00:00China will continue working towards stabilizing its housing market in the new year.
00:04Policymakers have stepped up efforts to revive the property sector by introducing new measures to encourage home buyers.
00:12Beijing's planning to impose strict controls on the supply of commercial housing,
00:17while increasing affordable housing to support young people and new buyers.
00:21Wu Xiumi is Senior Research Fellow at the Chinese Academy of International Trade and Economic Cooperation.
00:28The real estate is one of the very important industries in China because it's not only
00:34are very important factors for the manufacturing for different kind of contractors but also very
00:41important for the Chinese people because the people are having a lot of input for the houses
00:48and it is also because that in the past maybe decades China's real estate has becoming
00:54one of the important investment targets so a lot of people are trying to look at
00:59what they can gain from that and it has very close relations with the bank systems.
01:05Now the plans include redevelopment of over a million urban homes. Is this going to be enough
01:11though to stabilize the property market in 2025? I don't think it's necessary to trying to make
01:19everything back to the track before because we are not trying to do that. As for the real estate,
01:24the most important thing is that we are going to stabilize the expectation of the market
01:29so we are providing many opportunities for the investors no matter from China's
01:34domestic investors or from foreign investors to invest here and on the other hand we are
01:39trying to support the people with lower and middle income they can have affordable houses
01:46and the third one I think it's also very important for us to address some of the
01:50different demands from some of the high income or high value families they can have a better
01:58and more specifically designed houses for their better lives. It's interesting what you're saying
02:05there about stabilizing expectations because I also want to talk about what's been going on
02:10in the private sector. What's the role of the private sector would you say in reshaping the
02:16property market? I think that they should play an even more important role in this process because
02:23the public investment is only our start. We are trying to introduce some of the incentives for
02:29the real estate development but I mean the market is really important because they are really
02:34able to try to use the different resources including the capital and also how to use the
02:40land more wisely and I think the private sectors are also important for a better employment for
02:48the people and also are some of the innovation based on the digital economy or technologies
02:53and provide the people with low carbon houses with more intelligent equipment or facilitations.
03:02It sounds like what you're saying is that China is becoming more business friendly. What would
03:07you say the medium to long-term vision is for how the public and private spheres can stoke
03:13economic growth? I think they are the main focus for China's sustainable development. We are trying
03:19to use the private sectors to open the market to welcome the investments from different countries
03:28and also they are really important for the innovations because that they are able to be
03:34more sensitive to attract the technology and accumulate different resources. On the other
03:39hand I would also say that the private sector is one of the complementary elements in China's
03:44economies to cope with the state-owned enterprises and trying to make a better use of the resources
03:50and reduce the waste of the resources and make it more efficiently be used.
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