The government should be prepared for social instability from the nationwide land price bubble and the threat of a collapse, according to a report from the Land and Resources Ministry cited by Yicai. Land prices jumped 24.8% in the first nine months of the year, while the total area in the transactions fell 4.8%, the ministry said.
Shenzhen property prices drop 9.7% in October: The average price of residential properties in Shenzhen dropped 9.7% in October on month after the government introduced measures to curb speculation, according to Centaline Property figures cited by Caixin. The total volume transacted for new houses was 42,250 square meters, a decline of 22.1% year on year. Shenzhen is one of China’s fastest rising property markets.
Railway projects win 237 bln yuan investment: Railway project investment reached 237 billion yuan in October, by far the largest slice of the 290 billion yuan funding approved by the National Development and Reform Commission in the same month, according to the Securities Daily. Urban railways are the highlight, with two projects in Urumchi and Xiamen worth more than 130 billion yuan, said Xu Caihua, an analyst at Sinolink Securities.
China to surpass Japan in insurance market: China is expected to surpass Japan and become the world’s second-largest insurance market, said Xiang Junbo, head of the China Insurance Regulatory Commission. In the first nine months of this year, insurance income surged 32.2% to 2.52 trillion yuan, while the total assets of the industry reached 14.63 trillion yuan, according to Xinhua news agency.
Ningbo insurance market to reach 1 trillion yuan: Ningbo city’s insurance market is set to top 1 trillion yuan, according to plans by 16 insurance companies including the People’s Insurance Company of China, reported Shanghai Securities Journal. The city in north-east Zhejiang province is designated as a test-bed for innovations in the insurance market, according to the report.
GDP to meet target set for 2016: Gross domestic product in 2016 is expected to grow 6.6% year, in line with the target of 6.5% set at the start of the year, according to a report in the Securities Daily, citing Wang Jun, a deputy director at the International Economic Communication Centre.
President Xi pushes farm subsidy reform: President Xi said plans to reform agricultural subsidies will be fast-tracked, according to a report by Economic Information Daily. Xi added that monitoring of farmland, forestry and wetlands will be “strengthened” and pollution violations investigated.