Curbing excessive house price growth added to government work report

By Xie Jun Published: 2017/3/17 14:42:36

The Chinese government has declared curbing skyrocketing house prices in select hot markets to be an important mission in 2017, Han Wenxiu, deputy director of the State Council Research Office said at a press conference on Friday, where he introduced an amendment to the recently released government work report. 

The government will also work to create a sound housing system that will simultaneously promote both the renting and purchasing of homes, he said.

The National People's Congress, China's top legislature, adopted the government work report at the closing meeting of its annual session on March 15. Han said that 78 amendments had been made to the work report. 

The added content regarding house price control comes at a time when the real estate market is on the rise again in China. According to sales statistics released by 36 listed real estate developers on Thursday, their sales volume jumped 87.98 percent in January and February, the 21st Century Business Herald reported on Friday.

According to a report by the Southern Metropolis Daily on Friday, the People's Bank of China has required domestic banks to control their mortgage limits.

Some banks have also raised the down payment rate for the purchase of homes, domestic media reported. 

Han said that local governments should take responsibility for managing the property market, and that policies should differ from city to city.

Other key targets that have been added to the government work report include the implementation of paid leave and enhancing total factor productivity. 

Han also noted at the conference that although there are factors outside the government’s control that influence the growth of the economy, they are confident that the 6.5 percent economic growth target in 2017 can be achieved. "The economic data in January and February also showed that the domestic economy is stable and improving," he noted. 


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