The People’s Bank of China, China’s central bank, and the China Banking Regulatory Commission, its banking regulator, said they would lower the minimum down payment requirement for first-time home buyers to 25 percent, from the previous 30 percent, in cities that do not have restrictions on purchases.
People’s Daily: Three Died in Conflict at Chinese Copper Mine in Peru
BBC Chinese: U.S. DNI Clapper not Optimistic about the Internet Spying Agreement with China
Caixin: September Chinese Manufacturing PMI Continued to Decline
Xinhua: 750 Million People Will Be on the Road during the “Golden Week” Holiday Break
Xinhua reported that, during the current “Golden Week” holiday break in China, it is expected that 750 million people or over 50 percent of the total population will travel on the road. This raises serious concerns about traffic congestion, overcrowded tourist sights, and hidden safety threats. According to the article, the week long holiday break has caused these issues to be around for a number of years now. The problem persists because of 11 national holidays that have dates falling in the winter and fall season.
Source: Xinhua, October 4, 2015
http://xinhuanet.com/jrgz/20151004a/index.htm
People’s Daily: The West Should Take Responsibility for Creating the Current Wave of Refugees
People’s Daily published a commentary that stated that the current wave of refugees in Europe is a direct result of the “Color Revolution” and the Western countries are simply paying for the full consequences of their support for the “Color Revolution.” The article said that the "Color Revolution" has resulted in dramatic political and social turmoil and the death of countless civilians; economic crises from the reduction in foreign investment, travel, and foreign reserves; and the social instability resulting from people’s dissatisfaction with the ruling government. “The wave of refugees is an issue that challenges the West, but it is also a warning sign to the West. The West is having difficulty in dealing with the social and economic issues that the wave of refugees brought, but, more importantly, the West should reflect deeply on its role in stirring up the “Color Revolution” which caused the current wave of refugees.
Source: People’s Daily, October 4, 2015
http://world.people.com.cn/n/2015/1004/c1002-27661170.html
People’s Daily: Lack of Communist Ideals and Beliefs Drives Party Officials to Superstitious Rituals
People’s Daily published an article about some Party officials’ superstitious practices and concluded that a lack of communist ideals and beliefs is the fundamental cause for their behavior. The article said that Party members should be antitheists, but some of the party members believe in rituals and superstitions such as visiting temples and they also believe in Feng Shui. The article said that this has seriously damaged the Party’s image. It cited several reasons that have caused their behavior. It named weakened Communist ideals and beliefs among the Party officials as the fundamental cause. It also mentioned other reasons for the Party officials to perform superstitious rituals. These include an increased personal desire to seek material gain and corrupt officials seeking to have a spiritual belief.
Source: People’s Daily, September 30, 2015
http://fanfu.people.com.cn/n/2015/0930/c64371-27652352.html
China’s Banking System Needs a Remedial Class
On October 1, 2015, a speech that Zhou Xiaochuan, the Governor of the Bank of China, made back in April at an internal government seminar was released to the public. In his speech, Zhou said that China’s banking-system reform needed to go through a “remedial” class. Without strong reform measures, China’s banking system might not survive.