中国政府中央银行于周二宣布了一系列旨在放宽家庭及企业借贷政策的措施，这是自新冠疫情以来中国当局为刺激经济增长、遏制房地产市场下滑以及阻止广泛价格下跌所做的最激进尝试。
中国人民银行（央行）采取了多项行动，包括降低短期利率与现有抵押贷款的利率，并降低了住房购买的最低首付款要求。此外，允许国家控制的商业银行扩大资产借贷的比例。中国人民银行行长潘功胜在罕见的新闻发布会上表示，如果需要，该机构已准备释放更多银行借贷能力。
仅在美联储于一周前将短期利率下调半个百分点后，央行就进一步宣布，将其基准七天期利率从1.7%降低至1.5%，并通过规定商业银行可减少0.5%比例的存款储备金比率，此举预计可为公司和家庭释放高达约 1400 亿美元的资金。此外，还放宽了银行向企业借贷回购股份及对大股东购买更大公司股份的要求，这些举措通常能提振股价。
市场参与者对官员采取行动抱有期待，并给予积极反应。今年表现糟糕的中国内地股市上涨超过4%。然而，仅凭央行的措施可能不足以逆转中国经济放缓的趋势。调查显示，许多企业在利率几乎任何水平的情况下都不愿借款，他们担心销售额是否足以偿还贷款债务。
潘行长表示，如果未来几个月需要进一步行动，央行准备好进行第二次存款储备金比率调整，该举措理论上可以释放更多用于借贷的资金。
另外，央行还授权金融机构将现有房贷利率下调约0.5个百分点。这一措施预计使某些房贷利率低于4%。
对于购买第二套房产（通常作为投资使用）的最低首付比例从25%降低至15%，这是潘行长在新闻发布会上增加的信息。
较低的房贷利率对中国的商业银行收入构成挤压，而央行同时宣布允许银行减少存款利息支付，这可能促使部分消费者增加支出。
连续三年房价每年约下降10%，而近期措施出台前一些经济学家预测未来一年房价将进一步下跌。由于众多房地产开发商的破产，购房者的信心受到严重打击。
许多家庭因房价下跌而大幅削减个人消费，房产成为了中国家庭财富积累的主要工具，占到户资产的三分之二以上。
北京、上海等地餐厅生意惨淡，在通常人流密集的三里屯区，周末晚餐时段几乎看不到多少人影。之前在上海市中心的一些餐馆，排队出门口外的情形也不再频繁发生。
新公寓销售量大幅下滑。众多大型房地产开发商破产导致数以百万计的家庭面临所付定金购买的公寓完成建设的问题。
越来越多的中国和西方经济学家建议国家政府需要增加借贷并大手笔支出。但财政部门对债务增长持谨慎态度。
由研究公司Capital Economics发布的报告指出，周二央行采取行动是朝着正确的方向迈出一步，但如果后续配合更加强大的财政支持，则可能不足以推动经济增长反弹。
新闻来源：www.nytimes.com
原文地址：China Cuts Interest Rates and Mortgage Down Payments
新闻日期：2024-09-24
原文摘要：
China’s central bank announced a series of measures on Tuesday aimed at making it easier for households and companies to borrow money, in the boldest attempt by the Chinese authorities since the pandemic to revive economic growth, halt a housing market crash and stop a broad decline in prices. The central bank, the People’s Bank of China, cut short-term interest rates and rates on existing mortgages, reduced minimum down payments for housing purchases, and freed the country’s state-controlled commercial banks to lend a larger proportion of their assets. Pan Gongsheng, the governor of the central bank, said at a rare news conference that his agency was ready to free banks to lend even more money if needed. Acting less than a week after the Federal Reserve cut short-term rates by half a percentage point, the Chinese central bank cut its benchmark seven-day interest rate to 1.5 percent, from 1.7 percent. In addition, the People’s Bank of China told commercial banks they would be allowed to reduce, by half a percentage point, how much of their assets they hold in reserve. That move will free the banks to lend an additional $140 billion to companies and households. The central bank also made it easier for banks to lend to companies to repurchase their shares, as well as to major shareholders to buy larger stakes in companies. Both moves typically bolster stock prices. Investors, who have been hoping for officials to take action, reacted positively. Mainland China’s stock markets, among the worst-performing in the world this year, rose more than 4 percent. Still, the central bank’s actions might not be enough by themselves to reverse the Chinese economy’s slowdown. Surveys have shown that few businesses want to borrow money almost regardless of interest rates. They worry whether they will have enough sales to repay loans. Mr. Pan said that if needed in the coming months, the central bank was ready to make another reserve cut, potentially doubling the extra money available for lending. The central bank also authorized lenders to cut interest rates on existing mortgages by about half a percentage point. That would reduce the rates for some existing mortgages to below 4 percent. The minimum down payments for buying second homes, often purchased in China as investments, would be cut to 15 percent of the apartment’s value, from 25 percent now, Mr. Pan added. Lower mortgage rates will squeeze the revenues of the country’s commercial banks. So the central bank also said it would allow commercial banks to pay less interest on deposits — a move that may prompt some consumers to spend more. Home prices have fallen about 10 percent a year for the past three years. Before Tuesday’s actions, some economists had been predicting that home prices would fall even faster in the coming year. The collapse of many property developers has undermined buyers’ confidence. Many families have trimmed their personal spending after losing much of their savings because of falling housing prices. Apartments had been the main vehicle for building wealth in China, representing two-thirds or more of household assets. Many restaurants are struggling. In Beijing, few people were on the streets on Saturday evening in Sanlitun, normally one of the city’s busiest neighborhoods for dining and window shopping. A week earlier, it was easy to get a weekend dinner table at Shanghai restaurants that used to be packed, with lines out the door. Sales of new apartments have plummeted. The failure of many of the country’s largest property developers has left millions of households waiting for the completion of apartments for which they paid deposits. A growing number of Chinese and Western economists have suggested that the national government needs to borrow money and start spending heavily. But the finance ministry has been wary of increases in borrowing. A report by Capital Economics, a research firm, said that the central bank's actions on Tuesday were “a step in the right direction. But it will probably be insufficient to drive a turnaround in growth unless followed up with greater fiscal support.”
