China to foster stable development of the real estate market

China will foster the stable and sound development of the real estate market while accelerating the growth of emerging industries and expanding domestic demand. This is with the aim of facilitating the transition from old to new development drivers, and provide diverse support for high-quality growth, a senior economic official said on Friday.

China will make combined efforts of digesting the existing stock and optimizing the increment in the real estate sector, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, at a news conference.

China will take steps to construct a new development model in the real estate sector, in a bid to eliminate the drawbacks of the previous one characterized by high debt, high turnover, high leverage, and establish fundamental systems in financing, taxation, land management and sales that align with the new model, Han said.

China's ongoing efforts in new urbanization are making significant strides, with ample room for high-quality development in the real estate sector, Han said.

In addition, China will actively promote the development of new quality productive forces by adapting to local conditions, foster the growth of emerging industries, plan and construct future-oriented industries, and transform and upgrade traditional industries, Han said.

Meanwhile, efforts will be directed toward driving the high-end, intelligent, and green development of the manufacturing sector and building a cluster of emerging pillar industries, so as to enhance new drivers and competitive edges for economic growth, Han said.

China will also prioritize the exploration of domestic demand potential, leverage the advantages of its vast domestic market, and harness the fundamental role of consumption and the critical role of investment, Han added.