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China’s State Council calls for implementation of property market rescue measures to boost economic growth
- Regulators recently unveiled a raft of measures to buoy the bruised real estate sector
- The cabinet will also support private firms, the platform economy and construction of major projects, according to the script of a meeting
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China’s top decision making body called for rescue measures for the property sector to be properly implemented, after regulators vowed to support the bruised industry to boost economic growth.
“We should support the rigid demand as well as improving housing demand and implement the 16-points financial measures,” read a transcription of a State Council meeting chaired by Premier Li Keqiang, published late on Wednesday by state broadcaster CCTV.
Rigid demand refers to people buying homes to live in, rather than for investment purposes, while “improving housing demand” is a reference to people upgrading to better, more expensive houses.
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Regulators recently unveiled a 16-point plan as part of a package of measures to rescue the struggling property industry.
The country will also pledge its support for private firms, the platform economy and construction of major projects, according to the script from the meeting. All have been identified as crucial to boosting economic growth.
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“There’s still room for the policy measures to have an impact, and if we do the work well now, it will contribute to the stabilising of growth next year,” the document read.
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