Benefits to rise for poorest and local authorities to be given powers to intervene in real estate markets
Chinese leaders have vowed to arrest a slump in the housing market and boost growth after conceding that measures by the central bank to stimulate investment this week were likely to prove inadequate.
Promising to deploy “necessary spending” by the state to meet this year’s economic growth target of 5%, China’s politburo said it would increase benefits for the poorest and give local authorities the cash and power to intervene to prevent further falls in house price values.
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