Take targeted policies to cut excess urban real estate inventory. Everyone needs to be clear that housing is for people to live in, and local governments should take primary responsibility in this respect. The government will take more category-based and targeted steps to regulate the real estate market. Cities that are under big pressure from rising housing prices need to increase as appropriate the supply of land for residential use, and the government should better regulate housing development, marketing, and intermediary services.

Aerial photo taken on Jan 9, 2017 shows view of Zhangqiao, one of the largest shantytowns, and surrounding buildings in Hongkou district, East China's Shanghai. [Photo/Xinhua]