We believe the adjustments in real estate policies since August have arrived just in time to prevent housing sales from declining further. Following the Politburo meeting at the end of July that highlighted the major changes in supply and demand dynamics in China’s property market, a slew of measures was rolled out to adjust and optimize real estate policies, including a cut to the floor of down payment ratio on first- and second-home purchases, relaxed standards for identifying first-home mortgages across first-tier cities, and lower interest rates on existing mortgages. In our view, the implementation of such policies would unleash part of the pent-up demand from first-home buyers. September to date, new house and pre-owned home transactions in Beijing and Shanghai have increased considerably.

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标普信评认为，近日国家发展改革委办公厅发布的《关于进一步做好政府和社会资本合作新机制项目规范实施工作的通知》（以下简称《通知》），是对2023年11月出台的《关于规范实施政府和社会资本合作新机制的指导意见》（以下简称《指导意见》）的细化和补充，以进一步推动PPP新机制项目规范有序实施。《通知》明确了国家、省级及地方发展改革部门的责任，细化了政府投资支持和运营补贴细则、招标评审流程，提出了不得采取特许经营模式的项目类型，并强调了信息填报和审核把关及事中事后监管机制。同时，《通知》还结合当前化债形势，规范了盘活存量资产，强调要严格落实防范化解地方政府隐性债务风险的要求，严禁地方政府和城投平台通过特许经营模式变卖资产、变相融资、增加地方政府隐性债务。

2024年12月31日，标普信评发布重庆银行股份有限公司主体评级报告。

On December 26, 2024, S&P Global (China) Ratings published its credit rating report on Shanghai Rural Commercial Bank Co., Ltd. Please click the link below to read.

2024年12月26日，标普信评发布上海农村商业银行股份有限公司最新主体评级报告。