On September 29, the People’s Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly held a meeting on real estate finance. PBC Governor Yi Gang chaired the meeting. Pan Gongsheng, Deputy Governor of the PBC, and Zhou Liang and Xiao Yuanqi, Vice Chairmen of the CBIRC, attended the meeting. Participants also included representatives from the Ministry of Housing and Urban-Rural Development (MOHURD), the China Securities Regulatory Commission (CSRC) and 24 major banks in China.
It was pointed out at the meeting that the financial sector has fully implemented the long-term mechanism of the real estate in recent years. It has properly carried out prudential management practices of real estate finance and maintained the continuity and stability of real estate finance policies, thereby contributing to serving the real economy, driving the transformation and upgrading of the economy, and promoting the stable and sound development of the real estate market.
It was stressed at the meeting that the financial sector should earnestly implement the arrangements of the CPC Central Committee and the State Council, focus on the goal of “stabilizing land price, housing price and market expectations,” and properly implement the prudential management practices of real estate finance. It should stay committed to the principle that “housing is for living in, not for speculation” and never resort to the real estate as a short-term stimulus for the economy. While continuously implementing the long-term mechanism of the real estate, it should speed up improving the financial policies for the rental housing market.
It was required at the meeting that financial institutions should follow the law-based and market-based principles and cooperate with relevant authorities and local governments to safeguard the stable and sound development of the real estate market as well as the legitimate rights of housing consumers.
