Land and home prices

THE housing ministry said yesterday that it will stabilize land and home prices in 2019 and firmly curb speculation in the property market.

The government will guide medium to big cities to develop a rental housing market and increase effective supply of public rental housing in the next year, CCTV reported, citing a meeting of the Ministry of Housing and Urban-Rural Development of China. China will also maintain continuity and stability of housing policies in the coming year and continue to push ahead the shantytown redevelopment program, CCTV reported.

Tesla cuts prices

TESLA Inc. has slashed prices on its Model 3 electric car in China.

According to the California-based electric carmaker’s Chinese website, prices of certain Model 3 cars were cut by up to 7.6 percent. The starting price for a Model 3 in China now is 499,000 yuan (US$72,000). It was the third time in the last two months that Tesla has adjusted its prices in China. In November, the company cut the prices of its Model X and Model S cars by 12 to 26 percent. Earlier this month Tesla cut prices on its Model S and Model X after China’s finance ministry said it would suspend additional tariffs on U.S.-made vehicles and auto parts for three months from January.

Imports growth

THE country’s total imports will likely exceed US$2 trillion this year, setting a new record, a trade official said.

Song Xianmao, deputy director of the foreign trade department under the Ministry of Commerce, said that multiple measures will be taken to further expand imports in next year. Customs data showed imports increased 14.6 percent year on year in the first 11 months, contributing more than 60 percent to foreign trade growth.

Market access

CHINA will continue to widen market access for foreign investors next year, a commerce ministry official said.

The negative list for foreign investment is expected to be further shortened in 2019, Tang Wenhong, head of foreign investment management department under the Ministry of Commerce, told Xinhua. The ministry will also push for the lifting of market access restrictions on foreign investment in sectors that are not on the negative list, Tang said.