(Bloomberg) -- China's State Council called on cities to start introducing policies to ensure the healthy development of their property markets, as top policymakers seek ways to help the economy.
Cities should roll out measures that meet their own needs, a cabinet meeting chaired by Premier Li Qiang decided on Monday, according to China Central Television, which didn't offer more details.
The meeting also said China will optimize property policies, the state broadcaster said, while stepping up research and construction of a new development model for the industry.
Chinese authorities have made a series of efforts recently to stabilize the nation's property market, a key component of the world's second-largest economy. China's real estate crisis is stifling its recovery, fueling expectations for the government to take more steps to revive demand.
See: Top China Housing Official Urges Fresh Property Aid Efforts
Last week, China's top housing official urged financial regulators and lenders to strengthen efforts to revive the country's ailing property sector.
And the ruling Communist Party's 24-member Politburo — its top decision-making body led by President Xi Jinping — signaled more support for the real estate sector alongside pledges to boost consumption and resolve local government debt, though it fell short of announcing large-scale stimulus to support the economic recovery.
More: China Holds Off on Major Stimulus as It Signals Property Easing
Also on Monday, the National Development and Reform Commission, China's top economic planning agency, released a wide-ranging policy document focusing on removing government restrictions on consumption, such as car purchase limits, improving infrastructure and holding promotional events like food festivals.
Monday's State Council meeting approved nuclear projects in Shidao Bay, Shandong province; Ningde, Fujian province, and Xudabao, Liaoning province.
--With assistance from Kari Lindberg.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
