China to curb housing speculation: Premier Li

BEIJING - China will take a differential approach to regulate the housing market, and curb speculation and investment-oriented purchases, Premier Li Keqiang said on Thursday.

At a press conference held at the end of China's annual parliamentary session, Li said China will support people's reasonable needs for housing and will increase the supply of ordinary commercial housing in the market.

A long-term mechanism will be built to ensure steady and sound growth of the housing market, the premier said.

Li said the goal of the government on the housing issue is to provide adequate housing for the entire population, noting that some 100 million Chinese still live in the poor, run-down areas in the cities.

He said the government will redouble efforts to overhaul the run-down areas this year, pledging to rebuild 4.7 million shanty houses.

More government-subsidized housing such as public rental houses will be built, and efforts will be made to ensure such housing will be distributed equitably, he said, adding that "a small action is more important than a thousand words."