Official expects Chinese property market to further stabilize

Minister of Housing and Urban-Rural Development Wang Menghui speaks at a news conference in Beijing, on October 22, 2017. [Photo: Xinhua]

A senior Chinese official has said China's property market is expected to continue stabilizing in the fourth quarter of this year.

Speaking at a press conference on the sidelines of the 19th CPC National Congress, the official said the market will continue to see slower growth in transaction volume and stabilizing prices. 

CRI's Guan Chao has more.

Minister of Housing and Urban-Rural Development Wang Menghui spoke at a news conference on people's wellbeing, where he said China's achievements in housing has been exceptional in terms of improving people's livelihood. 

He cited official data showing that nearly 80 million people moved to better houses over the years, including over 60 million who previously lived in shanty towns. 

In addition, he noted the significant effects of government measures in cooling down the property market since October last year, adding that the government will not waver in those efforts.

"As a next step, we will continue our efforts in property market regulation and never let our guard down in maintaining the consistency and stability of the policies. General Secretary Xi Jinping said that 'houses should be used for living instead of speculation.' We will pay particular attention to his remarks, diversify the suppliers and supply channels in the housing market, and encourage both housing purchasing and renting."

The news conference also highlighted China's social security and employment issues, amid a slower economic growth rate.

While taking questions, Minister of Human Resources and Social Security Yin Weimin said the employment rate has been at a stable level.

"Our national economy has maintained stable and sound development. Although the speed of growth has slowed, it still is at a medium-high level, which creates favorable conditions for employment. After all, job creation follows economic development. In addition, our economic structure has been greatly improved these past few years. The increasing proportion of the tertiary industry has also supported employment."

On the education front, Minister of Education Chen Baosheng described China's education system as experiencing all-dimensional, systemic, and historical changes.

He also noted the challenges ahead, as people's needs are shifting from accessing basic education to pursuing quality education.

"The 19th National Congress is requiring us to achieve educational advancement and accelerating education modernization. The general task is to carry out the CPC's guidelines to promote morality-based and people-oriented education as well as equal access to education resources. It also requires us to pay more attention to rural and poor areas, where education needs improvement."

Meanwhile, the news conference also briefed the media on China's achievements on public health since the 18th CPC National Congress.

According to Li Bin, the director of the National Health and Family Planning Commission, many issues with access to public health services have been effectively addressed by hospital reforms.

"Basic medical insurance coverage has been maintained at above 95 percent. Its reimbursement ratio has also been increased. The basic medical insurance, with the supplement of major disease insurance, medical assistance, emergency assistance, and commercial insurance, constitute a safety net for people."

Meanwhile, Li Bin also lauded Chinese medical personnel's efforts in helping their African counterparts combat Ebola.

She added that the building of a healthy Silk Road is underway for China to fulfill its responsibility as a large country in global health governance.

For CRI, I'm Guan Chao.