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People's Daily Online>>China Society

Houses full of hope

(China Daily)

15:41, December 26, 2011

Housing for lower-income families has and should become an important driver of China's stable economic growth in the years ahead, because of weakening exports and the sloppy recovery of the global economy.

Work on 10 million affordable housing units started this year and construction of another 7 million will begin in 2012, a central government meeting said on Thursday. That the Ministry of Housing and Urban-Rural Development has signed a document, on behalf of the State Council, with local governments to ensure they honor their commitments to the program shows the central government's resolve on the issue.

The affordable housing program is an important part of the central government's macro-control policy, which will increase domestic consumption both directly and indirectly.

The construction of such houses will help maintain enough demand for steel, cement and other construction materials. Also, the increasing number of low-income residents who buy affordable houses will have to spend money in decorating their new homes, increasing domestic consumption directly.

With housing prices rising rapidly in the past couple of years, middle- and low-level income people couldn't afford to buy a house. Affordable houses will not only help them buy a house and improve their living conditions, but also leave them with money to spend on other things, which will indirectly boost domestic consumption.

Besides, providing lower-income residents with relatively better living conditions through government subsidy is a good way of redistributing social wealth and narrowing the widening income gap.

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