Chinese Deputy Prime Minister Emphasizes "Housing Is for Living, Not Speculation"

Deputy Prime Minister Han Jung orders strengthening of housing security system at Ministry of Land, Infrastructure and Transport meeting
Urges stabilization of housing price expectations through expanded rental housing supply

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Han Zheng, Vice Premier of China, emphasized that "housing is for living, not for speculation," and called for strengthening the housing security system.

According to Chinese media including the state-run People's Daily and Xinhua News Agency on the 4th, Vice Premier Han attended a meeting of the Ministry of Housing and Urban-Rural Development held the previous day, where he made these remarks and urged the expansion of rental housing supply and the strengthening of the housing security system.

Chinese Vice Premier Han Zheng (Photo by Baidu)

Earlier, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), the head of China's financial authorities, recently identified real estate-related bank loans as a "gray rhino" (a risk factor that is easy to overlook).

Vice Premier Han emphasized that real estate will not be used as a short-term economic stimulus measure and stated that real estate development will be conducted within the framework of policies.

He further reiterated that rental housing supply will be expanded to stabilize housing prices, thereby strengthening the housing security system.

Vice Premier Han said, "During the period of China's real estate development, financial controls such as stabilizing land prices and housing prices have achieved significant results," and added, "To maintain continuous stability, monitoring of the real estate market will be strengthened."

He stated, "During the 14th Five-Year Plan period (2021?2025), real estate remains at the top of policy priorities," and said, "Relevant regulations and policies should be improved to promote the healthy development of the housing rental market."

Finally, he said, "The Communist Party, the State Council, and local governments have faithfully implemented China's long-term real estate development policies," and emphasized, "It is necessary to stabilize expectations regarding real estate price increases."

This content was produced with the assistance of AI translation services.