Boost to market confidence, growth momentum

According to the resolution, China will establish a system for monitoring and regulating all local government debt as well as long-term mechanisms for preventing and defusing hidden debt risks. And it will refine long-term mechanisms for expanding consumption, reduce relevant restrictions and boost public spending as necessary.

On the property front, the resolution said China will move faster to establish a housing system that supports both housing rentals and purchases and foster a new development model for the real estate sector.

Notably, the resolution said municipal governments will be given greater decision-making powers to regulate the real estate market, and based on local conditions, some cities will be permitted to abolish or reduce restrictions on housing purchases and to scrap relevant standards for ordinary and non-ordinary housing. And the country will also carry out reforms to change the way real estate development is financed.

Looking ahead, Li said the real estate sector will remain a "pillar industry" over the next 15 to 20 years, as around 350 million people, including those now living in rural areas and migrant workers living in cities, will likely buy residential properties in cities in the future.

"There may be excess construction in the short term in certain cities and regions, resulting in a surplus of housing," he said. "However, after this period, likely within one to two years, the overall real estate market is expected to rebound and return to an expansionary phase."

Data from the National Bureau of Statistics showed China's property investment fell 10.1 percent in the first six months of 2024 from a year earlier, flat with the figure in the first five months, as the policymakers' efforts to support the ailing sector took time to revive demand.

Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, said more efforts should be made to speed up the building of a new development model for the sector, better meet residents' demand for basic housing and their need for improved housing, and establish corresponding systems for financing, fiscal and tax policies, land and sales.