Chinese vice premier stresses stable property market, sustainable urban development

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BEIJING, Dec. 18 (Xinhua) — Chinese Vice Premier Han Zheng has underscored efforts to promote steady and healthy growth of the real estate market and sustainable urban development.

Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks at a symposium held at the Ministry of Housing and Urban-Rural Development Tuesday.

China’s property market is generally stable at present, which has not come easily. Maintaining stability in the market is important to the steady and healthy development of the economy, he said.

The country should stick to the principle that “housing is for living in, not speculation” and must not take real estate as a short-term stimulus to the economy, he said.

Long-term administrative mechanisms should be improved to regulate the property market in key areas and the housing security system should be further enhanced, the vice premier said, adding that the housing rental market should be vigorously developed and standardized.

Noting China’s transformation to high-quality development in urbanization, Han stressed sustainable urban development, emphasizing renovation of old residential areas in urban renewal and further advancing waste sorting.

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