Beijing introduces new support program to expand housing access for graduates

Beijing has kicked off its housing rental service campaign since the start of June, aiming to ease the housing burden for the college graduates leaving campus and seeking a desirable settlement in the capital city.

The Beijing Municipal Commission of Housing and Urban-Rural Development, in collaboration with relevant companies, launched the rental service campaign for university graduates in the graduation season, offering nearly 150,000 discounted housing units.

The batch of housing resources include various types of housing, such as market-oriented rental housing, government-subsidized rental housing, public-rental housing for talent, and youth apartments, catering to the diverse residential needs of graduates.

Particularly noteworthy is the significant increase in the scale of government-subsidized rental housing compared to the previous years, which totals approximately 30,000 units, reaching a new high in supply volume.

"The provision of government-subsidized housing will not only ensure that the graduates can afford to live and find suitable accommodation, but also they can live comfortably," said Hao Shuanming, deputy director of the management office for government-subsidized housing, Beijing Municipal Commission of Housing and Urban-Rural Development.

In addition, Beijing has allocated over 6,000 housing units specifically for youth apartments, equipped with furniture and appliances to enable the graduates to move in directly with just their personal belongings.

Lei Heng, a postgraduate set to graduate this June, is currently a trainee at a company in the Beijing Economic-Technological Development Area. Upon learning about the new batch of government-subsidized housing specifically for fresh graduates, he promptly submitted his application and internship certificate through a national online platform.

On the same day, he received a notification, with the entire approval process taking less than four hours.

"When I saw it, I was very excited. I can live here for free for the next three months. Within one year, the rent for lease renewal is only 25 percent of the market price. This is actually quite cost-effective. The entire process is very convenient, so we can save a lot of time on this choice and focus more on work," said Lei.

Beijing introduces new support program to expand housing access for graduates

⁠⁠⁠⁠⁠⁠⁠China's natural gas production is projected to reach 300 billion cubic meters by 2030, according to a development report released in Beijing.

The report, covering the development of China's oil and gas industry during the country's 14th Five-Year Plan period (2021–2025), said proven geological reserves rose by 7 billion tons of oil and 7 trillion cubic meters of gas, up 43 percent and 40 percent respectively from the previous five-year period. Oil and gas production hit record highs.

"The oil output is likely to reach between 215 and 216 million tons this year. Natural gas has seen major growth during the 14th Five-Year Plan period (2021–2025), with annual domestic output rising by nearly 13 billion cubic meters. In the 15th Five-Year Plan period (2026-2030), we expect annual increases of more than 10 billion cubic meters, reaching 300 billion cubic meters around 2030," said Wu Mouyuan, deputy director of the Economics and Technology Research Institute of China National Petroleum Corporation (CNPC).

The report forecast that China's energy structure will feature less coal, stable oil and gas, and rising non-fossil fuels over the next decade.

By 2060, fossil fuels are expected to account for 23 percent of the energy mix, hydropower and nuclear 19 percent, wind 25 percent, and solar 30 percent, the report said.

"In the next five years, through the integrated development of fossil energy and renewables, we will achieve a heathy, stable, and resilient energy system. Clean energy will continue to grow rapidly. More than 90 percent of renewable energy will be consumed via electricity, so the electrification at end-use sectors is a key direction of transformation in the future," said Wu.

With the rapid growth of artificial intelligence and new high-energy industries, China's power demand will exceed 20 trillion kilowatt hours by 2060, double the 2025 level. Electrification at end-use sectors is expected to reach 62 percent, rising by nearly one percentage point annually, the report projected.

China to see gas output hitting 300 bcm by 2030: report