Hainan FTP set to be crucial gateway for China's high-level opening up: FM spokesman

The Hainan Free Trade Port (FTP) is set to become a crucial gateway for China's high-level opening up as the country continues working to build an open global economy, said Lin Jian, a Chinese Foreign Ministry spokesman, at a press briefing held in Beijing on Tuesday.

China launched island-wide special customs operations in the Hainan FTP last Thursday, the world's largest FTP by area, allowing freer entry of overseas goods, expanding zero-tariff coverage and adopting more business-friendly measures.

"From the establishment of Hainan special economic zone to the most recent launch of island-wide special customs operations in the Hainan Free Trade Port, Hainan has left a deep mark in the course of China's reform and opening-up. To 'develop the Hainan Free Trade Port to high standards' is written into the Recommendations of the Central Committee of the CPC for Formulating the 15th Five-Year Plan for National Economic and Social Development adopted at the fourth plenary session. We are convinced that Hainan FTP will become an important gateway of China's high-standard opening up," said Lin.

"Amid growing uncertainties in the world economy, China has been fulfilling its commitments to opening up through concrete actions, steadfastly countering protectionism, and promoting the building of an open global economy. China has shortened its negative list for foreign investment, lifted all market access restrictions on foreign investment in manufacturing, granted zero-tariff treatment for 100 percent of tariff lines to all least developed countries with which it has diplomatic relations, and optimized visa-free entry policy and visa-free transit policy. From January to November this year, over 60,000 foreign-invested enterprises were established in China, marking a year-on-year increase of 16.9 percent. The total value of goods imports and exports exceeded 41 trillion yuan (over 5.8 trillion U.S. dollars), up 3.6 percent compared with the same period last year. The breadth and depth of China's opening-up continue to expand, the 'magnetic attraction' of its market keeps strengthening, and the resilience and vitality of its foreign trade remain evident," said Lin.

"The recently-concluded Central Economic Work Conference identified 'adhering to opening up and promoting mutually beneficial cooperation across multiple fields' as one of the key tasks of next year's economic work. China will open its doors still wider to the world, offer increasing development opportunities and continuously inject new momentum into advancing global common prosperity," said Lin.

Hainan FTP set to be crucial gateway for China's high-level opening up: FM spokesman

Hainan FTP set to be crucial gateway for China's high-level opening up: FM spokesman

China's top housing authority has pledged to stabilize the real-estate market, rolling out a package of measures centered on city-specific policies to reduce inventories and optimize housing supply.

At a national conference held in Beijing on Tuesday, the Ministry of Housing and Urban-Rural Development announced that stabilizing the real estate market will be a central priority next year.

In 2026, local governments across China are expected to focus on city-specific policies aimed at controlling new housing supply, reducing existing inventory, and optimizing housing availability. Efforts will be integrated with urban renewal projects and the redevelopment of urban villages to revitalize and better utilize existing land resources. Authorities will also promote the acquisition of unsold commercial housing stock for conversion into affordable housing, resettlement units, dormitories, and apartments for skilled professionals.

The supply of government-subsidized housing will be optimized and implemented with greater precision, while a national housing quality improvement initiative will advance the orderly construction of "good homes." The role of the real estate project "whitelist" system will be further expanded to support the reasonable financing needs of property developers.

Municipal governments are encouraged to make full use of their autonomy in real estate regulation, adjusting and refining housing policies as appropriate to support both rigid and improvement-oriented housing needs, thereby fostering stable operation across local property markets.

China will also accelerate the formation of a new development model for the real estate sector. This includes building a foundational institutional framework, solidifying the corporate-based project development model, implementing a lead bank system for real estate financing, and promoting the sale of completed homes, effectively reducing the risk of delivery failures. For areas that continue with pre-sale practices, stricter oversight will be applied to the management of pre-sale funds to protect buyers' legal rights.

At the same time, reforms to the housing provident fund system will be deepened. The government will launch a campaign to improve the quality of property services and explore a new model of community governance led by grassroots Party organizations in collaboration with neighborhood committees, homeowners' associations, and property management companies. Moreover, the "property services plus lifestyle services" model will be explored, expanding property-related services into households.

China pledges to stabilize property market