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CHINA will encourage property developers to reduce home prices as part of efforts to lower inventory, according to a statement issued yesterday after a key economic policy meeting in Beijing.
The Central Economic Work Conference, an annual meeting during which Chinese leaders review the past year’s economic performance and map out plans for the next year, said the country will promote the consolidation of property developers and encourage them to change their marketing strategies. Obsolete restrictions on home ownership will end.
China will make efforts to reduce its property inventory and stabilize its ailing housing market, and will help rural residents settle down in cities and buy properties there.
It will reform the household registration system and allow new city dwellers to register households there. A low-rent public housing program will be expanded to city dwellers without household registration, according to the statement.
The country will encourage individuals and organizations to buy properties and then lease them. The government will nurture home-leasing enterprises.
Vowing to “give equal treatment to domestic and foreign companies,” the statement said China will improve the business environment for foreign firms and pay attention to the protection of their legitimate interests and intellectual property.
China is hoping to attract foreign investment by slashing restrictions, widening market access and improving the business environment.
Foreign direct investment into the Chinese mainland, excluding investment in the financial sector, rose 7.9 percent year on year to 704.3 billion yuan (US$108.77 billion) in the first 11 months of the year.
International cooperation on production capacity and equipment manufacturing was also highlighted in the statement.
China also vowed to take further deleveraging steps to guard against and defuse financial risks in 2016 and defuse local government debt risks, said the statement. Credit defaults will be punished, the statement said.
(Xinhua)
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