Chinese premier chairs meeting on pilot free trade zone, real estate

Chinese Premier Li Qiang on Friday presided over a State Council executive meeting that deployed measures for the replication and promotion of pilot initiatives in the China (Shanghai) Pilot Free Trade Zone.

The meeting also reviewed reports on constructing a new model for real estate development and advancing the construction of high-quality housing, and approved an implementation plan to make further improvements to the credit repair system.

Measures to optimize the centralized procurement of pharmaceuticals and medical supplies were also discussed.

The meeting highlighted the importance of leveraging the experience of the China (Shanghai) Pilot Free Trade Zone, which fully aligns with high-standard international trade and economic rules, to release institutional innovation dividends on a broader scale.

Priority should be given to advancing pilot initiatives that enterprises and the public need urgently, according to the meeting.

It called for assessments of the land supplied for real estate across the country as well as ongoing projects.

It also underscored the need to optimize existing policies through a multi-faceted approach -- aiming to stabilize expectations, stimulate demand, improve supply and mitigate risks -- alongside a strengthened push to reverse the downturn of and stabilize the real estate market.

Moreover, the meeting highlighted the need to expedite the improvement of the credit repair mechanism, thereby assisting entities with credit issues to rebuild their trustworthiness more effectively.

It also stressed the importance of enhancing quality supervision across the entire production, circulation and usage chain of pharmaceuticals and medical supplies.