How Shandong is implementing supply-side reform

Potential homebuyers view models of housing projects at a real estate fair in Qingdao, Shandong province. [Photo provided to China Daily]

Destocking

Based on the demand of different groups of customers, Shandong government has carried out a destocking campaign in the property market, goods manufacturing sector and farm products market.

The local government has issued package policies on real estate destocking, such as lowering down payments, reducing mortgage interest, and providing subsidies to homebuyers.

In order to boost farmers'income, the government is building a logistics networks to connect cities and villages, and promoting e-commerce business in rural areas.

The government is also helping companies to sell manufactured goods by organizing leading firms to produce personalized goods.