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Review: Gov't efforts to curb housing prices

03-05-2011 19:36 BJT Special Report:2011 NPC & CPPCC Sessions |

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Skyrocketing housing prices remain one of the most pressing challenges facing China's aspiring home-owners. Premier Wen Jiabao spelled out the government's plan to curb housing prices this year in his report to the NPC. Zhang Bo looks at efforts to cool the country's red-hot real estate market.

Many believe that China is currently in the middle of a housing bubble, while its government has constantly been rolling out measures to curb soaring property prices over the past years, including:

Accelerating the development of social security housing, encouraging the purchase of common housing, encouraging property developers to adopt a proactive reaction to the changing market, raising the deposit reserve requirement ratio and issuing regulations governing urban real estate tax, all these have been progressing as the State Council and other relevant sectors remain determined to ease the situation.

New policies were issued last month, known as the country's eight new measures, which are considered to be the harshest ever to cool the overheating market.

These new steps has been taken as the outcome of previous years’efforts have proved not as effective as expected. Experts on the real estate sector say lending standards have also been tightened in connection with second and third homes and investment properties. It remains to be seen whether these efforts will contain the bubble. It is not an isolated one confined to China's wealthy cities, like Beijing, Shanghai and Guangzhou. Other cities have also seen soaring property prices whether they are in the east or west.

East or west, home is best. While for a generation born in 1980 to 1990, quoted as post 80s in China, especially those who work in bigger cities compared with their hometowns, the feeling of HOME has become a luxury that could hardly be felt.

This is Pang Hongtao, who has worked in Beijing for 3 years, his dream is to own a HOME in the capital.

Policymakers are worried that property prices in China's major cities are putting homes out of affordable reach with a result of diminished consumption. The very thing China's gigantic stimulus bill sought to stop and prevent from happening again.

According to top political advisor Jia Qinglin, in his remarks at the opening session of the Chinese People's Political Consultative Conference on Wednesday, the issue concerning people's livelihoods is not just at a social or economic level only, but on a political level as well.

The affordability of housing to ordinary Chinese citizens can be seen as a reflection of the nation's governing capability. Maintaining Chinese people's confidence in the government is vital in the long run. No matter what the issues are, they need to be resolved.

Editor:Xiong Qu |Source: CNTV.CN

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