In a determined move to stabilize the housing market and bolster economic recovery, Chinese Vice Premier He Lifeng has called for an expansion of the property support mechanism. During his recent visit to Taiyuan and Xi'an, He emphasized the critical role of the real estate sector as a barometer for the broader economy.
He highlighted the importance of ensuring timely home deliveries and increasing loans for real estate projects under the newly introduced \"white list\" mechanism. This initiative, announced in January, allows local governments to select high-quality real estate projects and submit them to commercial banks for financial support based on specific criteria.
\"A robust real estate sector is vital for sustained economic recovery and for protecting the interests of the people,\" He stated. He urged financial institutions to enhance the efficiency of credit approvals and loan disbursements to maximize the effectiveness of these financial coordination mechanisms.
To further support the housing market, He advocated for expanding the range of property projects eligible for support. This includes all qualifying commercial housing projects currently under construction and those that have been sold. Additionally, he stressed the necessity of securing funding for ongoing project construction and advancing the acquisition of existing commercial housing for affordable housing purposes.
He also visited large supermarkets and key foreign trade enterprises in Taiyuan and Xi'an to gather insights on trade-in programs for consumer goods and the export situation of enterprises. These visits underscore his commitment to understanding and addressing the multifaceted challenges facing the real estate and broader economic sectors.
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Chinese vice premier urges expansion of property support mechanism
cgtn.com
