China News Agency, Beijing, December 19th. Focusing on the spirit of the Central Economic Work Conference, the relevant person in charge of the Central Finance Office responded to current economic hot issues.

　　In response to real estate risks, the relevant person in charge of the Central Finance Office pointed out that since the second half of last year, China's real estate market has weakened significantly, and has experienced accelerated decline in recent months, becoming a major risk factor affecting economic operation.

The Central Economic Work Conference made important arrangements for risk mitigation and sustainable development of the real estate industry.

　　One is to fully realize the importance of the real estate industry.

The real estate chain is long and involves a wide range of areas. It is a pillar industry of the national economy, accounting for about 7% of GDP, and the construction industry accounts for 14%. 60% of household assets, real estate loans plus loans with real estate as collateral, accounted for 39% of the total loan balance, which has an important impact on financial stability and is an industry with strong spillover and systemic importance.

　　The second is to do a good job in response to ensure the stable development of the real estate market.

On the basis of a number of policies that have been issued in the early stage, the meeting made deployments from the supply side, expectations and demand sides, as well as promoting the transformation of the new industry model.

　　On the supply side.

All regions and relevant departments should shoulder their responsibilities and do a good job in ensuring the delivery of buildings, people's livelihood, and stability; continue to provide sufficient liquidity to the industry to meet the industry's reasonable financing needs; promote industry mergers and acquisitions; improve related real estate regulation policies and systems.

The policies that have been introduced in 2022 must continue to be implemented well, and new measures will be introduced in 2023, focusing on research and solutions to improve the asset and liability status of real estate companies.

　　expectations and demand side.

Efforts should be made to improve expectations, expand effective demand, and support rigid and improved housing demand. For example, there are still some restrictive policies that hinder the release of consumer demand in areas such as housing consumption, and these consumption potentials should be released; combined with the implementation of childbirth policy and talent policy , solve the housing problems of new and old citizens, young people, etc.; encourage the increase of affordable rental housing supply, and develop the long-term rental housing market; increase consumer credit reasonably, and support consumption such as housing improvement.

　　The third is to pay close attention to the research on medium and long-term solutions.

It is necessary to in-depth study and judgment of the relationship between supply and demand in the real estate market, population changes, and urbanization patterns, including urban agglomerations, urban renewal, and re-urbanization, to study and promote the smooth transition of the real estate industry to a new development model, and to get rid of the "high debt, high leverage, and High turnover" mode.

　　The relevant person in charge of the Central Finance Office stated that we must attach great importance to the current problems and risk challenges of the real estate industry. At the same time, we must see that China's urbanization rate still has a large room for improvement, and there is great potential for rigid and improved housing demand.

The policies and measures introduced intensively in the near future will gradually bear fruit, and various policies and measures will continue to be improved.

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