State Council Approves 15th Five-Year Consumption Plan; Cities Study Housing Support Measures

In July, the State Council approved the 15th Five-Year Plan for Expanding Consumption, which was formally released with housing consumption incorporated into the category of big-ticket durable consumer goods and placed at the top of that category. Several hot-market cities are now studying housing consumption support measures in response to this policy direction.

Hefei is coordinating with relevant departments to study an action plan for cross-departmental collaboration in the "big consumption" sector, in line with national policy direction.

Wuhan is conducting policy research and reserve work, and plans to strengthen its policy toolbox in the second half of the year across areas including new and existing home market linkage, commercial office inventory reduction, and high-quality housing supply. Nanjing will optimise relevant policies in light of market conditions, increase the supply of diverse "good houses", and deepen housing consumption activities such as "trade-in" schemes to help unlock rigid and improvement housing demand. Hangzhou, Qingdao, Chongqing and Jinan have also indicated they will continue policy reserves and dynamic optimisation adjustments to shore up the stability of the property market.