Chinese vice-premier He Lifeng is pushing for more financial support for targeted real estate projects to stabilize the housing market, critical for the country’s economic recovery.
During his recent visit to Taiyuan and Xian, He emphasized the importance of managing the property market to boost economic growth and safeguard public interests.
He stressed the need for efficient real estate financing mechanisms, urging quick fixes for projects to meet China’s “white list” standards. Financial institutions were urged to streamline credit approval processes.
China’s “project white list” initiative, launched in January, aims to support viable residential projects recommended by local governments. This initiative is crucial for tackling the sector’s debt crisis and boosting investor confidence in a market that contributes significantly to China’s GDP.
As of August, commercial banks had financed 5,392 white list projects, totaling nearly 1.4 trillion yuan (US$198 billion), according to the National Financial Regulatory Administration.