Special bonds will help China's local governments purchase commercial housing for use as government-subsidized homes, said an official with the country's Ministry of Finance (MOF) on Thursday in Beijing.
The bonds, announced earlier this year as a support mechanism for affordable housing, are part of the Chinese government's broad-reaching efforts to promote stability in the country's real estate market.
During a press conference, Song Qichao, assistant minister of finance, clarified that the ministry will support local governments in collaborating with land-owning enterprises to determine acquisition prices based on actual conditions, manage the debt relationships involved in reclaiming existing land reserves, and define the contents and scope of special bond projects.
"We support local governments in using special bonds to purchase existing commercial housing for use as government-subsidized housing. This policy is mainly decided and voluntarily implemented by local governments, following the principle of rule of law and operating in a market-oriented manner. While ensuring a balanced financing return for projects, local governments can allocate special bonds to acquire existing commercial housing for use as government-subsidized housing," said Song.
The ministry will also work to improve the efficiency of land resource utilization and the efficiency of bond funds, he said.
"This policy will work together with other relevant support policies to further broaden local funding sources. It will not only use the existing housing stock effectively and promote supply-demand balance, but facilitate the optimization of new housing and increase of government-subsidized housing through multiple channels," said Song.
China to support local governments in buying homes for subsidized housing: official
China is accelerating the commercialization of marine scientific and technological achievements and fostering new quality productive forces by boosting support for small and medium-sized enterprises (SMEs) in the marine sector, with a focus on investment and financing to drive industry growth.
The development of marine industries is marked by substantial investments, high risks, and slow returns. However, with strong national support, some companies, such as Zhejiang Startest Marine Science and Technology Co., Ltd. in east China, have achieved notable success.
The company is a national high-tech enterprise specializing in the independent research and development of underwater sonar detection equipment and underwater information data systems.
It now holds more than 210 intellectual property rights for its designs.
"We are now fully capable of replacing similar foreign imported products with our own ones, thereby overcoming the bottleneck in production caused by foreign product embargoes," said Su Xiaoyang, president of Zhejiang Startest Marine Science and Technology Co., Ltd.
While some marine SMEs, such as Shenzhen HiCloud Data Center Technology Co., Ltd., China's first underwater data center equipment and service provider, have mastered core technologies, a gap remains compared to international standards. As a result, continuous investment is necessary for them to overcome critical technological challenges.
"The Underwater Data Center Pilot Project is a new infrastructure initiative requiring a significant initial investment and scale effects. However, both users and investors in the market still lack a comprehensive understanding of the project's strategic significance, including the technical risks associated with emerging technologies," said Pu Ding, general manager of the Underwater Data Center Pilot Project in Hainan under Shenzhen HiCloud Data Center Technology Co., Ltd.
To address the challenges faced by marine SMEs in securing investment and financing, the Ministry of Natural Resources (MNR), along with the Shenzhen Stock Exchange, has organized a series of roadshows since 2016. Over 200 marine SMEs and innovation teams have participated, securing more than 3 billion yuan (around 409.8 million U.S. dollars) in financing.
In addition to these efforts, the MNR, in collaboration with the Shanghai Stock Exchange, launched China Ocean Economy Stock Price Index in 2024, covering 20 marine and related industries.
"This is the first domestic comprehensive index in the marine sector, covering all the markets of Shanghai, Shenzhen, Beijing, and Hong Kong. It provides timely insights into the operational performance of listed companies in the marine industry and plays an important role in promoting the efficient allocation of financial capital to the marine real economy," said Feng Lei, deputy director of the Ocean Strategic Planning and Economic Department under the Ministry of Natural Resources.
Small marine firms accelerate commercialization of sci-tech achievements under greater policy support
