biden administration is attempting to do—violates current federal immigration law.

For a long time, the United States has welcomed refugees seeking protection from persecution. That national commitment became legally codified with the Refugee Act of 1980. The groups said in their case filed on Wednesday that although Congress has, throughout time, imposed certain restrictions on the right to seek asylum, it has never allowed the Executive Branch to outright prohibit asylum based on where a noncitizen enters the nation.

Biden cited Section 212(f) of the Immigration and Nationality Act, the same legal basis that the Trump administration used to justify its asylum restriction. Under this clause, a president may restrict the number of migrants admitted if it is judged “detrimental” to the country’s interests.

While running, Biden has frequently attacked the immigration policy of former President Donald Trump. His government counters that his order is unique because it has multiple humanitarian exclusions. Limits would not apply, for instance, to victims of human trafficking, unaccompanied minors, or people experiencing serious medical difficulties.

“The Securing the Border rule is legal, important to enhancing border security, and is already having an impact,” a Department of Homeland Security spokesman said, declining to comment on the complaint. We shall keep putting the contested actions into practice; they are still in force.

biden

Joe Biden | AP news Image

President Joe Biden Faces First Lawsuit Over New Asylum Crackdown At The Border

The immigrant rights organisations contend in the complaint that exceptions are “extremely limited.”

The White House forwarded questions regarding the complaint to the Justice Department, which declined to comment. According to White House spokesman Angelo Fernández Hernández, Biden’s action was required because congressional Republicans thwarted a bipartisan agreement that “would have provided critical resources, statutory changes, and additional personnel to the border.”

As per Biden’s decision, migrants who show up at the border without expressing a fear of going back to their own countries will be deported from the US in a few days or even hours. Sanctions for those migrants can include a five-year ban on entering the country again or criminal prosecution.

Proponents of the lawsuit contended that it is the migrants’ responsibility to exhibit fear, which is sometimes known as displaying fear.

“In practice, noncitizens who have just crossed the border, and may be hungry, exhausted, ill, or traumatised after fleeing persecution in their home countries and danger in Mexico, are likely to be intimidated by armed, uniformed Border Patrol officers, and are thus unlikely to ‘manifest’ their fear of return,” the lawsuit states.

However, a U.S. asylum officer will evaluate anyone who indicates fear or a desire to seek asylum, but to a higher level than is now in place. Should they clear the screening, they are eligible for more restricted humanitarian protection, such as the U.N. Convention Against Torture, which forbids sending someone back to a nation where they are likely to be subjected to torture.

biden

Joe Biden | NY Times Image

President Joe Biden Faces First Lawsuit Over New Asylum Crackdown At The Border

These revised, more stringent asylum limitations do not apply to migrants who utilise the CBP One app while in Mexico to make an appointment to present themselves at an official border crossing point to seek admission. The app is a component of the administration’s attempts to persuade migrants to attempt to enter the nation through its preferred routes rather than just crossing the border, locating a Border Patrol agent, and turning themselves in.

Advocates did, however, provide a laundry list of grievances against the app in the case. Many immigrants, for instance, lack the Wi-Fi connectivity or cellphone data plan required to use it. While some migrants are illiterates, others do not speak any of the languages the programme offers. And compared to the amount of migrants wishing to enter the nation, there are only a few spots open each day.

“As a result, numerous asylum seekers have been forced to wait indefinitely under precarious conditions in Mexico in the hope of obtaining scarce appointments,” the lawsuit says.

Together with the ACLU, additional organisations filing the complaint were the Texas Civil Rights Project, Jenner & Block LLP, National Immigrant Justice Centre, Centre for Gender & Refugee Studies, and ACLU of the District of Columbia.

SOURCE – (AP)

Continue Reading

Download Our App

vornews app

Advertise Here

Volunteering at Soi Dog

People Reading

Trending