China vows to support real estate sector

China’s top leaders have vowed to “timely adjust and optimize policies” for its beleaguered property sector. China’s top leaders have vowed to “timely adjust and optimize policies” for its beleaguered property sector, while elevating stable employment to a strategic goal, among other pledges to boost domestic consumption demand and resolve domestic debt risks. The Communist Party’s top decision-making body, headed by President Xi Jinping, said it will implement a “counter-cyclical” policy and largely adhere to a cautious monetary policy and proactive fiscal policy, according to a statement released late on Monday at the Politburo’s quarterly meeting. The Politburo meeting in July sets the tone for China’s economic policies for the second half of the year, and market watchers expect more robust guidance on policy support for faltering growth in the world’s second-largest economy. "Currently, the economy is facing new challenges, mainly due to insufficient domestic demand, difficulties in the operation of some enterprises, numerous risks and hidden dangers in key areas, and a harsh and complex external environment," Xinhua said in a statement from the Politburo.