China's latest LPR remains unchanged

China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.45 percent, unchanged from the previous month, according to the National Interbank Funding Center on Monday.

The over-five-year LPR, on which lenders base their mortgage rates, also remained unchanged at 4.2 percent.

China underscored the need to coordinate a balanced availability of credit in the upcoming months to foster stable economic growth through consistent credit growth at a meeting held by the country's central bank and financial regulators on November 17. 

The meeting also discussed key tasks including real estate finance, credit availability, and debt risk resolution for financing platforms.

Bruce Pang, chief economist and head of research at JLL Greater China, said that following the introduction of a series of supportive policies, both real estate supply and demand have seen significant improvements in recent months. Market confidence has been boosted and the pent-up demand for housing improvements, in particular, increased rapidly.

Going forward, institutional and financing transaction costs should be further reduced to normalize real estate-related investment and financing. In doing so, the real estate sector can better play its role in supporting the macroeconomy, Pang told CGTN.

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