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“China will exert every effort to increase housing supply while pursuing affordable, environmentally friendly and safe living standards in accordance with the country’s practical situation,” said President XI.
The Chinese leader was presiding over a Politburo meet of the CPC which also discussed the urgent need for the government to aid affordable housing projects for a population in excess of 1.3 billion.
Property prices in the Asian nation soared last month, fuelling concerns about whether the country’s housing market is overheating.
The government hopes 60 per cent of the country’s population will be urban residents by 2020 and Chinese Premier Li Keqiang recently flagged the need for “humanity-centred” urbanisation.
China invested $180 billion in building affordable homes last year and has a target of building another 4.7 million this year.
“Solving the housing issue is a long-term task,” said the Chinese president on Wednesday.
“China still faces problems such as insufficient affordable housing and imbalances in housing resources distribution,” he added.
The Asian nation will increase its quantity of affordable housing so that it covers 20 per cent of all residential areas by 2015, according to China 12th five-year plan,
Xi also promised that land and fiscal policies will be reviewed to support the project.