China’s “Two Sessions” gathering for 2022 commenced on March 5, with the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC) meetings marking the second year of the 14th Five-Year Plan (FYP) period.
The government work report, delivered by Premier Li Keqiang, reviewed the government’s development goals and tasks in 2021, highlighting the advancement of economic and social development in the country, and detailed the major tasks for 2022, including a GDP growth target.
The work report reiterates the importance of expanding domestic demand and boosting consumption, while also highlighting development of the digital economy, and emphasizing a commitment to take orderly steps towards carbon peaking and carbon neutrality objectives. It also again pays direct attention to the real estate market, upholding the guiding principle that housing is for living in, and not for speculation.
We anticipate that the actions stemming from the objectives stated in the report will have benefits for China’s real estate market. In this update we interpret the work report’s key messages impacting China’s real estate market, with translated excerpts from the full text of Premier Li’s speech as published in the Report on the Work of the Government.
