Promotion of the property sector development is a key focus

As the deepening of reform practices continues, China aims to drive the transition from its traditional growth drivers to new growth drivers, providing robust support for high-quality development, a senior official said on Friday.

Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, said the key focus should be placed on promoting the healthy development of the property sector and accelerating the development of emerging sectors and future industries.

Noticing the positive changes in the housing market, Han said more efforts should be made to speed up the building of a new development model for the sector, better meet residents' demand for basic housing and their need for improved housing and establish corresponding systems for financing, fiscal and tax policies, land, and sales.

Han told a news conference on Friday in Beijing that the ongoing urbanization process will offer considerable space for high-quality development in the real estate sector.

When it comes to fostering new growth drivers, he emphasized the need to foster new quality productive forces in line with local conditions, saying more efforts should be made to spur emerging industries, develop future industries, upgrade traditional sectors and promote the advanced, smart and green development of the manufacturing sector.

Looking ahead, Han highlighted the necessity to expand domestic demand, notably consumer demand, saying the country needs to fully unleash the potential of domestic demand to prop up the world's second-largest economy.