This year's government work report underscores the importance of stabilizing the real estate market, reaffirming its commitment to preventing market downturns and promoting healthy development. Experts say the report's repeated emphasis on stability sets the tone for the year, reflecting the government's determination to support the sector.
The report was delivered by Chinese Premier Li Qiang at the opening meeting of the third session of the 14th National People's Congress (NPC) in Beijing on Wednesday.
The report calls for continued efforts to stem the downturn and restore stability in the real estate market, which is in line with the Central Economic Work Conference's directives in late 2024. It also proposes city-specific policies on adjusting or reducing property transaction restrictions, indicating that existing purchase and lending restrictions in some cities could be further relaxed, according to insiders.
Wang Ruimin, an associate researcher at the Institute of Market Economy under the Development Research Center of the State Council, said the report grants governments in cities greater power to facilitate the purchase of commodity housing stock.
"Local governments will be granted greater power, especially in determining the types of entities that can make such purchases, the prices of such properties, and the purposes for which they will be used, which will effectively encourage them to support property buying and storage. With strong policy incentives, local governments will extend the scale of property buying and storage, providing better support to stabilize and recover the real estate market," Wang said.
The policy will help reduce market inventory and ease financial pressure on real estate developers, experts said.
"This policy includes many new statements, clearly supporting the purchase of existing commodity housing. We expect the pace of work in this regard to accelerate this year, with greater efficiency and further optimized methods. The market performance in January and February has been very positive, giving us sufficient confidence in stabilizing and recovering the market," said Yan Yujin, deputy director of the Shanghai E-House Real Estate Research Institute.
The report also outlines measures to boost demand by lowering mortgage rates, down payment ratios, and transaction taxes.
Gov't work report prioritizes stability in 2025 real estate policy
The Ecological and Environmental Code solidifies China's successful reform experiences in the form of law, transforming ecological conservation into a long-term national goal for the sustainable development of the Chinese nation, said a member of the Standing Committee of the 14th National People's Congress (NPC) on Thursday.
Chinese lawmakers voted to adopt the Ecological and Environmental Code at the closing meeting of the fourth session of the 14th National People's Congress in Beijing earlier in the day.
Lyu Zhongmei, also vice chair of the NPC Environmental Protection and Resources Conservation Committee, who first proposed the drafting of the code, said in an interview with China Global Television Network (CGTN) that the adoption of the code represents a milestone in transforming the country's successful reform policies into a stable legal framework, with profound implications on both national ecological governance and people's daily lives.
"I think this actually sends a very strong signal to the world. Many of our past achievements in ecological civilization system reform were reflected through policies, with numerous reform measures introduced. This time, we are institutionalizing the successful experience of those reforms in the form of law, the most authoritative and stable way to solidify them. This shows that our efforts are not just a one-off campaign. Rather, ecological and environmental protection and the building of an ecological civilization are national goals that reflect the people’s aspiration for a better life and serve the ultimate purpose of ensuring the sustainable development of the Chinese nation," said Lyu.
Lyu highlighted that the code directly enshrines China's greenhouse gas pledge and dual-carbon goals into law, demonstrating the country's concrete actions to fulfill its international responsibilities and uphold its image as a responsible major country.
"We have directly written the commitment to fully meet greenhouse gas targets into the code, and incorporated pledges to use the 'dual carbon' goals as a driving force to advance a comprehensive green transformation of economic and social development. I think this reflects our concrete actions to honor our commitments and take responsibility to the international community, demonstrating China’s image as a responsible major country," she said.
On the topic of global trade, she explained how the code will help safeguard China's interests.
"On the one hand, we are raising standards for the green and low-carbon transition and adopting market-based measures. Some of the standards we have established based on China's actual situation and the methodologies we have created can contribute China's experience and expertise to the world. On the other hand, the Ecological and Environmental Code also includes provisions on extraterritorial application and establishes China’s own system of environmental protection standards," Lyu said.
Looking to the future, she discussed the code's role in the 15th Five-Year Plan period (2026-2030).
"During the 15th Five-Year Plan period, I believe our ecological and environmental protection will undergo fundamental changes. In the past, it relied more on strict administrative enforcement and control. But now, while not lowering strict control standards or reducing strict control measures, we must also introduce more incentive-based measures. Strict regulation will push enterprises to transform and encourage them to pursue environmental protection. The code will provide a clear, long-term and stable norm. In my view, the Ecological and Environmental Code is not only a 'tightening band' that constrains corporate behavior, but also an 'engine' that opens up new tracks for enterprises’ future development," she said.
China's ecological environmental code represents milestone in environmental rule of law
