(ECNS) – China will increase land supplies for residential housing in first-tier and some second-tier cities, the National Development and Reform Commission (NDRC), the country's top economic planner, announced on its website on Tuesday.
The decision is part of a package of action plans that have been developed and made public by the NDRC together with 24 other government departments and commissions in a bid to boost China's economic transformation and upgrading by encouraging consumption.
According to the plans, authorities will step up supervision of real estate agencies, regulate property market order, and foster and develop the housing rental market at a faster pace.
The Ministry of Land Resources had also said in its 13th Five-Year Plan (2016-20) on land resources that land supply will be upped in first and second-tier cities where the property market is thriving.
Also, cross-province and cross-city transfer of the personal housing accumulation fund will be allowed if an employee moves to another city to work.
The plan also encourages pilot programs for coordinated management of the housing fund within the same province to meet residents' needs in buying homes when they change their workplaces or return to their hometowns.
The authorities hope the move will help absorb excess property inventories in third and fourth-tier cities.
The package, comprising 10 action plans, aims to expand urban retailing, upgrade rural consumption, improve residential housing, encourage automobile consumption, upgrade tourism and leisure sectors, expand and improve housekeeping services, encourage innovation in educational and cultural information consumption, increase sport and fitness consumption, promote green consumption and improve the country's consumption environment and quality
