China hopes to complete 5 million units of low-income housing this year and start construction of another 7 million units as part of an effort in improving people's living conditions, according to a government work report delivered by Premier Wen Jiabao at the parliament's annual session Monday. [Highlights of?government work?report]

"We will work speedily to improve the system for constructing, allocating, managing, and recalling low-income housing units," Wen said in the report.

In 2011, China completed 4.32 million units of low-income urban housing and began construction on a further 10.43 million units, according to the report.

Wen said China will implement and improve policies and measures to discourage speculative or investment-driven housing demand, and further regulate the real estate market.

In the meantime, China will "reform the real estate tax system to promote long-term, steady, and sound growth of the real estate market," Wen said.