Chinese Vice-Premier stresses implementing long-term housing mechanism

BEIJING -- Chinese Vice-Premier Han Zheng on Thursday called for efforts to further implement the long-term housing mechanism and expand the supply of public rental housing.

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.

Notable results have been achieved in the real estate sector since the implementation of the long-term housing mechanism and city-specific policies, Han said.

China will maintain the principle that houses are for living in and not for speculation, rather than using real estate as a short-term means to stimulate the economy, Han noted.

The country's policy toolbox should be constantly fine-tuned to promote the steady and healthy development of the real estate market, said Han, urging efforts to strengthen the top-level design of housing development for the 14th Five-Year Plan period (2021-2025).

Efforts should be made to improve the basic system and supportive policies, with a focus on public rental housing, said Han.