MNI China Press Digest Aug 19: Trucks, Economy, Housing

Highlights from Chinese press reports on Tuesday:

• China’s new energy heavy truck sales reached 16,200 units in July, up 185% y/y, according to data from the Heavy Truck Beidou Operation Network. From January to July, cumulative sales totalled 82,200 units, up 191% year-on-year. Industry experts attributed the increase to national policy support, advances in product technology, improved cost competitiveness and new model launches. Pure electric heavy trucks now account for over 90% of total sales in China’s new energy heavy truck market, said Cai Zilin, chief analyst at Wanlian Securities, in an interview with Securities Daily.
• China must expand the momentum of economic recovery while striving to meet its annual economic and social development targets, Premier Li Qiang emphasised at the ninth plenary meeting of the State Council. Li underscored the need to bolster confidence and recognise the risks and challenges facing the economy, including a severe external environment. He called for greater efforts to stabilise employment, safeguard livelihoods, enhance disaster prevention and strengthen safety and production oversight to ensure overall social stability. (Source: Yicai)
• Local governments must fully implement housing sector policies to promote supply-demand balance, stabilise prices and restore market confidence, as recent data shows the market remains in a deep adjustment phase, according to Yan Yuejin, Deputy Director of the E-House China R&D Institute in Shanghai. Yan emphasised that authorities must further intensify policy efforts, particularly in reducing home-buying costs and stimulating demand release.